What happens if you balance transfer from credit card to debit card?
Credit Card
heuiim asked:
It sounds like a silly question, but what happens if you request balance transfer from a credit card to the debit card (linked to checking account) and credit card issuer approves it? Anyone know?
Just to clarify; I want to know if it does go through would my checking account be credited by the balance transfer amount or would it be simply rejected?
Maybe I wasn’t being clear; I meant balance transfer FROM credit card TO debit Card. It has nothing to do with paying debt. I am taling about your typical credit card balance transfer offers that supposed to only work between credit cards.
You know, when the credit card company offers you like 4% rate for balance transfer to pay off other high-interest rate credit cards?
Ruby
It sounds like a silly question, but what happens if you request balance transfer from a credit card to the debit card (linked to checking account) and credit card issuer approves it? Anyone know?
Just to clarify; I want to know if it does go through would my checking account be credited by the balance transfer amount or would it be simply rejected?
Maybe I wasn’t being clear; I meant balance transfer FROM credit card TO debit Card. It has nothing to do with paying debt. I am taling about your typical credit card balance transfer offers that supposed to only work between credit cards.
You know, when the credit card company offers you like 4% rate for balance transfer to pay off other high-interest rate credit cards?
Ruby
January 22nd, 2009 at 10:30 pm
i am not sure. I think you will charged a normal rate of interest, which would have been applicable on your credit card on withdrawal of cash.
January 25th, 2009 at 2:32 am
If you transfer your balance from a credit card to a debit card then the balance of your credit card will be $0 and what ever the balance was will be deducted from your checking account, so really you’re not transfering your balance you are actually paying off the balance.
January 25th, 2009 at 4:40 pm
your credit card balance would be zero and it would be taken out from your checking account. If you don’t have the funds then you have to pay a fee to the bank. Then if you don’t end up paying the bank back they can and will take you to court over it. It is good to get rid of your credit card but not if it is going to mess up your checking account.
January 28th, 2009 at 10:13 pm
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