Can someone explain what exactly a balance transfer is?

[@Yehuda]

It is. It wasn't available to me at the time. I decided 3% was still worth it and I was right.

Gotcha

[zale]

I am looking to get some extra cash in hand for a large purchase that I am making. (which I obviously intend to pay off before the interest starts kicking in).

Chase Ink is offering me a transfer at 2%. The reason I would take this over the Slate is simply because the Ink is a business card, and it wouldn't affect my credit score.

My question is as follows:

When I try doing the transfer online, it asks me to put in the "Transfer from credit card" information. However, I am trying to have the funds deposited into my bank account. When I called, the rep told me I can send it to my checking account, but it's limited to $5,000 per 90 days, which is way to little for me. Any idea how I can transfer around 15k to my checking account? Anyone know of a workaround?

[ckmk47]

zale:  Can you pay for your purchase with a different cc?  then transfer the balance to Ink?


public:  How fast does a transfer post?  will it pay off his 1st cc before the payment due date?


Also, a high utilization ratio on one card is not terrible for your credit score if you have large credit lines over all.

[zale]

zale:  Can you pay for your purchase with a different cc?  then transfer the balance to Ink?

No, I need the money in cash.

Also, a high utilization ratio on one card is not terrible for your credit score if you have large credit lines over all.

Maybe, but some companies (like Chase) get very paranoid when you carry high balances on any of your cards, regardless of who the issuing bank is. This can definitely affect your ability to apply for new cards.