What happens if you balance transfer from credit card to debit card?
January26
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?
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.
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.
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.
hello, here are some time tested links that often get me a best answer! if you have time to read you should find what you need:
http://credit-cards.ebookorama.com
and http://finance.ebookorama.com
hope they do the trick for you!