Clearing up the CC transfer to SA

[frugalcollegestudent]

I was wondering if someone could clear up for me the process to get a balance transfer from my CC's to a high ( ) yield savings account. I have about 15,000 in credit I do not use and rather than waste it I'd rather put it to work for me.

I recently received in the mail checks from my one cc (citi) with 0% APR until October 08. Would I simply fill out the checks and have them deposited? What about my discovercard? How could I do a balance transfer for that to a savings account?

[noppenbd]

Keep in mind most of those balance transfers have a 3% transaction fee, and some don't have a limit on how high this can go. Just run the numbers to make sure it is really worth it. In 6 months you are only going to make a few hundred dollars in interest, which is taxable income, plus the transaction fee could eat up a lot of your profit.

[DebbieL]

When I've done this I just write the cheque to myself and put it into my bank account. I haven't had one that charged a transfer fee before, but I would definitely watch for that (in case it eats up most of the money you would have earned in interest).

I'm sure you already know this, but in case you don't - you can't use the card for anything else such as purchases during this time because they will only apply payments to the lower interest item (in other words you will be wracking up big interest charges if you use the card for anything else while doing the 0% deal).