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Updated
Have you ever wondered why you got a blank check from a credit card company? Before you take it to the bank, learn more about what balance transfer checks and how to use them.
Balance transfer checks work much like normal checks — only instead of drawing from your bank account, they draw from your credit line. A credit card provider will send out balance transfer checks tied to a credit card you already have open, or to a card you prequalify for. The checks can be used to pay accounts outside of the issuing provider.
The card tied to the offer doesn’t necessarily have to be a card you got for the purpose of a balance transfer. It could simply be one that allows balance transfers and has unused credit.
Usually balance transfer checks come with promotional terms, often intro APRs starting at 0% — depending on your creditworthiness.
Credit card provider | Offers balance transfer checks | Offers convenience checks | Can I request balance transfer checks? |
---|---|---|---|
American Express | ![]() | ![]() | ![]() |
Bank of America | ![]() | ![]() | ![]() |
Barclaycard | ![]() | ![]() | ![]() |
Capital One | ![]() | ![]() | ![]() |
Chase | ![]() | ![]() | ![]() |
Citibank | ![]() | ![]() | ![]() |
Discover | ![]() | ![]() | ![]() |
HSBC | ![]() | ![]() | ![]() |
USAA | ![]() | ![]() | ![]() |
Using a balance transfer check is fairly similar to using a normal check. You’ll just want to fully understand its terms before signing off on it.
If you’re unsure whether a check is going to act as a cash advance with high fees, call the bank that sent it to you. Better to find out before you cash it.
Balance transfer checks can be a good deal if the rates are lower than what you’re paying. Here’s how to tell if a balance transfer check might be the right fit for you:
Not all balance transfer checks will have offers that are worth pursuing. For longer APRs or lower balance transfer fees, you may want to consider taking out a new balance transfer card after comparing the options available.
If you’re not sure how long you’ll need to pay off your balance, you can use our balance transfer calculator to get a quick and easy estimate.
If a balance transfer check arrives in your mail, here’s what to consider before you decide whether to use it:
You may notice balance transfer credit card offers coming from a different bank than your current card provider. Balance transfer checks are a benefit that some providers use to earn your business from competitors.
If you get a check in the mail from your bank or credit card provider, it could be a convenience check. You’ll want to take care before using them like traditional balance transfer checks.
Convenience checks appear similar to balance transfer checks and are also issued by your bank. In addition to performing balance transfers with them, you can also use them to make purchases or as cash advances instead of using your credit card.
But be careful — they often don’t come with an intro APR, and in fact, can accrue the same high rate as a cash advance. You could also be charged a convenience fee as high as 4% of the check amount.
In comparison, balance transfer checks usually offer some sort of incentive for using them — a lower APR or longer terms and no fees. And they can come from a bank or credit card that you don’t already have a balance with.
No matter whether you received a balance transfer check or a convenience check, you’ll want to check out the terms and fees of those checks before using them. Some items to keep your eye on include:
If you’re not interested in balance transfer checks or other credit card mail offers clogging up your mailbox, send the credit card issuer a secure online message, mail or call them directly to tell them to stop. If it’s a local bank, you can visit a branch and make the request in person.
Balance transfer checks can be tempting and have the potential to get you into financial trouble. They also can lead to fraud if someone finds them and cashes them in your name. Always shred these checks if you don’t plan on using them.
Looking into the different types of balance transfer cards and comparing them against balance transfer checks can make a big decision easier. The option to convert your debt to a lower APR is tempting but look at your financial situation to make sure the credit card suits your needs before signing up.
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When you use a balance transfer check to pay off an auto loan can you write the check for more than the loan and have the bank give you the difference?
Hi Susan,
Thanks for your question.
Generally, when you request a balance transfer, you’ll have to provide the details of your current lender you have a balance with. A balance transfer check is then written directly to that lender or to yourself. In either case, the amount written is the total debt you owed with the lender you listed. Kindly note that the amount of the check will also depend on how much credit limit you have.
This is just a general rule, other banks may have exceptions. You may have to directly call the bank where you are transferring your balance to and inquire if this is possible.
Cheers,
Anndy