Endless Gibberish

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Here’s an e-mail I got about the Bank of America WorldPoints™ Platinum Plus™ MasterCard® Credit Card offer from Luke Z:

I would like to know more about the optional “balance transfer request” in the application for the Bank of America WorldPoints™ Platinum Plus™ MasterCard® Credit Card. This is the card with the $50 bonus and the iPod Nano. I like your game plan. You said you would initiate a balance transfer of $2,000 and get it direct deposited to a high yield savings account like Emigrant Direct. (I will use my ING account.) Do you have to make this transfer upon applying for the card, or do you do this at some later time when you have already received your card? All the application asks for is the amount to be transfered, who the check should be made out to, and the account #. Do I just put the account number for my ING savings account there? Will it work? Is it direct deposited or do I receive a hardcopy check that I must mail to ING to make the deposit?

There are 2 ways that I know of to get money out of a balance transfer:

1. Generally citi cards allow you to have a negative balance, meaning they owe you money. So let’s say I have a $0 balance on my Citi Dividend card. I do a balance transfer from BoA for $2,000 (3% fee) to my Citi card. My balance at Citi will now be -$2000 and my balance at BoA will be $2060 (3% BT fee). I simply log onto my account online at Citi and request a check for my negative balance since they owe me money.

2. Some CC companies allow a transfer of money straight to your bank account if you can provide the account number and routing number. When I got an MBNA card a couple months ago and called the number to activate, the CSR gave me this option. If not, try asking for it. If transferring money directly to your bank account isn’t an option, then you’ll have to use option #1.