The so called balance transfer...FUCK ! - GoFuckYourself.com

RAM · 03-30-2009, 11:53 AM

I had a smal loan on my house for 20K - use this money to buy the place in Budapest. Ok all is good and I have been paying the loan. Loan balance was down to 5600.00 and at 7.5 % interest rate. Get offer in the mail about using my CC for balance transfer. On the Balance transfer I get 0% interest until July of 2010...WOW so I say why not. I find out the exact amount to be paid off on the 7.5% loan and it's 5600.00 about and to pay this off I have to send in a "Cashiers Check". So then I go to Bank of America get Cashiers check with the Credit card - now doing this for the 0% rate!! Well today I check my balance on the CC and find out I'm being charged interest on the balance and the interest is 24.99 %, Not 0% or even the 9.9 % which is the normal rate of the Card. Ok well here is the deal, I got a Cashiers Check so they call that a CASH Advance not a Transfer and the interest rate is 24.99% with NO 0% at all. Nice so I just took a 7.5% loan and turned into 24.99% loan and Paid 160.00 to do it....I'm a Genius!!!

Turns out when I was on the phone and they said ya just call US and we will put the money into your checking acount if you don't want to wait for the credit card Checks. So I think ok I can just have the cash put into my account by going into the Local B of A branch. So by not calling them and going into the bank it's now a cash Advance..........................Nice.

Come fucking on like I would do that, but I did and they will not CHANGE a FUCKING thing.

Ok laugh away

»Rob Content« · 03-30-2009, 12:28 PM

I think charging the % on a CC is illegal.. You may want to look into that.

RAM · 03-30-2009, 12:37 PM

Quote:

Originally Posted by »Rob Content«

I think charging the % on a CC is illegal.. You may want to look into that.

its' the Cash advance rate for a Platinum Plus Visa from Bank of America.

I can't fucking believe this has happened. The card is at 0% until july 2010 then goes to 9.99% on all Purchases and Balance transfers. That was what got me the 0% and I mean fuck it's only 5600.00 so I can pay it off. However I will not lie I was going to wait until the end of the year and take advantage of 0%. Now it's costing me more then 3 times the orginal loan. Now unless I feel like paying more then 3 times for the money I have to pay it off NOW. So you can imagen this eats into my budget a little....just sucks

Also when calling B of A both the CC department and the Branch were I got the Cashiers check say Sorry nothing We can DO....

woj · 03-30-2009, 01:40 PM

wow, you really got fucked good there, it's possible to get great deals with these cc offers, but have to be very careful, and better read the fine print 10x...

tiger · 03-30-2009, 01:47 PM

You got sccrewed. I had a very similar situation where the card company transferred the money to my checking instead of sending it to the CC but it counted as a balance transfer not as a cash advance. If I were you call up and talk to a supervisor and explain to them that you feel like you got ripped off and why. Usually if your card is in good standing most CC companies will fix it. Make sure they understand you are not going to let this go.

collegeboobies · 03-30-2009, 01:51 PM

No shit dude, you use your CC to get a CASH ADVANCE and expect no cash advance fees?

Of course you have to use a "balance transfer" form or "blank check" in order to get the promotional rate.

Man some people ...........

BradM · 03-30-2009, 01:52 PM

Are you claiming this is in any way the banks fault?

collegeboobies · 03-30-2009, 01:52 PM

Quote:

Originally Posted by »Rob Content«

I think charging the % on a CC is illegal.. You may want to look into that.

What are you talking about? You are trying to say that hundreds of millions of people are illegally being charged interest? LOL

Sly · 03-30-2009, 01:53 PM

Balance transfers and cash advances scare me for that exact reason. Too much fine print to go through, too much risk.

I suppose now you have a pretty good incentive on paying off your loan as fast as possible. :-)

baddog · 03-30-2009, 01:55 PM

Cash advances on a card will always kill you.

C-Bass · 03-30-2009, 01:57 PM

....and then we all wonder why the economy went kaputz.

RAM · 03-30-2009, 02:44 PM

Quote:

Originally Posted by BradM

Are you claiming this is in any way the banks fault?

At first I was and of course hoping it was just a mistake. However, because I didn't call the B of A CC department and say PUT the cash in my "checking account"...it is now a Cash Advance. The part that really sucks...is you would think what is the difference if I called or just went into a B of A branch and did it. The answer if you call it takes 3 to 4 biz days for the cash to show up. When you go into the branch you get RIGHT there and THEN....so now it's CASH Advance at the you MUST BE HIGH Rate of 24.99 %.

So were it looked like I would save a few bucks in now going to cost me a few hundred. No way I'm leaving the balance and just going to pay it. So I have the 160 fee plus a month of interest 72.00.

Bottom line for me is if it ain't broke DON'T Fix it.

Also just so you all know...I really thought it was a good deal and would just free up some cash. I'm not upside down in either of my places or do I have any refi BS.

sarettah · 03-30-2009, 08:58 PM

Quote:

Originally Posted by RAM

At first I was and of course hoping it was just a mistake. However, because I didn't call the B of A CC department and say PUT the cash in my "checking account"...it is now a Cash Advance. The part that really sucks...is you would think what is the difference if I called or just went into a B of A branch and did it. The answer if you call it takes 3 to 4 biz days for the cash to show up. When you go into the branch you get RIGHT there and THEN....so now it's CASH Advance at the you MUST BE HIGH Rate of 24.99 %.

So were it looked like I would save a few bucks in now going to cost me a few hundred. No way I'm leaving the balance and just going to pay it. So I have the 160 fee plus a month of interest 72.00.

Bottom line for me is if it ain't broke DON'T Fix it.

Also just so you all know...I really thought it was a good deal and would just free up some cash. I'm not upside down in either of my places or do I have any refi BS.

If you have the cash, go in and pay the amount in full. Then use the balance transfer option to get the 0% promo money transferred into your account over the phone.

tony286 · 03-30-2009, 09:03 PM

Do a search for BOA and rate hikes they are the biggest scumbags.

DaddyHalbucks · 03-31-2009, 12:17 AM

That sucks. I'd talk with a lawyer. If you didn't understand the terms, you might be able to rescind the deal.

qxm · 03-31-2009, 12:24 AM

yeap CCs have always been an absolute butt rape....

DWB · 03-31-2009, 12:34 AM

I don't use credit cards any more. I pay EVERYTHING in cash and I have ZERO debt.

Don't allow yourself to get into debt. If you can't afford something, simply don't buy it.

lazycash · 03-31-2009, 12:54 AM

Just out of curiosity, did you have a balance on the card before you added the $5600?

Reak AGV · 03-31-2009, 01:03 AM

Sounds like a straight up scam

bbobby86 · 03-31-2009, 02:40 AM

Sounds like very much...

thunder99 · 03-31-2009, 02:57 AM

Where did you buy in Budapest? I did the same thing last month, got a cheap balance transfer offer and bought a small place to work from in District 6.

But yes, for future reference, you need to let the card company make the transfer. I got them to transfer it into my bank account at home and then just transfered it to Hungary.

Rather then paying the cash advance rates for the duration, you should try and find some other card company with a low or 0% transfer rate and do a transfer. Otherwise you should get a regular bank loan to cover it, because those cash advance rates are lethal.

nation-x · 03-31-2009, 05:07 AM

Balance Transfer refers to CC to CC balance transfers... not bank loan to CC balance transfers.

Phoenix · 03-31-2009, 05:37 AM

ugh sucks to hear man

03-30-2009, 11:53 AM	#1
RAM They're all hookers, but mom! Industry Role: Join Date: Jan 2001 Location: Right now Shelby Twp MI Posts: 7,047	The so called balance transfer...FUCK ! I had a smal loan on my house for 20K - use this money to buy the place in Budapest. Ok all is good and I have been paying the loan. Loan balance was down to 5600.00 and at 7.5 % interest rate. Get offer in the mail about using my CC for balance transfer. On the Balance transfer I get 0% interest until July of 2010...WOW so I say why not. I find out the exact amount to be paid off on the 7.5% loan and it's 5600.00 about and to pay this off I have to send in a "Cashiers Check". So then I go to Bank of America get Cashiers check with the Credit card - now doing this for the 0% rate!! Well today I check my balance on the CC and find out I'm being charged interest on the balance and the interest is 24.99 %, Not 0% or even the 9.9 % which is the normal rate of the Card. Ok well here is the deal, I got a Cashiers Check so they call that a CASH Advance not a Transfer and the interest rate is 24.99% with NO 0% at all. Nice so I just took a 7.5% loan and turned into 24.99% loan and Paid 160.00 to do it....I'm a Genius!!! Turns out when I was on the phone and they said ya just call US and we will put the money into your checking acount if you don't want to wait for the credit card Checks. So I think ok I can just have the cash put into my account by going into the Local B of A branch. So by not calling them and going into the bank it's now a cash Advance..........................Nice. Come fucking on like I would do that, but I did and they will not CHANGE a FUCKING thing. Ok laugh away __________________ RAM Fucking Machines are like CASH MACHINES See RAM on these quality sites!! Rightofftheboat.com EuroBrideTryouts.com

03-30-2009, 12:28 PM	#2
»Rob Content« Confirmed User Join Date: Dec 2006 Posts: 4,348	I think charging the % on a CC is illegal.. You may want to look into that. __________________ 80% Revshare or 30$ PPS on $1 trials: 200 Niches = Vidz.com Galleries / FLVs / Embeds 3 & 5mins FLVs \| RSS & Tube Feeds \| Matching Thumbs \| FLV Browser & Exporter \| No Prechecked Xsales >> Mobile Redirection Script: mobile.vidz.com also paying 80% net Lifetime << ICQ: 198-394-557 ICQ - 436 795 438 E-mail rob /@/ cool-content dotcom

03-30-2009, 01:40 PM	#4
woj <&(©¿©)&> Industry Role: Join Date: Jul 2002 Location: Chicago Posts: 47,882	wow, you really got fucked good there, it's possible to get great deals with these cc offers, but have to be very careful, and better read the fine print 10x... __________________ Custom Software Development, email: woj#at#wojfun#.#com to discuss details or skype: wojl2000 or gchat: wojfun or telegram: wojl2000 Affiliate program tools: Hosted Galleries Manager Banner Manager Video Manager Wordpress Affiliate Plugin Pic/Movie of the Day Fansign Generator Zip Manager

03-30-2009, 01:47 PM	#5
tiger Confirmed User Industry Role: Join Date: Apr 2002 Location: Los Angeles Posts: 6,986	You got sccrewed. I had a very similar situation where the card company transferred the money to my checking instead of sending it to the CC but it counted as a balance transfer not as a cash advance. If I were you call up and talk to a supervisor and explain to them that you feel like you got ripped off and why. Usually if your card is in good standing most CC companies will fix it. Make sure they understand you are not going to let this go. __________________ Last edited by tiger; 03-30-2009 at 01:48 PM..

03-30-2009, 01:53 PM	#9
Sly Let's do some business! Industry Role: Join Date: Sep 2004 Location: Austin, TX Posts: 31,289	Balance transfers and cash advances scare me for that exact reason. Too much fine print to go through, too much risk. I suppose now you have a pretty good incentive on paying off your loan as fast as possible. :-) __________________ Vacares - Web Hosting, Domains, O365, Security & More - Paxum and BTC Accepted Wanted: CCBill pay sites for sale

03-30-2009, 01:51 PM	#6
collegeboobies So Fucking Banned Join Date: Jul 2004 Posts: 3,644	No shit dude, you use your CC to get a CASH ADVANCE and expect no cash advance fees? Of course you have to use a "balance transfer" form or "blank check" in order to get the promotional rate. Man some people ...........

03-30-2009, 01:52 PM	#7
BradM Confirmed User Join Date: Dec 2003 Location: 1123,6536,5231 Posts: 3,397	Are you claiming this is in any way the banks fault?

03-30-2009, 01:55 PM	#10
baddog So Fucking Banned Industry Role: Join Date: Apr 2001 Location: the beach, SoCal Posts: 107,090	Cash advances on a card will always kill you.

03-30-2009, 01:57 PM	#11
C-Bass Confirmed User Join Date: Apr 2003 Location: th3 1nt3Rwebz Posts: 3,153	....and then we all wonder why the economy went kaputz. __________________ "Unhappy with the riches 'cause you're piss poor morally." Trade traffic? - Highdef Blog

03-30-2009, 09:03 PM	#14
tony286 lurker Industry Role: Join Date: Aug 2002 Location: atlanta Posts: 57,021	Do a search for BOA and rate hikes they are the biggest scumbags.

03-31-2009, 12:17 AM	#15
DaddyHalbucks A freakin' legend! Industry Role: Join Date: Feb 2004 Location: Las Vegas, Nevada USA Posts: 18,975	That sucks. I'd talk with a lawyer. If you didn't understand the terms, you might be able to rescind the deal. __________________ Boner Money

03-31-2009, 12:24 AM	#16
qxm Confirmed User Join Date: Jul 2006 Location: NoHo Posts: 5,970	yeap CCs have always been an absolute butt rape.... __________________ ICQ: 266990876

03-31-2009, 12:34 AM	#17
DWB Registered User Industry Role: Join Date: Jul 2003 Location: Encrypted. Access denied. Posts: 31,779	I don't use credit cards any more. I pay EVERYTHING in cash and I have ZERO debt. Don't allow yourself to get into debt. If you can't afford something, simply don't buy it.

03-31-2009, 12:54 AM	#18
lazycash Troll Patrol Industry Role: Join Date: Aug 2002 Location: Local Socal Posts: 15,214	Just out of curiosity, did you have a balance on the card before you added the $5600? __________________ "WTF, on google you can find the answer to every question in human history, EXCEPT how to convert cams.. Its crazy..." VenusBlogger

03-31-2009, 01:03 AM	#19
Reak AGV Confirmed User Join Date: Dec 2004 Location: Unknown Posts: 4,283	Sounds like a straight up scam __________________ Need Mainstream Content and SEO? SEO * Website Copy * Blogs Blogging - PR Work - Forum Marketing - Social Marketing - Link building - Articles 100% Guaranteed Content!

03-31-2009, 02:40 AM	#20
bbobby86 partners.sexier.com Industry Role: Join Date: Jan 2007 Location: San Francisco, CA Posts: 11,926	Sounds like very much... __________________

03-31-2009, 02:57 AM	#21
thunder99 Confirmed User Industry Role: Join Date: Nov 2003 Location: Budapest Posts: 503	Where did you buy in Budapest? I did the same thing last month, got a cheap balance transfer offer and bought a small place to work from in District 6. But yes, for future reference, you need to let the card company make the transfer. I got them to transfer it into my bank account at home and then just transfered it to Hungary. Rather then paying the cash advance rates for the duration, you should try and find some other card company with a low or 0% transfer rate and do a transfer. Otherwise you should get a regular bank loan to cover it, because those cash advance rates are lethal. __________________ yeah, yeah

03-31-2009, 05:07 AM	#22
nation-x Confirmed User Industry Role: Join Date: Mar 2004 Location: Rock Hill, SC Posts: 5,370	Balance Transfer refers to CC to CC balance transfers... not bank loan to CC balance transfers.

03-31-2009, 05:37 AM	#23
Phoenix BACON BACON BACON Industry Role: Join Date: Nov 2002 Location: Poems everybody, the laddie fancies himself a poet Posts: 35,457	ugh sucks to hear man __________________ Skype Phoenixskype1 Telegram PhoenixBrad https://quantads.io