A Chase balance transfer check works like a traditional bank account check except that it’s used to borrow funds against your credit limit. You can write a check directly to a creditor, and the amount of the check will post to your Chase credit card account. You can also write checks for purchases, or you can write a check payable to yourself for cash.
With a Chase balance transfer check, you can transfer high-interest debt to your Chase credit presumably at a lower interest rate. Check to make sure your Chase transfer balance check offers a low rate, preferably 0% APR, for balance transfers.
If your Chase balance transfer check doesn’t give you a favorable interest rate, you’d be better off going with a 0% APR Chase credit card such as the Chase Freedom or Chase Freedom Unlimited. You’ll still pay a 5% transfer fee ($5 minimum) of the amount transferred regardless of which method you use.
Keep in mind that balance transfer offers are valid only for a specified number of months. Once the introductory rate expires, you’ll be charged interest at the purchases APR on any unpaid balance.
When you use a Chase balance transfer check for purchases or cash withdrawals, they’re considered cash advances, which means you’ll pay a cash advance fee of 5% of the transaction amount, with a minimum $15 charge. The total amount will accrue interest at the Cash Advance APR of 25.99%. Interest charges will continue to mount until you pay off the entire cash advance balance.
Chase allows you to use only 20% of your total credit limit for purchases and cash advances, including fees. You can find your available cash advance limit under the Account Summary on your monthly statement.
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