For those of you who have a credit card with Bank of America, do you know whether BofA will let you do a balance transfer by sending you a check directly? For example, instead of paying off Credit Card ABC, will they send a check directly to you that you can deposit to your checking account and then you can pay say Random Small Town Contractor or whatever?
I have credit cards with Chase, Cap One, and a local small bank in Virginia and all three will let me do a regular balance transfer (pay off another credit card) but they will also send me a check paid out to my name which I can deposit to my checking account and treat that check as a balance transfer (same APR/other terms as any other balance transfer) which I can use to pay a local contractor.
The reason I want to do this is I have a house project which will start soon and I have the money saved for it, but the contractor is willing to give me a hefty discount if I pay by check or an even bigger discount if I pay in cash. So, I thought if I could use BofA’s money to pay my contractor and then leave my cash in an HYSA earning 5% and pay off BofA over the next 21 months, not only do I get a discount from the contractor up front, but over those 21 months, my cash will earn a little bit of interest too. And, the reason I’m not doing this with my current credit cards is because they’re not giving me good offers but BofA has been sending me weekly offers for a new CC with balance transfer offers of 0% APR with a one time 3% fee. I’ve called BofA and talked to 4 different reps and got 4 different answers. I’ve talked to friends and family and literally no one I know has a BofA credit card, so I’ve come to you, PF, to see if anyone around here knows if BofA will send you a check directly and treat it as a balance transfer?