Write a Check to Yourself (Or Move Money Online).
When you request a balance transfer, Discover card makes a payment to your other creditor(s).Most transfers are processed within 7 days unless you request a balance transfer when you open a new account. It typically takes 14 days to process balance transfers for new accounts.You’re attempting a transfer with an ineligible card: One thing people tend to get wrong about balance transfers is that you can use any card to make one. Generally, you can’t transfer a balance from Card A to Card B if both cards come from the same issuer. You would have to initiate the transfer request with a different credit card company.Balance transfer checks, which work similar to credit card balance transfers, allow you to write a check to anybody for any purpose. You can make one out to an individual, who in turn can cash the check and use the proceeds to pay off their credit card(s).
You may also notice that Discover gives you the option to transfer these funds into a checking account. This can then be used to pay off other debts and acts almost like a cash advance (but with a.Balance transfers are a great way for you to finally rid yourself of lingering debt. By simply transferring debt from a card with a high APR to a new card (from a different issuer) with an intro 0% APR, you can immediately save money on interest fees. Completing a balance transfer with Discover can easily be done online or over the phone, and in this guide, we’ll walk you through the steps.
As mentioned, you can also transfer balances without the use of a check. If you want to move a balance over from one credit card account, you can call your bank and give them the account details. They will transfer the balance for you once you provide them with all the necessary information. Some major banks, including Chase, have online.
