Just wanted to do a quick post for future reference. If you have a negative credit balance on one of your credit cards (i.e. from an overpayment or a huge refund that hit), most banks let you transfer that balance to another card you hold at that bank to decrease the balance owed on that card. I’ve done it with Citi and Chase.
I was chatting with Amex tonight to transfer a huge refund I got on one card to to 3 other Amex cards I have. Here is a quick breakdown of what I found:
- You can transfer balances between personal & business cards, not just personal.
- You can only transfer balances between cards where you are the primary cardholder. So you can’t transfer to your AU on someone else’s account.
- If you request a refund, they can transfer it directly to your bank account instead of getting a check in the mail. So much more convenient!
Citi also is able to deposit directly to your bank. Not sure if they can do card transfers.
Yup, Citi definitely can do negative balance transfers to pay off another card. I’ve only done it for personal cards. I don’t have any Citi Business cards, and didn’t think to ask if it was possible to do personal -> business just for educational purposes haha. Next time I will ask!
I did both Amex and Citi by live chat. For Chase I’ve done it over SM. IIRC Chase does not allow personal -> business though.
I accidentally overpaid my AMEX Business Platinum Charge Card, so I asked AMEX to transfer the credit balance to my AMEX Blue Business Plus Credit Card. The first rep said they iniated the transfer, but a week went by and nothing happened. So I called again and the rep entered the wrong date, so my payment posted 1 month ago. Not sure why it is so difficult for AMEX to do this simple task.
I also had an issue with Amex (similar to Grant) but was doing it over chat. I gave up trying to get it straightened out and ended up putting additional charges on my the CC. I have been successful in the past requesting via their online system but it takes awhile to post.
The transfer between cards is counted as a credit and will negate the equivalent amount of spending on the card, so keep that in mind if you’re going for a bonus. I learned this the hard way after transferring credit from a large return on an older AmEx to a new Gold card. No one warned me when I asked about the credit transfer but the 3 reps were consistent in the message that it counted as a credit after the fact.