Many people have asked the question over again, is a Chase Statement balance transfer safe? For some time people wondered if their Chase bank account had any limit on the transfer of funds. There were rumors of account holders actually being penalized for making the balance transfers because they were aware that it was only for a limited time. Then in 2021 the company actually implemented a policy that stated no penalties would be assessed on balances that were transferred out of your account during the time period mentioned. This means is a statement balance transfer is safe?
The first thing to consider is that you can make unlimited deposits and debits to your account and you are never charged a fee for these activities. So you must consider that when you are making an actual charge to your account, you are actually using money that you already owe on Chase cards or other lines of credit. You can also take advantage of the interest free period when you transfer your statement balance to a new credit card. During this time you do not owe any interest or fees on any of the purchases that you make. This is an excellent way to avoid having to pay interest charges on what you originally owed.
However there are some rules that apply. First you must remember that even though you don't have to pay interest on your statements you still must make all of your payments in full on all of your accounts. If you miss one payment, you have committed a default which could cause some very stiff fines and legal action. Second you must not use your credit card to make any non-essential purchases. Yes, this does include traveling to an away city for an extended period of time. Your Chase bank account cannot be used to make such purchases because once you miss a payment you have committed a default and can no longer make any payments on that account.
A second important point that many people do not understand is that once you have transferred your balance to a new credit card statement you have officially become delinquent. This means that the company has filed a claim with the credit bureaus and your account is now closed. Since this action has been registered, you will still have your account active until the item is removed from the statement. If the item stays in your statement, it will remain on record and will remain there until the delinquency period is complete.
Once the chase statement period is over you will be charged a late payment fee and your balance will be reported as being late. This will stay until the delinquency period is complete. So when your statement arrives months after you have actually paid off your balance and have it all marked as being paid off, you can no longer be able to use that account because you are officially delinquent with the company.
If you have several credit cards statements that show you are behind on any of them, you can use the online tool at the top of this article to determine the exact amount of delinquent payments you currently have. Once you have determined the exact amount of time left until you pay off each of your Chase bank due payments you can use the online tool again to determine how much that will take to get your balances reduced. Then you can make the necessary changes to your budget accordingly. When you follow these steps you can have your credit card statement balances completely eliminated by Chase within just a few months.
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