When does a VISA balance transfer start accruing interest?
VISA balance transfers are considered a cash advance from your credit card loan. Interest will start to accrue from the date the check is issued.
Can I use the full amount available on my TruStone credit card for a VISA balance transfer?
Yes, but keep in mind that if the full balance is advanced, it will start accruing interest on day one. This can cause a higher than normal minimum payment due on the statement following the transfer, as interest will put the your credit card loan over the credit limit.
Who on my TruStone account can request a VISA balance transfer?
Only primary cardholders and co-borrowers on the credit card loan can request a balance transfer. Authorized signers and co-signers cannot request a balance transfer.
What will I need to complete this form online?
You will need a copy of your Government or State ID as well as your most recent statement for each credit card that you want to transfer a balance for.
How long will it take for processing?
Allow 4 to 6 weeks for processing and for the other financial to receive the check and process the request on their end.
How does the other financial/credit card company receive the funds?
VISA balance transfers are sent as checks and they are sent directly to the financial or credit card company. Checks are sent standard mail and are not sent overnight. Checks will not be sent to you for mailing or another individual.
Will I earn CU Rewards points when doing a VISA balance transfer?
No, VISA balance transfers do not earn CU Rewards points.
Once I submit my VISA balance transfer request online, will I need to make my payment on the card I am requesting to transfer?
Yes, please continue to pay at least the minimum amount due on each account you want to transfer until the payment/balance transfer appears on that account’s billing statement.
Will a balance transfer close out my other credit card(s)?
No, transferring a balance will not automatically close your other credit card accounts. You will need to contact each company directly if you want to close out that credit card account.
What happens if I incur a fee or finance charges while I wait for TruStone to process my VISA balance transfer request?
TruStone is not responsible for any remaining balance on an account or for any finance or other charges that you may incur due to a delay in transferring a balance. Please continue to make your required minimum payment due each month until the transfer is complete.
How will I know if my request wasn’t able to be processed?
You will receive an email notification stating why the VISA balance transfer wasn’t processed.
What happens if the check is returned from the other financial?
The check will be applied back to your VISA credit card balance as of the date it is received. You will be sent the letter from the other financial stating why the check couldn’t be processed. At that time, you can work with that financial to complete the transaction.
What should I do if the check is never received by that other financial?
- It can typically take up to 6 weeks for the other financial to receive the check and process the payment. If it hasn’t been received after 6 weeks, you will want to contact that other financial to inquire about your payment.
- Cashier’s checks expire 6 months from issuance date. At that time, if the check isn’t cashed by the other financial, the funds will be applied back to your account.
- Stop Pays on a cashier’s check can be done after 90 days. If the check can’t be located by the other financial, you could request to do a Stop Pay with TruStone Financial.
- Please contact us at 1-800-862-1998 or stop into your local branch to process this request.