Balance transfers are a popular way to manage credit card debt, offering a chance to shift balances from high-interest cards to those with a lower APR—often 0% for up to 21 months. But did you know you can also use these offers to access cash for major expenses like a wedding, home improvement, or starting a business?

In this post, I’ll walk you through five practical strategies to turn a 0% APR balance transfer into cash.

1. Balance Transfer Checks

Many banks, including Chase, Barclay, Citi, and Wells Fargo, provide balance transfer checks to cardholders. These checks can be written to yourself and deposited directly into your bank account, making this the simplest way to convert a balance transfer into cash.

Pro Tip: If you have multiple checks from the same issuer, you can maximize your cash access by:

1. Writing the first check for the full allowable amount.
2. Paying off that balance by transferring it to another credit card that supports balance transfers.
3. Repeating the process with your remaining checks.

If you don’t receive balance transfer checks, call your bank to request them. Some issuers may even offer an ACH deposit directly to your account.

2. Swipe and Save

Here’s a creative way to free up cash: use your 0% APR credit card for regular expenses, such as business purchases, instead of paying upfront. For example, I advised a store owner looking to fund a $60,000 expansion to swipe his $40,000 monthly expenses on a 0% APR card. By paying the card balance gradually, he preserved his cash for the expansion.

This strategy works well for anyone with steady expenses and the discipline to manage repayments.

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3. Overpay and Refund

Another option is to overpay a credit card balance and then request a refund. Here’s how:

• Transfer a large balance (e.g., $10,000) from your 0% APR card to another card with a small existing balance (e.g., $100).
• The receiving card will show a negative balance (e.g., -$9,900).
• Call the bank to request a refund of the overpayment, and they’ll typically issue a check.

Caution: This method is more difficult to execute nowadays, as banks are cracking down on overpayment refunds. To minimize the risk:

• Use a card from a bank you don’t heavily rely on.
• Ensure the receiving card has a small balance to reduce the chance of the transfer being rejected.

4. Pay Friends Using PayPal or Venmo

PayPal and Venmo allow you to send money to friends or family using a credit card, though they charge a fee of about 3%. Be aware, though:

• Some credit card issuers may classify these transactions as cash advances, which don’t qualify for 0% APR offers.
• Repeated transactions may result in your account being flagged or shut down by PayPal or Venmo.

5. Use BravoPay for Larger Payments

Famigo’s BravoPay app (formerly Bravo Pay) is another way to send person-to-person payments using a credit card. With fees ranging from 3% to 3.6%, it allows for larger payment volumes than PayPal or Venmo.

Currently, major credit card issuers do not treat BravoPay transactions as cash advances, reducing the risk of extra fees or account restrictions.

Final Thoughts

When used responsibly, credit cards with 0% APR balance transfer offers can be an excellent way to access cash for up to 21 months interest-free. This can save you significant money compared to high-interest personal loans. However, these strategies require careful planning and a good credit score to pull off successfully.

⚠️ A Friendly Reminder: Always use credit cards responsibly and only borrow what you can repay.

Advertiser Disclosure: While we strive to provide unbiased information, some credit card offers on our site may earn us compensation from issuers.