Did I just screw up? Chase Visa question

[4luv2cdisney]

I am refinancing and had to pay off my HELOC to close on the new mortgage. Anyway, I called and had trouble getting a real person, so I did an automated system payment. It gave me the option to pay by CC or check for the same $12 fee. I thought, why not earn some disney $, so I put it on my Chase Disney Visa.

Then it occurred to me...what if this is considered a balance transfer or cash advance??!!! Shoot! I don't want to call and bring attention to it. I already called my HELOC bank to ask if I could change it to a checking account payment and they cannot. This is A LOT of money if there is a transaction fee.

Should I wait to see how it posts or call Chase now and ask if they can refuse the payment? In the terms of service it describes a cash (like)advance as a "third party payment". The charge is showing as pending already on my CC account and it just says my banks name, not a payment processing company.....? I'm not sure what to think.

 

[a1tinkfans]

wow, hope it works out for you. The thing with HELOC is the amount they quote you is usually not the ACCURATE amount as it changes daily...so I am wondering if it will even be the correct amount
I thought that since it was a cc used, it WILL go as a payment but it does not "hit" the same way as a personal check, as in "your money"....again, hope it works, let us know....
pixie dust...

 

[4luv2cdisney]

Thanks!

Well, I asked my co-workers their opinions at lunch today and they thought it would be considered either a cash advance or a balance transfer. So, I decided to just call Chase and if there was any way to stop the charge. The lady was very nice and said that as far as she could see, they had deducted the pending transaction from my available credit balance, not my cash advance available balance. Since I wasn't paying off another cc and I hadn't written a balance transfer check, it wouldn't likely be considered a balance transfer. So, I think I'm okay. I will check again in the morning to see how it posted just to make sure.

This whole thing has been such a hassle. I don't understand why I couldn't just bring a check to closing for this. I wasn't happy to have to give up the HELOC (my house is apparently worth less than I paid for it nearly 10 years ago and I put more than 20% down on it), and I'm even less happy that I have to do all the work to get the payoff, etc. on it. It doesn't make any sense. The HELOC is at the same bank that holds my mortgage, so they have to deal with them anyway!

 

[seashoreCM]

The home equity line of credit is secured by the house using a method similar to a mortgage (actually it is a mortgage). If you left the HELOC there and did a refi' and the refi' went through then the new mortgage would technically be a second mortgage while the HELOC is connected with the first mortgage. (Or maybe you have a regular mortgage company mortgage as first and the HELOC is second and, if neither of these were touched then the new mortgage would be third.)

The refi' loan is almost never held by the bank that closed it, but rather some other, usually distant, entity such as a pension fund or an insurance company or Fannie Mae or even a bank in another city will "own" it sometimes as soon as the day after your closing. That entity does not want to be in second position so at the closing all other liens and mortgages, including the HELOC, have to be paid off.

In addition, your qualification for the refi' may have depended on paying off the HELOC so your total indebtedness is reduced.

Many credit cards do not earn points or miles for you when you do cash advances or balance transfers.