05-10-2017 01:17 PM
05-10-2017 03:13 PM
So in a couple months we want to get the Ink Preffered. It's actually a great card for us because it waives foreign transaction fees which is 95% of our spend.
Usually how we do it is we pay off what we spend after 4 months.
Example: Spend 3k and pay Minimum for months 1-3 and Month 4 PIF or most occasionally carry to month 5 then PIF.
Our other 2 business cards are on 0% promos until the end of this year/start of next year so it's worked out good.
However, we really want this card 50% because of the card's benefits and 50% because of the sign up bonus. The only issue is there's no intro 0% apr period so if we carry the 5k balance to meet the spend requirement that's roughly $85 a month in interest charges. Over 5 months that's $425
I'm wondering if we can get the card meet the spend requirement then BT it (are there any business 0% BT's with no fees?) or to get a low APR small business loan to PIF at a lower interest rate.
What are your thoughts? And this isn't for right now it will likely be in August.
I think you can forget the balance transfer concept; business cards aren't like personal cards. The only one I know that has decent balance transfer offers is Capital One Spark, and there's no guarantee you'll get a balance transfer offer at any particular point in time. They offer it to you when they feel like offering it to you.
IMHO you should just forget about carrying balances on the Ink card.
05-10-2017 03:19 PM
05-10-2017 05:20 PM
05-10-2017 07:47 PM
Okay so what should I do then? Small business loan?
This card is exactly what we are looking for except it has no intro apr offer that's why I was thinking maybe a small business loan to pay it in full and pay down the balance at a lower apr (maybe 7%?) I don't really know haven't looked too much into them yet.
I think you should get the Ink card, but pay it in full.
05-10-2017 08:00 PM
Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.† Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
* For complete information, see the terms and conditions on the credit card issuer’s website. Once you click apply for this card, you will be directed to the issuer’s website where you may review the terms and conditions of the card before applying. While myFICO always strives to present the most accurate information, we show a summary to help you choose a product, not the full legal terms - and before applying you should understand the full terms of products as stated by the issuer itself.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.