Hi - I've been reading the very helpful info here - now I have a question...
my wife and i have good credit these days (700+ last I checked), but my wife and I have around $7000 in balances that we're paying interest on. I have only one CC at the moment with a balance of ~$2,000 and ~$6800 in credit currently available. (My wife's limits are much higher - in fact, she was rejected recently for a new card app because she had too much credit compared to her current income - not a crisis for us right now, but it is for the banks.)
I'm looking at the offer from Chase Slate: 0% for first 15 months, and no transfer fee for the first 60 days. The plan is to transfer all the balances to the new card and set up regular payments to pay down the debt interest free (and carry no balances on the old cards).
I've got two questions:
First, my current card is also Chase, so I can't transfer directly from it to the new card - is there any risk to transfering to my wife's card first and then again to my new card (within the 60 day window) from her card - other than the 3% xfer fee on the first transfer?
Second, how should I plan the events? Do I do transfer number one, apply, and then transfer number two? Or do I apply, and then do both transfers?
Thanks for any advice out there!
In short, my advice is, "DON'T".
Half of your plan is OK. Open a slate and let DW make a balance transfer for the zero percent...
...if you try to transfer your Chase debt away from Chase, then back to Chase for a zero percent deal, I'm relatively certain that they'll see it and be displeased.
If you're willing to pay the 3% fee, you could always look at the Citi Simplicity which also has an introductory 0% offer for 18 months as opposed to 15 months. That way you aren't transferring from Chase, to another bank, then back to Chase. With your credit profile, I can't imagine you having too much trouble getting approval for the card. Others might have better ideas, but its just a thought. I believe Discover also has two introductory balance transfer promotions as well.
One of DW's cards is Citi, so we have the same problem in not being able to move one of the balances to the same CC Co. It sounds like we just work with two of them and deal with the third separately.
Not sure if there's any difference between Chase Slate and Citi. Though I guess I have a back plan if one rejects me for some reason. (I had been thinking to use one of the FCUs as a back up plan - and as far as I can tell from the forum, two new apps in a month isn't a big credit score problem.)
We have time to rebuild any short-term score hits.