CC vs PLOC

[Anonymous]

My CLOC is 9.5% that can serve as a checking overdraft, there is a credit card attached that I can use as well as checks. It is stand alone and a banking companion. To qualify the bank requires a relationship and internal score that assists with approval. Reports to the CBs as a credit card. They do offer me promos at 0% to use it. Works for home improvement,s education expenses, general use. Seems to qualify for it was harder than the bank's high tier credit card. Underwriting has been tough to deal with but always was able to end where I wanted too. HPs for increases on CLOC. CL $15K.

[Revelate]

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@Anonymous wrote:

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@Revelate wrote:

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@lhcole77 wrote:

This is what I have:

NASA--$20K PLOC 8.5% APR (no fee and immediate transfer/access to savings)

NASA--$30K CC 10% APR with BTs at 7.99% (no fee) and sometimes promo BTs for 3.99% (3% fee)

SDFCU--$15K CC 7.24% APR no fee BTs and sometimes no fee 2.99% promo BTs

NFCU--$16.1 CC 13.24% APR ( not sure about fee because I haven't used BT yet)

NFCU--$15K CLOC 15.9% APR 

I use each depending on rate, fee, promo, etc. I like having options.

FWIW I have been using a $28K BofA card and $25K WF card for BTs for the last couple years. They constantly offer them to me and don't seem to mind my profile carrying a balance. Also just took advantage of a no fee/0% offer on a $31K Chase card I have. That was a no brainier.

For me I only use high CL cards for BTs. This way I'm not concerned about individual card UTL. 

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Out of curiosity, which card was that?  

Different profile obviously, the only offers I've seen for Chase BT's have been of the 3-5% fee variety.  When I am clean in a year if I got one of those, might be worthwhile to shuffle off the HELOC which'll probably be at 3.5% or maybe 4% by that point.  Guess depends how long I stay in school and how much short or maybe middle term debt I rack up.

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 citibank, commerce  bank, and maybe one other random one I have seen 5% bt fees, but Chase?  Never!  (have seen some of the best BT offers on family members chase amazon, usually 1 or 2% fee.  de range of rates at Commerce, basically 10 to 20 percent.  No thanks. (especially since my CC with them is at 20%V).

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Chase has sent me several BT offers/convenience checks on cards I wouldn't have expected over the past year (which for some reason I always read for curiosity's sake) but on I think the Ink (maybe CSP but I think these were all 4%) it was there; TBH I just look at the fee and pitch them so I don't have them laying around... I've never seen one of the 1-2% variety from Chase, I would've been more tempted to use one if I'd gotten a 1%, or even 2%.  

I sort of figured they were fishing for balances that I might've racked up furniture shopping or other new home expenses: would note I was getting a bunch of Citi pre-quals with various introductory finance offers as well during that period, and a similarly not friendly BT offer from Barclays.  Also would suggest that these fall under if you need a BT really bad, we have a really bad BT for you: discouraging pricing but if you really want to drop that $22K into a bank at 5% fee off the top, go ahead!

Incidently I hadn't ever received many of those previously but it's not like my credit has been established for that long, but it was a marked change post mortgage as before mortgage... and come to think of it I haven't received any in the last two months which would be around the time I closed on my mortgage last year, and the frequent Discover mails have stopped too.  Hitting up new home owners with a bunch of random offers over the next year probably makes sense... wouldn't surprise me if similar things occurred post-marriage: lender analytics are at least that sophisticated to be sure.

[lhcole77]

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@Revelate wrote:

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@lhcole77 wrote:

. Also just took advantage of a no fee/0% offer on a $31K Chase card I have. That was a no brainier.

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Out of curiosity, which card was that?  

Different profile obviously, the only offers I've seen for Chase BT's have been of the 3-5% fee variety.  When I am clean in a year if I got one of those, might be worthwhile to shuffle off the HELOC which'll probably be at 3.5% or maybe 4% by that point.  Guess depends how long I stay in school and how much short or maybe middle term debt I rack up.

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It is my British Airways card. I also have a SW and Marriott with them. There were some 2% and 3% offers on those but the 0% on BA was just too good.

BA was 18 months old at offer, the other two were 6 months.

[lhcole77]

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@Anonymous wrote:

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First off, WOW to Lhcole77.  That is some fabulous CU diveristy fa' sho!!!!!  

I am still too scared to apply for any credit at Nasa.  They approved me for a 20k limit visa with 10% interest, then before the card even came they AA'd me for too many new accounts and inquiries. There were a few others that this happened to.

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Thanks, j! I'm definitely happy with my lineup. 

I've had nothing bust a positive experience with NASA. I got in two years ago during a huge wave of approvals so I feel pretty lucky about that.

[Josh2942]

I have a 25k PLOC from Santander and a 25k credit line on my Hyatt card which I frequently get BT checks from. I personally prefer the BT checks because you only have to pay that initial 5% of the balance fee and then have 12 months of 0%. Most of the time I don't need more than 4 months to pay back but in case of an emergency I would run through the BT first and then reach into the PLOC for a true emergency if I couldn't pay it back. The PLOC has a 7.5% apr so it's not to bad but the BT just works out better in my opinion.

[Anonymous]

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@Josh2942 wrote:
I have a 25k PLOC from Santander and a 25k credit line on my Hyatt card which I frequently get BT checks from. I personally prefer the BT checks because you only have to pay that initial 5% of the balance fee and then have 12 months of 0%. Most of the time I don't need more than 4 months to pay back but in case of an emergency I would run through the BT first and then reach into the PLOC for a true emergency if I couldn't pay it back. The PLOC has a 7.5% apr so it's not to bad but the BT just works out better in my opinion.

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How does your PLOC report on your CRs?  It would probably make more sense to use the PLOC honestly if you are only using promos for 4 months....if u have discover they have a great BT calculator.