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New Contributor
Fred2280
Posts: 65
Registered: ‎03-05-2008

What BT card would you recommend?

TU/706
EQ/703
Exp/674
 
Are there any BT cards that are easist to get approved for? (Ideally, 6mos-1yr.). I have some high balances, some high util., decent income.
Valued Contributor
athensguy
Posts: 1,291
Registered: ‎02-26-2008

Re: What BT card would you recommend?

I'd probably look around Chase, Citi, and Penfed.
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jmbfl
Posts: 1,185
Registered: ‎03-04-2008

Re: What BT card would you recommend?

Why PenFed? He may not be a very good candidate with high balances/high util. Also, PenFed is out of the question if you have recent "new" accounts, especially in view of the rest of the picture.
 
Maybe BofA - you might be able to get a card with 0% APR on the BT but will pay an uncapped 3% fee on the amount transferred. Or, consider going to a local CU or NFCU and getting an installment loan. The APR's on the debt you seek to refinance (which is what you are doing) will dictate if that makes sense to do.
Valued Contributor
athensguy
Posts: 1,291
Registered: ‎02-26-2008

Re: What BT card would you recommend?

I would still consider Penfed I think. Well, unless he has new accounts. He didn't say. I think I have seen where they will work with you if you don't have new accounts with some high util, especially if you are going to transfer to their card.
Valued Contributor
jmbfl
Posts: 1,185
Registered: ‎03-04-2008

Re: What BT card would you recommend?

PenFed is an iffy proposition in this case, as in "pyramiding credit". PenFed does not like the practice of opening new accounts and shuffling debt around that never gets paid off. Also - the BT APR is 2.99%. On the otherhand it is for the life of the transfer and the BT fee is only 1% capped at $100. I still think BofA might be a better choice - depending on who you are trying to BT away from. Can't BT to BofA from BofA or FIA.
 
I did a BT from 32% WaMu account to BofA 0% and it was one of the smartest things I ever did. The BT fee equaled about one months finance charge from WaMu and I am all set for a year. I also have a Visa PCR card ($10K) from PenFed that is solely for monthly transactions. No finance charge will ever post to that account. It would dilute the value of the rewards. If I wanted to BT to a PenFed account I would get one of the 10.99% cards for that purpose.
Valued Contributor
thrasher865
Posts: 1,163
Registered: ‎05-21-2008

Re: What BT card would you recommend?

Unless you've got some baddies on your reports, with low 700s scores you have the right to be choosy, so just browse through offers for anything with a 0% rate on BTs.  Or alternatively, if you have high balances as you say, you may look for an offer that gives a certain rate for the life of the balances. 
 
For ex, the last card I got came with 4.99% on the life of the balance.  Of course, that's not an outstanding rate, but thats not why I got it and if you looked around you might be able to find better.  If it will take you 2 years or more to pay off these balances, a 4.99% for the life of the balances would be better than 0% for 12 months and 18.99% from there forth.

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New Contributor
Fred2280
Posts: 65
Registered: ‎03-05-2008

Re: What BT card would you recommend?

Thank you. I don't have any new accounts. Just got a BofA BT for 3.9. I do have some interest at 16.9(highest). Any low BT rate would be helpful. Just got denied for Citi Premier Pass. First inquiry in a year. Joined PenFed but have not applied for cc yet. Not sure.
Valued Contributor
jmbfl
Posts: 1,185
Registered: ‎03-04-2008

Re: What BT card would you recommend?

If you joined you might as well app. (They do a hard pull for your membership application and will use that CR for 60 days.) However, in general you must always app PenFed first. They will see the inquiry for the card you were just declined for if you app'ed for it before you joined PenFed but will not if you joined before that app. You have nothing to lose at this point. If you are declined then go through the recon process and offer an explaination. It might work.
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haulingthescoreup
Posts: 28,115
Registered: ‎04-01-2007

Re: What BT card would you recommend?


Fred2280 wrote:
Thank you. I don't have any new accounts. Just got a BofA BT for 3.9. I do have some interest at 16.9(highest). Any low BT rate would be helpful. Just got denied for Citi Premier Pass. First inquiry in a year. Joined PenFed but have not applied for cc yet. Not sure.



How long have you had the BofA? I got mine in late February, put a BT on it, and began paying it down in hefty chunks, way over the minimum. At 6 weeks I called to say that the high util was killing my EX score (which it was), and I was considering making another BT (which I am), and could they raise the limit? They had to pass me up to a credit specialist, but I got the CLI.

BofA has a lot of cards with 0% BT's, rather than 3.99%. Which one do you have? They might be willing to give you a second card with a 0% if they know that you want it to BT.

The problem with BofA is that they don't cap their BT fees, so if you transfer more than $3300, it will cost you more than would cards that cap fees at $99.

CCC's make money from the BT fees, and they are cheerfully hoping that you won't pay it off in time, and they'll get some interest from you after all. Some will even charge you interest on the full amount that you originally transferred, so be sure to do the fine print thing. :smileywink:
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FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
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wmarat
Posts: 1,754
Registered: ‎11-03-2007

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