topic Re: Balance Transfer question in Credit Cards

Balance Transfer question

pat0812 — Fri, 30 Jan 2015 07:14:00 GMT

I need to transfer some balance from my AMEX ($5500) to a card with no APR

I applied for Citibank and chase slate and was approved for $10,800 and $5000

Should I transfer all the amount to the $10,800 card or should I split it between both cards ?

Re: Balance Transfer question

Kenny — Fri, 30 Jan 2015 07:39:23 GMT

What's the APR for the Citi card on transfer? Transfer fee?

Maybe apply for one more Chase card and move some CL over from it when you're approved? (That is if you feel like another Chase card would benefit you from either a sign up bonus perspective or maximizing rewards perspective.)

With regard to BTs... I'm of the view that if you're not in an application time period then you don't have to have perfect utilization in your reports. Have to do what makes sense financially for you. I know that I've moved some of my Chase limits from 2 of the cards over to my BT card in order to maintain a good utilization percentage, but I also left enough that it wouldn't affect my usage of those other cards should I need to use it actively.

It really all depends on if you feel like you'll be applying for something soon in order to maximize scoring. If not, then you just have to do what you feel comfortable with.

Re: Balance Transfer question

bigbang91 — Fri, 30 Jan 2015 08:56:31 GMT

@pat0812 wrote:
I need to transfer some balance from my AMEX ($5500) to a card with no APR
I applied for Citibank and chase slate and was approved for $10,800 and $5000

Should I transfer all the amount to the $10,800 card or should I split it between both cards ?
You should try to transfer as much as possible to chase, since slate has no fee for BT request within 30 days if i remember correctly. And the rest either pay it off or BT to citi, i suggest 4500 to chase.
Also in the future, you shouldnt apply for card with 0% apr at the same time, since you may not have that much debt to take advantage of the offer. I always wait until 1 0%apr offer almost xpire to apply for another 1.

Re: Balance Transfer question

Anonymous — Fri, 30 Jan 2015 10:14:27 GMT

@pat0812 wrote:
I need to transfer some balance from my AMEX ($5500) to a card with no APR
I applied for Citibank and chase slate and was approved for $10,800 and $5000

Should I transfer all the amount to the $10,800 card or should I split it between both cards ?

Could you share a little more info pat? This has been discussed in other threads, comparing citi to chase as far as BT.

What card did you get, Diamond Preferred? 0% for 18months 3% transfer fee?

Thanks for sharing.

Re: Balance Transfer question

pat0812 — Fri, 30 Jan 2015 16:25:59 GMT

I got the city simplicity with $10,800 and chase slate with $5,750
My uti is ok at 15%, is just the AMEX APR is starting from this month because I had 0% till now
Chase has no balance transfer fee but the limit they gave me is much lower than Citi.
How much out of the $5,750 could i use so it wouldn't hurt my score to be too close to max out the card and I will put the rest on the citi card.

On the citi card i pay 3% transfer fee but I can deal with that, is better than 22% on AMEX

Re: Balance Transfer question

bigbang91 — Fri, 30 Jan 2015 22:06:13 GMT

well, if you have no plan to apply for anything in near future, i say but as much as you can on Chase, i would suggest 4500. It may hurt your score now,but it will improve as you pay back. And put 1000 in Citi. Also,my advice in the future dont apply for 2 0% apr card unless you need them, cause now you have 2 0% apr card at the same time,and no debt to relocate, so its kind of wasted, anw it's just my opinion.