topic Re: Do I poke the bear and request PC on card carrying balance? in Credit Cards

Do I poke the bear and request PC on card carrying balance?

Anonymous — Mon, 23 Feb 2015 20:29:22 GMT

I have about 73% utilization on this card I'm paying down. It's a BofA alumni association branded card. I get no rewards, and the current offering is a Cash Rewards Visa Signature. I was going to wait until I've paid it off to request the product change, but I'm considering just doing it now so I can use the rewards to help pay down the balance. Is there any risk to this? Would I be likely to get the product change?

Re: Do I poke the bear and request PC on card carrying balance?

myjourney — Mon, 23 Feb 2015 22:33:42 GMT

@Anonymous wrote:
I have about 73% utilization on this card I'm paying down. It's a BofA alumni association branded card. I get no rewards, and the current offering is a Cash Rewards Visa Signature. I was going to wait until I've paid it off to request the product change, but I'm considering just doing it now so I can use the rewards to help pay down the balance. Is there any risk to this? Would I be likely to get the product change?

Hard to say but I wouldn't poke the bear

You're currently sitting with 17.8k total limits and over 50% UTL

I wouldn't do anything to draw attention to that fact especially BofA who likes to HP for any and everything

IMHO

Re: Do I poke the bear and request PC on card carrying balance?

Anonymous — Mon, 23 Feb 2015 22:59:40 GMT

@Anonymous wrote:
I have about 73% utilization on this card I'm paying down. It's a BofA alumni association branded card. I get no rewards, and the current offering is a Cash Rewards Visa Signature. I was going to wait until I've paid it off to request the product change, but I'm considering just doing it now so I can use the rewards to help pay down the balance. Is there any risk to this? Would I be likely to get the product change?

No, you don't want to ask for a product change here. Rewards cards typically have a higher APR than non rewards cards. Thus, any of your new spend at 1-2-3 percent will be offset by the 17%+ APR you'll PC to.

Re: Do I poke the bear and request PC on card carrying balance?

Anonymous — Mon, 23 Feb 2015 23:03:56 GMT

I wouldn't PC, but you can try applying for a new card that either provides rewards and/or has a 0% intro APR. Chase Slate has a 0% intro rate and no BT fee, so you might be able to move some of the debt over, which would help with your interest expense, but no rewards. Most cards with rewards will have a 3% BT fee, so you wipe out any rewards gains with the transfer. If you're currently on a 0% intro rate, just app for a rewards card you want, periodically dump the rewards to your checking account, and use them to help pay off the BoA card faster.

Re: Do I poke the bear and request PC on card carrying balance?

Anonymous — Mon, 23 Feb 2015 23:04:15 GMT

Ive gotten a PC on boa cards before while carrying a balance.

Re: Do I poke the bear and request PC on card carrying balance?

Anonymous — Mon, 23 Feb 2015 23:12:11 GMT

@Anonymous wrote:
Ive gotten a PC on boa cards before while carrying a balance.

a 70%+ balance?

Re: Do I poke the bear and request PC on card carrying balance?

chwebb1 — Mon, 23 Feb 2015 23:18:22 GMT

@Anonymous wrote:
@Anonymous wrote:
I have about 73% utilization on this card I'm paying down. It's a BofA alumni association branded card. I get no rewards, and the current offering is a Cash Rewards Visa Signature. I was going to wait until I've paid it off to request the product change, but I'm considering just doing it now so I can use the rewards to help pay down the balance. Is there any risk to this? Would I be likely to get the product change?
No, you don't want to ask for a product change here. Rewards cards typically have a higher APR than non rewards cards. Thus, any of your new spend at 1-2-3 percent will be offset by the 17%+ APR you'll PC to.

It is quite possible to get rewards cards below 17% APR. My BoA Cash Rewards card is at 12.99% APR, and my BBR is at 11.99% APR. My Sallie Mae is 13.99%, my AMEX BCE is 14.99%, and my Double Cash is 15.99%. If (s)he can PC to the Cash Rewards and keep a low APR, it wouldn't be that bad. But I probably wouldn't poke the BoA bear at 70% UTIL.

Re: Do I poke the bear and request PC on card carrying balance?

Anonymous — Mon, 23 Feb 2015 23:28:33 GMT

Thanks guys. It was a little bit of wishful thinking on my part. My APR is 12.99% on this card, and I'm planning to wait until I get under 50% overall util to apply for BT cards. I don't want to waste a HP for a Slate and get a $500 or $1000 limit (which seems to be common).

Re: Do I poke the bear and request PC on card carrying balance?

Anonymous — Mon, 23 Feb 2015 23:34:41 GMT

I just did a PC from More to IT with Discover while carrying a 99% balance. They did it no questions asked. Interest rate will be exactly the same as it was prior to the PC. Of course that's about 22 percent

Re: Do I poke the bear and request PC on card carrying balance?

chwebb1 — Mon, 23 Feb 2015 23:35:18 GMT

You could always take this approach if you really want the PC though:

Re: Do I poke the bear and request PC on card carrying balance?

Anonymous — Mon, 23 Feb 2015 23:48:50 GMT

@chwebb1 wrote:
@Anonymous wrote:
@Anonymous wrote:
I have about 73% utilization on this card I'm paying down. It's a BofA alumni association branded card. I get no rewards, and the current offering is a Cash Rewards Visa Signature. I was going to wait until I've paid it off to request the product change, but I'm considering just doing it now so I can use the rewards to help pay down the balance. Is there any risk to this? Would I be likely to get the product change?
No, you don't want to ask for a product change here. Rewards cards typically have a higher APR than non rewards cards. Thus, any of your new spend at 1-2-3 percent will be offset by the 17%+ APR you'll PC to.

It is quite possible to get rewards cards below 17% APR. My BoA Cash Rewards card is at 12.99% APR, and my BBR is at 11.99% APR. My Sallie Mae is 13.99%, my AMEX BCE is 14.99%, and my Double Cash is 15.99%. If (s)he can PC to the Cash Rewards and keep a low APR, it wouldn't be that bad. But I probably wouldn't poke the BoA bear at 70% UTIL.

TIL - My APR rates suck...

Oh well, I PIF every month anyways.

Re: Do I poke the bear and request PC on card carrying balance?

Anonymous — Mon, 23 Feb 2015 23:50:35 GMT

@Anonymous wrote:
I have about 73% utilization on this card I'm paying down. It's a BofA alumni association branded card. I get no rewards, and the current offering is a Cash Rewards Visa Signature. I was going to wait until I've paid it off to request the product change, but I'm considering just doing it now so I can use the rewards to help pay down the balance. Is there any risk to this? Would I be likely to get the product change?

Pay it off before requesting anything else...