topic Re: New card with high limit? in Credit Cards

New card with high limit?

Anonymous — Tue, 29 Sep 2015 20:44:41 GMT

My husband has good credit and his scores are in the mid 700 range. He has $10,000 he would like to BT to something with 0% inroductory period. He has two major cc, one with US Bank with $25,000 (CAL, not CL) and the other with CapOne for $10,000. He lives off his credit cards normally and pays them off right away.

In this case, he felt he had to put $15,000 on his card for a major purchase, will payoff $5000 right away and wants to put the remainder on a 0% BT so that he has breathing room. Does anyone have suggestions on which cards he could get approved on with a high enough limit to do this? I know he was looking into Citi double cash back but I have read their limits are not very high on new accounts. He also was interesting in getting an Amex but I don't know about BTs for these. I'm thinking he could app for another Cap1 but idk.

Re: New card with high limit?

Anonymous — Tue, 29 Sep 2015 20:55:09 GMT

Arguably the best BT card is the Chase Slate. It's 0% for 15 months and waives the BT fee if the transfer is made within the first 60 days of opening the account. A 3% fee for BT is pretty standard, so the real win here for the Slate is the $0 fee for the transfer... it's a savings of $300.

Since all of his limits are high, there's a good chance he'll get a high enough SL on Slate if he's approved.

EDIT: The QuickSilver One from Cap 1 also has a $0 transfer fee and a (shorter) 9 month 0% APR on BTs... but, the card has an AF and a $10k SL on the QS1 is, in my observations, rare, since it's a lower tier card for them.

Re: New card with high limit?

Anonymous — Tue, 29 Sep 2015 20:57:08 GMT

His scores are high enough to get a decent approval. I would app for 2 cards with 12 month 0 interest cycles to be safe.

Citibank DC and DP are ok as is Slate if he has less than 5 new accounts in 2 years. Research some Barclay's products as well.

What card is he trying to BT?

Re: New card with high limit?

Anonymous — Tue, 29 Sep 2015 21:04:50 GMT

Am Ex cards like the BCE or ED have I believe 12 months no interest, but if he wants to divide $10,000 over 12 equal payments, they may get a little squeamish after 5-6 months of the balance not being paid off.

Re: New card with high limit?

9CLINE — Tue, 29 Sep 2015 21:24:20 GMT

I like the Amex choices also...I can't speak on them no liking balances as I have carried them on both my revolvers till the last month of 0% and never had any adverse action if anything during the time of BCE(my first) I had balance @ 61 day 3X CLI and 6mths remain. on 0% when I got EDP, did some BT on to EDP and got 61 day 3X CLI and still carry balance till 0% is over.then PIF....So that is just my exp. hope it helps someone...
Good Luck !!!!!!!!

Re: New card with high limit?

Anonymous — Tue, 29 Sep 2015 21:28:03 GMT

I'll just reiterate here the importance of a $0 BT FEE card. The Amexes and the Citi cards will all charge you a fee to do the transfer.

Re: New card with high limit?

axlm — Tue, 29 Sep 2015 21:46:11 GMT

I would research some credit union cards, as those are almost always 0% fee for BT, low APR (should something prevent full payment after the introductory period) and depending on the institution, high limits.

For instance, I recently joined Alliant CU for a loan, and they pushed really hard for me to apply for one of their cards. The lady on the phone was looking at my credit report and she said they would give me a really high CL compared to what I had. Funny thing is, she was referring to some 10k CLs from my AU cards, not MY OWN cards (they were much lower than what I have now on my sig). I wasn't interested at that moment so I didn't bite, but I assume she meant something like 15-20k.

Hope that helps.

Re: New card with high limit?

Anonymous — Tue, 29 Sep 2015 22:20:51 GMT

Wants to BT from USbank. He's had the card a long time. Has no real limit. I'm not sure what his rate is. He's only used it in emergencies or large purchases he pays off right away. This time he doesn't want to do that and pay on it for a little while at 0%. He has no new cards or apps for them so no inquiries for those although he refinanced for a new bike and we refi'd mortgage. So you think the Citi cards will go high enough?

My credit union uses Elan Financial for their cards. I have two through them and really like the cards. They have their platinum at zero for 12 months but 3% transfer. I don't think he really cares about the transfer fee, just getting some time at the zero APR for some time. Citi had the DC for two years at zero and fee for BT. He didn't care but I guess if he doesn't get a high enough limit, he can app for a second card.

Re: New card with high limit?

CH-7-Mission-Accomplished — Tue, 29 Sep 2015 22:50:48 GMT

I just got a new Discover card for my SO. They gave a 14K limit and offer 0% balance transfer for 18 months. I do not know about the balance transfer fee, but assume 3%.

Re: New card with high limit?

Anonymous — Tue, 29 Sep 2015 23:02:04 GMT

such a waste to open a new account just for interest savings. especially with limits that high. slate is a risk for low limit.

have you considered a debt shuffle? get a card like the Ring, move as much to that as possible, then to a BT offer back on the US bank card. Then you wont be stuck with a nearly worthless slate when its paid off..

Doesn the US bank card have any offers for a convenience check?

u guys and your bt fees....they dont even come close to interest charges. I am just fine with people paying them if it saves them money. If you can get a decent limit with chase, then by all means go for it. why not app for the slate and if limit aint high enough grab a freedom under same inquiry then move the limit.....

or, and some people here might flip out on me for this... but you could always shuffle some of it to you before you BT it back to US bank.

Re: New card with high limit?

Anonymous — Tue, 29 Sep 2015 23:23:44 GMT

I'll second the Discover suggestion if you're okay with a BT fee. I like the card in general.

I'd worry about a low limit with Slate. I was going to say you could have another Chase card in the wings in case the Slate limit was low you could also app for a co-branded card which usually have higher limits. You could then move limits around as needed. However, there's been something floating around about not having more than one new account in 30 days with Chase, so that may be a non-starter. However I haven't paid close enough attention to see if the co-branded cards are included. Lots of big limits on things like Southwest and United. Come to think of it I think one of the co-branded Southwest cards offers a BT...I'd look into that if there's any interest in a SW card.

There's the Amex route mentioned, but I've heard Amex and Barclay are both weird about BT even though they offer them.

Re: New card with high limit?

Anonymous — Tue, 29 Sep 2015 23:35:10 GMT

I'm not sure if he'll go for the Discover but look into that one. I know he does not want the Slate. He doesn't care about fee. So no one really likes the Citi DCB? or is it low CL most of the time? I think he'd even app for two cards. Anyone else think Amex could work?

Re: New card with high limit?

Anonymous — Tue, 29 Sep 2015 23:40:07 GMT

I PC'd to the Double Cash so I didn't know they offered BT rates. That's a good solution that will be useful later. It might take a second HP to get to a reasonable limit though.

Re: New card with high limit?

NRB525 — Wed, 30 Sep 2015 02:21:46 GMT

@Anonymous wrote:
such a waste to open a new account just for interest savings. especially with limits that high. slate is a risk for low limit.

have you considered a debt shuffle? get a card like the Ring, move as much to that as possible, then to a BT offer back on the US bank card. Then you wont be stuck with a nearly worthless slate when its paid off..

Doesn the US bank card have any offers for a convenience check?

u guys and your bt fees....they dont even come close to interest charges. I am just fine with people paying them if it saves them money. If you can get a decent limit with chase, then by all means go for it. why not app for the slate and if limit aint high enough grab a freedom under same inquiry then move the limit.....

or, and some people here might flip out on me for this... but you could always shuffle some of it to you before you BT it back to US bank.

^This is your starting point, OP.

1) Check with USBank whether any BT offers are already available.

2) If not, you can app for the Perks+ card, which has a 12-month BT offer. With an existing high balance, rapid-pay history with US Bank DH should get a very nice limit on the new card.

3) After 1 or 2 above are in place, BT the $10k to Capital One using the no-BT Fee feature common to all Cap One cards. Wait a week or two.

4) Finally, initiate the BT back to the USBank offer, either 1 or 2.

I have done this many times over the years when one low-APR offer expires, or an even better one comes along on a single card with a balance.

After 12 months, if DH doesn't like the Perks+, it should be possible to easily PC to the Cash+, which only offers 9 months 0% BT, but has a little more obvious rewards.

Re: New card with high limit?

Anonymous — Wed, 30 Sep 2015 03:48:53 GMT

NRB525, This actually sounds like the better option. We went on the prequal site for USbank and he prequals for three cards. The Platinum and the Cash seem to have the best BT options and he already has the Perks. The Platinum actually says "generous credit lines" and lower APRs starting at 9.9 and BT 0% (w/fee) for the first 12 cycles in the comparison window. Thanks to everyone!!

Re: New card with high limit?

Anonymous — Wed, 30 Sep 2015 03:39:41 GMT

Woohoo for doing the debt shuffle! It's my favorite dance!

Re: New card with high limit?

takeshi74 — Wed, 30 Sep 2015 12:36:26 GMT

@Anonymous wrote:
Does anyone have suggestions on which cards he could get approved on with a high enough limit to do this?

Limit isn't determined by the card. It's determine by what one's credit and income qualify for versus the creditor's underwriting criteria. If he has a high balance/revolving utilization on a card then he will have reduced chances of getting a high limit on a new card as revolving utilization is a significant scoring and risk factor.

@Anonymous wrote:
In this case, he felt he had to put $15,000 on his card for a major purchase, will payoff $5000 right away and wants to put the remainder on a 0% BT so that he has breathing room.

Keep in mind that the revolving utilization on the target BT card matters as well. If he want to BT $10K then ideally he'd want at least a $30K limit. If the BT maxes the card or puts it at very high utilization then he'll want to get it down as quickly as possible.

@9CLINE wrote:
I like the Amex choices also...I can't speak on them no liking balances

It's a myth/oversimplifcation that just gets parroted. AmEx is concerned about the same risk factors as any other creditor. They just have different risk tolerances but all creditor don't have the same tolerances to begin with. It's not a simple black-and-white-matter of balance versus no balance or even just balances/usage/utilziation on their own cards. One's entire credit profile matters and risky activity with non-AmEx accounts can lead to adverse action but, again, it's the same with any creditor.

@Anonymous wrote:
slate is a risk for low limit.

Again, depends on credit profile. People apping for the Slate typically have high utilization as they're looking to transfer a balance. High utilization does have an impact on approvals, limits and APR's.

Re: New card with high limit?

Anonymous — Wed, 30 Sep 2015 13:44:22 GMT

The utilization in this case is 4-5% until this hits his report and I'm thinking it would not be reported until next month.