topic Re: Looking for a 0% balance transfer card and need advice in Credit Cards

Looking for a 0% balance transfer card and need advice

fliphusker — Tue, 17 Apr 2018 16:37:54 GMT

I am seeking a balance transfer card with 0% APR for 15 plus months with zero balance transfer fees. I am sitting on about $4,200 total on my Discover and AMEX. I am not paying any interest on them as AMEX is in its first year and Discover I received 12 months no APR on new purchases. I have the money to pay them off but want to keep my money invested instead. Ya, I know, risky move.

My FICO is pushing 800 with only 11% of utilization used. It will drop to under 10% for a FICO boost by the time I apply for a new card, just in case.

I already have the Slate card and looking for the best option for a large credit line.

Cards I already have: Citi double, AMEX every day, Chase Freedom, Slate, Chase Amazon, Barclays, Discover, and Nusenda.

I do not want to pay a balance transfer fee and looking for a long 0% APR with a high credit limit. I know the credit limit is dependant on many factors but looking at what others received for a data point.

Thanks in advance.

Re: Looking for a 0% balance transfer card and need advice

simplynoir — Tue, 17 Apr 2018 16:45:28 GMT

If you want both a 15 month 0% APR and no BT fees then the BoA BankAmericard is probably your best option based on the cards you already have.

https://www.bankofamerica.com/credit-cards/products/bankamericard-credit-card/

Re: Looking for a 0% balance transfer card and need advice

fliphusker — Tue, 17 Apr 2018 18:22:33 GMT

That is one that I have checked out. Did not know what to expect for a credit line. If they start out low or high. My Slate started out at I think $2K. Would definitely like something over $3K if possible. Just do not want to apply for one and get like $1K.

Re: Looking for a 0% balance transfer card and need advice

simplynoir — Tue, 17 Apr 2018 18:30:03 GMT

Pretty confident with your scores and current UTL you'll be good for at least $3k especially if income is solid. What do the limits on your current cards look like?

And for datapoints two comparable approvals I would think

http://ficoforums.myfico.com/t5/Credit-Card-Approvals/BankAmericard-approval/m-p/5144355

http://ficoforums.myfico.com/t5/Credit-Card-Approvals/Bankamericard-Approval/m-p/5119074

Re: Looking for a 0% balance transfer card and need advice

fliphusker — Tue, 17 Apr 2018 18:40:00 GMT

Slate $3K

Disc $8.5K

Citi $6.2K

Freedom $2.4K

Nusenda $5K

Chase Amazon $3.7K

Barclasys $3.2K

Quicksilver $2.4K Oldest and quit asking for CLI as they want me to sue it more.

AMEX $8.6K

I came late to the credit card game and my length of credit according to CK is only 2.6 years. I do not ask for CLI increases except Disc due to hard pulls. Not sure which of these cards actually do them, I know Disc does not.

Re: Looking for a 0% balance transfer card and need advice

Anonymous — Wed, 18 Apr 2018 03:29:08 GMT

Citi diamond preferred offers 21 mo 0APR balance transfers

Re: Looking for a 0% balance transfer card and need advice

Anonymous — Wed, 18 Apr 2018 12:30:53 GMT

I just got approved for Wells Fargo Platinum Visa card with a $5000 limit with 0% APR for 15 months, I had a long relationship with WF and WF sent me a card previously but for 3 years i had no use for their card and didnt use it so they closed it about a year ago.

Now yesterday April 16th, 2018, i re-apply and not instant approval but after verification applied and got $5000 approval. There is a B/T fee with this card.

Another good card for B/t with your scores is Fifth Third Bank or First Tech credit union. First Tech will be quite generous in giving you upto 15k in SL and 0% for 12 months with no B/T fee. I m a member and if I can help becoming a member let me know. Not to forget Alliant Credit Union with their $10k SL, they have choice between 5/10/15k SL on their app for credit cards with 12 mo special offer of 0% APR B/T.

Re: Looking for a 0% balance transfer card and need advice

Anonymous — Wed, 18 Apr 2018 12:28:13 GMT

B of A started DH and I at about $10k and $12k IIRC, but we did have some higher CL's. Scores and util weren't as good as yours. Was about 2 years ago I think.

Re: Looking for a 0% balance transfer card and need advice

Anonymous — Wed, 18 Apr 2018 12:32:05 GMT

Also, you've got a few Chase cards. I know Freedom and Amazon have purposes, but if you're not using the slate or aren't needing your whole limits on both Amazon and Freedom, you could move CL's around to get one of them to a bit better CL. (Not for the direct purpose of this thread but to have more higher CL's to increase odds of new lines getting higher SLs.)

Re: Looking for a 0% balance transfer card and need advice

fliphusker — Fri, 20 Apr 2018 22:15:47 GMT

Citi Diamond Preferred is out of the running-There is a balance transfer fee of either 5% or 5% of the amount of each transfer, whichever is greater.

Wells Fargo Platinum Visa-Same as above.

Fifth Third Bank-Same as above.

First Tech appears to be 12 months but meets other criteria. Will keep it in mind.

Alliant also appears to be 12 months with 0% transfer fees.

BankAmericard-Looks like their balance transfer meets my criteria. No connection to them so curious on the credit line.

I will dig around and see if I can find data points on BOFA and their starting credit lines. I guess if lower credit lines I would probably go with one of the others.

I appreciate all the input from others. Thank you very much.

Any other out there that I am missing?

Re: Looking for a 0% balance transfer card and need advice

Anonymous — Sat, 21 Apr 2018 00:35:33 GMT

May i ask what your SL with Amex was, and if you've already recieved the 61 & 181 day CLI? That may be an option if you haven't done it yet.

You could then move Discover's balance over to Amex. Then in a few months, after a CLI, BT back to Discover. Or you could use a HP for a CLI, perhaps with Chase, instead of on a new account.

If your goal is to avoid "fees" associated with BT's, then I suggest you look into a CU. Most of them have no fees whatsover, just the normal low APR.

Re: Looking for a 0% balance transfer card and need advice

fliphusker — Sat, 21 Apr 2018 00:52:09 GMT

Transferring a balance to my Disc or AMEX is not an option due to the fees involved. A CU is not an option as not interested in paying any APR even for a short time. So my only option is one of my cards opening up free transfer and at least another 12 months 0% APR. This IMO is not going to happen. If I get rejected by a BT card, I have the money to pay my 2 cards off. So not concerned. Just wanting to work with their money for another year to 21 months is all.

Re: Looking for a 0% balance transfer card and need advice

Anonymous — Sat, 21 Apr 2018 01:43:18 GMT

You are hussling for a B/t card when you actually can pay it off NOW.

If you could, you should pay it off now. dont take the hassle of carrying a balance.

Always remember, TIME can be your best friend or your worst NIGHTMARE.

Re: Looking for a 0% balance transfer card and need advice

Anonymous — Sat, 21 Apr 2018 19:18:50 GMT

If the Money is invested, I guess you have to compare the tradeoff of that revenue versus the fees involved. But honestly, 3% of $4K isn't that much compared to the normal APR. So I'm guessing the investment income is less than $120.

If you're not worried about the HP, just app for the BoA card. Worst case scenario should be $3-5K based on your total credit line.

Transfer most of the balance(what you can) and pay off the rest, basically split the differnce. Allowing you to still keep some of it invested.

Re: Looking for a 0% balance transfer card and need advice

fliphusker — Sat, 21 Apr 2018 22:23:11 GMT

I am willing to keep rolling the dice on the investment vs the BT fee. I am pulling around 8% after taxes, not great, but nothing to complain about for being short term. And ya, I know the markets can turn on a whim, but OK rolling the dice on a smallish sum.

I do not like wasting HP as done too much of that in the past. I am always on the hunt for better rewards cards and still searching for a better grocery card as only have 6 months at 5%. I play the rewards game that is how I ended up with AMEX as they gave me $300 for signing up.

So I was just poking around to see maybe what others found with BT cards and the CL they received.

Appreciate the feedback.

Re: Looking for a 0% balance transfer card and need advice

Anonymous — Sat, 21 Apr 2018 23:19:14 GMT

Is said 'investment' so surefire that you'd be happy to take a margin on it (remember the APR rate for margin is lower than 8%, let alone whatever pre-tax number that would be)?

If not, then your BT move can be more risky than you know.

btw, this kind of dice rolling is hardly a good game IMHO, might as well buy the lott which has a MUCH larger upside and ZERO interest forever