topic Re: Best balance transfer card recommendations? in Credit Cards

Best balance transfer card recommendations?

Anonymous — Fri, 06 Jul 2018 23:12:25 GMT

Hello all! Need a recommendation as to the best card for a BT that I need to do (here's what I'm currently working with, if that helps):

AmEx Blue Cash Preferred—$0 balance/$13,500 limit

AmEx Delta Gold—$0 balance/$1,000 limit

BofA Travel Rewards—$0 balance/$11,300 limit

Chase Freedom Unlimited—$0 balance/$8,000 limit

Citi Double Cash—$6,500 balance/$7,300 limit

Discover It—$2,000 balance/$6,500 limit

I want to BT the entire balance of my Citi card (and, if I get a high enough limit, also the balance of the Discover), so a card known to give higher limits would definitely be good here.

Just early today, I closed a Chase Slate card that I had for about 2 years—I got the Slate to do a BT 2 years ago, and now that it's paid off and there are no current BT offers on that card, it was essentially worthless, so I reallocated its limit over to my Chase Freedom and closed it out. Obviously, the Slate would've been perfect for the BT I need to do again now, but the BT promo (0% interest and $0 transfer fees) long expired and Chase wouldn't extent any more BT promos to me.

My FICO is currently a 720.

I've seen the following cards recommended for BTs: CapitalOne Quicksilver, Citi Simplicity and/or Diamond Preferred, BofA BankAmericard, Wells Fargo Platinum Visa, and HSBC Gold Mastercard and/or Cash Rewards Mastercard.

The two I've seen mentioned in articles as the best out of those seem to be the Cap1 Quicksilver and BankAmericard. For whatever reason, I was led to believe my entire life that Cap1 is a lesser brand, which is why I've never applied for one. But if I didn't know any better, the Cap1 Quicksilver seems on its face to be the best overall option here, given that it has no annual fee, the lowest upfront transfer fee (3%), a more-than-sufficient BT interest promo period (15 months), and rewards other than the BT promo (1.5% cash back) to warrant future use of the card after I pay it off. By comparison, the Quicksilver seems to be essentially the same as the BankAmericard, except the latter has no rewards benefits at all. The only drawback I see to the Cap1 is that they apparently do an HP on all three bureaus, which isn't really a big deal but still doesn't seem to be the case with any other bank. If the Cap1 does happen to be the one y'all would recommend here, since I have zero experience with them, I have no clue what kind of credit limits they're generally known to give, and which I can reasonably predict given my profile—any general insight on this either?

Thanks in advance for any help!

Re: Best balance transfer card recommendations?

K-in-Boston — Fri, 06 Jul 2018 23:19:25 GMT

I would totally suggest either the BoA BankAmericard or the Amex EveryDay card.

Both offer $0 balance transfers like the Slate card when you do BTs early after opening the account. Seriously, 0% and $0.
You have no balances from either of these lenders.
You have other cards from both of these lenders, and you can quickly and easily transfer some of the credit line from another card if your starting line is not high enough.
Both cards are easily changed to other products if the card doesn't meet your needs in the future, or both can have most or all of their limits moved to other cards you already have with these lenders.

Re: Best balance transfer card recommendations?

NRB525 — Fri, 06 Jul 2018 23:25:50 GMT

Capital One is a very good credit card option.
Credit One has high fees and is usually avoided, though it does have a place for rebuilders.

Are there any BT offers on your BofA TR card? I used to get regular BT offers from BofA, but for almost a year now, nada. If there are BofA offers, consider that.

Regarding Citi, you probably already know you cannot BT within the same Bank, so no Citi-to-Citi BT.

USBank has regular BT offers.
CapOne, on my cards has no-fee BT, but 10.9% APR or 17% APR, so I only use them for small short term, or very short term transfers.

Re: Best balance transfer card recommendations?

Anonymous — Fri, 06 Jul 2018 23:34:17 GMT

Thank you for the insight! Couple questions in light of your suggestions:

As for the BankAmericard, it may be worth noting that just last week I requested and received a generous CLI on my BofA Travel Rewards card, up from $4,700 to $11,300. I actually requested a $14,100 limit (i.e., three times), but they said the $11,300 was all they could give me because, according to BofA, that is the apparent maximum line of credit for which I am eligible. In your view, does the fact BofA already just granted me such a significant CLI increase, and/or the fact they said I'm already at my supposed maximum credit line with them, make it any less likely that (i) they'd even appove me for another card, or (ii) even if they did approve another card, it likely would be for a low limit?

As for the AmEx EveryDay, I likewise just last week requested and received a very large CLI on my Blue Cash Preferred card, up from $5,000 to $13,500. So similarly, does the fact AmEx already just granted me such a significant CLI increase, or the fact I already have TWO cards with them, make it any less likely in your view that (i) they'd even appove me for another card, or (ii) even if they did approve another card, it likely would be for a low limit?

Thanks again!

Re: Best balance transfer card recommendations?

Anonymous — Sat, 07 Jul 2018 02:27:54 GMT

I wouldn't recommend the Citi Diamond Preferred.

I had made a large kitchen purchase last year and with the holidays I figured It would be best If I transferred and carried the balance for a few months, figured maybe 8 - 12 months, I applied promo was 18 - 21 months no interest, instant approval for a whopping $2,000.

Score was 79X during that time, no inquiries or new accounts. Lowest credit limit at that time was $14,000, always pay in full. I wish I had read the forums before applying because I have seen similar postings.

Re: Best balance transfer card recommendations?

SouthJamaica — Tue, 17 Jul 2018 19:03:33 GMT

@Anonymous wrote:
Hello all! Need a recommendation as to the best card for a BT that I need to do (here's what I'm currently working with, if that helps):

AmEx Blue Cash Preferred—$0 balance/$13,500 limit
AmEx Delta Gold—$0 balance/$1,000 limit
BofA Travel Rewards—$0 balance/$11,300 limit
Chase Freedom Unlimited—$0 balance/$8,000 limit
Citi Double Cash—$6,500 balance/$7,300 limit
Discover It—$2,000 balance/$6,500 limit

I want to BT the entire balance of my Citi card (and, if I get a high enough limit, also the balance of the Discover), so a card known to give higher limits would definitely be good here.

Just early today, I closed a Chase Slate card that I had for about 2 years—I got the Slate to do a BT 2 years ago, and now that it's paid off and there are no current BT offers on that card, it was essentially worthless, so I reallocated its limit over to my Chase Freedom and closed it out. Obviously, the Slate would've been perfect for the BT I need to do again now, but the BT promo (0% interest and $0 transfer fees) long expired and Chase wouldn't extent any more BT promos to me.

My FICO is currently a 720.

I've seen the following cards recommended for BTs: CapitalOne Quicksilver, Citi Simplicity and/or Diamond Preferred, BofA BankAmericard, Wells Fargo Platinum Visa, and HSBC Gold Mastercard and/or Cash Rewards Mastercard.

The two I've seen mentioned in articles as the best out of those seem to be the Cap1 Quicksilver and BankAmericard. For whatever reason, I was led to believe my entire life that Cap1 is a lesser brand, which is why I've never applied for one. But if I didn't know any better, the Cap1 Quicksilver seems on its face to be the best overall option here, given that it has no annual fee, the lowest upfront transfer fee (3%), a more-than-sufficient BT interest promo period (15 months), and rewards other than the BT promo (1.5% cash back) to warrant future use of the card after I pay it off. By comparison, the Quicksilver seems to be essentially the same as the BankAmericard, except the latter has no rewards benefits at all. The only drawback I see to the Cap1 is that they apparently do an HP on all three bureaus, which isn't really a big deal but still doesn't seem to be the case with any other bank. If the Cap1 does happen to be the one y'all would recommend here, since I have zero experience with them, I have no clue what kind of credit limits they're generally known to give, and which I can reasonably predict given my profile—any general insight on this either?

Thanks in advance for any help!

The best balance transfer cards are platinum non-rewards cards from credit unions, such as PenFed Promise, Langley Select, Vantage West Connect, Unify variable rate platinum, ~~Alliant platinum~~,* NFCU platinum.

* Alliant Platinum changed its terms, added a balance transfer fee. No longer good.

Re: Best balance transfer card recommendations?

Anonymous — Sat, 07 Jul 2018 06:57:26 GMT

Many people here have negative opinions of Comenity bank.

In the future, if you find yourself needing a BT again, make sure you have a Sportsman's Guide Visa or Total Rewards MC from Comenity.

They send out offers often for zero fees and 18 months 0% financing on BTs.

Re: Best balance transfer card recommendations?

Anonymous — Tue, 17 Jul 2018 08:04:41 GMT

So I actually am a longtime member of DCCU, and looked into their options. Problem with their platinum card is that, while it indeed has a very desireable 0% transfer fee and lasting 1.5% cashback benefits, and also has an offer of 1.5% cash back on any amount BT'd to it within the first 90 days, there's no interest rate promo whatsoever (i.e., 12/15/18/etc. months of 0% interest, like many of the big bank cards I mentioned). Granted, the interest rate (both for BTs and in general) is naturally MUCH lower than any of my current CCs or any I could get from the big banks. However, at an interest rate of ~11% (i.e., about 25% less the current rate on my Citi Card that I would be transferring the balance from), I don't know that the DCCU platinum card is likely to save me enough money to warrant the HP, particularly in light of the fact I will be able to pay off the balance of my Citi card within the next 6-9 months (at the very latest).

Perhaps I'm missing something--any further insight? I haven't pulled the trigger on anything yet, and I'd really like to do something soon to relieve the balance off my Citi card. Thanks again!

Re: Best balance transfer card recommendations?

Asilomar — Tue, 17 Jul 2018 11:07:35 GMT

I've been doing the balance transfer mambo myself and I've learned a few things in the process. I'm one of those who app'd for the Citi Diamond Preferred because I was lured by the 21 months/0% interest. But, I got a '7-10 day' message which usually spells denial. So, I quickly moved on to my second choice which, in retrospect, should have been my first: BofA BankAmericard. It had a 15 months/0% interest/no transfer fee offer and I was approved for 16K. The great thing about BofA, something also true of Amex, is that they are suuuuuper generous with the CLI's and they're soft pull to boot. The ability to get a hefty CLI is, if you're going to be carrying a balance for a while, priceless as you'll want to keep your utilization as low as possible -- not just for the score damage high utl can cause but to keep potential AA's at bay.

If I were you I'd pick a card that not only has a lot of growth potential but one that doesn't balk at higher utl and consistently has BT offers available. Cards that have great BT offers initially can be worthless in that regard down the road later (like my Amex). So, if you think you'll ever need to do it all again make sure you choose something that gives you that ability. In my opinion BofA, given the parameters I mentioned above, is the best BT card on the market -- both initially and for repeated use.

Good luck to you!

Re: Best balance transfer card recommendations?

xaximus — Tue, 17 Jul 2018 13:52:24 GMT

I would recommend the BofA AmeriCard or any CU card. Those would probably be your best options as they'll have 0% interest and 12-18 months free.

Re: Best balance transfer card recommendations?

Anonymous — Tue, 17 Jul 2018 18:26:12 GMT

I opened a Capital One Savor Card a few weeks ago to do a balance transfer from Chase. I went back and forth on what to open as well and chose the Savor because it offered $150 cashback after $500 in spend. This offset the 3% balance transfer fee that I paid on the $5K I transferred.

One thing to note, which it says during the application process, is that you have to wait ten days from opening the account to request a balance transfer. I requested the transfer last Monday and the payment posted to Chase today.

I had read that the highest starting limit is typically $10K on the Savor card and that is what I was approved for. My FAKO score per credit Karma was 800, but Capital One pulled my score during the application process it came back at 768.

I personally didn't want to open another card that I wouldn't use after the balance transfer period ended. Groceries and dining out are my top two spend so the rewards will be good for me. I'm at the end of the balance transfer period for my Chase Freedom Unlimited and I won't likely use the card going forward because I have cards that offer better than the flat rate of 1.5% cash back.

Re: Best balance transfer card recommendations?

SouthJamaica — Tue, 17 Jul 2018 19:05:36 GMT

@Asilomar wrote:
I've been doing the balance transfer mambo myself and I've learned a few things in the process. I'm one of those who app'd for the Citi Diamond Preferred because I was lured by the 21 months/0% interest. But, I got a '7-10 day' message which usually spells denial. So, I quickly moved on to my second choice which, in retrospect, should have been my first: BofA BankAmericard. It had a 15 months/0% interest/no transfer fee offer and I was approved for 16K. The great thing about BofA, something also true of Amex, is that they are suuuuuper generous with the CLI's and they're soft pull to boot. The ability to get a hefty CLI is, if you're going to be carrying a balance for a while, priceless as you'll want to keep your utilization as low as possible -- not just for the score damage high utl can cause but to keep potential AA's at bay.

If I were you I'd pick a card that not only has a lot of growth potential but one that doesn't balk at higher utl and consistently has BT offers available. Cards that have great BT offers initially can be worthless in that regard down the road later (like my Amex). So, if you think you'll ever need to do it all again make sure you choose something that gives you that ability. In my opinion BofA, given the parameters I mentioned above, is the best BT card on the market -- both initially and for repeated use.

Good luck to you!

When I applied for a CLI with Bank of America it was a hard pull.

Re: Best balance transfer card recommendations?

Malcono — Tue, 17 Jul 2018 19:12:02 GMT

@SouthJamaica wrote:
@Asilomar wrote:
I've been doing the balance transfer mambo myself and I've learned a few things in the process. I'm one of those who app'd for the Citi Diamond Preferred because I was lured by the 21 months/0% interest. But, I got a '7-10 day' message which usually spells denial. So, I quickly moved on to my second choice which, in retrospect, should have been my first: BofA BankAmericard. It had a 15 months/0% interest/no transfer fee offer and I was approved for 16K. The great thing about BofA, something also true of Amex, is that they are suuuuuper generous with the CLI's and they're soft pull to boot. The ability to get a hefty CLI is, if you're going to be carrying a balance for a while, priceless as you'll want to keep your utilization as low as possible -- not just for the score damage high utl can cause but to keep potential AA's at bay.

If I were you I'd pick a card that not only has a lot of growth potential but one that doesn't balk at higher utl and consistently has BT offers available. Cards that have great BT offers initially can be worthless in that regard down the road later (like my Amex). So, if you think you'll ever need to do it all again make sure you choose something that gives you that ability. In my opinion BofA, given the parameters I mentioned above, is the best BT card on the market -- both initially and for repeated use.

Good luck to you!

When I applied for a CLI with Bank of America it was a hard pull.

They've been doing Soft Pulls for CLIs for a bit over a month now.

Re: Best balance transfer card recommendations?

SouthJamaica — Tue, 17 Jul 2018 19:22:17 GMT

@Malcono wrote:
@SouthJamaica wrote:
@Asilomar wrote:
I've been doing the balance transfer mambo myself and I've learned a few things in the process. I'm one of those who app'd for the Citi Diamond Preferred because I was lured by the 21 months/0% interest. But, I got a '7-10 day' message which usually spells denial. So, I quickly moved on to my second choice which, in retrospect, should have been my first: BofA BankAmericard. It had a 15 months/0% interest/no transfer fee offer and I was approved for 16K. The great thing about BofA, something also true of Amex, is that they are suuuuuper generous with the CLI's and they're soft pull to boot. The ability to get a hefty CLI is, if you're going to be carrying a balance for a while, priceless as you'll want to keep your utilization as low as possible -- not just for the score damage high utl can cause but to keep potential AA's at bay.

If I were you I'd pick a card that not only has a lot of growth potential but one that doesn't balk at higher utl and consistently has BT offers available. Cards that have great BT offers initially can be worthless in that regard down the road later (like my Amex). So, if you think you'll ever need to do it all again make sure you choose something that gives you that ability. In my opinion BofA, given the parameters I mentioned above, is the best BT card on the market -- both initially and for repeated use.

Good luck to you!

When I applied for a CLI with Bank of America it was a hard pull.
They've been doing Soft Pulls for CLIs for a bit over a month now.

Well, that's good to know. Too bad I have no use for the card

Re: Best balance transfer card recommendations?

Anonymous — Tue, 17 Jul 2018 19:44:43 GMT

Interesting insight, thank you! Do you have any opinion as to whether I'm less likely to receive the limit I'm looking for if I go with the BankAmericard in light of either (1) the fact I already have one BofA CC (Travel Rewards), or (2) the fact I just received a massive CLI (also a soft pull for me, woo!) a couple weeks ago on that BofA card—versus a card from a bank I don't already have a relationship with, such as Cap1? Based on the comments, now I'm stuck between the BankAmericard and the Cap1 Savor!

Re: Best balance transfer card recommendations?

FinStar — Tue, 17 Jul 2018 21:21:05 GMT

It will all boil down to how much BoA is willing to extend and whether you've reached any internal max at this point.

This would all be based on your income/DTI, BoA relationship, overall profile, etc. Plus, the fact that you just received a CLI and any existing CCs with them. Only way to know is when you pull the trigger.

Re: Best balance transfer card recommendations?

Anonymous — Tue, 17 Jul 2018 22:45:08 GMT

Interesting you should say that—despite giving me an absolutely massive CLI (a $6,600 increase from $4,700 all the way up to $11,300), that was actually less than my CLI request for a $14,100 limit (i.e., I tried to get a 3x CLI). BofA specifically cited as a reason for not approving the full amount of my CLI request, the fact that I had apparently reached my current maximum with them. That’s what makes me skeptical about applying for another card with them for the purpose of a BT; I don’t want to waste an HP on a card that I’m seeking specifically for a BT if the limit is likely to be less than I need.

In light of that, would you say my “safer” bet to be approved for a higher limit would be applying for a Cap1 (who I don’t and never have had a card with before)? I think all else equal, I would probably prefer the BankAmericard over the Cap1, but the benefits of the two cards aren’t really enough to justify a strong preference of one over the other. As a result, I feel like I’m leaning towards the Cap1 right now. But I’m not stubborn or deadset on anything at all; I mainly just don’t want to mess this up by wasting 2 years of an HP on my report on a card that gives me a worthless limit incapable of even serving the BT purpose for which I’m applying in the first place (not to mention, meanwhile wasting hundreds of dollars paying the interest on my Citi balance every month).

Thanks again in advance for any further input!

Re: Best balance transfer card recommendations?

FinStar — Tue, 17 Jul 2018 23:14:53 GMT

My gut feeling, based on what you've shared above, is trying Capital One - if that's the route you want to go with. Of course, that being said, no one can predict what type of outcome that would yield.

There's definitely the triple pull, but the QS has been known to yield a decent SL range. I would not pursue anything by HSBC for your BT strategy to save you the HP. Your profile is not strong enough for high CLs with them given your current utilization on those 2 CCs.

Re: Best balance transfer card recommendations?

AverageJoesCredit — Tue, 17 Jul 2018 23:39:40 GMT

Based on my experience, if Boa says you are at max experience highly unlikely theyll approve you another card unless they take away from existing credit. I'm at max, 10.7k, yes please feel free to laugh (I'm poor) so they wont give me any more cli nor another card no matter how many times I request or apply. Just s thought

Re: Best balance transfer card recommendations?

Asilomar — Tue, 17 Jul 2018 23:55:43 GMT

@Anonymous wrote:
Interesting insight, thank you! Do you have any opinion as to whether I'm less likely to receive the limit I'm looking for if I go with the BankAmericard in light of either (1) the fact I already have one BofA CC (Travel Rewards), or (2) the fact I just received a massive CLI (also a soft pull for me, woo!) a couple weeks ago on that BofA card—versus a card from a bank I don't already have a relationship with, such as Cap1? Based on the comments, now I'm stuck between the BankAmericard and the Cap1 Savor!

I'm saying this knowing that CapOne is a slippery critter and not everyone has the same experiences with them -- but I've not found them to be anywhere near as generous as BofA. My total BofA exposure is 37K+, my CapOne...6K. I originally app'd for CapOne when my scores were much lower and am thus in an unfavorable bucket. Your scores are higher than mine by a 100 points at the time of app so you may not have my CLI experience (which is that I can hardly get one and haven't gotten anything in nearly a year).

On the other hand, since you already have a card with BofA and you just got a fat limit increase, you can always move some or nearly all of it to the card you app for so you'll have utl breathing room. I plan on doing just that, thank to K-in-Boston's suggestion. I'm going to take 14K from my Cash Rewards and give it to my new BankAmericard making that limit 30K. So, if you don't get the initial credit limit you need or want, you can always manufacture it by taking it from your Travel Rewards.

You don't have another CapOne product so you'll be unable to compensate if you fail to get the SCL you're looking for.

P.S. I just saw that BofA notified you during your CLI process that you're at max exposure. I'd call their credit department and verify that or see if that can be recon'd in any way. If not, as others have said, move on to Capital One; Bof A has no more soup for you.