topic Re: Best 0% APR Card with decent initial limit in Credit Cards

Best 0% APR Card with decent initial limit

Anonymous — Tue, 31 Dec 2019 01:23:27 GMT

I'm looking to get a card with 0% APR and a decent limit (I'm hoping for at least $17k). Have a couple vacations coming up and want to put them on the card for rewards and so I can just pay back as I want without the interest. Currently:

Credit Score: 738-754

Credit Cards: 0 balance on $30k limits

Student Loan: 17k, in deferment (while I'm in school)

I have one 30 day late payment from 4 years ago, no other derogatories

3 inquiries (one for limit increase on USAA 6 months ago, one for mortgage 13 months ago that I didn't end up getting, and one for student loan 6 months ago)

I'm thinking of the BankAmericard (BofA) which has 18 cycles of 0 APR, but don't know what kind of limit to expect.

Re: Best 0% APR Card with decent initial limit

AverageJoesCredit — Tue, 31 Dec 2019 01:53:26 GMT

Without knowing your income and what cards you currently have, hard to give an idea. Most lenders dont pop out 17k right off the bat especially for those with only 30k in current credit limits. Were you able to get Navy, possible, but you are looking for 0% . Chase could to those with high income but usually not on a Slate. Boa likes to see some history before giving out big limits. Citi is fickle with sl. Id say maybe Amex that can get 3x after 61 days may be good option. But nothingis a gaurentee.

Re: Best 0% APR Card with decent initial limit

thornback — Tue, 31 Dec 2019 02:04:19 GMT

Unfortunately, no one can tell you what limit to expect from any issuer. It's always a roll of the dice.

Your profile looks good, with the exception of the old late payment - but it also seems you don't need a high SL since you apparently have $30K lines you don't use at all ($0 balances - do you know there's a scoring penalty for having all cards at $0?). Also, there are other factors lenders consider -- such as income / DTI, age of accounts, etc.

I've seen BOA hand out big limits on OK profiles and mediocre limits on seemingly great profiles. But -- BOA does seem to grow well.

Of course, wait for other responses but I advise you take any guesses of potential starting limits with a grain of salt.

Re: Best 0% APR Card with decent initial limit

NRB525 — Tue, 31 Dec 2019 04:18:54 GMT

As others noted, with a late and limited credit already issued, a large SL seems a remote possibility.

Also, the combination of Rewards card with 0% APR is not too likely.

Many travel cards offer a SUB, which sounds like your spend volume will be able to cover much of that. Then if you have a card to BT to, for a small fee it can be paid over time on the second card.

What is your card list already?

Re: Best 0% APR Card with decent initial limit

Anonymous — Tue, 31 Dec 2019 09:35:54 GMT

@NRB525 wrote:
As others noted, with a late and limited credit already issued, a large SL seems a remote possibility.

Also, the combination of Rewards card with 0% APR is not too likely.

Many travel cards offer a SUB, which sounds like your spend volume will be able to cover much of that. Then if you have a card to BT to, for a small fee it can be paid over time on the second card.

What is your card list already?

Bank of America cash rewards has 2% cash back and 0% for 15 months. Their travel rewards card has 0% for 12 months. Citibank also has 0% intro for 12-15 months on rewards card. Key Bank, Wells Fargo, Capital One all offer 0% on travel and cash rewards. Of the 5-6 largest banks only Chase does not offer 0% on travel rewards only on cash rewards cards.

Re: Best 0% APR Card with decent initial limit

Lucifer — Tue, 31 Dec 2019 13:17:41 GMT

Chase (Freedom Unlimited - 1.5%CB) threw me 18 months at 0% with a 10k limit. But as always - YMMV.

Good luck.

Re: Best 0% APR Card with decent initial limit

Anonymous — Tue, 31 Dec 2019 13:49:30 GMT

Good information in this post. One thing you may have noticed is that some folks report initial credit limits as high as $40K or more. Everyone of them has solid credit reports and have been in the credit game for several years. Like everything in credit, there are exceptions but not many reported in this forum.

Re: Best 0% APR Card with decent initial limit

K-in-Boston — Tue, 31 Dec 2019 20:12:19 GMT

+1 what @Anonymous said, although often that's decades not just years.

Your best bet may be with a credit union. With BOA, you will usually need relatively high income and/or substantial deposit or investment accounts with BOA, Merrill Lynch and/or Merrill Edge in order to get large limits right out of the gate, but the cards certainly can and do grow with the right profile. You did mention the BankAmericard, which is a no-frills card best reserved for balance transfers or short-term balance revolving. It earns no rewards.

"Travel" card and 0% don't really mix a lot. Discover it Miles currently has cash back match for the first year (essentially 3% for all purchases) and a 14 month 0% offer. Discover can be all over the board as far as starting lines, though. They seem to prefer thinner profiles (likely in hopes that their card will be your daily-use card) so I have seen some impressive starting lines for those with more limited credit, those just starting out, and those with a blemish or two. Meanwhile my card started at I think $3000 and after 3.5 years just finally hit $12k, less than half of my average credit line. Chase Freedom Unlimited was mentioned earlier, and that can fit what you are looking for if later paired with a Sapphire Preferred or Reserve. No one can guess at Chase approvals, but if you have other Chase cards it is very easy to move limits around as needed.

Re: Best 0% APR Card with decent initial limit

Anonymous — Wed, 01 Jan 2020 02:26:25 GMT

Thanks for your input. What do you mean by moving credit limits around? I have two Chase cards at this point (6200 and 2500). I've never asked for increases on them.

Re: Best 0% APR Card with decent initial limit

Anonymous — Wed, 01 Jan 2020 02:47:04 GMT

Thank you for your input guys. I didn't know about reallocation and I've been reading about it a little bit. It seems that, if it would work, the best bet for me is to get a new card (say the Chase card) and then reallocate the balance from my existing cards to it. This is new for me, and I don't even know if it would work....any thoughts or walk through of how to process would be appreciated. This is what I think might work.

1. Apply for Capital One (or Chase) new card with 0% apr

2. Immediately ask to reallocate the balance ot my new card

I've also read some stuff about applying but not accepting it...then calling in and asking for the reallocation before actually accepting it. I haven't applied for enough credit cards to know if this is even how it works...let alone if this is the best way to do it...so any input would be greatly appreciated.

Re: Best 0% APR Card with decent initial limit

Anonymous — Wed, 01 Jan 2020 03:48:20 GMT

I want to get in with BOA what is a substantial deposit? I am looking for a 25k card. Scores 750+ and good income. Current limits in the 30k range.

Re: Best 0% APR Card with decent initial limit

CreditInspired — Wed, 01 Jan 2020 07:52:16 GMT

@Anonymous wrote:
I'm looking to get a card with 0% APR and a decent limit (I'm hoping for at least $17k). Have a couple vacations coming up and want to put them on the card for rewards and so I can just pay back as I want without the interest. Currently:

Credit Score: 738-754
Credit Cards: 0 balance on $30k limits
Student Loan: 17k, in deferment (while I'm in school)
I have one 30 day late payment from 4 years ago, no other derogatories
3 inquiries (one for limit increase on USAA 6 months ago, one for mortgage 13 months ago that I didn't end up getting, and one for student loan 6 months ago)

I'm thinking of the BankAmericard (BofA) which has 18 cycles of 0 APR, but don't know what kind of limit to expect.

Do you have any cards in your wallet right now with CL limits around the $15K to $20K mark or higher? If no, I fear not. But, if you provide your credit DPs, we can give you some insights.

Re: Best 0% APR Card with decent initial limit

CreditInspired — Wed, 01 Jan 2020 07:53:08 GMT

@AverageJoesCredit wrote:
Without knowing your income and what cards you currently have, hard to give an idea. Most lenders dont pop out 17k right off the bat especially for those with only 30k in current credit limits. Were you able to get Navy, possible, but you are looking for 0% . Chase could to those with high income but usually not on a Slate. Boa likes to see some history before giving out big limits. Citi is fickle with sl. Id say maybe Amex that can get 3x after 61 days may be good option. But nothingis a gaurentee.

^^ this exactly.

Re: Best 0% APR Card with decent initial limit

Anonymous — Wed, 01 Jan 2020 09:18:31 GMT

I have 5 cards:

Discover: 13.5k (In the other post I said 10k, it is actually 13.5k)

USAA: 5k (in the other post I said 10k, it is actually 5k)

Chase Slate and Freedom: 6200 and 2500

Capital One: 8k

so total is 35.2k

Income is 80k/year. No mortgage or car payments

The only other thing is the 17k student loan, which I took out in August and is still in deferrment as I am still in classes.

I'm thinking, if I can, the best way is to get a new Chase card and then reallocate the balances from the other two. So if I got approved for 5k say, I could reallocate 7700, which would put me at 12,700...which would be ok...then possible ask for an increase later (what is the earliest to ask for increase with Chase, 6 months?)

Re: Best 0% APR Card with decent initial limit

quarius — Wed, 01 Jan 2020 17:33:38 GMT

Some pretty good offers to start with no balance transfer fee: are Slate pretty high starting limits if your credit is good.

BOA started me off at 5k but i did have to start with them from scratch, my lady they started at 25k but she has been with the bank for years.

NFCU usually starts off really high and u have to see which cards they have that are going 0% interest at the time, they usually like to match your highest limit card you have for a limit.

Those are what your looking for if you just need balance transfers. Some other cards mentioned in this thread have these transfer fees which im sure u dont want.