topic BOA Balance Transfer Strategy in Credit Cards

BOA Balance Transfer Strategy

FICOEmpire — Sat, 08 Feb 2020 03:37:03 GMT

I will be needing a large BT in the next 3-4 months. I currently have the following BOA cards with no balances on any. I used them for 0% promo periods or BT's.

Cash Rewards $9100 opened 10/15
Cash Rewards $13,900 opened 11/15
Platinum $17,000 opened 1/18

I'd like to get another Platinum card with the 0% no fee BT for 15 months to transfer $10-12k onto. I'm confident I could get approved with just two cards opened in the last 2 years, neither from BOA. FICO 8's above 750 with overall util under 10%.

I know they will take limit from one card to open another automatically, but I really would like $20k on the new one to do the BT. I'm considering closing the platinum to free up limit.

Do you think BOA might, after a month or two from closure, approve a new platinum with at least a $17k limit if I did that? I have over 200k in total limits reporting so not concerned about util spike.

Re: BOA Balance Transfer Strategy

FinStar — Sat, 08 Feb 2020 03:56:36 GMT

You wouldn't necessarily have to close an existing account since CLs can be reallocated across BoA accounts. These are typically SP.

You could potentially request for a SP CLI on Platinum and see if they have any BT offers at that point. It may not be 15 months, but just something to consider.

Or, if you decide to go the route of a new Platinum CC, and are approved, you can have the CL of your existing Platinum reallocated and then close it.

Re: BOA Balance Transfer Strategy

FICOEmpire — Sat, 08 Feb 2020 04:15:30 GMT

Thanks. I do show an online offer for 12 month BT with a 3% fee and then 17.49% apr. I would be transferring at least 10k so that's a $300 fee upfront. The platinum I have now was opened using 10k from one of my cash rewards a couple years ago. I just need the best/simplest way to get about 20k on a new 0/0 bt card. I will be transferring from both Chase and Amex to BOA. If I open a new plat as a 4th card, would BOA allow a reallocation of limit to the new card and then do the bt?

Re: BOA Balance Transfer Strategy

Gmood1 — Sat, 08 Feb 2020 14:14:59 GMT

Maybe check out some of the CUs that offer zero fee BTs.

Some of the banks that offer the lowest fees IME have been SunTrust, PNC and FNBO. I've seen 2% BT fee offers from them. While others go as high as 5%.

Sometimes Citi has good offers on BTs as well.