topic Re: Need new 0% APR CC in Credit Cards

Need new 0% APR CC

Zosimus — Tue, 04 Aug 2020 19:59:37 GMT

I ended up charging my car insurance on my BofA 0% credit card, but now that I'm crunching the numbers, I won't be able to pay that balance off in time to avoid paying interest.

I already have 2 Discover cards, a Wells Fargo Cash wise, two BofA cards, a Barclays card, a Citibank, an HSBC, a Mountain America, two UCCU cards, and a SSFCU card. I was considering going for a US Bank card, but I've heard they can be demanding.

Ex: 739 2 inquiries

Tu: 747 1 inquiry

Eq: ??? 0 inquiries

AaoA 23 months

8% utilization

$85,600 in credit limits

Advice?

Re: Need new 0% APR CC

DebtStinks — Tue, 04 Aug 2020 20:05:41 GMT

Chase, NFCU, and local credit unions typically have good 0% offers...I personally would lean toward one that has NO balance transfer fee AND 0% offer. Chase is notorious for 15-21 months 0%.

Re: Need new 0% APR CC

CYBERSAM — Tue, 04 Aug 2020 20:12:20 GMT

Credit Unions are probably the best solution. Especially if your planing to carry balances time to time.

They mostly offer low APR and no balance transfer fees!

Also Discover offers 0% APR for a year almost every time.

Re: Need new 0% APR CC

Zosimus — Tue, 04 Aug 2020 20:23:37 GMT

Chase impossible because of 5/24 rule.

Re: Need new 0% APR CC

Curious_George2 — Tue, 04 Aug 2020 20:37:23 GMT

+1 on the credit union suggestion. Here's a link to a big list of credit unions anyone can join: https://www.depositaccounts.com/credit-unions/anyone-can-join/

The list is a few years old, so some of the CUs on it have since been geofenced, but it's mostly still valid. If you spend enough time digging through the CU websites and specifically their credit card sections, you will find several that have no-fee BTs and promotional 0% APR periods.

Good luck!

Re: Need new 0% APR CC

BetterMoves — Tue, 04 Aug 2020 20:42:41 GMT

@Zosimus wrote:
I was considering going for a US Bank card, but I've heard they can be demanding.

I am curious, what does this mean?

Re: Need new 0% APR CC

CreditInspired — Tue, 04 Aug 2020 22:01:51 GMT

@Zosimus wrote:
I ended up charging my car insurance on my BofA 0% credit card, but now that I'm crunching the numbers, I won't be able to pay that balance off in time to avoid paying interest.

I already have 2 Discover cards, a Wells Fargo Cash wise, two BofA cards, a Barclays card, a Citibank, an HSBC, a Mountain America, two UCCU cards, and a SSFCU card. I was considering going for a US Bank card, but I've heard they can be demanding.

Ex: 739 2 inquiries
Tu: 747 1 inquiry
Eq: ??? 0 inquiries

AaoA 23 months
8% utilization
$85,600 in credit limits

Advice?

Are those FICO scores?

Re: Need new 0% APR CC

Zosimus — Tue, 04 Aug 2020 22:42:28 GMT

Yeah, those are my scores.

Re: Need new 0% APR CC

CreditInspired — Thu, 06 Aug 2020 07:46:50 GMT

A few more DPs please:

*Need EQ FICO score
*What's Individual CCs UT

*How many new accounts in last 3/6/12 mos
*Inqs in last 3/6/12 mos

Re: Need new 0% APR CC

NRB525 — Thu, 06 Aug 2020 10:55:35 GMT

OP you are trying to put insurance on a card to pay over time because the 6-month fee is too much to pay at once out of cash flow? Just FYI, the next 6-month lump is coming up soon.

I don't think credit cards are a good answer at all here.

I use the State Farm payment plan. All my policies go in it, so I get one monthly payment to SF which adjusts as policy rates renew / change.

If your insurance company provides a payment plan, I'd suggest using that instead of shopping new CC. An insurance payment plan also makes it plain what your monthly cash flow requirements are for that insurance bundle. If that payment plan is still too much, then your insurance is too expensive and you need to look for places to cut coverages, cut costs.

Re: Need new 0% APR CC

Zosimus — Thu, 06 Aug 2020 11:30:53 GMT

Here are the DPs you requested.

Bank of America 59% utilization

HSBC 46% utilization (doesn't show on TU)

Wells Fargo 29% utilization

Discover 29% utilization

SSFCU 3% utilization

Macu 0%

Citibank 0%

Bank of America 0%

UCCU 0%

Commerce Bank 0%

Barclay's 0%

Discover 0%

Experian FICO 8: 739 obtained from Experian on 8/4/2020. 2 inquiries in 12, 1 inquiry in 6, 1 inquiry in 3

Transunion FICO 8: 748 obtained from Bank of America on 7/20/2020 1 inquiry in 12, 0 inquiries in 6

Equifax FICO 9: 736 obtained from Citibank 7/28/2020. 0 inquiries in 12 months.

6 accounts opened in 24

3 accounts in 12

1 account in 6

Re: Need new 0% APR CC

Zosimus — Thu, 06 Aug 2020 11:51:58 GMT

Thanks for the insurance advice. What you may be unaware of is that many insurance companies, such as Progressive, Allstate, and American Family, offer a paid-in-full discount. Although the details differ, let's illustrate a common situation thus: a person is quoted $100 a month for insurance (plus a $1 payment processing fee per month) or the person can pay in full for $570 for 6 months. In short, there is a 5% paid-in-full discount.

Let us further imagine that the person in question elects to pay in full on a non-rewards card that charges 24% interest (2% a month). He charges $570 and makes a $100 payment the same day (his down payment) and sits back to pay off the credit card with monthly payments. He would pay $99.71 a month for 5 months to pay it off whereas if he didn't pay in full, he'd pay $101 a month. In other words, by taking his insurance company's payment plan he is effectively paying 29.32% APR. That's a little steep for me, especially when I have a 0% APR BofA card handy.

Re: Need new 0% APR CC

AverageJoesCredit — Thu, 06 Aug 2020 12:03:02 GMT

@Zosimus wrote:
Thanks for the insurance advice. What you may be unaware of is that many insurance companies, such as Progressive, Allstate, and American Family, offer a paid-in-full discount. Although the details differ, let's illustrate a common situation thus: a person is quoted $100 a month for insurance (plus a $1 payment processing fee per month) or the person can pay in full for $570 for 6 months. In short, there is a 5% paid-in-full discount.

Let us further imagine that the person in question elects to pay in full on a non-rewards card that charges 24% interest (2% a month). He charges $570 and makes a $100 payment the same day (his down payment) and sits back to pay off the credit card with monthly payments. He would pay $99.71 a month for 5 months to pay it off whereas if he didn't pay in full, he'd pay $101 a month. In other words, by taking his insurance company's payment plan he is effectively paying 29.32% APR. That's a little steep for me, especially when I have a 0% APR BofA card handy.

so in that scenario are you paying $1.29 extra a month if you didnt use a cc? That definetly seem the myFico affect for wanting to squeeze every inch out of a reward but honestly for $1.29 or even x's by 5 , $ 6.45, doesnt seem worth opening a new cc and dinging ones aaoa. Maybe i read this wrong?

Re: Need new 0% APR CC

Zosimus — Thu, 06 Aug 2020 13:26:31 GMT

I really feel that we have wandered far from the point of this thread. The base problem is that my non-mortgage debt maintenance has passed $2,000 a month. Now, maybe you think it would have been better if I had financed my insurance in a different way. Fine -- I don't think so, but anyway, that's no longer an option. And maybe someone will suggest that I drive for DoorDash on the weekend. Again, I'm not saying that's a terrible idea. It's just that it's not the solution I'm looking for. Two more payments on my Wells Fargo card and my Discover card will have them both down to 0, reducing my outlay by more than $800 a month. So, maybe I just have to tighten my belt for two months. Or, maybe I need to tap my $60,000 savings account to pay the card off. Yes, these are possible solutions. But, the solution I want is a brand spanking new US Bank Visa card at 0% for the next year or so. I'm also willing to settle for a Citibank Diamond Preferred Card. The question is: in light of my finances, can this be done?

Re: Need new 0% APR CC

NRB525 — Thu, 06 Aug 2020 13:46:11 GMT

What are the balances on each of the cards?

Do you already have a US Bank checking or credit card? Depending on your starting credit line, that may or may not be sufficient for a balance to fully transfer.

Re: Need new 0% APR CC

gdale6 — Thu, 06 Aug 2020 13:47:56 GMT

@Zosimus wrote:
The question is: in light of my finances, can this be done?

With 8% util out of 85K IMHO yes it can be done but for posterity I would pay off to bring that down to 6% before an app to US Bank

Re: Need new 0% APR CC

Zosimus — Thu, 06 Aug 2020 14:03:11 GMT

@gdale6 wrote:
@Zosimus wrote:
The question is: in light of my finances, can this be done?

With 8% util out of 85K IMHO yes it can be done but for posterity I would pay off to bring that down to 6% before an app to US Bank

Yeah, the problem is that, as I said, I charged my insurance on my BofA card, so that utilization is going to surge from 59% to 78.8% on or about August 14. I have no commercial or banking relationship with US Bank.

Re: Need new 0% APR CC

Brian_Earl_Spilner — Thu, 06 Aug 2020 14:03:17 GMT

@BetterMoves wrote:
@Zosimus wrote:
I was considering going for a US Bank card, but I've heard they can be demanding.

I am curious, what does this mean?

Yeah, not sure about that. The only hurdle is not having more than 1 or 2 new cards in a year period and even that isn't set in stone if your income and profile is good enough.

Re: Need new 0% APR CC

Zosimus — Thu, 06 Aug 2020 14:05:46 GMT

I've read you need 750+ to get a US Bank card, and none of my scores pass that number.

Re: Need new 0% APR CC

Brian_Earl_Spilner — Thu, 06 Aug 2020 14:14:06 GMT

@Zosimus wrote:
I've read you need 750+ to get a US Bank card, and none of my scores pass that number.

That's not even remotely true. There are plenty of people on here that have gotten US Bank cards with sub 700 scores. You might get a $500 starting limit, but a HP will fix that for many that are around the 700 mark