topic Re: 30K Balance Transfer - Best Route Recommendation in Credit Cards

30K Balance Transfer - Best Route Recommendation

CenturionBound — Mon, 19 Jun 2023 22:59:14 GMT

Hi all,

My business has slowed a bit and am looking to get some breathing room from a cash flow perspective. I've never had a late payment on my credit and have ~800 FICO score. I also pay all of my credit cards in full ever month and never carry a balance OR pay interest on debt. However, because the statement balance is different from the current balance, I usually carry a balance of around 10-12k per month. Income is typically mid 6 figures. What i was thinking was balance transferring my debts onto a 12 month plus 0 APR credit card so I can get some breathing room. Right now I have 5 Chase cards (CSR, Freedom, Freedom Unlt, Ink Preferred, and Ink Bold/Plus) so i doubt they would extend me a large additional credit line. Same with AMEX (have gold and platinum).

Do you have any recommendations on what credit card will provide the highest possible limit with the lowest balance transfer hit (3% or less) considering the debt i have currently? Also considering any that have sign on bonuses, etc would be icing on the cake.

And lastly, are there any option to balance transfer more than once (for example, BT 10k month 1, then BT another 10k month 2)

Thanks in advance for help and guidance!

Re: 30K Balance Transfer - Best Route Recommendation

FireMedic1 — Mon, 19 Jun 2023 22:09:31 GMT

What kind of loan do you need if all cards are $0 balance. Business?

Re: 30K Balance Transfer - Best Route Recommendation

CreditCuriosity — Mon, 19 Jun 2023 22:25:56 GMT

Would take more than one CC likely most out the gate will not approve 30k also depending on if that is reporting to personal credit. A personal loan might be your best option depending. Need more information is it several cards (business/personal) that 0 apr is ending on etc.?

Re: 30K Balance Transfer - Best Route Recommendation

CenturionBound — Mon, 19 Jun 2023 23:02:22 GMT

Sorry, need to clarify. Because the statement balance is different from the current balance, I usually carry a balance of around 10-12k per month. All of my current credit cards are old and have no introductory 0% period currently. Ideally I am looking for a loan/credit card where I can just let the loan sit for 12 months and make 0% interest payments every month (or even minimum payments) until my business gets back to normal levels