topic Re: High Credit Limit, 0% Introductory interest Card? in Credit Cards

High Credit Limit, 0% Introductory interest Card?

Anonymous — Tue, 17 May 2011 20:18:10 GMT

Hello all,

Last week I started a thread about buying an engagement ring. I've basically come to the conclusion that I want to put 70-80% (5-7 grand) of the purchase on a zero % interest credit card. And pay it off in 12-14 months. I wouldn't use the card for anything else, and likely keep it in a safe deposit box.

Before I start seeking approval for Cards I need to know which card would be the best bet for a higher Credit Limit (I'm looking for at least $8k) with at least a 12 month interest only period. I've pretty much narrowed it down to the Chase Slate Card and the Citi Dividend Platinum Select/ Citi Platinum Select card.

In everyone's experience which is known to give higher CL's? Citi or Chase? If someone has another card in mind, throw it out there.

Here is the slate:

https://www.chase.com/online/Credit-Cards/Slate.htm?CELL=6154

Here are the citi cards:

https://creditcards.citi.com/credit-cards/all-personal-credit-cards/

My recent Fico Equifax score was a 748 so I have above average credit. Really the only thing hurting me is length of history. My only revoloving account is an AmEx Blue with a $10,000 CL and less than 10% utilization. The other 2 accounts are an AmEx Charge Card with a $2,000 high balance and a Car Note with a $4,500 balance.

My income is $47,000/ annually.

Is getting an 8k+ CL even possible? My only experience is a buddy of mine who got $10K on a Capital One after already having $15k CL on an AMEX. and he makes $19k/year less than me.

Re: High Credit Limit, 0% Introductory interest Card?

amp0804 — Tue, 17 May 2011 20:26:21 GMT

I would definitely go with citi. I have two citi cards. One is a forward I got two years ago with a limit of 7k. Feb. I applied for the citi dividend and was approved for 7.5k my girlfriend got the citi platinum I believe in January with a limit of 8.7k. So they definitely give what your looking for.

Re: High Credit Limit, 0% Introductory interest Card?

Anonymous — Tue, 17 May 2011 20:30:01 GMT

Interesting... Do you think there would be a difference between the CL's of the Dividend Platinum and just the Regular Platinum. The 21 months interest free is nice on the regular. But I would rather take the 5% cash back on the Dividend because I could easily pay it off in 15 months.

Re: High Credit Limit, 0% Introductory interest Card?

amp0804 — Tue, 17 May 2011 20:37:25 GMT

Honestly, I wouldn't really be able to tell you but I'm sure they would be in the same range. At this point I would go with whichever would benefit you most after paying off the ring. Both cards have great balance transfer offers.

Re: High Credit Limit, 0% Introductory interest Card?

aftermath — Wed, 18 May 2011 00:13:59 GMT

I was faced with the same dilemma about 2 years ago when I was thinking about proposing to my girlfriend.

Speaking from my experience and no way am I trying to give you personal advice (maybe a little).

I was exploring my options and after many months of self deliberation, I came to the conclusion that if I don't have enough CASH to buy an engagement ring (or the equivalent of putting it on a card and paying it off immediately) that was within your means and you're not overdoing it, then I wasn't financially ready for marriage.

As the saying goes around these forums, "Only purchase what you can afford."

Unless you're planning to get married AFTER you pay off the card which you intend to purchase the ring with, you will only be bringing debt into the marriage, which is not what I wanted, especially since the wedding/honeymoon/the new place will cost money and I will have to be saving up for this as well, while paying off a credit card will not be fun.

So I had a serious talk with my girlfriend and told her I just needed a little more time and explained my reasoning, and she actually respected me more as a man because of the logicial and responsible way I was approaching this. So for the next year, I saved every single paycheck and lived off of cup-o-noodles so that I would have enough to pay for the ring up front and cover the wedding costs. It was stressful at the time, but a little sacrifice is always necessary when trying to achieve your goals, and it was all worth it in the end.

Now I am starting a new chapter in life with a good cushion of money, no debt and can sleep worry free.

Just my 2 cents.

Goodluck whichever route you choose to go.

Re: High Credit Limit, 0% Introductory interest Card?

Anonymous — Tue, 17 May 2011 23:56:15 GMT

+1 for aftermath.

And while I happen to agree with that point of view, there's a flip side. Can't remember the song title, but the lyrics went something like this:

"She threw me out of favor,

'Cause the only ring I gave her

Was the one she hadda scrub outta the tub..."

Re: High Credit Limit, 0% Introductory interest Card?

aftermath — Wed, 18 May 2011 00:19:11 GMT

@Anonymous wrote:
+1 for aftermath.

And while I happen to agree with that point of view, there's a flip side. Can't remember the song title, but the lyrics went something like this:

"She threw me out of favor,
'Cause the only ring I gave her
Was the one she hadda scrub outta the tub..."

I know of another song, and the lyrics go a little something like this:

"Cause if you like it then you shoulda put a ring on it
If you like it then you shoulda put a ring on it
Don't be mad once you see that he want it
If you like it then you shoulda put a ring on it

Wha-oh-oh-oh-oh-ooh-oh-oh-oh-oh-oh-oh
Wha-oh-oh-oh-oh-ooh-oh-oh-oh-oh-oh-oh "

But honestly, if your girl really truly does love you, she will be willing to wait a lifetime, especially if it's because you are trying to provide her with a financially secure, debt free marraige/future.

Re: High Credit Limit, 0% Introductory interest Card?

Anonymous — Wed, 18 May 2011 03:38:22 GMT

Neither DW or I are jewelry people. When we got married the subject of engagement rings or wedding rings never came up. There is so many more important things to spend that kind of money on.

Re: High Credit Limit, 0% Introductory interest Card?

Anonymous — Wed, 18 May 2011 04:57:46 GMT

Hey guys, thanks for all of the responses.

Let me start off by saying, I'm a banker by trade so trust me I'm very debt averse.

Let me also agree with everyone here in saying that a debt free marriage is happy one. As a young person I have seen many of my friends rack up debt, be it on a ring or whatever else, then finding out that once you get married it can get even harder. You want to have a nice wedding and then have nice things, so a bunch of dumb debt is never a good thing.

It would be nice to be able to spend less than $4k on a ring, but my girl has expensive taste, and I want her to have something that can last a lifetime. I do think it is ludacrious at the prices of jewlery, and I've spent the past 3 years scoffing at the idea of buying something I can't afford/need but lately I've been coming around to the idea of a ring for her. Heck I'm the guy that walks into a bank syndication meeting with the $75 fossil watch when everyone else is wearing a $5k+ rolex, tag, etc.

I actually have the cash to pay for it right now but it would deplete a good portion of my cash, so if I can get favorable credit (0% APR and pay it off in a year, with 5% cash back to boot) why not put it on the card? I also have $33k coming in October in the form of an annuity check, so cash strapped isn't really an issue.

One more item of note, both me and my girl come from some money (though my mom doesn't give me any of it, lol) so paying for a wedding wont be our responsiblities. She is about to enter her last year of law school and is graduating with minimal debt. Then hopefully getting a job that pays a lot more than mine. Haha

I do appriciate the advice though, and many young people do get married when they aren't financially ready for it. I don't plan on being one of them.

Re: High Credit Limit, 0% Introductory interest Card?

aftermath — Wed, 18 May 2011 06:57:41 GMT

Well it seems that you have all your affairs in order so I guess you're good to go.

P.S. If you're ever in the Los Angeles area let me know.... I'm a diamond broker

Re: High Credit Limit, 0% Introductory interest Card?

lovely222 — Wed, 18 May 2011 11:56:56 GMT

I'm not sure about Chase Slate, but I've had amazing experiences with Citi. When I was in college (with not the best credit history or utilization for that matter) they gave me the MTVU Visa with a $3500 CL. 3 years and 3 CLIs later, that card is at 11500k. For this reason, I applied for the Platinum Select in December 2010 and was quickly approved for 6k. That card is now at 8500k. I have had a wonderful relationship with Citi, so they have my vote. Good luck with your engagement!

Re: High Credit Limit, 0% Introductory interest Card?

Anonymous — Wed, 18 May 2011 14:15:27 GMT

Aftermath: Thanks for the offer. I live in Texas but I was in LA for the Rose Bowl 5 months ago, Go TCU!

I'm actually going to send you a PM though. I have a few questions about diamonds.

Lovely: Thanks for the advice on Citi. Your experiences with them sounds like mine with Amex. Started off with a Blue For Students with a $1k limit ( I had zero credit) and 3 years later its a blue sky with a 10k limit and I also have a Zync Card. I should be applying for the dividend card shortly.