topic Re: Looking for a CC with either 0% introductory rate or 0% balance transfer for my mom--UPDATE in Credit Cards

Looking for a CC with either 0% introductory rate or 0% balance transfer for my mom--UPDATE

mt2va — Thu, 15 May 2014 17:56:50 GMT

Since these type of cards are out of reach for me I admit I'm really not up to speed on what is out there for folks with excellent credit. Can someone recommend a CC with preferably 0% introductory rate, but would be willing to accept 0% balance transfer for about a year or longer would be better. This is for my mom.

FICO: 826 (not sure which bureau but she pulled it here & I would expect all 3 to be about the same)

AAOA: Unknown (but she & my dad tend to have 1-2 cards for a long long time and they rarely add new credit)

Util: I'm guessing under 5% (they tend to PIF or at most may have a balance for a large purchase 1-2 months if they don't want to tap into their savings to pay for it)

Current cards: $10K at their local CU, $10K Sears MC, & $10K FNBO

Inq: 0

Baddies: None

The card would need to have a starting limit of at least $5K. I'm pretty sure my mom's credit history and income can support that as she's had multiple CC in the past with up to $25k CL but chose to close them. She isn't going to care about any type of sign up bonus or ongoing rewards. Just looking for something at 0% for the 1 year or longer time frame to meet a short term need.

Thanks.

ETA: Not looking for recommendations at CU etc that she would have to join first. Looking for recommendations from major lenders.

Re: Looking for a CC with either 0% introductory rate or 0% balance transfer for my mom

Anonymous — Thu, 08 May 2014 12:48:58 GMT

Chase Freedom or Slate. Slate is a balance transfer card. I know Freedom has a 0% APR through August 2015 offer right now. Not sure if BT fees are waived on that one.

Re: Looking for a CC with either 0% introductory rate or 0% balance transfer for my mom

takeshi74 — Thu, 08 May 2014 13:02:13 GMT

As I'm typing this reply there's a section of the page with the myFICO Credit Card Center. Click on "See all cards" and take a look at the options for BT cards.

@mt2va wrote:
FICO: 826 (not sure which bureau but she pulled it here & I would expect all 3 to be about the same)

Never just assume. Data can vary from CRA to CRA and that will definitely impact the score.

@mt2va wrote:
The card would need to have a starting limit of at least $5K.

No way for us to guarantee what her CL would be. Given the info above it doesn't sound like it would be an issue.

@mt2va wrote:
She isn't going to care about any type of sign up bonus or ongoing rewards. Just looking for something at 0% for the 1 year or longer time frame to meet a short term need.

She should consider whether or not the card would be of long term benefit to her -- especially since the BT is a short term need. There are plenty of cards out there with offers 12 months or longer. Some don't offer any benefit other than BT but if she can find a card that offers other things that would be beneficial to her then such a card would be a better fit.

@mt2va wrote:
ETA: Not looking for recommendations at CU etc that she would have to join first. Looking for recommendations from major lenders.

Any reason these are being ruled out? Not saying I know of any great BT offers at CU's but it seems odd to lop them off when they could be of benefit. A CU could offer a better CL.

Re: Looking for a CC with either 0% introductory rate or 0% balance transfer for my mom

mt2va — Thu, 08 May 2014 14:00:59 GMT

I already got all the cards listed on here. Just wanted to make sure I wasn't missing anything. As I said my credit isn't nor has it ever been nor will it ever probably be that good so I tend to ignore discussion about cards I have no prayer of ever seeing.

Good point. I will clarify which CRA the FICO was from and have her pull the others if needed prior to app. I know she got copies of her free annual credit reports and I can have her look over them to see if all the information listed is the same.

Believe me I've tried to interest her and my dad in getting a CC that offers cash back or other rewards but they have no interest. Many years ago she had a card that got airline poins and she would use them to fly down & visit me, but she had so many hassles with trying to find a date she could use them etc It's a shame too because they put all their charges through their CU card each month and then PIF. But she called me yesterday and told me of a need for a card with 0% interest for this short term purpose. My parents are very good with their money and if they are choosing not to dip into savings I'm sure they have a good reason for that. She just knew that I spend a lot of time on this board as I've spoken of it often over the years during my re-building.

I dont' think she wants to join a CU just to open a card. I did mention the PenFed Promise card because I did see the 4.99% intro rate was good for 48 months.

Re: Looking for a CC with either 0% introductory rate or 0% balance transfer for my mom

DrZoidberg — Thu, 08 May 2014 14:14:11 GMT

Is it a typo or am I missing something where 826 isn't a good score.

Re: Looking for a CC with either 0% introductory rate or 0% balance transfer for my mom

DevotionToU — Thu, 08 May 2014 14:22:51 GMT

The 826 score is for the OPs mother, not for the OP.

Re: Looking for a CC with either 0% introductory rate or 0% balance transfer for my mom

B335is — Thu, 08 May 2014 14:29:37 GMT

Citi has 18 month 0% offers. Barclays just gave me 15 months 0% on US Airways card. Slate is nice for the $0 BT fee. BoA Better Balance Rewards gives you $ back every quarter.

Re: Looking for a CC with either 0% introductory rate or 0% balance transfer for my mom

kroberts67 — Thu, 08 May 2014 14:50:31 GMT

Freedom is 0% but has BT fees. Slate has 0% and no BT fees if done in the first 60x.

Re: Looking for a CC with either 0% introductory rate or 0% balance transfer for my mom

mt2va — Thu, 08 May 2014 14:53:08 GMT

No the 826 is not a typo. That was my mom's FICO score when she pulled it on here. (not sure which bureau and I will ask her before she apps) Leaning towards the Citi Simplicity since it has 18 months for either intro or BT interest rate unless someone else has a better recommendation. She has a prior history with Citi (having previously had an AT&T Universal CC at $25K and an Exxon CC at $10K) so I'm pretty sure getting another card shouldn't be an issue.

I sent her the link to the pre-qual on their site to see what it gave her. She never gets any mail offers for Citi. Gets flooded with Chase Freedom, Chase Slate, Discover IT, & a couple different AmEx offers.

Re: Looking for a CC with either 0% introductory rate or 0% balance transfer for my mom

DevotionToU — Thu, 08 May 2014 15:07:26 GMT

Slate is probably her best bet, if like you say they do not care about rewards. If they would use the card for cashback, I would say to go for the Discover IT. If they aren't going to take advantage of that, Slate's BT are 0% with no fees, Discover is also 0%, but charges a 3% fee.

Re: Looking for a CC with either 0% introductory rate or 0% balance transfer for my mom

kroberts67 — Thu, 08 May 2014 21:07:25 GMT

Does Simplicity have a BT fee?

Re: Looking for a CC with either 0% introductory rate or 0% balance transfer for my mom

ramblinggirl — Thu, 08 May 2014 22:11:11 GMT

There are plenty choices out there. Recently, I have gotten 0% offers for 18-24months from PNC, Discover, Barclaycard, Chase Freedom, Citibank and Capitalone but I do have those cards so they are targeted offers. With your mom's credit score there should not be an issue in getting this card. The only suggestion I have is not to accept any offers for less than 12 months. Not worth it.

@mt2va wrote:
Since these type of cards are out of reach for me I admit I'm really not up to speed on what is out there for folks with excellent credit. Can someone recommend a CC with preferably 0% introductory rate, but would be willing to accept 0% balance transfer for about a year or longer would be better. This is for my mom.

FICO: 826 (not sure which bureau but she pulled it here & I would expect all 3 to be about the same)
AAOA: Unknown (but she & my dad tend to have 1-2 cards for a long long time and they rarely add new credit)
Util: I'm guessing under 5% (they tend to PIF or at most may have a balance for a large purchase 1-2 months if they don't want to tap into their savings to pay for it)
Current cards: $10K at their local CU, $10K Sears MC, & $10K FNBO
Inq: 0
Baddies: None

The card would need to have a starting limit of at least $5K. I'm pretty sure my mom's credit history and income can support that as she's had multiple CC in the past with up to $25k CL but chose to close them. She isn't going to care about any type of sign up bonus or ongoing rewards. Just looking for something at 0% for the 1 year or longer time frame to meet a short term need.

Thanks.

ETA: Not looking for recommendations at CU etc that she would have to join first. Looking for recommendations from major lenders.

Re: Looking for a CC with either 0% introductory rate or 0% balance transfer for my mom

ramblinggirl — Thu, 08 May 2014 22:15:39 GMT

I wanted to add that the cards all comes with transfer balance fees. Most are 3% but PNC is 1%.

Re: Looking for a CC with either 0% introductory rate or 0% balance transfer for my mom

Themanwhocan — Thu, 08 May 2014 22:36:48 GMT

If 12 months is long enough, then the Sallie Mae Mastercard is a good choice:

https://www.salliemae.com/credit-cards/sallie-mae-card/

You just have to pay the BT transaction fee, 3%

Re: Looking for a CC with either 0% introductory rate or 0% balance transfer for my mom

mt2va — Thu, 15 May 2014 17:58:29 GMT

The preference is for as long as 0% as possible.

Update: My mom called Citi to clarify a couple things about the 0% intro for purchases/balance transfers. She went ahead & apped by phone & said they would let her know if she was approved. Are phone apps not instant approval? I'm just surprised as I would have thought she would get instant approval for whatever she wanted.

Re: Looking for a CC with either 0% introductory rate or 0% balance transfer for my mom

mt2va — Sun, 01 Jun 2014 01:13:23 GMT

Last update. She was approved for $7k but I noticed the card is not a Visa Signature card. I guess that isn't automatic? I've never had a signature card so don't really understand how all that works. I'm pretty sure the limit was so low because this is the only CC she has that is not a joint with my dad. (his income is higher because he has SS + AF retirement) In fact she just recently received the Visa Signature version on her FNBO Visa CC even though she's had the card a couple years and there was no change in her limit. Just curious if anyone can explain how the Visa Signature part works. It doesn't really matter for her purposes.

Re: Looking for a CC with either 0% introductory rate or 0% balance transfer for my mom--UPDATE

rlx01 — Sun, 01 Jun 2014 07:10:32 GMT

You didn't say which card she applied for so we can't answer your question.

Re: Looking for a CC with either 0% introductory rate or 0% balance transfer for my mom--UPDATE

lg8302ch — Sun, 01 Jun 2014 09:40:12 GMT

I just see that I am too late... my other suggestion would have been to see if she does not have great offers for BT with 0% and 1% BT fees with her scores on her existing cards? I get many 0% with 2% BT fees for up to 15-18 months almost every months. And my scores are much lower and I do have quite a bunch of inquiries. Just recently got 12 months 0% with 1% BT fee from Cap1. This would have been a nice alternative to a new card application IMO.

Re: Looking for a CC with either 0% introductory rate or 0% balance transfer for my mom--UPDATE

wacdenney — Sun, 01 Jun 2014 13:14:43 GMT

I think you went the right direction with Citi. I think 18 months is the longest intro available. I think you can get that on either Diamond Preffered or Simplicity and maybe others.

Re: Looking for a CC with either 0% introductory rate or 0% balance transfer for my mom--UPDATE

mt2va — Wed, 25 Jun 2014 20:49:29 GMT

She got the Citi Simplicity card.