Eight thousand bucks to charge this month -- what to apply for?

[James3]

I need to spend $8000 this January 22 on a dental bill. I am considering applying for the Chase Ink Business Unlimited to take advantage of the sign up offer. I don't have any other business credit cards and am not sure whether this is a good strategy as my business needs are paltry. Also I don't know if I can get approved for a card and receive it that quickly. Are there any other credit card options I should consider? I'm open to ideas and looking for ideas. The dentist offers a 5% cash discount and I am not opposed to that option.

My best option from my collection of cards is using my Bilt card if I can get Wells Fargo to increase the limit on an account opened at the end of September 2022. My $10k limit won't be enough for rent and the dental bill. 

I am 1/6, 1/12, 1/24 with scores all above 800. Last card was opened Sept 29 of last year.

[ZackAttack]

Well, that is a good problem to have, but you have not mentioned anything that you have besides a score that basically could mean nothing.

How about sharing what cards you currently have open along with their credit limit, any loans (house, car, personal un/secured) and your income stream??? PIF/Lates??

[simplynoir]

To add to the above are you looking for a long term card where you can obtain a bonus to go along with it or a high spend SUB where you expect to pay and eventually sock drawer the card?

One card that fits both is the Citi Premier with the 80k SUB with $4k spend. Large bonus and enough spend left over where if you want to (and can split the bill between multiple payments) you can get another card to get a signup bonus for. I only mention it because it's rumored the 80k bonus is going away soon, perhaps next week

[FinStar]

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@James3 wrote:

I need to spend $8000 this January 22 on a dental bill. I am considering applying for the Chase Ink Business Unlimited to take advantage of the sign up offer. I don't have any other business credit cards and am not sure whether this is a good strategy as my business needs are paltry. Also I don't know if I can get approved for a card and receive it that quickly. Are there any other credit card options I should consider? I'm open to ideas and looking for ideas. The dentist offers a 5% cash discount and I am not opposed to that option.

My best option from my collection of cards is using my Bilt card if I can get Wells Fargo to increase the limit on an account opened at the end of September 2022. My $10k limit won't be enough for rent and the dental bill. 

I am 1/6, 1/12, 1/24 with scores all above 800. Last card was opened Sept 29 of last year.

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Tough call on this one without many details to go by.

If you have no existing business cards (or established business credit history), that Ink Business Unlimited expectation is a tall order. Though, you could always try it for YOLO. Do you currently bank with Chase? Any CCs with them?

You mentioned "collection of cards", what is the average CL or the highest limits on those? Do you have a Discover CC in your collection?

As far as a CLI on BILT, the card needs to be open for at least 6 months before a CLI can be even entertained by WF in most cases.

[James3]

Here's some additional details about my credit profile:

- Always PIF

- About 8k student loan debt

- No lates/black marks of any kind
- No Chase cards. I had a checking/savings account with them 15 years ago and closed both on good terms.
- All cards other than GM Card and Bilt have limits ranging from 13 - 24k

- No Discover card

All my cards are currently cash back cards, other than the Bilt and GM card:

(2002) FNBO Evergreen

(2003) Wells Fargo Signature

(2004) Marcus GM Card

(2016) BOA Custom Cash Rewards

(2020) Citi Double Cash (will likely product change to custom cash)

(2022) Wells Fargo Bilt

I don't apply for cards often and only recently started using my credit to take advantage of rewards/cash back/etc. The above list represents all cards I've ever applied for, aside from a Discover I closed when I was 19 for reasons I can't remember. I see a World of Hyatt card in my future, but I'd get a generic Chase card before that. I think Wells Fargo allows a Bilt card to be linked with a checking account so that amounts in excess of the credit limit can be debited and rewards can still be received.

I probably will not open a card just to sock drawer it. I'm on the conservative side with financial decisions and probably will not YOLO anything. The Citi Premier looks like a good option that I will need to research further. 

[ZackAttack]

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@James3 wrote:

- No Chase cards.

I had a checking/savings account with them 15 years ago and closed both on good terms.  <- Banking usually means nothing with Chase in terms for credit
- All cards other than GM Card and Bilt have limits ranging from 13 - 24k

All my cards are currently cash back cards, other than the Bilt and GM card:

(2002) FNBO Evergreen

(2003) Wells Fargo Signature

(2004) Marcus GM Card

(2016) BOA Custom Cash Rewards

(2020) Citi Double Cash (will likely product change to custom cash)

(2022) Wells Fargo Bilt

I don't apply for cards often and only recently started using my credit to take advantage of rewards/cash back/etc. The above list represents all cards I've ever applied for, aside from a Discover I closed when I was 19 for reasons I can't remember. I see a World of Hyatt card in my future, but I'd get a generic Chase card before that. I think Wells Fargo allows a Bilt card to be linked with a checking account so that amounts in excess of the credit limit can be debited and rewards can still be received.

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Out of everything, I say your credit file is pretty good based on what you got. The only thing that could be having an effect is that there is no credit history with Chase so that could very well fall back on what your account history says in your credit report.

In my opinion, I say you do have a shot at Chase. But if you don't get what you are looking for on all your cards, another route could be a personal loan to at least get the 5% discount with cash.

If you did include your business EIN + details to business ... that could weigh you down. So that's up to your risk.

[James3]

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@ZackAttack wrote:

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@James3 wrote:

- No Chase cards.

I had a checking/savings account with them 15 years ago and closed both on good terms.  <- Banking usually means nothing with Chase in terms for credit
- All cards other than GM Card and Bilt have limits ranging from 13 - 24k

All my cards are currently cash back cards, other than the Bilt and GM card:

(2002) FNBO Evergreen

(2003) Wells Fargo Signature

(2004) Marcus GM Card

(2016) BOA Custom Cash Rewards

(2020) Citi Double Cash (will likely product change to custom cash)

(2022) Wells Fargo Bilt

I don't apply for cards often and only recently started using my credit to take advantage of rewards/cash back/etc. The above list represents all cards I've ever applied for, aside from a Discover I closed when I was 19 for reasons I can't remember. I see a World of Hyatt card in my future, but I'd get a generic Chase card before that. I think Wells Fargo allows a Bilt card to be linked with a checking account so that amounts in excess of the credit limit can be debited and rewards can still be received.

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Out of everything, I say your credit file is pretty good based on what you got. The only thing that could be having an effect is that there is no credit history with Chase so that could very well fall back on what your account history says in your credit report.

In my opinion, I say you do have a shot at Chase. But if you don't get what you are looking for on all your cards, another route could be a personal loan to at least get the 5% discount with cash.

If you did include your business EIN + details to business ... that could weigh you down. So that's up to your risk.

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Thanks for the insight. I have the cash on hand, so I don't need the loan and don't want one since prevailing interest rates are higher than my dentist's 5% discount. I'm not sure that my credit would benefit from another installment loan anyway. 

[Mdowning30]

The Ink Business Unlimited or the Amex Blue Business sounds good for you if you dont want that utilization to hit your personal reports and have 0% interest until 2024.

[Spotsy]

I would caution you on using a business CC for personal expenses.  Some business CCs have language in the agreements that frown on/ prohibit those type transactions.  A dental office is a not an easy transaction to pass as a business expense. :-) just be aware....

Another option is Union Bank or Navy Federal and a BT against a new CC.  I believe both have a zero BT fee of some sort....while the Union Bank CC may be zero BT fee for the first 60 days and then 15 months of zero interest.  Navy Fed is always zero BT fees, but the interest may only be a special 1.99% for 12 months...eats into your 5% savings. You can write a check for the Dentist, or maybe use the funds from a checking LOC at your bank...then BT that to one of those new CCs. Just double check the BT fees, if any, or intro interest, if any, as that will quickly eat up your 5% Dentist discount.

If the zero percent interest over a 12+ month period is not what you want/need....pay the cash and save 5%.  If you don't want to use the cash, just maximize your cash back...there are several CCs that offer a sign on bonus or 'enhanced' cash back from an intro purchase period...but that 5% cash discount with the dentist is hard to beat....strictly from a 'cash back' perspective. I love my Alliant Signature Cash Back CC...2.5% Cash Back on everything when at the Tier 1 rewards level (up to 10k of spending per month). 

[James3]

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If the zero percent interest over a 12+ month period is not what you want/need....pay the cash and save 5%.  If you don't want to use the cash, just maximize your cash back...there are several CCs that offer a sign on bonus or 'enhanced' cash back from an intro purchase period...but that 5% cash discount with the dentist is hard to beat....strictly from a 'cash back' perspective. I love my Alliant Signature Cash Back CC...2.5% Cash Back on everything when at the Tier 1 rewards level (up to 10k of spending per month). 

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I thought about opening a Chase Freedom Unlimited, but you're right, the dentist's 5% cash discount is hard to beat. Cash will be king in this case.