Agree with @JoeRockhead that $20K could be a high goal. Neither WF or CITI are known for especially generous starting limits overall. Also, the type of cards (Reflect and Simplicity) typically offer lower SLs than rewards cards like Active Cash or travel cards from my experience. My guess is that they know consumers will probably transfer balances and they are trying to mitigate their risks by granting a lower SL since most of it might be used, as compared to other cards where that may be less likely.
Where are the $20K in balances currently? I often receive BT offers from lenders like the ones you have including Discover, CapOne, BofA and even Chase*. Here are my current offers; you might have some if you check your accounts. (*My Chase Sapphire Reserve offers "My Chase Loan" which is a reduced APR loan. In my case, I can borrow up to $25K at 9.49% to 13.49% compared to my normal purchase APR of 20.24%. The funds are deposited to bank account. It's not quite as affordable as a new card 0% BT offer with a lower BT fee but also doesn't require a new account or HP. This loan allows a repayment period of 12, 24 or 36 months which is more flexible than most 12/15/18/21 month BT offers.) CapOne is offering me a 0% APR for 12 months with 0% BT fee. Discover is offering me 0% APR for 12 months with 4% BT fee or 6.99% for 15 months with $0 BT fee. BofA is offering me 0% for 12 months with 4% BT fee on one card and 0% for 12 months with 3% BT fee on another. I'm getting offers from other lenders also. Barclays, in particular, has been swamping me with BT offers. I'm also getting pre-approved offers for personal loans via mail from AMEX, Wells Fargo, and others. AMEX offers up to $40K at 12-24-36-48-60 months at 7.98%, for example. Since you have relationships with some of those lenders, a personal loan might be a consideration also.
Most lenders will process the BT offers when you apply for a new card as a courtesy. If you prefer not to do it at that time and they don't send you BT checks, you can easily request them with a phone call to customer service.
@bibek28jan2 wrote:Hello,
Looking for a Balance transfer credit card and am confused between CIti Similicity and WF Reflect.
Need to transfer 20k so was wondering if anyone has any idea which one would be more lenient of limits? Also does Wells fargo reflect cards come with Balance transfer checks with the physical card?
Have credit cards from both banks.
Citi Rewards plus: 10k limit, 10 years old
WF Active Cash: 30k limit, 4 years
Chase, 3 cards, 60k limit
BOA, 2 cards, 50k limit
CAP 0ne: 10k limit
Discover: 30k limit
Amex: 34k limit
Total 227k limit, 12% utilization, Fico is Very goodin upper 700, average age of accounts 7 years
Thank you
open a chase slate edge, move limits to it, use it as your BT card would be my play
@NextUp2bat wrote:I'm considering WF but still steer clear of Citi. I applied for a Citi Simplicity a couple of years ago in hopes of doing a BT and they gave me a SL of $3k and I think I called and they bumped it up to $5k. My credit score was in high 700's and can't remember my credit utilization at the time but it wasn't high at the time. It was sharp slap in the face and a waste af an inquiry. It's by far, my lowest CL. I was really shocked because AMEX had recently given me a SL of $23k.
I was quite annoyed with a card at 90 some percent and citi gave me a 9.1k limit. needed double. first card, slow to cli.
im ok now though.
@bibek28jan2 wrote:Hello,
Looking for a Balance transfer credit card and am confused between CIti Similicity and WF Reflect.
Need to transfer 20k so was wondering if anyone has any idea which one would be more lenient of limits? Also does Wells fargo reflect cards come with Balance transfer checks with the physical card?
Have credit cards from both banks.
Citi Rewards plus: 10k limit, 10 years old
WF Active Cash: 30k limit, 4 years
Chase, 3 cards, 60k limit
BOA, 2 cards, 50k limit
CAP 0ne: 10k limit
Discover: 30k limit
Amex: 34k limit
Total 227k limit, 12% utilization, Fico is Very goodin upper 700, average age of accounts 7 years
Thank you
First of all, welcome to myFICO!
Now on to business... as others have already stated, getting a $20k limit on a new Citi Simplicity is a tall order. Actually that would be iffy (but not impossible) even on a Citi travel card, but it's just not likely on Simplicity.
Here's where things might be interesting though... you already have an account with WF, and that could be useful. Assuming your Active Cash has reasonable utilization and a good history you'll likely be approved for the Reflect, and it's possible WF will even reallocate some of the credit line from the Active Cash during the Reflect approval. Even if they don't, you should be able to do it yourself after the new account is established by giving them a call.
As a 'plan b' you might consider checking to see if your Active Cash has a BT offer available. My own Active Cash routinely has a decent BT offer, but it's only for 12 months so not as good as the Reflect new account offer. In a pinch it is better than nothing, of course.
Let us know what you decide!