Suggestions on best options for high credit limit balance transfer card?

[Anonymous]

Thanks Finstar, I appreciate the suggestion. I haven’t looked closely at CUs or other personal loans because I’m hoping to take advantage of the 0% intro rates that the credit cards offer. Maybe it will help if I better explain my situation and why I’m trying to gather information about balance transfer credit cards with high credit limits.

My income is from a business that I own and varies significantly throughout the year, but I anticipate being able to pay the cc balances within the next year without too much trouble. Right now, however, the monthly payments to AMEX and Chase are getting pretty high, and they’re mostly interest.

My goal with the balance transfer is minimize my monthly payments (particularly the interest component) until I pay off the balances, which will likely happen in big chunks when large payments from certain delinquent customers (hopefully) come in. If I can pay principal only for 12-18 months with a cc balance transfer, that’s the best case scenario for me, even though I obviously may get stuck with high interest rate balances at the end of the intro period. If that approach doesn’t work, or if it looks like I’m wasting my time considering that approach, I’ll look more closely at options for personal loans from CUs, local banks, or online lenders like Marcus, SoFi, Lightstream, etc.

So, with that deeper explanation, my question is simply whether anyone has suggestions of particular cards (gold or platinum style cards I guess) or application strategies I might use in an effort to get a 0% balance transfer with a credit limit in the $10-20K range. I have no idea whether that’s a realistic goal or a pipe dream. If the latter, then I’ll check out other personal loan options.

[Pikaboo-icu]

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@Anonymous wrote:

Thanks Finstar, I appreciate the suggestion. I haven’t looked closely at CUs or other personal loans because I’m hoping to take advantage of the 0% intro rates that the credit cards offer. Maybe it will help if I better explain my situation and why I’m trying to gather information about balance transfer credit cards with high credit limits.

My income is from a business that I own and varies significantly throughout the year, but I anticipate being able to pay the cc balances within the next year without too much trouble. Right now, however, the monthly payments to AMEX and Chase are getting pretty high, and they’re mostly interest.

My goal with the balance transfer is minimize my monthly payments (particularly the interest component) until I pay off the balances, which will likely happen in big chunks when large payments from certain delinquent customers (hopefully) come in. If I can pay principal only for 12-18 months with a cc balance transfer, that’s the best case scenario for me, even though I obviously may get stuck with high interest rate balances at the end of the intro period. If that approach doesn’t work, or if it looks like I’m wasting my time considering that approach, I’ll look more closely at options for personal loans from CUs, local banks, or online lenders like Marcus, SoFi, Lightstream, etc.

So, with that deeper explanation, my question is simply whether anyone has suggestions of particular cards (gold or platinum style cards I guess) or application strategies I might use in an effort to get a 0% balance transfer with a credit limit in the $10-20K range. I have no idea whether that’s a realistic goal or a pipe dream. If the latter, then I’ll check out other personal loan options.

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As I suggested very early in this thread..

Consider a CREDIT UNION.

They offer credit cards, often with great BT offers and high limits.

[Anonymous]

Thanks Aspireto850, I appreciate it. As I just indicated in a reply to Finstar, I've looked briefly at Marcus and some other online lenders, but right now I’m trying to figure out my chances of handling most or all of the my sizable balance through a credit card balance transfer with one new card.

[Anonymous]

Thanks SongGirl. Before going with NFCU, did you take a stab at what I’m asking about — i.e. getting another card with a high credit limit and a 0% balance transfer option? If so, I’d be interested to hear what your experience was like and whether I seem to be on a wild goose chase here.

[Anonymous]

Ahhh (face palm), I thought you and Finstar meant a personal loan from a credit union. I kept thinking everyone was misunderstanding/avoiding my question, when it was really me that didn't understand. Thanks for the clarification, I appreciate it and apologize for being so dense.

[Pikaboo-icu]

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@Anonymous wrote:

Ahhh (face palm), I thought you and Finstar meant a personal loan from a credit union. I kept thinking everyone was misunderstanding/avoiding my question, when it was really me that didn't understand. Thanks for the clarification, I appreciate it and apologize for being so dense.

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LOL

No problem.. I finally realized you were thinking "loan" when CU's were mentioned.

That resolved; I highly recommend NFCU if you have any military connection, family members etc...

Pen Fed is also very good and you can obtain membership by a small donation to their chosen charity, if you have no military affiliation.

There are a LOT of great CU's out there, in addition to the two above, I just have personal experience with them and they've both been terrific for me. 

CHEERS

[Anonymous]

Thanks Pikaboo-icu, NFCU is probably out for me, but I'll check out Pen Fed and others.

[Anonymous]

First off, it may be difficult to get a high SL unless you haev existing HL CC. Plus a $20K CL is only going to allow a BT of $10K, before you're right back at high utl. Since you're already with Amex, have you looked at other card with them?

Secondly, when I applied for a CC with my local CU. She asked me what I wanted my CL to be. So you'll get a more customizable option by going to a physical branch, and likely having a previous relationship with them first. 

Third, I suggest going the loan route because it eliminates the whole utilization issue. And you can still pay more than the minimums. The shorter the loan term the better the APR. 

[Anonymous]

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@Anonymous wrote:

Thanks Pikaboo-icu, NFCU is probably out for me, but I'll check out Pen Fed and others.

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I believe Penfed caps out at $10,000 for new customers for the first 6 months.

[FinStar]

If NFCU is not within reach and PenFed may cap your 1st CC as a new accountholder to around ~$10K, are you within Fifth Third Bank or Huntington Bank's footprint?