I wanted to get some new credit card to prep up for our new house appliance shopping. Checked some of my DW credit cards offers from Chase, BofA, Capital One, and Amex. Finally decided to app for Amex cash Magnet for its welcome offer $250 and 0% purchase Apr for 15 months.
The decision was quick with approved SL of $22k and we are happy about that DW already have Amex BCE card with $28k CL.
Will use Amex Magnet or apply a Lowe's store card for Appliance shopping this Labor Day. . Hoping to get that 24 months 0% apr financing.
I have a question,
Thanks in Advance
I have a question,
- Is it a good idea to apply for Lowe's card or use this Magnet for Appliance shopping? can someone recommend?
- Can Amex move some of DW Amex BCE card limit to this Magnet- This is to make the utilization low on the new card. We are putting less than $100 on DW Amex BCE monthly and PIF.
First off congrats to your DW on her approval there! And to answer your questions:
1. Depends. If you believe you and your DW can pay off the appliances you both are planning to purchase in the 15 month window with the Magnet card I'd go with that just so you can bank that 1.5% cashback while working to pay off that balance at 0% interest. If you need additional time beyond that I would get a Lowe's card to get their long-term financing. They can go up to 84 months at 7.99% financing depending on the size of the purchases. Long story short depends on what the final total looks like and if you two can pay it off in a timely manner or need more time.
2. Yes definitely. Depending on how much you want to put over you can put all but $1k I think to the Magnet and leave the BCE in the SD if you/she would like. You can go to her account and click "Account Services" and the option to reallocate will be there with a little scrolling. Here's a direct link to the page if you don't want to do that: https://online.americanexpress.com/myca/linereallocation/us/ssr.do?request_type=authreg_LineRealloca...
Congratulations on your DW's approval!