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0% for College

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Established Contributor

0% for College

I've overloaded myself with classes. Taking them is gonna be no problem but I'm not sure how to pay for them. I'm going to take Spring of 2021 off to catch up on money. I'm looking into getting a new card with 18 months 0% but im not sure which I would get approved for. I was thinking BofA but I'm not sure if that card is under 7/12. My other option is the HSBC gold but when I check pre-approval nothing pops up so I'm not sure I'd get approved for that as not a lot of people talk about HSBC here. Am I missing any other options? What would you recommend?


Message 1 of 28
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Moderator

Re: 0% for College

None of your existing cards have 0% introductory offers?  As quickly as you've added to your profile (and assuming some may not have even been reported to the credit bureaus yet), I would start being paranoid about AA from your existing lenders with adding any additional new accounts.  Perhaps Citi DC has a balance transfer offer (you can usually deposit straight to checking)?

Message 2 of 28
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Re: 0% for College


@K-in-Boston wrote:

None of your existing cards have 0% introductory offers?  As quickly as you've added to your profile (and assuming some may not have even been reported to the credit bureaus yet), I would start being paranoid about AA from your existing lenders with adding any additional new accounts.  Perhaps Citi DC has a balance transfer offer (you can usually deposit straight to checking)?


They have 0% offers but they are only through June 2020 and I'm already using the ones that go that far. DC does have a BT offer but that 3% sounds painful on an amount as high as 3 semesters and it would put usage at 100%. What would you do?


Message 3 of 28
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Valued Contributor

Re: 0% for College

I think the biggest hurdle is sitting around 5K limits.  You've already tapped the popular options that would be giving you those long periods of 0%.

 

I would concentrate on CLI's to boost your options w/ Chase / Citi to open some options.  Citi would probably be a HP to go beyond their SP offer but, it might get you over 10K or somewhere in that range if you push them on it.  Chase the best option is usually going for a new card since approvals tend to be higher than CLI's.  Either option is a HP though.  

 

3% vs 18%+ though always makes more sense.  

 

Another option is the Disco as they continually offer 12 month periods.  Hit the CLI button frequently and if you really need a bigger limit call them and push for a HP for a CL that's high enough to bounce and shuffle the tuition around.

500K+ TCL / 800+ FCOs
Message 4 of 28
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Re: 0% for College

I'm thorn between stating the obvious and popcorn.gif

 

popcorn.gif 

You might be sleep deprived if you try opening car door with Samsung Pay
Message 5 of 28
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Established Contributor

Re: 0% for College


@Remedios wrote:

I'm thorn between stating the obvious and popcorn.gif

 

popcorn.gif 


Would that be taking less classes? 


Message 6 of 28
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Moderator

Re: 0% for College

What I would do would likely be different; we have very different credit profiles.  If I were in your shoes, I would probably try to capitalize on a BT offer, though.  3% of $5000 is only $150.  I would probably charge it to whatever earns me the most in rewards, and even if that is only 2% I'd look at it as getting a cheap loan for probably less than $50 net after the BT fee.  Do you have any existing SUB spend that needs to be met?  That alone would more than offset the fee on pretty much any card.

 

I wouldn't completely max out the Double Cash, though.  How much can you afford to pay within 1 statement closing?  Even if you only moved say $3800 to Double Cash with a 3% fee, that's the majority of it and would keep you under 80% with the BT fee.

Message 7 of 28
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Re: 0% for College


@K-in-Boston wrote:

What I would do would likely be different; we have very different credit profiles.  If I were in your shoes, I would probably try to capitalize on a BT offer, though.  3% of $5000 is only $150.  I would probably charge it to whatever earns me the most in rewards, and even if that is only 2% I'd look at it as getting a cheap loan for probably less than $50 net after the BT fee.  Do you have any existing SUB spend that needs to be met?  That alone would more than offset the fee on pretty much any card.

 

I wouldn't completely max out the Double Cash, though.  How much can you afford to pay within 1 statement closing?  Even if you only moved say $3800 to Double Cash with a 3% fee, that's the majority of it and would keep you under 80% with the BT fee.


I still have a few days for my Platinum bonus of 60k and my Green card of 30k. Both of those would easily outweigh it. I just checked and the bill has posted; $4100.


Message 8 of 28
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Valued Contributor

Re: 0% for College

Student loans not an option for you?
AMEX | BofA | Barclays | Cap One | Chase | Citi | Discover | GS | PenFed | SYNCB (PP MC, Lowe's, Amazon, PP Credit) | US Bank
Message 9 of 28
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Established Contributor

Re: 0% for College


@imaximous wrote:
Student loans not an option for you?

I was not offered any.


Message 10 of 28
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