BT Card

[CreditSage]

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@UncleB wrote:

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@CreditSage wrote:

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@FinStar wrote:

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@CreditSage wrote:

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@FinStar wrote:

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@CreditSage wrote:

I just got the chase freedom but with a $3,800 SL I cannot transfer all of my debt ($6,000) or take advantage of 0% APR on purchases. I'm currently between jobs so trasnfering this high interest debt and having some 0% spending power would go a long way. What do you guys recommend? 

My scores at 680ish right now.. I could wait until after the BT and see if that helps my scores or if the new tradeline gives me a score boost. The new tradeline hasn't hit the credit bureaus yet so my AoYA is still 14 months. 

USAA has prequalified me for the Rewards American Express (https://www.usaa.com/inet/wc/banking_credit_cards_main?wa_ref=pub_global_products_bank_cc) but since I have NFCU Amex this card is redundant. BUT, it's 0% on BT and purchases until March 2021. Perhaps I could use it for this and product change later?

Thanks in advance.

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If you are referring to the NFCU More Rewards AmEx, yes that has the option to be PC'd to another Navy product.   But, as far as USAA, there are no PCs allowed, unfortunately. 

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Bummer .. why does USAA suck so much, lol? I have had them a year and haven't found a single product with a compeitive edge over any other lender (aside from insurance which I don't need). They don't allow interest rate reductions, product change, CL trasnfers, etc. and their rewards are sub par. 

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Well, they're not exactly a Hoover or Dison per se, more like a portable Dirt Devil. But, that goes with most institutions, not one will have everything for everyone. 

IMO, USAAiis actually not a bad financial institution.  They're definitely generous with CCs and CLIs (based on overall profile), but it's not for everyone.   Yes, they lack some flexibility with PCs, CL transfers or account combinations, but the banking side of things is pretty decent.   As far as the product array, well I can tell you that if that Limitless card was launched again (wishful thinking) then there could be a more competitive edge.  There's a few folks that have that card such as @UncleB, for instance. 

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I've always wondered... if someone has that card... are the terms continuous (i.e. 2.5%) or when they phased out the card did they change the current users terms?

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The terms are still the same, i.e. the Limitless is still offering 2.5% cash back as long as you have a direct deposit of $1k in your USAA checking each month (otherwise it drops to 1.5%). 

While USAA doesn't offer the same flexibility as NFCU with credit line reallocations, PCs, and APR reductions they do have a couple of things that I particularly like.  You can take a cash advance directly into your USAA checking account online and there's no cash advance fee.  This can come in handy if you need to move things around with a BT at another bank.

Also, there's no cash advance limit - your entire credit line is available for cash.  There are limits on what you can request online, but at a brick-and-mortar bank your entire credit line can be accessed.  This is also better than NFCU, where only a portion of the credit line can be used for cash.

I also like that USAA allows you to link a credit card to your checking account for overdraft protection (again, no fee), while NFCU requires you to apply and be approved for a CLOC if you want overdraft protection.  I concede this is a small gripe, but it's enough for me to keep my primary checking with USAA even if I didn't have the Limitless.

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Hey UncleB, thanks for chiming in. Can you elaborate on the scenario you briefly touched on re: "using the cash advance to move things around with a BT at another bank?" I don't quite follow... can you walk me through this?

Also, how does their process for cash advance differ than the norm? I'm not that familiar with credit card cash advance other than there is usually a $10ish fee and the interest starts acruing imediately. 

Thanks for sharing your insights. 

[UncleB]

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@CreditSage wrote:

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Hey UncleB, thanks for chiming in. Can you elaborate on the scenario you briefly touched on re: "using the cash advance to move things around with a BT at another bank?" I don't quite follow... can you walk me through this?

Also, how does their process for cash advance differ than the norm? I'm not that familiar with credit card cash advance other than there is usually a $10ish fee and the interest starts acruing imediately. 

Thanks for sharing your insights. 

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A few times I've taken a cash advance from USAA, then done a balance transfer to another bank/CU that was running a 0% no-fee promo (NFCU is usually my go-to). 

It's also useful if you need to move a balance from a card just to move it right back to the same card (to reset a 0% promo).  USAA also doesn't seem to care if you take a cash advance (at least in my experience), unlike some banks that get skittish.

The cash advance process is the same as other cards, but if you do the cash advance online directly into your USAA checking there's no cash advance fee (at a physical bank branch or ATM the fee is 3%).  Interest still starts accruing right way regardless of how you take the cash advance.

[CreditInspired]

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@UncleB wrote:

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@CreditSage wrote:

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@FinStar wrote:

---

@CreditSage wrote:

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@FinStar wrote:

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@CreditSage wrote:

I just got the chase freedom but with a $3,800 SL I cannot transfer all of my debt ($6,000) or take advantage of 0% APR on purchases. I'm currently between jobs so trasnfering this high interest debt and having some 0% spending power would go a long way. What do you guys recommend? 

My scores at 680ish right now.. I could wait until after the BT and see if that helps my scores or if the new tradeline gives me a score boost. The new tradeline hasn't hit the credit bureaus yet so my AoYA is still 14 months. 

USAA has prequalified me for the Rewards American Express (https://www.usaa.com/inet/wc/banking_credit_cards_main?wa_ref=pub_global_products_bank_cc) but since I have NFCU Amex this card is redundant. BUT, it's 0% on BT and purchases until March 2021. Perhaps I could use it for this and product change later?

Thanks in advance.

---

If you are referring to the NFCU More Rewards AmEx, yes that has the option to be PC'd to another Navy product.   But, as far as USAA, there are no PCs allowed, unfortunately. 

---

Bummer .. why does USAA suck so much, lol? I have had them a year and haven't found a single product with a compeitive edge over any other lender (aside from insurance which I don't need). They don't allow interest rate reductions, product change, CL trasnfers, etc. and their rewards are sub par. 

---

Well, they're not exactly a Hoover or Dison per se, more like a portable Dirt Devil. But, that goes with most institutions, not one will have everything for everyone. 

IMO, USAAiis actually not a bad financial institution.  They're definitely generous with CCs and CLIs (based on overall profile), but it's not for everyone.   Yes, they lack some flexibility with PCs, CL transfers or account combinations, but the banking side of things is pretty decent.   As far as the product array, well I can tell you that if that Limitless card was launched again (wishful thinking) then there could be a more competitive edge.  There's a few folks that have that card such as @UncleB, for instance. 

---

I've always wondered... if someone has that card... are the terms continuous (i.e. 2.5%) or when they phased out the card did they change the current users terms?

---

The terms are still the same, i.e. the Limitless is still offering 2.5% cash back as long as you have a direct deposit of $1k in your USAA checking each month (otherwise it drops to 1.5%). 

While USAA doesn't offer the same flexibility as NFCU with credit line reallocations, PCs, and APR reductions they do have a couple of things that I particularly like.  You can take a cash advance directly into your USAA checking account online and there's no cash advance fee.  This can come in handy if you need to move things around with a BT at another bank.

Also, there's no cash advance limit - your entire credit line is available for cash.  There are limits on what you can request online, but at a brick-and-mortar bank your entire credit line can be accessed.  This is also better than NFCU, where only a portion of the credit line can be used for cash.

I also like that USAA allows you to link a credit card to your checking account for overdraft protection (again, no fee), while NFCU requires you to apply and be approved for a CLOC if you want overdraft protection.  I concede this is a small gripe, but it's enough for me to keep my primary checking with USAA even if I didn't have the Limitless.

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This benefit alone would be worth it to me. WOW! Does any other lender do this? Because like you said UncleB, NFCU certainly doesn't. I just looked and on my $20K cashRewards, I can only use $6K for a CA, which is odd because on my $12.5K Platinum, I can use $6,250. Hmmm, wonder how they determine how much they allow you to CA on each of their cards.

[Anonymous]

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@CreditInspired wrote:

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@UncleB wrote:

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@CreditSage wrote:

---

@FinStar wrote:

---

@CreditSage wrote:

---

@FinStar wrote:

---

@CreditSage wrote:

I just got the chase freedom but with a $3,800 SL I cannot transfer all of my debt ($6,000) or take advantage of 0% APR on purchases. I'm currently between jobs so trasnfering this high interest debt and having some 0% spending power would go a long way. What do you guys recommend? 

My scores at 680ish right now.. I could wait until after the BT and see if that helps my scores or if the new tradeline gives me a score boost. The new tradeline hasn't hit the credit bureaus yet so my AoYA is still 14 months. 

USAA has prequalified me for the Rewards American Express (https://www.usaa.com/inet/wc/banking_credit_cards_main?wa_ref=pub_global_products_bank_cc) but since I have NFCU Amex this card is redundant. BUT, it's 0% on BT and purchases until March 2021. Perhaps I could use it for this and product change later?

Thanks in advance.

---

If you are referring to the NFCU More Rewards AmEx, yes that has the option to be PC'd to another Navy product.   But, as far as USAA, there are no PCs allowed, unfortunately. 

---

Bummer .. why does USAA suck so much, lol? I have had them a year and haven't found a single product with a compeitive edge over any other lender (aside from insurance which I don't need). They don't allow interest rate reductions, product change, CL trasnfers, etc. and their rewards are sub par. 

---

Well, they're not exactly a Hoover or Dison per se, more like a portable Dirt Devil. But, that goes with most institutions, not one will have everything for everyone. 

IMO, USAAiis actually not a bad financial institution.  They're definitely generous with CCs and CLIs (based on overall profile), but it's not for everyone.   Yes, they lack some flexibility with PCs, CL transfers or account combinations, but the banking side of things is pretty decent.   As far as the product array, well I can tell you that if that Limitless card was launched again (wishful thinking) then there could be a more competitive edge.  There's a few folks that have that card such as @UncleB, for instance. 

---

I've always wondered... if someone has that card... are the terms continuous (i.e. 2.5%) or when they phased out the card did they change the current users terms?

---

The terms are still the same, i.e. the Limitless is still offering 2.5% cash back as long as you have a direct deposit of $1k in your USAA checking each month (otherwise it drops to 1.5%). 

While USAA doesn't offer the same flexibility as NFCU with credit line reallocations, PCs, and APR reductions they do have a couple of things that I particularly like.  You can take a cash advance directly into your USAA checking account online and there's no cash advance fee.  This can come in handy if you need to move things around with a BT at another bank.

Also, there's no cash advance limit - your entire credit line is available for cash.  There are limits on what you can request online, but at a brick-and-mortar bank your entire credit line can be accessed.  This is also better than NFCU, where only a portion of the credit line can be used for cash.

I also like that USAA allows you to link a credit card to your checking account for overdraft protection (again, no fee), while NFCU requires you to apply and be approved for a CLOC if you want overdraft protection.  I concede this is a small gripe, but it's enough for me to keep my primary checking with USAA even if I didn't have the Limitless.

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This benefit alone would be worth it to me. WOW! Does any other lender do this? Because like you said UncleB, NFCU certainly doesn't. I just looked and on my $20K cashRewards, I can only use $6K for a CA, which is odd because on my $12.5K Platinum, I can use $6,250. Hmmm, wonder how they determine how much they allow you to CA on each of their cards.

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NFCU policy is 30% so if one card has more than that, it’s some sort of an oversight or grandfathered situation. 

[UncleB]

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@CreditInspired wrote:

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This benefit alone would be worth it to me. WOW! Does any other lender do this? Because like you said UncleB, NFCU certainly doesn't. I just looked and on my $20K cashRewards, I can only use $6K for a CA, which is odd because on my $12.5K Platinum, I can use $6,250. Hmmm, wonder how they determine how much they allow you to CA on each of their cards.

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I'm not sure how many lenders allow cardholders to access the entire credit line for cash advances, but many of my lenders routinely have BT promos that do allow one to access the full credit line regardless of if they allow it for cash advances - a "BT loophole" you might say.

I would even say that unless the need was immediate (as in, can't wait a single day) it's usually best to just use the BT loophole if one needs cash from a credit card (this is generally what I do myself).  Those banks like Bank of America that provide access checks make it even easier, since as long as you can wait for the check to clear it's nearly as good as a cash advance, anyway.  You also get the advantage of being able to use the entire credit line as well as a lower APR.

Futher clarification on USAA... here are their limitations for taking a cash advance into checking:

• USAA does not charge a fee for cash advances into your USAA accounts. Interest will begin accruing immediately.
• Maximum number of cash advance transactions is eight, not to exceed total of $5,000 over 30 days.
• Maximum cash advance amount for a USAA card is $2,500 per calendar day.

Only once have I needed to 'double dip' two days back-to-back to get around the daily limitation, otherwise their limitations have never caused me a problem.  For modest/temporary needs it works quite well.

I've mentioned previously that for those who are eligible, a USAA and NFCU combo can work out quite well... I can get cash from USAA, then use a NFCU no-fee, low (or no) interest BT to immediately pay it off.  (Obviously this is not something I do or recommend others do routinely, but when the circumstances require it's very useful.)

[Anonymous]

HSBC Gold is currently 18 months interest free on purchases and BT (4% transfer fee). I just got one with $5K limit and 17% interest (kind of bad compared to other cards I have), but I haven’t used it. I just like to keep an interest free card around for whatever may come up. Their app, and app sign in process sucks, but they are advertising a new app coming soon which is more user friendly.