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Balance Transfer Carousel

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New Member

Balance Transfer Carousel

I'm currently working on reducing around $25000 worth of credit card debt that i have split between three cards with 0 apr on each card. One of the promotions is ending in January and I've got $22,300 of available credit with Amex with only $200 worth of utlization. Currently, they are no balance transfer offers with them.

 

Any advice on how folks got BTs with Amex outside of the initial card opening promotion?!

 

Thanks!

Message 1 of 22
21 REPLIES 21
Super Contributor

Re: Balance Transfer Carousel

I suspect this is where we cue the crickets.
High Bal Jan 2009 $116k on $146k limits 80% Util.
Oct 2014 $46k on $127k 36% util EQ 722 TU 727 EX 727
April 2018 $18k on $344k 5% util EQ 806 TU 810 EX 812
Jan 2019 $7.6k on $360k EQ 832 TU 839 EX 831
Message 2 of 22
Frequent Contributor

Re: Balance Transfer Carousel


@Racer202 wrote:

I'm currently working on reducing around $25000 worth of credit card debt that i have split between three cards with 0 apr on each card. One of the promotions is ending in January and I've got $22,300 of available credit with Amex with only $200 worth of utlization. Currently, they are no balance transfer offers with them.

 

Any advice on how folks got BTs with Amex outside of the initial card opening promotion?!

 

Thanks!


AMEX has a limit of $5K for any balance transfers, so not sure if AMEX is the best company to assist you with this.  How much of the $25K debt is left to be paid?  Offers (balance transfer and personal loans) from AMEX can take a while as AMEX takes time to observe your spending/paying habits with them.

Message 3 of 22
New Member

Re: Balance Transfer Carousel

the entire $25k piece, however I have 0 apr $15k on my chase united card with a current utilization of 45% until the end of 2020 and another 0 apr $4k on my BOA cash rewards, uti 27% that expires June 2020. I've got $6k on my Citi simiplicity which is at 34% utlization when the 0 apr offer ends Jan 2020.

Message 4 of 22
Super Contributor

Re: Balance Transfer Carousel

List out your other cards also?
AMEX to my understanding does not offer BT after the first month or so of account opening / promotion. And seems to be limited to that $5k ceiling.
High Bal Jan 2009 $116k on $146k limits 80% Util.
Oct 2014 $46k on $127k 36% util EQ 722 TU 727 EX 727
April 2018 $18k on $344k 5% util EQ 806 TU 810 EX 812
Jan 2019 $7.6k on $360k EQ 832 TU 839 EX 831
Message 5 of 22
Valued Contributor

Re: Balance Transfer Carousel

AMEX long term BT options don't really happen.  There may be a card like ED that may offer options other than the intro opening BT offer.

 

Chase - existing BT 12/2020  15K

BOA - existing BT 6/2020  4K

Citi - existing BT  1/2020  6K

 

Doesn't leave much besides WF, Disco, Barclay, Cap1, and USB.

https://frequentmiler.boardingarea.com/best-credit-card-sign-up-offers/

 

Since you can't shuffle within a lender you'll need to explore outside options or a PL to consolidate them for the time being and then use BT Checks to payoff the PL.  

 

PL's right now are typically 6-8% depending on the lender and of course your file info.  ~$150/mo interest is not ideal but, it's a whole lot less than your go to rate of 15-25% depending on the card.  

 

Looks like the soonest deadline is Citi in 2-3 months... 6K is going to be easier to accomodate than 15K based on opening limits.  

500K+ TCL / 800+ FCOs
Message 6 of 22
New Member

Re: Balance Transfer Carousel

Order of highest util.

Chase United 15000/33000 Util 45% 0 apr thru 2020

Citi Simplicity 6000/22000 Util 34% 0 apr until jan 2020

BOA Cash Rewards 3400/15000 Util 23% 0 apr through june 2020

Wells Propel 755/4500 util 16% 0 apr through jan 2020

Amex Everyday 0/18500

Amex Hilton 0/1000

Amex Delta Gold 0/1500

Amex Gold

Chase SP 0/2000

Chase BA 0/500

Chase IHG 0/500

Wells  Cashwise 0/5000

Citi AA 0/7200

Citi Best Buy 0/3000

Barclays JetBlue Plus 0/9000 ( Curently have an offer for this card for 0 apr. Will probably take out 30% - 2700)

Message 7 of 22
Valued Contributor

Re: Balance Transfer Carousel

If you do not have many new accounts or inquiries, US Bank and ABOC have some pretty good introductory BT offers.




"I thought credit was over in 2008. Never underestimate the ability of central bankers to blow a bubble." - Me
“If you don’t know, the thing to do is not to get scared, but to learn.” – Ayn Rand
Message 8 of 22
New Member

Re: Balance Transfer Carousel

was really hoping to avoid opening new lines. 

 

possibly looking to take out a mortgage in the new year.

Message 9 of 22
Valued Contributor

Re: Balance Transfer Carousel


@Racer202 wrote:

Order of highest util.

Chase United 15000/33000 Util 45% 0 apr thru 2020

Citi Simplicity 6000/22000 Util 34% 0 apr until jan 2020

BOA Cash Rewards 3400/15000 Util 23% 0 apr through june 2020

Wells Propel 755/4500 util 16% 0 apr through jan 2020

Amex Everyday 0/18500

Amex Hilton 0/1000

Amex Delta Gold 0/1500

Amex Gold

Chase SP 0/2000

Chase BA 0/500

Chase IHG 0/500

Wells  Cashwise 0/5000

Citi AA 0/7200

Citi Best Buy 0/3000

Barclays JetBlue Plus 0/9000 ( Curently have an offer for this card for 0 apr. Will probably take out 30% - 2700)


Well, that throws a wrench into options.

 

Doesn't leave much besides WF, Disco, Barclay, Cap1, and USB.

 

I suppose you could shuffle the Citi balance over to Barclay depending on the time limit they gave you for the 0% period which is normally within 3 months of opening.  It might be worthwhile to call the BD # for them as well and ask for a higher limit to BT w/o killing UTIL on it.  They like to collect the BT Fee... I would probably shoot for 20K CL with them and see if they can meet that need or counter with a higher CL.  It will likely be a HP so, maybe hold off on it until we come up with an idea for a new card.

 

With your timeline it's conceivable to pick up a new card the month prior to each expiring offer.  Getting your goal amounts though might be difficult depending on the timing of the other cards over the last 12-24 months.  Alternatively you could focus more $$$ on Citi to pay it off and reserve the new accounts for the bigger balances at a later time.  

500K+ TCL / 800+ FCOs
Message 10 of 22
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