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Best 0% APR Card with decent initial limit

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Anonymous
Not applicable

Best 0% APR Card with decent initial limit

I'm looking to get a card with 0% APR and a decent limit (I'm hoping for at least $17k).  Have a couple vacations coming up and want to put them on the card for rewards and so I can just pay back as I want without the interest.  Currently:

 

Credit Score:  738-754

Credit Cards:  0 balance on $30k limits

Student Loan:  17k, in deferment (while I'm in school)

I have one 30 day late payment from 4 years ago, no other derogatories 

3 inquiries (one for limit increase on USAA 6 months ago, one for mortgage 13 months ago that I didn't end up getting, and one for student loan 6 months ago)

 

I'm thinking of the BankAmericard (BofA) which has 18 cycles of 0 APR, but don't know what kind of limit to expect.

14 REPLIES 14
AverageJoesCredit
Legendary Contributor

Re: Best 0% APR Card with decent initial limit

Without knowing your income and what cards you currently have, hard to give an idea. Most lenders dont pop out 17k right off the bat especially for those with only 30k in current credit limits. Were you able to get Navy, possible, but you are looking for 0% . Chase could to those with high income but usually not on a Slate. Boa likes to see some history before giving out big limits. Citi is fickle with sl. Id say maybe Amex that can get 3x after 61 days may be good option. But nothingis a gaurentee.
Message 2 of 15
thornback
Senior Contributor

Re: Best 0% APR Card with decent initial limit

Unfortunately, no one can tell you what limit to expect from any issuer. It's always a roll of the dice.

Your profile looks good, with the exception of the old late payment - but it also seems you don't need a high SL since you apparently have $30K lines you don't use at all ($0 balances - do you know there's a scoring penalty for having all cards at $0?). Also, there are other factors lenders consider -- such as income / DTI, age of accounts, etc.

I've seen BOA hand out big limits on OK profiles and mediocre limits on seemingly great profiles. But -- BOA does seem to grow well.

Of course, wait for other responses but I advise you take any guesses of potential starting limits with a grain of salt.
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Message 3 of 15
NRB525
Super Contributor

Re: Best 0% APR Card with decent initial limit

As others noted, with a late and limited credit already issued, a large SL seems a remote possibility.  

Also, the combination of Rewards card with 0% APR is not too likely.

 

Many travel cards offer a SUB, which sounds like your spend volume will be able to cover much of that. Then if you have a card to BT to, for a small fee it can be paid over time on the second card.

What is your card list already? 

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
March 2021 $33k on $312k EQ 796 TU 798 EX 801
May 2021 Paid all Installments and Mortgages, one new Mortgage EQ 761 TY 774 EX 777
April 2022 EQ=811 TU=807 EX=805 - TU VS 3.0 765
Message 4 of 15
Anonymous
Not applicable

Re: Best 0% APR Card with decent initial limit


@NRB525 wrote:

As others noted, with a late and limited credit already issued, a large SL seems a remote possibility.  

Also, the combination of Rewards card with 0% APR is not too likely.

 

Many travel cards offer a SUB, which sounds like your spend volume will be able to cover much of that. Then if you have a card to BT to, for a small fee it can be paid over time on the second card.

What is your card list already? 


Bank of America cash rewards has 2% cash back and 0% for 15 months. Their travel rewards card has 0% for 12 months. Citibank also has 0% intro  for 12-15 months on rewards card. Key Bank, Wells Fargo, Capital One all offer 0% on travel and cash rewards. Of the 5-6 largest banks only Chase does not offer 0% on travel rewards only on cash rewards cards.

Message 5 of 15
Lucifer
Frequent Contributor

Re: Best 0% APR Card with decent initial limit

Chase (Freedom Unlimited - 1.5%CB) threw me 18 months at 0% with a 10k limit.   But as always - YMMV.


Good luck.

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Message 6 of 15
Anonymous
Not applicable

Re: Best 0% APR Card with decent initial limit

Good information in this post. One thing you may have noticed is that some folks report initial credit limits as high as $40K or more. Everyone of them has solid credit reports and have been in the credit game for several years. Like everything in credit, there are exceptions but not many reported in this forum.
Message 7 of 15
K-in-Boston
Credit Mentor

Re: Best 0% APR Card with decent initial limit

+1 what @Anonymous said, although often that's decades not just years.  Smiley Wink

 

Your best bet may be with a credit union.  With BOA, you will usually need relatively high income and/or substantial deposit or investment accounts with BOA, Merrill Lynch and/or Merrill Edge in order to get large limits right out of the gate, but the cards certainly can and do grow with the right profile.  You did mention the BankAmericard, which is a no-frills card best reserved for balance transfers or short-term balance revolving.  It earns no rewards.

 

"Travel" card and 0% don't really mix a lot.  Discover it Miles currently has cash back match for the first year (essentially 3% for all purchases) and a 14 month 0% offer.  Discover can be all over the board as far as starting lines, though.  They seem to prefer thinner profiles (likely in hopes that their card will be your daily-use card) so I have seen some impressive starting lines for those with more limited credit, those just starting out, and those with a blemish or two.  Meanwhile my card started at I think $3000 and after 3.5 years just finally hit $12k, less than half of my average credit line.  Chase Freedom Unlimited was mentioned earlier, and that can fit what you are looking for if later paired with a Sapphire Preferred or Reserve.  No one can guess at Chase approvals, but if you have other Chase cards it is very easy to move limits around as needed.

Message 8 of 15
Anonymous
Not applicable

Re: Best 0% APR Card with decent initial limit

Thanks for your input.  What do you mean by moving credit limits around?  I have two Chase cards at this point (6200 and 2500).  I've never asked for increases on them.

Message 9 of 15
Anonymous
Not applicable

Re: Best 0% APR Card with decent initial limit

Thank you for your input guys.  I didn't know about reallocation and I've been reading about it a little bit.  It seems that, if it would work, the best bet for me is to get a new card (say the Chase card) and then reallocate the balance from my existing cards to it.  This is new for me, and I don't even know if it would work....any thoughts or walk through of how to process would be appreciated.  This is what I think might work.

 

1.  Apply for Capital One (or Chase) new card with 0% apr

2.  Immediately ask to reallocate the balance ot my new card

 

I've also read some stuff about applying but not accepting it...then calling in and asking for the reallocation before actually accepting it.  I haven't applied for enough credit cards to know if this is even how it works...let alone if this is the best way to do it...so any input would be greatly appreciated.

Message 10 of 15
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