Considering a new card for BT and rewards use. Scores in my sig but have higher UTIL currently (hence the BT consideration).
Top of my list is the FNBO Evergreen but the BT fee of %5 seems high to me? Is that normal? The 2x reward is nice. They also have a business card that would be a really nice option for my LLC. Not sure if I would app for both at the same time or maybe get in with them first on the personal card and app for business later?
It looks like most are getting prequaled for $15k SL, is that their highest SL? Are there any other cards that have potention for around $20k SL? I'd like to try and keep the BT under %29 on the new card for UTIL reasons so the higher limit would help.
Discover IT has a few options too both with %3 BT which is good. Gas and Restauraunts at %2 seems decent or do the %5 revolving category.
Thanks!
In my humble opinion, rewards cards should never carry a balance.
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@ptatohed wrote:In my humble opinion, rewards cards should never carry a balance.
Agreed, and what I'm working toward. Having a balance negates any rewards. I'd just like to have something I can use for rewards after I get all this sorted out.
@JFox418 wrote:
@ptatohed wrote:In my humble opinion, rewards cards should never carry a balance.
Agreed, and what I'm working toward. Having a balance negates any rewards. I'd just like to have something I can use for rewards after I get all this sorted out.
Understood. But I would separate the two. For now, look for a good introductory period at 0% for BTs. Then, look for a good rewards card(s). Good luck!
@JFox418 wrote:Considering a new card for BT and rewards use. Scores in my sig but have higher UTIL currently (hence the BT consideration).
Top of my list is the FNBO Evergreen but the BT fee of %5 seems high to me? Is that normal? The 2x reward is nice. They also have a business card that would be a really nice option for my LLC. Not sure if I would app for both at the same time or maybe get in with them first on the personal card and app for business later?
It looks like most are getting prequaled for $15k SL, is that their highest SL? Are there any other cards that have potention for around $20k SL? I'd like to try and keep the BT under %29 on the new card for UTIL reasons so the higher limit would help.
Discover IT has a few options too both with %3 BT which is good. Gas and Restauraunts at %2 seems decent or do the %5 revolving category.
Thanks!
I would recommend getting a balance transfer card from a credit union, their platinum no-rewards offerings. There are many card offerings with 0% balance transfer fee permanently, and some which even have introductory 0% APR for balance transfers (e.g., NFCU and BECU, to name a few).
I would also recommend something from a credit union, preferably one known to be a bit loose with starting lines. Unless you have significant factors like income, assets, and/or a rock-solid well-aged credit profile, it may be difficult to get cards from the major card issuers with the starting limits you are looking for when you have extremely high revolving utilization. Either way, if you are looking for rewards after the BT is paid and want to minimize the number of accounts you open, look for something from a lender known to be flexible with product changes for the no-frills cards; some examples would be Navy Federal Credit Union, Chase, and Citi.
Thanks! I'll do some research on those.
@Remedios wrote:
@JFox418 wrote:Considering a new card for BT and rewards use. Scores in my sig but have higher UTIL currently (hence the BT consideration).
Top of my list is the FNBO Evergreen but the BT fee of %5 seems high to me? Is that normal? The 2x reward is nice. They also have a business card that would be a really nice option for my LLC. Not sure if I would app for both at the same time or maybe get in with them first on the personal card and app for business later?
It looks like most are getting prequaled for $15k SL, is that their highest SL? Are there any other cards that have potention for around $20k SL? I'd like to try and keep the BT under %29 on the new card for UTIL reasons so the higher limit would help.
Discover IT has a few options too both with %3 BT which is good. Gas and Restauraunts at %2 seems decent or do the %5 revolving category.
Thanks!
Have you really been app free since 2019?
What are the balances and limits on your existing cards? How much are you looking to transfer?
$20K is a tall order without high utilization, and 43% aggregate is pretty high so those are really important questions.
Yes, app free since 2019 when we bought our home. All three reports are zero. I'm open to suggestions honestly. If I can get a true %0 BT then it'd make the most sense to transfer as much as I can to that card even if it puts that UTIL really high on that one card right? It'd save the most interest even though it might ding my fico. Fico will recover as the balance goes down? Figure my second option would be to try and spread the balances across the cards to get everything below %29 but this would only be to fluff fico scores and wouldn't save as much interest? Both my QS accounts are due early next month and I'm going to have $2-$3k to put into them so they'll both drop down to the next UTIL tier. One might get down to under %30 but not sure yet.
QS - 6,550/13,000 (%50)
QS - 6,560/13,000 (%50)
BBY Citi - 2,834/6,000 (%47)
Home Depot - 2,594/9,100 (%28)
WF Active cash has 0% for 15 months (3% fee) and then it is a nice 2% CB card after that.
Disco-it CB has 0% for 14 months (3% fee during intro) and then a nice 5% CB on rotating categories after that.
BofA Unlimited Cash Rewards has 0% for 15 months (3% fee) and then 1.5% up to 2.62% CB. A $200 bonus offer if you don't mind spending $1,000 while carrying a balance.
Citi Custom Cash has 0% for 15 months (5% fee, ouch) and then 5% CB on your top category. $200 bonus after $750 spend.
Chase Freedom Flex has 0% for 15 months (3% fee) and then 5% CB on rotating categories after that. $200 after $500 spend.
There are longer 0% intro periods but they have no or weak rewards, as far as I know.