Best Balance Transfer Card

[ptatohed]

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@Colombiana79 wrote:

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@ptatohed wrote:

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@Colombiana79 wrote:

Hi All,

I'm looking for recommendations for a card I can transfer my Chase Freedom balance of $9000. Any cards that gives rewards would be awesome. I just make standard online and/or store purchases. I dont travel so travel points are not a need for me. I have a relationship with Chase already (Freedom and Prime) and also have a savings account with Navy Fed so any feedback on their cards would be good. But doesnt have to be one of theirs as well.

Any advice is appreciated! thanks

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With a $9,000 balance, I don't think you should be making more purchases via credit card(s).  Lock them away.  I would not be overly concerned with the new card having rewards or not.  I'd look for the lowest rate (read 0%), lowest transfer fee (0%, 3%?), and longest time (21 months?).  Stop using credit cards, get that $9k on a long 0% promo, and pay it off.  Then you can look for a new reward card(s).  GL.  

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Just an FYI. I have other cards that are at 0 balance. I have a fico score of 802. The reason why its at the amount was for an emergeny surgery that was not covered by insurance NOT  because of irresponsibility.  I chose that card bc I have a 15k limit plus 1.5% cash back. But thanks for assuming! 

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I'm not assuming anything.  I'm only going by what you provided.  You've told us that you have a $9,000 balance on a card that is charging you what?  18% - 28% interest?  You earned 1.5% on your $9000 spend = $135.  If you pay just one month of interest at even the best rate (18%), you'll pay that exact same amount ($135) in interest.  Net zero.  And month #2?...... You get the idea.  

I'm not saying you are irresponsible, I'm just suggesting you come up with a plan to pay this $9k off as cheaply as possible.  

[Kforce]

The answer depends on what you are trying to accomplish.

Some want to spend as little as possible to just stretch out payments because of cash flow problems,

and have extra income or large deposits at 7-9 months to pay it off. (Smallest monthly payment)

Others want what cost the least in interest and figure they will just get another BT in a year,

and keep extending the debt. (Least loss from fee's and Interest)

If trying to pay off the debt, and wanting to only do a one time BT, it depends on what you can afford to apply monthly to the problem.

{Navy} // A one year, ~1% interest, zero fee would require: $755/mo payments to pay off in 12/mo, and cost ~$50 in interest loss.

{USBank}  // A 24/mo, zero interest, 5% fee would only require $395/mo payments but cost ~$225/yr in fees

The first loan example with the same $395 would cost ~$70 interest and at the end you would still have $4,330+ balance to start paying 25% interest on (~$90/mo) on or do a new BT. 

Best card depends on your plan, pay or push, and amount of monthly payments available.  

[dlister70]

Do you have a relationship with US Bank?  Mortage?  Car?  Checking?  It looks like you don't have one of their cards from your sig.

Their newish Shield Visa has 24 months 0% intro for balance transfers, but they are notorious for giving low limits if you don't already have a relationship with them.  I had to call and beg to get my $500 card changed to $5000 when I first applied with them.

[ocheosa]

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@Colombiana79 wrote:

Hi All,

I'm looking for recommendations for a card I can transfer my Chase Freedom balance of $9000. Any cards that gives rewards would be awesome. I just make standard online and/or store purchases. I dont travel so travel points are not a need for me. I have a relationship with Chase already (Freedom and Prime) and also have a savings account with Navy Fed so any feedback on their cards would be good. But doesnt have to be one of theirs as well.

Any advice is appreciated! thanks

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@Colombiana79 I would also recommend the Navy Platinum, then product change at years end.

At the same time, you could open a checking/savings advantage account(s) with  BECU (Boeing Employees' Credit Union) to set the table for the next balance transfer if/when needed. BECU's Low Rate Card is 0% APR with No Fee. This would give you two years to affordably pay back that $9k spend. BECU can be skittish to out of state applicants so best to join at least 6 months prior to credit application. Unfortunately BECU does not allow product changes.

To become eligible to join BECU , first apply for membership with GoWest Foundation.*

The donation is $5.00 to join as a friend. On the application under the credit union drop down box choose BECU. 

There are other options but NFCU and BECU are the most cost-effective in my opinion.

Good luck!

*GoWest Foundation (formerly NW Credit Union Foundation) member, donor, employee, volunteer or retiree.

[CashOutReFi]

Fidelity Rewards (by Elan, but appears in your Fidelity Investments login page) is offering 0% for 12 months. There is a 4.99% fee for doing so, but I thought they had a rather generous maximum limit of $15,000 (I believe this to be an absolute maximum, as it was the same when my credit line was both $5,000 lower, and $10,000 lower than it is now. 

The card offers unlimited 2% cash back, and they give you a blank check to write out your draw to the party of your choosing, including yourself. I have tested writing the check to myself (this was even a Fidelity cash management account under the same login) and it still received the promotion. It will not trigger a cash advance rate. [TESTED] 

There are some banks who will only let you select from a drop-down of major credit card companies to BT from and do not give you the option for checks or even a free-form entry for a smaller bank or retailer that is not prepopulated. 

[Kforce]

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@dlister70 wrote:

Do you have a relationship with US Bank?  Mortage?  Car?  Checking?  It looks like you don't have one of their cards from your sig.

Their newish Shield Visa has 24 months 0% intro for balance transfers, but they are notorious for giving low limits if you don't already have a relationship with them.  I had to call and beg to get my $500 card changed to $5000 when I first applied with them.

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Not sure you are a good yard stick to use for CL at USBank.

I got $20,000 from USBank 3 months ago (Smartly), and the last 4-5 Shield CL's in card approvals have been (11k, 15k, 17k, & 20k)

Rumor in the forum that "Navy" is becoming stingy, going to lower over generous limits and has been raising APR's for card's.

Just a few of the recent post titles for a search of "Navy"

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* {Navy Federal maxing out the cash advance APR on their cards}

* {No more Navy Federal APR reduction request allowed?}

* {Navy Federal to charge daily interest Oct 1, 2024}

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Any new card is a roll of the dice.

The "Navy" cards allowing product change and other cards with value is a plus in my book.

Over all they are also known for generous CL's

Nothing against other choices, the USB Shield seems to have the longest term and because of that the fee is equivalent to a one year 2.5% fee, which is lower than 90+% of the major players fee's.

If a one year is OK, Navy might be a good card, but 24 months > 12 months, by a lot.

[dlister70]

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@Kforce wrote:

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@dlister70 wrote:

Do you have a relationship with US Bank?  Mortage?  Car?  Checking?  It looks like you don't have one of their cards from your sig.

Their newish Shield Visa has 24 months 0% intro for balance transfers, but they are notorious for giving low limits if you don't already have a relationship with them.  I had to call and beg to get my $500 card changed to $5000 when I first applied with them.

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Not sure you are a good yard stick to use for CL at USBank.

I got $20,000 from USBank 3 months ago (Smartly), and the last 4-5 Shield CL's in card approvals have been (11k, 15k, 17k, & 20k)

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Are you suggesting that you've never heard of the $500 US Bank limit issue for new clients?  I'm definitely not the yard stick by which US Bank is measured, but it's hardly a unique thing that only happened to me.  This was 2018 when I applied to them, so maybe it's not so bad anymore.  But it was a huge issue with posts that I've seen for years after, and including a post on the approvals forum from yesterday.

At the time that I applied, I had a $10,000 Discover card, so it was kind of weird to get a $500 card.  But I did call the recon line and just asked for $5000 and they gave it to me.  

I only mention it because if OP hadn't heard of that issue and applied and got a low starting limit, there's always recon.. but maybe even they don't give you enough limit for the balance transfer that you want to do.  Obviously, that's possible with any card, but when I say that US Bank is "notorious" for it, it's because I've personally seen dozens of posts about the starting $500 limit here, on reddit, and on other credit forums.  But I haven't paid close attention lately, so maybe it's not so bad now.  :shrug:

[Kforce]

Another option if the OP has larger monthly spend and pay in full practise, is to bypass the BT fee's and go for a card with Zero APR on New Purchases for 15-18 months.  If monthly is large enough to move 9k in 2-3 months, depending on current Chase card rate, it could cost less than a BT fee for same pay off time.  Also a new set of cards to recommend.  This might be an option if normal monthly spend is more than ~3000/mo.   Worth a good look if monthly >= $4500month. 

[FicoMike0]

Good idea @Kforce 

For me the 5% fee on a lot of 0% intro cards is a showstopper. Overall, the navy 1.99% isn't bad. As far as initial cls, from Us b I got $2000 on connect, $7000 on shoppers and $6500 from navy on flagship. At the time my high limit was $27,000 on amex bce. No very helpful if you're looking for $9000+. Recently, I got $9000 on prime and $15,000 on aven, neither offer intro apr.

So, for me, getting a high enough limit is a concern. I was new at navy at the time.

[Colombiana79]

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@dlister70 wrote:

Do you have a relationship with US Bank?  Mortage?  Car?  Checking?  It looks like you don't have one of their cards from your sig.

Their newish Shield Visa has 24 months 0% intro for balance transfers, but they are notorious for giving low limits if you don't already have a relationship with them.  I had to call and beg to get my $500 card changed to $5000 when I first applied with them.

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That reminds me that I have to update my cards in my signature. But no, I dont have a relationship with US bank. This is something that I am afraid of, applying for a card and not giving me a high enough limit. Some cards are just plain stingy. For example I have high limits for other cards but Discover will nooooot budge! Its been 4k for years smh.