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Best CC for Balance Transfer

Your FICO® Scores can impact your loan interest rates, terms, approvals and more.
Valued Contributor

Re: Best CC for Balance Transfer

OP
It feels as though we’re pulling teeth to get info. So, we have given you the name of several 0% APR cards with and without fees.

GL2U
GOALS: Garden til DEC 2020 and 800 Club

Scores
JAN 2019: EX 794, TU 783, EQ 801
DEC 2018: EX 777, TU 783, EQ 799

|| AmX ED $25K || NFCU CashRewards $20K || Macy's $20K || Discover IT $15.7K || NFCU CLOC $15K || NFCU Platinum $12.5K || AmX Magnate $11.5K || CitiCostco $7K || CitiDC $6.3K ||
Message 11 of 24
New Member

Re: Best CC for Balance Transfer

I have one cc only which is macy/amex. The amex is close to max but the macy is not. $2500 bal total on the account.  Macy limit is 1k and Amex is 2300. 680 credit score. I will pay the balance off this year but rather do it without paying interest which is why I am looking for a balance transfer cc. I also wanted a second cc.

Message 12 of 24
Regular Contributor

Re: Best CC for Balance Transfer

USBank Platinum

 

Get a special 0% introductory APR* on purchases and balance transfers for 20 billing cycles. After that the APR is variable, currently 12.24% – 24.24%.

 

https://www.usbank.com/credit-cards/visa-platinum-credit-card.html

Have the Following:

CashBack Cards Goals: CSP, Amazon Prime Visa / PayPal CB, Uber Visa, Cap1 SO, Disco It, Ducks Unlimited

Status: Doing my Homework before I App

Note to Self: The more you Learn, The more you Earn!

Message 13 of 24
Community Leader
Senior Contributor

Re: Best CC for Balance Transfer


@butta_8 wrote:

I have one cc only which is macy/amex. The amex is close to max but the macy is not. $2500 bal total on the account.  Macy limit is 1k and Amex is 2300. 680 credit score. I will pay the balance off this year but rather do it without paying interest which is why I am looking for a balance transfer cc. I also wanted a second cc.


Welcome, @butta_8. Smiley Happy

 

I'm confused. You say that you have one card, but then you give us two limits. So we're all clear, could confirm what your cards are in list form, along with their balances and limits? This is important because we need to be able to gauge your chances of approval. Also, if your AMEX is issued by AMEX, you wouldn't be able to transfer the balance to a new AMEX card. If you have the Macy's AMEX, you'd be able to transfer.

 

With the information we have at hand, I'd be concerned about a denial at this point. Or you could be approved for a limit that's insufficient to handle your transfer. I think it's probable that you'd be in a much better position for a transfer if you brought your balances down a bit first. If you can confirm your card details, we could probably tell you how much they should be decreased.

Message 14 of 24
New Member

Re: Best CC for Balance Transfer

The card is a Macys AMEX.  It has a line for store purchases and a line for out of store purchases. 

Message 15 of 24
Community Leader
Senior Contributor

Re: Best CC for Balance Transfer

Thanks for the clarification. Does this card appear on your credit report as having a $2.5k balance on a 3.3k limit?

 

If that's the case, you'd currently be at 76% utilization. At the very least, bring it down to 68.9% or below before applying for anything. 48.9% would be better. Actually, you'd want to bring your balance down to 67% (or 47%) to keep the next month's interest from bumping you back up over the threshold.

 

How old is your current card? If it's young, that could be a factor too.

Message 16 of 24
New Member

Re: Best CC for Balance Transfer

The card is over 10 yrs old. The report breaks them up into 2 lines with one 47% usage and 90% usage on the other. I am currently working on lowering them. I plan to pay the balance off this year rather I get another credit card or not. Good on the payment history.

Message 17 of 24
Community Leader
Senior Contributor

Re: Best CC for Balance Transfer

@butta_8, it looks like one card covering two accounts. I didn't realize that this card worked that way.

 

I think the history on your card will help you a lot. I don't know how payments work on these cards, but if you work it so the Macy's portion remains where it is or lower and the AMEX portion is down to 69%, you'll probably get an approval that's sufficient for your balance transfer.

 

I think the general recommedation would be 48.9% (47%) for a balance transfer card application. But you have a long history on your one card. And you certainly don't have an issue with new accounts.

 

You could roll the dice right now if you'd like as long as you understand that your chances are borderline. You'd risk an inquiry (or two with Chase). But it's a big financial win if you're approved. If you're denied, you could try again when your utilization has been reduced. As long as you're not trying for every card on the planet, inquiries associated with denials won't be a big deal.

Message 18 of 24
Moderator

Re: Best CC for Balance Transfer


@chriswmfeng wrote:

bankofamericard from BofA

slate from chase

every day card from Amex

 

no fee bt with decent 0 apr period.


Given OPs profile, it's definitely a roll of the dice with these ones, but they would be good ones to go for.   OP appears to only have the Macy's store line and AMEX line.   If I were the OP,  I'd probably go for Slate first and see what happens.  



Start: 619 (TU08, 9/2013) | Current: 811 (TU08, 12/02/18)
AMEX Cash Magnet $39000 | BofA BBR #1 $37900 | Uber VS $37000 | BoA BBR #2 $31100 | Discover IT $30000 | cashRewards VS $25000 | Sam's Club MC $25000 | Marvel MC $25000 | Macy's AMEX $25000 Store $25000 | Care Credit MC $20000 | Cap 1 QS WMC $17250 | Cash+ VS #2 $15500 | JCP $15000 | Cash+ VS #1 $13500 | Citi DC $12600 | Freedom VS $12000 | Disney VS $11500 | Target MC $9000 | Blispay $7500 | Amazon VS $7300 | Sony Card $4250 | ~~Gardening Since 4/1/18
Message 19 of 24
Moderator

Re: Best CC for Balance Transfer


@HeavenOhio wrote:

@butta_8, it looks like one card covering two accounts. I didn't realize that this card worked that way.

 

I think the history on your card will help you a lot. I don't know how payments work on these cards, but if you work it so the Macy's portion remains where it is or lower and the AMEX portion is down to 69%, you'll probably get an approval that's sufficient for your balance transfer.


With Macy's Store and Macy's AMEX having separate lines, you have separate statements, separate due dates, and separate payments.  It's essentially two accounts shared on one card.  



Start: 619 (TU08, 9/2013) | Current: 811 (TU08, 12/02/18)
AMEX Cash Magnet $39000 | BofA BBR #1 $37900 | Uber VS $37000 | BoA BBR #2 $31100 | Discover IT $30000 | cashRewards VS $25000 | Sam's Club MC $25000 | Marvel MC $25000 | Macy's AMEX $25000 Store $25000 | Care Credit MC $20000 | Cap 1 QS WMC $17250 | Cash+ VS #2 $15500 | JCP $15000 | Cash+ VS #1 $13500 | Citi DC $12600 | Freedom VS $12000 | Disney VS $11500 | Target MC $9000 | Blispay $7500 | Amazon VS $7300 | Sony Card $4250 | ~~Gardening Since 4/1/18
Message 20 of 24