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Best bet for BT card

MJ05
New Member

Best bet for BT card

I need new cc for approximately 30k BT.

Experian FICO Score 8 = 797
TransUnion = 810
Equifax = 804

Total CL = 98k (CSP 28k, QS 30k)

UTL = 0%

What will be my best bet to get highest possible CL w/ BT 0% intro

Message 1 of 13
12 REPLIES 12
Jnbmom
Community Leader
Senior Contributor

Re: Best bet for BT card


@MJ05 wrote:

I need new cc for approximately 30k BT.

Experian FICO Score 8 = 797
TransUnion = 810
Equifax = 804

Total CL = 98k (CSP 28k, QS 30k)

UTL = 0%

What will be my best bet to get highest possible CL w/ BT 0% intro


If you have 0% utilization what excatly would you be transferring or are you wanting to use BT check for a purchase?

EXP 758 TU 783 EQ 729
Message 2 of 13
MJ05
New Member

Re: Best bet for BT card

I'll have some business related expenses I'd like pay over time

Message 3 of 13
FinStar
Moderator

Re: Best bet for BT card

You may want to explore business cards as an option if you already have some sort of established business.

Otherwise, you'd have a bit of a challenge in getting approved for a single card that would cover the entire $30K (without maxing it out, even with your scores/profile). There's CUs like First Tech, for instance but you'd have to join as a member.
Message 4 of 13
FlaDude
Established Contributor

Re: Best bet for BT card

Another thing to consider is BT fees, which generally range from 3-5% of the amount transferred. You might have to get more than one card to get 30k. Some cards that have zero transfer fee for new accounts are BOA, Chase Slate, Amex ED, and some credit union cards. Note that Amex limits BTs to 5k.

Scores: March 21 FICO 8: EX 810, TU 808, EQ 813
AoOA: closed: 36 years, open: 25 years; AAoA: 11.8 years
Amex Gold, Amex Green, Amex Blue, Amex ED, Amex Delta Gold, Amex Hilton Surpass, BoA Platinum Plus, Chase Freedom Unlimited, Chase Amazon, Chase CSP, Chase United Explorer, Citi AA Plat, Sync Lowes, Sync JC Penney - total CL 145k
Loans: Chase car loan (35k/6yrs 0.9%)
Message 5 of 13
Aahz
Established Contributor

Re: Best bet for BT card


@MJ05 wrote:

I need new cc for approximately 30k BT.

Total CL = 98k (CSP 28k, QS 30k)

What will be my best bet to get highest possible CL w/ BT 0% intro


Your best bet (probably only chance to get the limit you need) would be:

- Apply for Chase Slate

- When you receive the card move the bulk of your CSP limit to the Chase

- 14 days after approval do a $15k BT

- 46 days after approval do a second $15k BT

- After BT is paid you can move some of the limit back to CSP

 

The timing is important because Chase only allows $15k in BTs per 30 days.  But you can consider it a ~$900 Sign-up Bonus since there's no BT Fee.

 

Also, expect your FICO scores to drop down to the 750 range.

Message 6 of 13
MJ05
New Member

Re: Best bet for BT card

BT fee is really not an issue because using QS or CSP I'll get 1-1.5-2% cash back.

Even good business CC won't give me 15 - 18 months 0% APR.

I have only one HP

So, the question is what bank I should start with to get my best chance for high CL (my CSP was approve @19k and increased to 28k 3 months later)?

Message 7 of 13
Aahz
Established Contributor

Re: Best bet for BT card


@MJ05 wrote:

BT fee is really not an issue because using QS or CSP I'll get 1-1.5-2% cash back.

 


Spending $30k on QS will net you $450 in rewards.  BT fees range from 3% ($900) to 5% ($1,500). 

So, following my plan above you'll still save $450 to $1050.  To me, that's a pretty significant difference.

 

Most cards limit BTs to 90% of credit line, so you'll actually need a $33,000+ approval to transfer the entire $30k. 

That's extremely unlikely to happen with any new app.

Message 8 of 13
SouthJamaica
Super Contributor

Re: Best bet for BT card


@MJ05 wrote:

I need new cc for approximately 30k BT.

Experian FICO Score 8 = 797
TransUnion = 810
Equifax = 804

Total CL = 98k (CSP 28k, QS 30k)

UTL = 0%

What will be my best bet to get highest possible CL w/ BT 0% intro


You might be able to get a 30k card, but then you would wind up with 100% utilization, tanking your scores for awhile.


Total revolving limits 653000 (575000 reporting) FICO 8: EQ 716 TU 747 EX 715

Message 9 of 13
HeavenOhio
Community Leader
Senior Contributor

Re: Best bet for BT card

Welcome, @MJ05. Smiley Happy

 

I like the business card idea. And I like the Chase Slate idea. I think you should get both a business and a personal card.

 

You haven't mentioned your income, but note that Chase puts a lid on total credit limits when they reach something like 50 or 60% (or so) of one's income.

Message 10 of 13
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