@Turnberry75 wrote:I'm purchasing a new A/C for 12k and don't want to dip into savings. I've spent some time trying to determine my best 0% APR purchase/BT option and while I was seriously considering the WF Reflect or the U.S. BVP (both 21 months 0% APR) I was scared away because of the fear over being approved with a low SL based on multiple reviews (despite excellent credit). I've been a Citibank member for 28 years and have a DP and DC so I ultimately decided on just adding the Simplicity (12 months 0% APR on purchases and 21 on BT's) because I was confident they'd give me a decent line - they just gave me a $15.4 S). I don't anticipate paying it off in 12 months so I'll need to do another BT in a year. I can either seek out a new 0% BT card at that time or I should be able to transfer to one of my Chase cards for 12 months 0% APR, but there's a 5% BT fee.
I need help in determining my next strategy (I'm new at this). My utilization will increase after I make this purchase AND I will be financing a new car in May/June for my daughter. Should I go ahead and seek out another reward or CB card since I only have the Citi DC now? Or will the 2nd hard pull within a few days have such a negative impact that it's not worth it? I know I need to build additional relationships with banks other than Citi and Chase.
Exp 841, Eqf 835
7% Utilization (115k)
200k inc
Citi DP, DC, & Simplicty (new)
Chase FU, SUR
AMEX
If I were you I would become a member of a good credit union which offers a non-rewards platinum card with no balance transfer fee.
@Turnberry75 wrote:@ptatohed I think you are right (I'm learning). Just to confirm, do you think it's better to do the 3% BT 21 month with Simplicity as opposed to applying for custom cash right now (2nd pull in 3 days) to see what they'd give me or is it not worth it considering the negative impact on my score. Probably not worth it.
At this point, I'd probably work with what you have. Charge the purchase on whichever current card gives the best rewards (DC?) and then do the balance transfer. If you went for the citi Custom Cash now, the benefits would be a $200 intro offer, 15 months 0% (better than 12, but not as good as 21), and a great card to use later (after 15 months, when the AC is paid off). But it would be another hit to your credit in a short time and you'd essentially have no use for the Simplicity.
How long do you think you'll need to pay off the purchase?
Keep in mind, the AC guy may charge for using cedit card. 
Good luck!
@ptatohed wrote:Keep in mind, the AC guy may charge for using cedit card.
I'd never dream of charging my customers for using a credit card for HVAC repairs/replacements!
We give a discount for cash/check.😉
🙃
@markbeiser wrote:
@ptatohed wrote:Keep in mind, the AC guy may charge for using cedit card.
I'd never dream of charging my customers for using a credit card for HVAC repairs/replacements!
We give a discount for cash/check.😉
🙃
LOL! Well said mb!
@ptatohed wrote:
@Turnberry75 wrote:@ptatohed I think you are right (I'm learning). Just to confirm, do you think it's better to do the 3% BT 21 month with Simplicity as opposed to applying for custom cash right now (2nd pull in 3 days) to see what they'd give me or is it not worth it considering the negative impact on my score. Probably not worth it.
At this point, I'd probably work with what you have. Charge the purchase on whichever current card gives the best rewards (DC?) and then do the balance transfer. If you went for the citi Custom Cash now, the benefits would be a $200 intro offer, 15 months 0% (better than 12, but not as good as 21), and a great card to use later (after 15 months, when the AC is paid off). But it would be another hit to your credit in a short time and you'd essentially have no use for the Simplicity.
How long do you think you'll need to pay off the purchase?
Keep in mind, the AC guy may charge for using cedit card.
Good luck!
I guess another option T75 is to apply for the citi CC and purchase the AC system with that card. You'd get the $200 bonus offer (+ 1% CB on the purchase price) and you'd have 15 months to pay at 0%. Then, if you do need the full 21 months to pay it off instead of 15, figure out early on how much you think you can pay in 15 months and how much balance would be left for months 16-21. Then, do a balance transfer early on (within the BT period) for only the $ amount left to pay in months 16-21 from CC to Simplicity. For another hard enquiry on your report, you'd get a great card, $200, 21 months to pay, and a lower cost BT fee (3% of month's 16-21 amount vs 3% of the whole purchase). Does that make sense?
@ptatohed wrote:
@ptatohed wrote:
@Turnberry75 wrote:@ptatohed I think you are right (I'm learning). Just to confirm, do you think it's better to do the 3% BT 21 month with Simplicity as opposed to applying for custom cash right now (2nd pull in 3 days) to see what they'd give me or is it not worth it considering the negative impact on my score. Probably not worth it.
At this point, I'd probably work with what you have. Charge the purchase on whichever current card gives the best rewards (DC?) and then do the balance transfer. If you went for the citi Custom Cash now, the benefits would be a $200 intro offer, 15 months 0% (better than 12, but not as good as 21), and a great card to use later (after 15 months, when the AC is paid off). But it would be another hit to your credit in a short time and you'd essentially have no use for the Simplicity.
How long do you think you'll need to pay off the purchase?
Keep in mind, the AC guy may charge for using cedit card.
Good luck!
I guess another option T75 is to apply for the citi CC and purchase the AC system with that card. You'd get the $200 bonus offer (+ 1% CB on the purchase price) and you'd have 15 months to pay at 0%. Then, if you do need the full 21 months to pay it off instead of 15, figure out early on how much you think you can pay in 15 months and how much balance would be left for months 16-21. Then, do a balance transfer early on (within the BT period) for only the $ amount left to pay in months 16-21 from CC to Simplicity. For another hard enquiry on your report, you'd get a great card, $200, 21 months to pay, and a lower cost BT fee (3% of month's 16-21 amount vs 3% of the whole purchase). Does that make sense?
This does make sense. I'm down to doing your option above or buying the AC on my Chase SUR card (only 1% cash back, but better than nothing) and transferring to my Simplicity for the 21 months at 0%. The Simplcity 3% BT fee less my 1% CB for the purchase on my SUR is about $200. I think your option above is best if I'm ok with another hard pull. I don't know if it matters, but these are my first hard pulls in two years and the Simplcity was my first new card in 3 1/2 years (Citi DC in 2020). With my credit I should have been leveraging for more, but will start doing so from now on as I learn from this community how to do it right.
Also, I didn't know Citi would allow a BT from one Citi card to another. I know that Chase will not allow that.
I appreciate all of the great advice!
@Turnberry75 wrote:
@ptatohed wrote:
@ptatohed wrote:
@Turnberry75 wrote:@ptatohed I think you are right (I'm learning). Just to confirm, do you think it's better to do the 3% BT 21 month with Simplicity as opposed to applying for custom cash right now (2nd pull in 3 days) to see what they'd give me or is it not worth it considering the negative impact on my score. Probably not worth it.
At this point, I'd probably work with what you have. Charge the purchase on whichever current card gives the best rewards (DC?) and then do the balance transfer. If you went for the citi Custom Cash now, the benefits would be a $200 intro offer, 15 months 0% (better than 12, but not as good as 21), and a great card to use later (after 15 months, when the AC is paid off). But it would be another hit to your credit in a short time and you'd essentially have no use for the Simplicity.
How long do you think you'll need to pay off the purchase?
Keep in mind, the AC guy may charge for using cedit card.
Good luck!
I guess another option T75 is to apply for the citi CC and purchase the AC system with that card. You'd get the $200 bonus offer (+ 1% CB on the purchase price) and you'd have 15 months to pay at 0%. Then, if you do need the full 21 months to pay it off instead of 15, figure out early on how much you think you can pay in 15 months and how much balance would be left for months 16-21. Then, do a balance transfer early on (within the BT period) for only the $ amount left to pay in months 16-21 from CC to Simplicity. For another hard enquiry on your report, you'd get a great card, $200, 21 months to pay, and a lower cost BT fee (3% of month's 16-21 amount vs 3% of the whole purchase). Does that make sense?
This does make sense. I'm down to doing your option above or buying the AC on my Chase SUR card (only 1% cash back, but better than nothing) and transferring to my Simplicity for the 21 months at 0%. The Simplcity 3% BT fee less my 1% CB for the purchase on my SUR is about $200. I think your option above is best if I'm ok with another hard pull. I don't know if it matters, but these are my first hard pulls in two years and the Simplcity was my first new card in 3 1/2 years (Citi DC in 2020). With my credit I should have been leveraging for more, but will start doing so from now on as I learn from this community how to do it right.
Also, I didn't know Citi would allow a BT from one Citi card to another. I know that Chase will not allow that.
I appreciate all of the great advice!
Sounds like you have a plan. Good luck and enjoy the new AC!
Good point, I don't know if you can BT from a citi card to a citi card. Maybe someone else can respond to that.
@Anonymous wrote:
@markbeiser wrote:I'd never dream of charging my customers for using a credit card for HVAC repairs/replacements!
We give a discount for cash/check.😉
🙃
I usually advise my clients to surcharge for credit card ("we have to pay the fees you see") and a surcharge for cash ("oh, we have take time to count it, check for bad notes, and the deposit it, plus the risk"). Yes, they need training as to how to handle customers who wish to change payment method on hearing of a surcharge on their first choice, but I am not going to give any more secrets away for free!
But just bear in mind if you have already massively overcharged them (which I hope you have, HVAC knowledge isn't free either), you can graciously charge just half the surcharge as a goodwill gesture for being such a good customer.
I was at a tint/wrap shop getting some of my chrome wrapped on my Q50 Red Sport several months ago and my preference of course was to pay with my 3% AOD but the fee was 3.X%. I negotiated the fee to 2.X% so I came out just a little ahead. 
@Anonymous wrote:
@markbeiser wrote:I'd never dream of charging my customers for using a credit card for HVAC repairs/replacements!
We give a discount for cash/check.😉
🙃
I usually advise my clients to surcharge for credit card ("we have to pay the fees you see") and a surcharge for cash ("oh, we have take time to count it, check for bad notes, and the deposit it, plus the risk"). Yes, they need training as to how to handle customers who wish to change payment method on hearing of a surcharge on their first choice, but I am not going to give any more secrets away for free!
But just bear in mind if you have already massively overcharged them (which I hope you have, HVAC knowledge isn't free either), you can graciously charge just half the surcharge as a goodwill gesture for being such a good customer.
It is actually illegal in Texas to charge a surcharge for taking credit card payments from customers, per chapter 604A of the Business and Commerce Code.
Slam dunk $500 civil fine from the state, all the customer has to do is fill out an online form, and upload the invoice. We would also have to refund the surcharge.
Also is a violation of our merchant agreements with the credit card processors, as well as our professional licensing agreement with the department of licensing and regulation, so we could face further administrative sanctions against our licence.
Contrary to popular belief, and its reputation, Texas is one of the most heavily regulated states when it comes to professional and occupational licensing.
Though I do find it amusing that there was a decades long period where barbers had to have a state license, but electricians had no state wide licensing until less than 20 years ago!