Hi there,
Newbie here and searches for my question have taken me down too many rabbit holes, so I'm just going to ask. You all seem to know much more than me about credit, and I thought I knew a lot!
So, my situation: I need to make a one-time purchase for a small business I'm starting and the merchant doesn't accept credit cards (honestly, he doesn't need to, his product is in such high demand). Only checks, or bank transfer. A generous estimate of the total would be close to $7000. I know I could pay it off in under a year, I just don't know how to access some revolving credit to do this with the lowest interest rate possible.
I have something like $160K available credit on 26 cards, according to my latest credit report. My scores are over 800. My usage ratio is 6% right now and I pay in full every month on the closing date. I just opened a new card for a promo reward (from Barclay) and I see there's a 0% APR for BT's for 15 months. I have a Chase Ink card I got about a year ago with a $6500 cash advance limit. Don't even ask me to try to figure out my limits on 20+ other cards 
. Does it ever make sense to take a cash advance and quickly transfer it to a 0% intro card (even with the 3-5% fee)? Can it be done?
What is my best course of action here, if there is one? Just trying to avoid a personal loan. My credit union seems to have some options I could also compare to, though.
Thank you!!
Annie
I was in a similar situation..wanted urgent money but could repay in less than 3 months. I used the "Deposit to Checking" option in BofA Rewards card...yes, it involves BT fees but worth it, you get money in checking in less than 2 days but the charges for 6,000 could be around $180.
Or, if you are sure to repay within a month, you may choose a BT (direct deposit to checking) at $0 charges but at normal APR....make it such that the BT request is made a day after your statement cuts, so that you get a whole cycle to repay
@Anonymous wrote:Hi there,
Newbie here and searches for my question have taken me down too many rabbit holes, so I'm just going to ask. You all seem to know much more than me about credit, and I thought I knew a lot!
So, my situation: I need to make a one-time purchase for a small business I'm starting and the merchant doesn't accept credit cards (honestly, he doesn't need to, his product is in such high demand). Only checks, or bank transfer. A generous estimate of the total would be close to $7000. I know I could pay it off in under a year, I just don't know how to access some revolving credit to do this with the lowest interest rate possible.
I have something like $160K available credit on 26 cards, according to my latest credit report. My scores are over 800. My usage ratio is 6% right now and I pay in full every month on the closing date. I just opened a new card for a promo reward (from Barclay) and I see there's a 0% APR for BT's for 15 months. I have a Chase Ink card I got about a year ago with a $6500 cash advance limit. Don't even ask me to try to figure out my limits on 20+ other cards
What is my best course of action here, if there is one? Just trying to avoid a personal loan. My credit union seems to have some options I could also compare to, though.
Thank you!!
Annie
With your scores, here are 2 (admittedly not 0%, but still very-low APR) cards that may potentially be an option if you're interested, since they have no cash advance fees and no BT fees, IIRC:
1. BEFCU Platinum Plus VISA: as low as 4.99% F APR
https://www.bournscu.coop/loans-and-credit-cards/credit-cards
2. PACU Premier Privileges Rewards MC: as low as 7.50% F APR
Most cards will charge a cash advance fee of 3-5% in addition to a higher cash APR that begins to accrue immediately. There are a few that charge only a small flat fee, like the Barclaycard Ring ($3). The best course of action would probably be to use a balance transfer check (if you have time for them to arrive from your card issuer), or just do a balance transfer directly to your checking account from a lender that allows this (Discover and Bank of America are two immediate examples I can think of). You'll just pay the 3-5% fee with an extended 0% or 1.99% APR on the balance, or if you think you'll pay it off in less than a year you could choose something like Discover's 0% fee @ 4.99% APR offer.
Alternately, you could always look at using a service like Plastiq that will charge you a small fee to send a physical check to the payee.
Wow lots of great options to investigate, thank you! It's not an emergency or anything, at least not yet
@Anonymous wrote:Wow lots of great options to investigate, thank you! It's not an emergency or anything, at least not yet
That's what I like about being here.....so many kind people....who says helpfulness is dead
If you can't BT to your checking or cash account then call the lender and ask for checks to do a BT. Write one to your vendor for the purchase and bam! you're done. Some of them may offer $0 BT fees like Cap1 or a CU account. Double check your lineup and make your purchase.