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Should I do a BT or leave as is?

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Super Contributor

Re: Should I do a BT or leave as is?


@mr_suave wrote:

@Remedios wrote:
I really dont know. 4% is pretty steep fee.
Is there a possibility of you waiting till ED and Disco are paid off then applying for a decent bt card? You still have time to work on those balances.

Yea certainly. I was thinking about aping for the BOA Americard for the no transfer fee. Idk if I would be approved because BOA has consistently denied me for CLIs for their cards. I have a Cash Rewards at 8.2k and a BBR at 2k.

 

At the same time, I was trying to limit apps this year since I opened 11 cards last year. I suppose I could wait as I should have BTs offers on some of my cards by then.


There are lots of questions from new members “how many cards should I have”. I will say, in the current credit card environment of 2019, 11 new cards in the past year is too many. It looks like you picked up several cards that, with patience, you will see BT offers for. These range from 3% to 5% fees, but those fees are not bad if you pace out the payments to really have a plan to reduce your debt. 

 

Kiting balances from one card to another is a musical chairs game that eventually ends badly, especially if using new card apps to create new chairs. 

 

Can you list out all your cards, month - year of app, current limit, current balance, and APR. Also list which cards you are relying on for cash back or points earning.  This request is more to make sure you have a clear eyed view to your current credit situation than anything else. 

High Bal Jan 2009 $116k on $146k limits 80% Util.
Oct 2014 $46k on $127k 36% util EQ 722 TU 727 EX 727
April 2018 $18k on $344k 5% util EQ 806 TU 810 EX 812
Jan 2019 $7.6k on $360k EQ 832 TU 839 EX 831
Message 11 of 15
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Established Contributor

Re: Should I do a BT or leave as is?

Actually my Discover card is 2 and a half years old. I was getting BTs offers often but then they stopped when I took advantage of the one in July. Also I plan on paying around 400-500$ a month extra towards my debt. This is not factoring in the minimums that I am already required to pay. I was planning on using my tax refund money to knock out Discover and some of AMEX. Hopefully that comes by the end of February with all this mess that’s going on.

I have 0% Purchase/Balance transfer APR on Discover and Amex but only 0% balance transfer on citi.

Thank you all for your replies! I will hold off on a BT till maybe October. I’m sure I will have some offers around then from either BOA, Chase and Citi (I have a Cap one card so I could easily move it to cap 1 then move it back to Citi). I may go for the BOA Americard assuming they still have the 0% fee by then.

In response to the above comment my limits are in my sig but I will list cards opened last year:

Fidelity
Citi DC
Care Credit
Hilton Honors
SPG
Hyatt
Venture
Amazon
Premier
Everyday
Gold

All of my cards are currently PIF except the ones under 0%.
Amex Gold NPSL, Amex Hilton Aspire 3k, Amex Marriott Bonvoy 1k, AMEX BBP 3.5k, AMEX Hilton Surpass 4.5k, BOA Cash Rewards 8.2k, BOA Better Balance Rewards 2k, Care Credit 15k, Chase Amazon Visa 19.825k, Discover 11.8k, Discover 12.5k, Nordstrom Store 4.5k , Fidelity Visa 10k, Cap 1 QS 15k, Cap 1 Savor 10.5k, Citi Rewards+ 4.4k, Citi DC 7.5k, Citi Advantage Platinum 5.5k, US Cash+ 3.5k, Altitude Reserve 9k, Paypal Mastercard 4k, Apple Card 6.5k
Message 12 of 15
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Community Leader
Super Contributor

Re: Should I do a BT or leave as is?

@nrb525 said:
And just to to be clear, you do know Discover does not mail these offers, they reside in an area of their website?
——————————

I had been wondering why I never received any BT offers and then last month I was just fooling around on the site and happened onto it. I couldn’t stop smh in disbelief. Too funny 😂🤣


DEC 2019: EX 816, TU 820, EQ 810
DEC 2018: EX 777, TU 783, EQ 799

|| NFCU CashRewards $30K || AmX Cash Magnet $30K || Discover IT $24.7K || Macy's $20K || NFCU CLOC $15K || NFCU Platinum $12.5K || AmX ED $11.5K || CitiCostco $7K || CitiDC $6.3K ||
Message 13 of 15
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Community Leader
Super Contributor

Re: Should I do a BT or leave as is?

+1 @nrb525 said:
Kiting balances from one card to another is a musical chairs game that eventually ends badly, especially if using new card apps to create new chairs.

Agree. OP, Do you have a plan in place to just pay these balances off?


DEC 2019: EX 816, TU 820, EQ 810
DEC 2018: EX 777, TU 783, EQ 799

|| NFCU CashRewards $30K || AmX Cash Magnet $30K || Discover IT $24.7K || Macy's $20K || NFCU CLOC $15K || NFCU Platinum $12.5K || AmX ED $11.5K || CitiCostco $7K || CitiDC $6.3K ||
Message 14 of 15
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Established Contributor

Re: Should I do a BT or leave as is?

Yes I do. I will have Discover and Amex payed off by their deadlines. Discover will actually be paid off by next month while Amex could be paid off as early as August.

That would then leave me with around 2-3k remaining with Citi which would be able to be knocked out in 4-6 months after my others are paid off.
Amex Gold NPSL, Amex Hilton Aspire 3k, Amex Marriott Bonvoy 1k, AMEX BBP 3.5k, AMEX Hilton Surpass 4.5k, BOA Cash Rewards 8.2k, BOA Better Balance Rewards 2k, Care Credit 15k, Chase Amazon Visa 19.825k, Discover 11.8k, Discover 12.5k, Nordstrom Store 4.5k , Fidelity Visa 10k, Cap 1 QS 15k, Cap 1 Savor 10.5k, Citi Rewards+ 4.4k, Citi DC 7.5k, Citi Advantage Platinum 5.5k, US Cash+ 3.5k, Altitude Reserve 9k, Paypal Mastercard 4k, Apple Card 6.5k
Message 15 of 15
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