best credit card for my situation

[Anonymous]

Hi.  I have 1 credit card that has a $214 balance.  This card has a $8 month charge and 24.65%.  My scores are in 700's and I want to transfer this balance to a new card that has $0 annual fee and a lower rate.  I read about a few cards but need expert advise on what to do.  Thanks.

[HeavenOhio]

I'd pay the balance rather than bothering to transfer it. And once you have a new card, I'd close the crummy one.

You might be in the position to apply for two cards. Capital One Quicksilver (no fee) comes to mind as one that'll likely approve you. They'll pull all three bureaus, but they'll never hard-pull again for that card.

Others will likely chime in with suggestions.

[SouthJamaica]

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@HeavenOhio wrote:

I'd pay the balance rather than bothering to transfer it. And once you have a new card, I'd close the crummy one.

You might be in the position to apply for two cards. Capital One Quicksilver (no fee) comes to mind as one that'll likely approve you. They'll pull all three bureaus, but they'll never hard-pull again for that card.

Others will likely chime in with suggestions.

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+1

[Anonymous]

Welcome to the forums! 

It sounds like you have a card from a lender like Credit One or First Premier. I would get away from them as quickly as possible. As mentioned above, I would just pay that small balance off, apply for a card from a repudable bank, then close the card you have right now. In order to recommend an exact card(s), we need more information. What are your FICO scores, inquires in the past 2 years, and any derogatory marks/baddies/BKs/etc.

In general, for those with little credit history and low scores I recommend the following cards Discover Secured, Capital One Secured, Citi Secured, and/or Capital One Quicksilver. Discover is known to like applicants with thin files at the start of their credit journey. They were the first issuer to extend me credit when I turned 18. The almost always graduate their secured cards after 7 months (assuming on time payments and active spending). Not knowing too much about your file, I'd give a general recommendation to apply for the Discover Secured and dump your current card.

[AverageJoesCredit]

Yes, pay the card off and if you can give more info on your current profile, youll get better guidance

[K-in-Boston]

Lavathing, I'm not trying to be contrary but if OP is looking for a BT on two hundred bucks, I don't think ponying up cash for a secured card is in their future.

squiresj11, are those actual FICO scores or from a site like Credit Karma which offers Vantage 3.0 scores?  If your actual FICO scores are above 700, you should look at the BOA BankAmericard, Discover it, Citi Simplicity (or Diamond Preferred), or American Express Blue Cash Everyday, all of which have great introductory offers.  All four companies have prequalify pages for their products.  If they come back with a single number (or tight range) for an APR, you should be good to go on qualifying.

[Anonymous]

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@K-in-Boston wrote:

Lavathing, I'm not trying to be contrary but if OP is looking for a BT on two hundred bucks, I don't think ponying up cash for a secured card is in their future.

squiresj11, are those actual FICO scores or from a site like Credit Karma which offers Vantage 3.0 scores?  If your actual FICO scores are above 700, you should look at the BOA BankAmericard, Discover it, Citi Simplicity (or Diamond Preferred), or American Express Blue Cash Everyday, all of which have great introductory offers.  All four companies have prequalify pages for their products.  If they come back with a single number (or tight range) for an APR, you should be good to go on qualifying.

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True. With scores in the 700s OP should be able to grab a non-secured card, I was just worried OP is relying on FAKOs. Otherwise I'm a bit puzzled why someone with scores above 700 would have a card that charges monthly fees and an APR like that. 

So, if your FICOs are really above 700, K-in-Boston's suggestions are great. I'd lean towards the Discover IT, but I'm a bit of a Disco fanboy.

If your real FICOs are lower (which I suspect), I'd pay off the balance on your card and cancel it. Stop paying the crazy fees and interest and use that extra money to save up for a Discover/Cap1/Citi Secured. If it is not realistic for you to ever have $500+ to spend on securing a card, try your luck with a Cap1 QS or Discover IT (they both are good with thin files).

[HeavenOhio]

Good catch in questioning whether the OP is relying on FICOs or not. If the FICOs are comparable to the scores mentioned, I think it might be possible to bypass secured cards entirely, provided applications are made for the right cards at the right time. That's why I thought CapOne might be a fit in this situation. They don't need a lot of positive history to approve.

If the OP wants a safer bet than the Quicksilver, I think applying for a CapOne Platinum would certainly work. I like the Platinum route better than the QuicksilverOne because people here have had better success in eventually product-changing to Quicksilver.