Applied for what I thought was a PLOC, it was not. They will re-use the same HP for a different product within 30 days.
I have a car loan, personal loan, and a savings account with $2.10 with this CU.
- I have accumulated some debt which I feel can be paid back in the next 4-5 months. 2.99% is a lot better than the current 28%+
- If theres no BT fee ever and I get behind again in the fure, 13.74% is better than 28%+
- The PLOC app was for home improvements which would prefer to be paid in cash. So if I use the cash advance @ 2% one time for X amount, I will only pay 13.74% on that amount? Slightly worse than a personal loan rate but far better than a typical cash advance.
The only drawback is I don't know the types of limits this CU gives, so if I get less than 5k and use all of that for a few months its going to tank my score (utilization). Im currently carrying 63% on one card with 0% until 9/2025.
- Rates as low as 13.74% APR1
- 2.99% intro APR1 for 12 months on balances transferred in the first 90 days
- Receive $125 cash back when you spend $1,500 in the first 90 days2
- No annual fee and no balance transfer fee3
- cash Advance Fee $10.00 or 2.00% of the amount of each cash advance, whichever is greater
I know there are 0% cards for 12+ months, I think Im just not thinking outside of re-using this HP.
My current smaller debts are with Chase so applying and reallocating limits wont work for this scenario.
Or should i just eat the HP (not many on EQ), pay down the debts and eat the 28% for the time being, and get the line of credit elsewhere when my scores raise?
@pizzadude wrote:How much are you potentially looking to finance? If you think you can get a CL to cover it and can find a CC with an introductory 0% offer then I'd for sure go that route.
I dont think I will bc of my single card util being >65% and there arent any other major brands I want/ see value in outside of introductory rate. I mean the one I posted isnt anything special either, just though it might be a better route due to no BT fee.
Perhaps you should go for a credit union, non-rewards platinum card with no cash advance fee and no balance transfer fee.
@SouthJamaica wrote:Perhaps you should go for a credit union, non-rewards platinum card with no cash advance fee and no balance transfer fee.
Credit union: check
non rewards: check
no BT fee: check
2% isnt terrible right?
Have any suggestions?
@pizzadude wrote:Depends on how much you're looking to borrow, i.e. 2% of $20K is $400.
I'd say a max of 10k, but in small phases and not all at once.
Garage conversion so plumbing, electrical, carpenters, etc
@Blender wrote:
@SouthJamaica wrote:Perhaps you should go for a credit union, non-rewards platinum card with no cash advance fee and no balance transfer fee.
Credit union: check
non rewards: check
no BT fee: check
2% isnt terrible right?
Have any suggestions?
To me, any balance transfer fee is terrible. But I guess 2% is as low as it gets.