0% intro APR and card consolidation

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Ncoflin
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0% intro APR and card consolidation

Postby Ncoflin » Mon Sep 28, 2015 3:33 am

I am moving into a new apartment soon and was looking for a card with a lengthy 0% apr period. The Chase Freedom was one of the cards that most caught my eye. I do however have a Chase Slate opened in 2011 in which I seldom use. I really just don't like the idea of having a bunch of credit cards to keep up with.

I understand that if I just did a product change from Slate to Freedom I wouldn't get the intro apr of 0% but is it possible to open the Freedom then ask to consolidate the Slate into my new Freedom upon being approved? Or would this also disqualify me for the intro APR offered with a new Freedom account?

For the record my Slate has zero balance.

(I've also looked into Citi double cash back and Simplicity for 0% intro apt cards but from my understanding it is more difficult to consolidate previous cards with Citi than it is with Chase).

Thanks

Nathan


takeshi
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Re: 0% intro APR and card consolidation

Postby takeshi » Mon Sep 28, 2015 10:49 am

Ncoflin wrote:I understand that if I just did a product change from Slate to Freedom I wouldn't get the intro apr of 0% but is it possible to open the Freedom then ask to consolidate the Slate into my new Freedom upon being approved?

Sure.

Ncoflin wrote:Or would this also disqualify me for the intro APR offered with a new Freedom account?

No, it's the product change the precludes you from getting the intro offer. Reallocating limits will not have an impact on the intro offer.

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Vattené
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Re: 0% intro APR and card consolidation

Postby Vattené » Mon Sep 28, 2015 3:22 pm

If intro APR is the only criterion that matters to you, then Bank of America has a "BankAmericard Credit Card" that offers 0% intro APR for 18 months.

That's the best I'm aware of, but it's just a plain unsecured card with no rewards. Do you have an idea of what you will need to spend because of this move and about how long you will need to comfortably pay off everything? The Freedom is a little shorter at 15 months, but it will earn you cash back on all of your spending. Are you in the habit of always paying your credit card bill in full each month? If (and only if) you normally pay in full, you should consider using a card with rewards. You can get cash back (or some other form of rewards) on money you'd be spending anyway; you'll get a lot of value out of it as long as you pay in full each month and don't let it alter your normal spending. Some options with long 0% intro APRs that also offer rewards are:
  • American Express EveryDay or Blue Cash Everyday: also offering 0% for 15 months
  • Discover it: 0% APR for 12 months
  • Bank of America Cash Rewards or Travel Rewards: 0% for 12 months
  • Capital One Quicksilver: 0% until June 2016 (only 7 months)

If you don't have an outstanding balance on any cards (you only mention the Slate, so that may be your only card), then you don't need to transfer a balance to a new card you open and you could only "consolidate" it with other accounts you open with Chase. If you went with the Freedom, you could move some of the limit over from Slate. Keeping the Slate open would be better for your credit score, but you can absolutely close it if it's not worth it to you to monitor for fraud.
-Vattené
FICO-8:
EX - 805 (12/16) | TU - 803 (12/16)
Primary Cards:
American Express EveryDay - $20,000 (10/14)
Discover it - $23,000 (2/14)
AU on Barclay Sallie Mae - $10,000 (8/15)
plus several store accounts of varying usefulness now

Ncoflin
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Re: 0% intro APR and card consolidation

Postby Ncoflin » Tue Sep 29, 2015 12:00 am

I think you are mistaken about the Bank of America card with 0% apr for 18 months. I do not see that as an option and perhaps terms have recently changed. I do see one from BOA for 0% apt for the first 18 billing cycles which if I am not mistaking if a few days less than a month and after 18 cycles that would equal out to about 15 months as well. Using the term "billing cycles" instead of months on Bank of America's part seems a bit confusing and misleading IMHO.

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Vattené
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Re: 0% intro APR and card consolidation

Postby Vattené » Tue Sep 29, 2015 4:39 pm

Just to make sure we are referring to the same thing:
https://www.bankofamerica.com/credit-ca ... it-card.go

I apologize, but I gave you bad information. I thought it was a 0% purchase APR, but now I see that is strictly a balance transfer APR, which you don't need. The 0% intro APR for the Cash Rewards card, by contrast, applies to both purchases and balance transfers. You don't want the "Bank Americard Credit Card" because they will start charging interest on purchases out of the gate. As far as I know, 15 months is as good as you'll be able to get right now.

And it does say "billing cycles," but effectively this is months. The statement cuts at the end of the billing cycle, and a new one starts the next day. You apply for the card, and after you get your first 18 statements they will start charging interest on balance transfers. The exact time frame of a billing cycle will vary by issuer, but you should get a statement per month. My Discover card, for example, always closes its billing cycle on the 19th of every month. I think it's more common to have a 30-day cycle, where the date of closing will vary just because the number of days in a month varies.

I'd guess they say "billing cycle" instead of "month" so people don't think they mean calendar months.
-Vattené
FICO-8:
EX - 805 (12/16) | TU - 803 (12/16)
Primary Cards:
American Express EveryDay - $20,000 (10/14)
Discover it - $23,000 (2/14)
AU on Barclay Sallie Mae - $10,000 (8/15)
plus several store accounts of varying usefulness now



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