Transfer Trouble/Help Needed from Experts

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Transfer Trouble/Help Needed from Experts

Postby Gieser » Sun Mar 27, 2011 8:42 pm

So this is my first post as I am new to the forum. I will say up front I have gotten myself into a bit of a jam, but am working it out. It may help to know I have 3 credit cards:

1. Amex Hilton Honors (had this for 7 years) $30K Balance
2. Target Visa (had this for 8 years) $5K Balance
3. Capital One Platinum (had this for 10 years) $2,500 Balance

Last year I hit some heavy financial issues and just about maxed my cards. Now am paying them off, but I need to apply for another because I would like to transfer these balances for lower financing. I should be able to knock them off in 12-18 months. I realize I probably can't transfer all of it, but I need advice to what I can.

My problem is that they are all close to limits. My credit is like 730 or so, but I did not qualify for Discover More...I thought I would ask about what to try next. Any help would be greatly appreciated. Right now my next thought was either the Citi Platinum Select or the BankAmerica Cash Rewards.

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Postby jeffysdad » Mon Mar 28, 2011 8:10 am

Look into cards that don't offer rewards as they are likely to have lower APRs. Consider Chase Slate, which is intended for people who carry balances, at least for a little while.
American Express: Blue Cash Preferred (groceries, 6%; gas, department store, 3%); Gold Delta SkyMiles (Delta Air Lines, 2 miles/dollar, free checked bag).
US Bank: Cash+ (utilities, phone, internet, restaurant, 5%; drugstores, 2%).
FIA Card Services: Fidelity Amex (everything, 2%); Fidelity Visa (everything, 1.5%).
Chase: Freedom (rotating, 5%); Amazon (, 3%); PriorityClub (IHG hotels, 5 points/dollar); Sapphire (not in use).

*All cards are registered with PriorityClub IDine program for 8 points/dollar at participating restaurants.

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Postby sdfinch » Tue Mar 29, 2011 3:26 pm

Another option for you:
Amex - call CSR and tell them you need payment assistance. Let them know about your financial trouble last year and your still feeling the effects from it. The CSR will transfer to you to customer care team. Ask about the "Care Program"! It is a 12 month program that gives you a 0% rate for 6 months then a 9.99% for the next 6 months. They can also reduce your payment to 1% of your balance if needed. Get that program but pay heavy on it, especially that first 6 months with no interest. The account will be closed for 12 months, it does not show up on credit report or effect your credit. After 12 months the card is back to normal.

Target - has 6-12 month hardship program also. They will reduce the payment to 1% also.

Capitol One - You most likely have a 17.9%. No payment assistance unless you pay late. But you have a low balance.

Do not close any of the accounts. They all have good long account history!

I hope that helps out some.

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Mogul of Pineapples
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Postby Mogul of Pineapples » Mon Apr 11, 2011 2:08 pm

The Care Program was a good idea.

Whatever route you go you need to get those interest rates down, otherwise you will be paying these cards off forever. What are the credit limits you have on each of those?
Disclosure: I am a moderator/paid staff of this site, which does have advertising relationships with some credit cards that are discussed and linked to. Regardless, anything I say is my honest opinion.

Current Cards:
American Express: Blue Cash, Simply Cash Bank of America: WorldPoints Platinum Plus Chase: Amazon, British Airways, Cash Plus Rewards, Freedom, Ink Cash Citi: Thank You Premier, Dividend Platinum Select Discover: More
Primary Everyday Card: American Express Blue Cash
Primary Travel Card: Chase Sapphire Preferred

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