STOP Kawasaki credit card payment and move the debt?

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Nork
 
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STOP Kawasaki credit card payment and move the debt?

Postby Nork » Sat May 11, 2013 7:05 pm

I know someone who may or may not be myself that bought a motorcycle with the Kawasaki Good Times credit card. Used to be issued thru HSBC but Cap One bought them out or something.

Promotional interest rate was 5.95% but after that it is prime + 18.74 percent which is steep.

Because this is not a Visa or Mastercard do you think it would be possible to move the debt from the Kawasaki credit card to another card with a lower rate. Stop making the payments and be able to make them at a LOWER RATE somewhere else?

balance is ~$6300 and credit score average.


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Z06Biker
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Postby Z06Biker » Sun May 12, 2013 2:06 pm

Great question. I recently asked this of Yamaha Financing pertaining to my R1, which also issues a Yamaha-store-only card through HSBC, though now Capital One (which owns all of HSBC's credit card business).

You can, in fact, have a credit card of your choosing pay off the entire balance to Kawasaki via a balance transfer check. That way, you'll owe your credit card the remaining balance, but with whatever APR they are offering instead. Of course, this would mean your credit card becomes the lien holder.

Do you have a credit card with a large enough limit to cover $6.3K and with a sub-18.74% APR?
AMEX: PRG Gold, Business Simply Cash, Business Costco, BCE.
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Postby CCG » Sun May 12, 2013 8:13 pm

As Z06Biker explained, if you move your debt to another card, you will get to pay it down at whatever that card's APR is. If it's a lower rate than the credit card from Kawasaki that will save you money.

I would advise against randomly applying for 0% card offers because with average credit, chances are you will get denied for many of them. And you don't want to do that, because every time you apply for new credit there is a hard credit inquiry performed - having too many of those can hurt your score.

Instead I would recommend you try out this sponsored tool from CreditCards.com to check your pre-qualification for 0% offers. It will only do a soft credit pull (which doesn't hurt your score) to see which card offers you are matched for.

Being "prequalified" isn't a 100% guarantee of being approved, but it's pretty close since this tool is checking your credit in real time, right before you apply. Hopefully you will be matched for some longer 0% offers that you can move the debt to.

Good luck!

F1098
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Postby F1098 » Sun May 12, 2013 11:24 pm

+1

Additionally, would it be possible to secure a signature loan at a bank or credit union using the bike as collateral?
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FastSRT8
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Postby FastSRT8 » Mon May 13, 2013 12:04 am

Wow didn't even know this card exists
Carpe diem quam minimum credula postero!

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Z06Biker
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Postby Z06Biker » Mon May 13, 2013 12:09 pm

SRT, it's a "store/retail card" in that it's only good for purchases in a Kawasaki dealership, sort of like my Yamaha Financing card. Still reports as a revolver on your credit score, though, for better or worse.
AMEX: PRG Gold, Business Simply Cash, Business Costco, BCE.
Chase: United MileagePlus Club, Sapphire Preferred, Amazon Rewards
Barclaycard Arrival World Mastercard
HSBC Cash or Fly World Mastercard
USAA World Mastercard, USAA Platinum Mastercard
Wells Fargo Business Platinum
USC Credit Union Mastercard

Nork
 
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Postby Nork » Sun May 19, 2013 12:36 pm

Wow a lot of advice since I posted this a week ago! :D :D :D

I apologize for not being clear about it. The description of the Kawasaki credit card in post #6 is what I was asking about. It is for financing a bike, jet ski, atv at the dealer. Not entirely sure if it can be used to buy accessories and service but you can definitely use it for any new Kawasaki model.

the highest card limit I have is a Visa from Key bank that I have from before moving to CA. It has a $5500 limit. If I apply for a new card what are the chances of getting a limit high enough to cover the whole balance or can I move it to 2 diff cards, like $3300 on one and $3300 on the other.



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