Pay Thomasville Credit Card Early With 0% Balance Transfer?

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creamer
 
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Pay Thomasville Credit Card Early With 0% Balance Transfer?

Postby creamer » Thu Jul 25, 2013 4:58 pm

I signed up for a credit card from Thomasville Furniture to finance a little over a $9,000 for a bedroom set. What I really like about their financing plan is you can choose the length of it. I chose a 48 month term and that involves a payment of ~$230 of fixed monthly payments.

Under the promotional financing the APR is only 7.99%. That is a lot lower than what my Bank of America card which led me to spring for the Thomasville credit card. Normally I am not one to go for in store financing but their T&Cs were fair and transparent. I am happy with my purchase and financing terms but am now thinking it might be better to do a balance transfer at 0%.

1) Will banks do a balance transfer at 0% for this much money? My credit score is good.
2) What is the longest credit card right now that gives 0%?


MemberSince99
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Postby MemberSince99 » Fri Jul 26, 2013 6:56 am

Banks as far as I know always charge you something (like 3%) to do a balance transfer. That still may pay off if you pay the balance while it's at 0%, but you have to take that into account. I don't know of any that do it free, though there could be some.

I think Citi CAN give you up to 18 months. That's the longest I've heard of. Again could be longer, I don't know, I don't carry balances to transfer so it's never something I've done and I know litttle about it (and I don't really want to find out).

creamer
 
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Joined: Wed Jul 24, 2013 2:38 pm
Location: USA

Postby creamer » Fri Jul 26, 2013 4:16 pm

First of all thank you for your insight! I am OK if there is a balance transfer fee since 3% will be cheaper than 7.99% annually as long as I get 0% for a long time to make it worthwhile. I will look into your suggestion.

I suppose my biggest hesitation is if I will be approved for a credit limit large enough to transfer my debt from Thomasville. It's been ages since I've applied for a new credit card from a bank. What kind of credit limits do you see on new accounts for those with good credit scores?

MemberSince99
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Postby MemberSince99 » Sat Jul 27, 2013 9:31 am

It sounds like Citi from all I've read would be a good choice for you, or Bank of America. They tend to give higher limits to people they like with good scores.

Do NOT and I'm dead serious, do NOT apply with Discover. They are stingy with limits anyway, and the better your credit the lower your limit as a rule of thumb. Normally they are just fine but since you are looking for a high limit and have good credit, do yourself a favor and don't go for this now.

Really hard to know exactly what any given lender will give someone. But those might be decent options and I'm not a huge fan of Citi but they do offer a long term 0% and do tend to give higher limits to those they approve from what I've read. And they like for you to carry a balance. Sounds like what you are looking for.



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