Applying for 2 Credit Cards - One Balance Transfer

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Applying for 2 Credit Cards - One Balance Transfer

Postby lnc1021 » Mon Mar 24, 2014 12:12 pm

Hi There,

I have a couple questions.

I have had an AMEX Blue card for about 7 years now. From the beginning until year 5 I paid it off every month. From Year 5 until my last statement I have kept a (steadily increasing) balance on it. I have finally been able to pay it off, but now I still get interest on the balance.

My first question is - I recently saw the AMEX EveryDay Card is going to be coming out soo, no annual fee, 0% APR for 15 months, and a better rewards program (for me). Would it be wise to apply for this card and transfer my small (under $200) balance to it? How would that affect my credit. If I do, should I keep my Blue card open and unused or close it? Will I have a similar credit limit?

My second question is - I would like to open a MC (I was thinking Barclaycard® Arrival™ World MasterCard) as an emergency card for when AMEX is not accepted. Is this a good card? Does anyone have experience with it?

Thank you!


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Postby MemberSince99 » Mon Mar 24, 2014 4:34 pm

Yep that's a good idea. The backdating will help your score and if you can use the rewards, that should be a good idea to do with the Amex.

And yes I have the Arrival card I like it a lot and it's also a great idea to have something other than Amex for places that don't take Amex (we have a lot of those around here).

Sounds like you have a very good plan. Please let us know if you app for the cards if you get approved.

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Postby takeshi » Tue Mar 25, 2014 8:55 am

lnc1021 wrote:How would that affect my credit.

Consider the usual factors. AAoA would change based on backdating. Utilization should improve with more available credit. You'll incur a hard pull. We can't tell you that you'll get or lose X points. Seems like it should be generally positive for you.

lnc1021 wrote:If I do, should I keep my Blue card open and unused or close it?

Your call to make. You haven't given us enough info to attempt to make a recommendation. Do you no longer have any need for it? How concerned are you about fraud? Are you able to monitor it even if you don't use it? With the way closed accounts continue to report and with AmEx backdating you won't really see an impact on AAoA from closing. You will, however, immediately impact utilization by closing it unless you can transfer the available credit. Again, consider the usual factors that play into credit scoring.

lnc1021 wrote:Will I have a similar credit limit?

Impossible to say. Having X limit with a creditor doesn't mean that your next card with the same creditor will necessarily have the same or similar limit. My first recent AmEx had a $12.5K starting limit and went to $25K. The next one only start with $6.9K and just recently went to $20K.

At the time I got the $12.5K AmEx Chase gave me two $25K cards so it depends on the creditor and their critieria as well.

lnc1021 wrote:Is this a good card?

Good is highly subjective regardless of topic. You need to tell us what you're looking for if you want that question answered. It is of no perceivable benefit to me but YMMV. Why are you considering it?

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