Advice on Which Card to Pick for No Interest Balance Transfer?

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VictorSuede
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Advice on Which Card to Pick for No Interest Balance Transfer?

Postby VictorSuede » Sat Mar 29, 2014 8:29 pm

Hello,

I'm looking to apply for a no-interest card to transfer the balance off my Discover IT card onto. The IT's no-interest period will end in May and I unfortunately ended up needing to put some unexpected emergency expenses on it, so I'd like to get the balance down before the interest starts to accrue.

According to Discover, my current FICO score is 718.
Discover also gave me my second auto-CLI, this one for $1000, in late February, just short of my 1 year anniversary with them. That came as a bit of a surprise.

I don't intend to use this new card for anything but holding a balance. I'd like to get no interest for at least 12 months.

What cards would be good options, and how much credit should I expect to be approved for?

Thanks!
Victor Suede

My Cards
  • Discover IT (1% Everything; 5% Rotating): $15.7k (Credit Limit Increase: 3/15)
  • American Express Premier Rewards Gold (1 Point per Dollar Everything; 3 Points per Dollar Travel; 2 Points per Dollar Gas and Groceries): NPSL (7/13; Credit Limit Adjustment 8/14)
  • Chase Slate: $500 (4/14)
  • Barclaycard MasterCard (1 Point per Dollar Everything; 2 Points per Dollar Gas, Groceries, Utilities): $2.9k (8/14; Credit Limit Increase 4/15)
  • Citi Simplicity MasterCard: $1.5k (4/15)

Total CL: $20.6k


daniel2304
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Postby daniel2304 » Sat Mar 29, 2014 9:00 pm

Chase Slate is popular for balance transfer with lower fee and 15 month of free interest. Getting approved is not guaranteed for any card, but I guess your last card was from last year so you're good to go.
All my posts are my opinions. All my posts mentioned "you" are merely for discussion-purpose only. No advice is given in any post at any time. It is also impossible for me to put effort to verify every statement that anyone has given.

haikuginger
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Postby haikuginger » Sat Mar 29, 2014 9:52 pm

I agree with Daniel; the Slate is a good bet. I believe that one of the parts of its intro offer is a no-fee balance transfer. Depending on the size of the balance you need to transfer, that could save you a couple hundred dollars. The typical rate is a 3% fee.

thom02099
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Postby thom02099 » Sat Mar 29, 2014 10:23 pm

You didn't indicate how much you want/need to carry on said no interest card; it could make a difference in responses.

In addition to the Chase Slate card, the Chase Freedom offers 15 months no interest for BT.

Then there's the Citi Diamond Preferred Card and the Citi Simplicity Card that can make offers of up to 18 months interest free. The Citi Dividend Platinum Select is only 12 months. The Citi Thank You Preferred is 15 months.

From AMEX, the Blue Cash Everyday, Blue Cash Preferred and the Blue Sky all offer no interest for 15 months on BT.

Barclaycard Rewards MasterCard joins the fray with the 18 months no interest on BTs; their Arrival World MasterCard is only 12 months interest free BT.

As you can see, there's a lot of options. Getting them, however, is a different matter. Again, it depends on how much you need to put on the card and what you think/expect to get in the way of a CL on said card.
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EQ = 846 EX=828 TU = 836 as of 02/2016

MemberSince99
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Postby MemberSince99 » Sat Mar 29, 2014 10:48 pm

Personally I don't recommend carrying a balance long term on an Amex, even if you can do it, because all the evidence seems to suggest they don't like that, where there are other options like these guys mentioned where the lenders don't mind or even like it. You're better off to use those options for a transfer and carrying a balance.

VictorSuede
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Postby VictorSuede » Sun Mar 30, 2014 4:03 pm

Thanks for the replies, everyone.

I was a bit hesitant to go with Chase if only because of some less than optimal experiences I've had with the non-credit card portions of their operations, but I will if it's genuinely the best option: I'm looking for the lowest APR/longest no-interest period possible, and don't really care about rewards programs. I'm not planning to actually use this card for anything except to hold a balance.

thom02099 wrote:You didn't indicate how much you want/need to carry on said no interest card; it could make a difference in responses.

In addition to the Chase Slate card, the Chase Freedom offers 15 months no interest for BT.


I'm hoping for at least $5000, and if I'm really lucky, up to $8000. I realize that's a lot, but I'm being a bit optimistic since Discover was the first credit card I'd ever gotten, and the first non-student loan thing on my credit report that is actually in my name and not a relic of when I was an authorized user of one of my parents' credit cards 12 years ago, and they started me out with $7600. I also had a 761 credit score then, compared to what I have now, so I realize I'm in a tougher spot...

That said, anything would be helpful, so I suppose I'm hoping for "as much as possible."

... Discover has been incredibly good to me so far. I couldn't believe it when I got the second auto-CLI in Feb 2014.

Then there's the Citi Diamond Preferred Card and the Citi Simplicity Card that can make offers of up to 18 months interest free. The Citi Dividend Platinum Select is only 12 months. The Citi Thank You Preferred is 15 months.


Why would I want one of these over the other, or over the Slate? Or one of the BarclayCards, for that matter?

As you can see, there's a lot of options. Getting them, however, is a different matter. Again, it depends on how much you need to put on the card and what you think/expect to get in the way of a CL on said card.


Yeah. Thanks again for all your help and advice. ;)
Victor Suede

My Cards
  • Discover IT (1% Everything; 5% Rotating): $15.7k (Credit Limit Increase: 3/15)
  • American Express Premier Rewards Gold (1 Point per Dollar Everything; 3 Points per Dollar Travel; 2 Points per Dollar Gas and Groceries): NPSL (7/13; Credit Limit Adjustment 8/14)
  • Chase Slate: $500 (4/14)
  • Barclaycard MasterCard (1 Point per Dollar Everything; 2 Points per Dollar Gas, Groceries, Utilities): $2.9k (8/14; Credit Limit Increase 4/15)
  • Citi Simplicity MasterCard: $1.5k (4/15)

Total CL: $20.6k

thom02099
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Postby thom02099 » Sun Mar 30, 2014 4:52 pm

VictorSuede wrote:Thanks for the replies, everyone.

I was a bit hesitant to go with Chase if only because of some less than optimal experiences I've had with the non-credit card portions of their operations, but I will if it's genuinely the best option: I'm looking for the lowest APR/longest no-interest period possible, and don't really care about rewards programs. I'm not planning to actually use this card for anything except to hold a balance.



I'm hoping for at least $5000, and if I'm really lucky, up to $8000. I realize that's a lot, but I'm being a bit optimistic since Discover was the first credit card I'd ever gotten, and the first non-student loan thing on my credit report that is actually in my name and not a relic of when I was an authorized user of one of my parents' credit cards 12 years ago, and they started me out with $7600. I also had a 761 credit score then, compared to what I have now, so I realize I'm in a tougher spot...

That said, anything would be helpful, so I suppose I'm hoping for "as much as possible."

... Discover has been incredibly good to me so far. I couldn't believe it when I got the second auto-CLI in Feb 2014.



[color="red"]Why would I want one of these over the other, or over the Slate? Or one of the BarclayCards, for that matter?
[/color]


Yeah. Thanks again for all your help and advice. ;)


Citi can be very generous with both their initial CL and their CLI; in some cases more so than some other lenders. If you were still in the 760s, I'd think it would be fairly easy to get any of the Citi cards.

While for the most part I would agree with Member about AMEX, I do see them changing their philosophy about carrying a balance; hence offering 2 new revolving credit cards. However, I think it's the AMOUNT one carries that makes a difference to AMEX and to that end, doing a BT to an AMEX card AND carrying it for an extended period of time would probably not be the best way to proceed.

Travis may offer a differing opinion, if he sees this post ! ;-)
Retired, and in the process of retiring cards!
EQ = 846 EX=828 TU = 836 as of 02/2016

VictorSuede
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Postby VictorSuede » Tue Apr 01, 2014 5:51 pm

Thanks, again.

I think I'm going to go with the City Simplicity card.

These are apparently VISA cards now. Didn't they used to be MasterCards? All the reviews seem to suggest they were.

Any idea how much CL I could reasonably expect?
Victor Suede

My Cards
  • Discover IT (1% Everything; 5% Rotating): $15.7k (Credit Limit Increase: 3/15)
  • American Express Premier Rewards Gold (1 Point per Dollar Everything; 3 Points per Dollar Travel; 2 Points per Dollar Gas and Groceries): NPSL (7/13; Credit Limit Adjustment 8/14)
  • Chase Slate: $500 (4/14)
  • Barclaycard MasterCard (1 Point per Dollar Everything; 2 Points per Dollar Gas, Groceries, Utilities): $2.9k (8/14; Credit Limit Increase 4/15)
  • Citi Simplicity MasterCard: $1.5k (4/15)

Total CL: $20.6k

thom02099
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Postby thom02099 » Tue Apr 01, 2014 6:30 pm

VictorSuede wrote:Thanks, again.

I think I'm going to go with the City Simplicity card.

These are apparently VISA cards now. Didn't they used to be MasterCards? All the reviews seem to suggest they were.

Any idea how much CL I could reasonably expect?


Depends on what Citi starts you out at. I started my Diamond Preferred at ~$3000 when I got it ($3200 IIRC), and now a few years later I'm up to $13.8. I've been rather judicious in my requests with them, but again if I recall correctly, I went from $3200 to $5K, to $10K and then to the current $13.8K. That was a counter offer they made, I'd requested going from $10K to $15K; they countered, I took it. Better than half way between!
Retired, and in the process of retiring cards!
EQ = 846 EX=828 TU = 836 as of 02/2016

VictorSuede
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Postby VictorSuede » Tue Apr 01, 2014 6:34 pm

Well.

I just tried to apply for the Simplicity and was denied. That was a bit surprising. I realize my utilization is (too) high, but I'd have thought they would be a bit less harsh on that since this is a balance transfer card, presumably sought out by those who have high utilization and are trying to lower it.

Oh a whim, I applied for a Chase Slate and was approved. My credit limit is $500. My next lowest CL is the $3000 on my AMEX.

I'm not even sure it's worth activating the thing. My gut was telling me to stay away from Chase...
Victor Suede

My Cards
  • Discover IT (1% Everything; 5% Rotating): $15.7k (Credit Limit Increase: 3/15)
  • American Express Premier Rewards Gold (1 Point per Dollar Everything; 3 Points per Dollar Travel; 2 Points per Dollar Gas and Groceries): NPSL (7/13; Credit Limit Adjustment 8/14)
  • Chase Slate: $500 (4/14)
  • Barclaycard MasterCard (1 Point per Dollar Everything; 2 Points per Dollar Gas, Groceries, Utilities): $2.9k (8/14; Credit Limit Increase 4/15)
  • Citi Simplicity MasterCard: $1.5k (4/15)

Total CL: $20.6k



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