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Need a new credit card: balance transfer secret?

S

SoftwareEng

Senior member
Hi guys and ladies, I need some financial advice, please.

I need to get a new credit card for a balance transfer (say, $5,000), so I'd like as large a Credit Limit as possible. Question is, should I tell them WHY I'm wanting to get a new card? (thinking about calling rather than applying online). Meaning, am I more likely to get the largest possible CC limit if I mention wanting to transfer the balance to it, or if I say nothing about it?

Thanks so much!
 
There are certain cards that basically advertise for cheap balance transfer offers. If you google "Balance Transfer Credit Cards" you'll find a list of recommended ones.
 
They don't really care why you want the card. They typically give you the largest limit they're allowed to based on your credit report. When you call, just ask for the largest limit they can give you (if for some reason they don't do that right off)

Most companies charge 3% up front for a balance transfer. Make sure it's worth it for you to pay the 3%. Or, look for one with a reduced fee, but I'm pretty sure 3% is standard.
 
I tried to do a 0% BT fee once. Pwned myself because I didn't realize it was the same company at the time. So they approved the card but denied the BT. Sucked... to avoid paying interest I threw down like $7500 on one payment.

I've yet to get charged a single cent of CC interest to this day.
 
Keep an eye out for free balance transfer + 0%APR for 12 mos. I did this with the Chase Slate to pay off my college credit card after graduation.
 
I'm a fan of AMEX Blue....just becasue of their buyer protection and customer service.

They used to send me blank transfer checks every now and then...to do a balance transfer, you just filled out the check and send it to the company of the card you want to pay off.

I never used it, but it seemed like it could be an easy process.
 
JM Aggie08 said:
Keep an eye out for free balance transfer + 0%APR for 12 mos. I did this with the Chase Slate to pay off my college credit card after graduation.
Click to expand...

I got a Chase Slate too. Its basically just useful for balance transfers and nothing else. They gave me 30 days no balance transfer fees with 18 months no interest. Limit wasn't too high though.
 
AznAnarchy99 said:
I got a Chase Slate too. Its basically just useful for balance transfers and nothing else. They gave me 30 days no balance transfer fees with 18 months no interest. Limit wasn't too high though.
Click to expand...

Exactly. I think they gave me like $1500, which was more than enough for what I had. Paid it off in full 2 months later with my tax return. It hasn't been touched since.
 
Over the years I found Citi to be the best.

they have 12-18 month offers, no annual fee and 3% transfer fee

Tough to get much better than that.
 
chase always sends me offers in the mail for free balance transfers. i just always threw them away because i always assumed those credit card things would always come back to get you in the long run anyways
 
funlol said:
chase always sends me offers in the mail for free balance transfers. i just always threw them away because i always assumed those credit card things would always come back to get you in the long run anyways
Click to expand...

A few years ago, I consolidated my cards over to Chase. They were offering me 4% permanent interest on all balance transfers. I later received a letter from Chase telling me that I either have to let them increase my interest rate to 10%, or they would increase the minimum payment by 300%. I told them I'll keep the 4%.

I paid that card off & will never use Chase again.
 
SandEagle said:
another vote for Chase Slate. I got them over the summer. 0% interest for 18 months and NO balance transfer fee.

https://creditcards.chase.com/credit-cards/slate.aspx
Click to expand...

WTF a useful post from SE? What is the world coming to?

I second/third/fourth this recommendation, how can you argue with borrowing money for free for 1.5 years? There are dozens of 0% offers however most of them get you with the fine print (3-5% BT fee), but the Chase slate has 0% with no BT fee.

Doooooooo it.
 
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