Cards with 0% APR Balance Transfers/Purchases, $0 Fees offers [Consolidated]
Jun 2, 2015, 1:21 pm
#76
Join Date: Oct 2005
Location: SF
Programs: UA, VX, QF, EY, VA
Posts: 756
CUs generally have no transfer fee, but they don't do 0% periods. My CU Visa is a fixed 7.25% card though, so depending on how fast you pay down a balance, 7.25% amortized could beat out 3% up front.
Other than that, only Chase Slate has the 0% fee AFAIK.
Other than that, only Chase Slate has the 0% fee AFAIK.
Jun 2, 2015, 2:11 pm
#78
Join Date: Nov 2014
Location: NYC
Posts: 581
http://www.alliantcreditunion.org/visa/
Jun 2, 2015, 4:39 pm
#79
Join Date: Oct 2005
Location: SF
Programs: UA, VX, QF, EY, VA
Posts: 756
Not sure about the FICO requirement, but Alliant seems to have products that do the trick:
http://www.alliantcreditunion.org/visa/
http://www.alliantcreditunion.org/visa/
Jun 3, 2015, 6:45 am
#80
Join Date: Nov 2014
Location: NYC
Posts: 581
I checked the data base at Credit Boards. $500 seems to be the norm for approvals with an EQ FICO of 620 or lower. They've gone as high as $1,500. The OP's friend needs $12K.
My guess is that the OP's friend's FICO scores are hurt by very high utilization. If this is true, then paying down half of the balance, and then waiting for the existing cards to report, will boost the FICO scores. Then there's a shot at getting a $6+K card.
Getting that money won't be easy, or this thread would not exist. Borrowing money from friends and family is usually a horrible idea. The best way to get several thousand paid off may be to sell things of value. It may also be time to temporarily eliminate all social activity, if this hasn't already been done. A second job may be inorder as well.
Best of luck to the OP's friend. This won't be easy, but it's doable.
My guess is that the OP's friend's FICO scores are hurt by very high utilization. If this is true, then paying down half of the balance, and then waiting for the existing cards to report, will boost the FICO scores. Then there's a shot at getting a $6+K card.
Getting that money won't be easy, or this thread would not exist. Borrowing money from friends and family is usually a horrible idea. The best way to get several thousand paid off may be to sell things of value. It may also be time to temporarily eliminate all social activity, if this hasn't already been done. A second job may be inorder as well.
Best of luck to the OP's friend. This won't be easy, but it's doable.
Jun 3, 2015, 12:50 pm
#82
Join Date: Jan 2013
Posts: 153
It is rare for there only to be one card out there from the major issuers to have a significant feature (like Slate's $0 balance transfer fee). I am surprised that the other banks have not tried to be competitive with Chase's balance transfer card (and if having such a feature would be so unprofitable to make it not worth it to compete, I am surprised Chase sticks with it.
Jun 23, 2015, 9:32 pm
#83
Join Date: Jun 2014
Posts: 12
0% Intro with sign-up bonus?
Hi All,
Wondering if someone could point me in the direction of a good 0% intro APR card (12+months) with a sign up bonus? Changing jobs and bought a new home, so just looking to put off furniture expenses a few months.
Thanks
Wondering if someone could point me in the direction of a good 0% intro APR card (12+months) with a sign up bonus? Changing jobs and bought a new home, so just looking to put off furniture expenses a few months.
Thanks
Jun 24, 2015, 7:53 am
#86
Join Date: Feb 2006
Programs: HH Gold (again), US/UA/DL non-elite, ZE Presidents Circle, WN reluctant no fee convert.
Posts: 1,449
I agree you will find some as they are out there. One thing that you will see is some card with an 0% APR might only apply to balance transfers and not purchases. The opposite is true for others, as well.
You probably want a 0% APR card that covers both categories. Go to the terms and read CAREFULLY for the applicable conditions. Plan A could become a stress, so Plan B, also.
Your best bet is a card like Slate with no sign up bonus but a lot of room to maneuver with the 0% APR on BOTH types of transactions. And, if you are really looking forward to a signup bonus, find another one in the rewards category you desire and go for that one, too. Not sure the rewards card ought to be a Chase though. Someone else might answer that one. Remember a rewards card WILL require a minimum spend. That adds to your budget.
Make sure your credit score can handle two hard pulls. And, if you do go for two cards, have a plan to pay off and DO NOT open anything else for at least another 6 months. Stick with a enduring payoff plan, period.
A new home and a new job are mentioned. One unexpected expense could send over the cliff. Tread carefully, please. Best wishes.
You probably want a 0% APR card that covers both categories. Go to the terms and read CAREFULLY for the applicable conditions. Plan A could become a stress, so Plan B, also.
Your best bet is a card like Slate with no sign up bonus but a lot of room to maneuver with the 0% APR on BOTH types of transactions. And, if you are really looking forward to a signup bonus, find another one in the rewards category you desire and go for that one, too. Not sure the rewards card ought to be a Chase though. Someone else might answer that one. Remember a rewards card WILL require a minimum spend. That adds to your budget.
Make sure your credit score can handle two hard pulls. And, if you do go for two cards, have a plan to pay off and DO NOT open anything else for at least another 6 months. Stick with a enduring payoff plan, period.
A new home and a new job are mentioned. One unexpected expense could send over the cliff. Tread carefully, please. Best wishes.
Sep 26, 2015, 10:16 am
#88
FlyerTalk Evangelist
Join Date: Nov 2002
Location: Freeload Univ. Where are you sitting?
Posts: 14,818
Question re: ZBT (0% Balance Transfer)
Not sure if this is the right forum, but anyhow ...
A ZBT (Zero Balance Transfer) is often offered by a number of credit cards. You transfer a sum of money and, though you are probably charged a fee (usually around 5%), you don't pay any interest as long as you pay off the balance by the end of the period (usually around 6-9 months; some can go as long as a year). So ...
Suppose I do a ZBT for $12,000. They charge me 5% ($600) and I pay the rest off over a year. Since they interest rate on these cards is often in the 15-20% range, I can save a considerable sum of money.
However, I've been told that if I don't pay the balance off in full by the end of the grace period, I will be charged interest on the entire original balance. Is this true? I've done ZBT's before and always paid off the whole thing. I have some expensive home repairs coming up and I've been looking into this (contractor doesn't take credit cards). Knowing myself, there's a chance that some month I might forget or remember a couple of days late. What's my exposure on this?
A ZBT (Zero Balance Transfer) is often offered by a number of credit cards. You transfer a sum of money and, though you are probably charged a fee (usually around 5%), you don't pay any interest as long as you pay off the balance by the end of the period (usually around 6-9 months; some can go as long as a year). So ...
Suppose I do a ZBT for $12,000. They charge me 5% ($600) and I pay the rest off over a year. Since they interest rate on these cards is often in the 15-20% range, I can save a considerable sum of money.
However, I've been told that if I don't pay the balance off in full by the end of the grace period, I will be charged interest on the entire original balance. Is this true? I've done ZBT's before and always paid off the whole thing. I have some expensive home repairs coming up and I've been looking into this (contractor doesn't take credit cards). Knowing myself, there's a chance that some month I might forget or remember a couple of days late. What's my exposure on this?
Sep 26, 2015, 1:15 pm
#89
FlyerTalk Evangelist
Join Date: Jan 2014
Location: San Diego, CA
Programs: GE, Marriott Platinum
Posts: 15,507
I'm confused about one thing--if the contractor doesn't take cards, how do you propose doing a balance transfer? There's not going to be any funds to transfer since balance transfers generally transfer money from other cards to the current one, no?
But yeah, the interest tends to be retroactive if you don't pay 100% of it off by the end of the zero interest period.
But yeah, the interest tends to be retroactive if you don't pay 100% of it off by the end of the zero interest period.
Sep 26, 2015, 2:01 pm
#90
Join Date: Aug 2010
Location: CLT
Programs: AA, UA, BA, Hilton Diamond, Marriott Gold, IHG Platinum
Posts: 2,074
ZBT seems like a misnomer. The balance isn't zero; the interest is.
Anyway, it depends on the terms of the offer. The "gotcha" situation you're asking about is very common on offers from retailer (no interest till 2017!) offers. In many of those cases, the interest rate isn't really 0%. In reality, the interest is deferred until the end of the promotional period, and if the item is not paid off at that point, all of the deferred interest is added to the balance.
Generally speaking, if you're asking about using a balance transfer convenience check from a credit card, the interest rate truly is 0% (or whatever the offer is) - there is no deferred interest that will be charged if you don't pay off in time. But of course, check the terms of the offer(s) you wish to use.
You also asked about your exposure if you miss or are late on a payment. Again, check with your offer, but that could put you on a penalty interest rate, which would end your fun abruptly. I would set a monthly bill pay from my checking account for the minimum to be on the safe side with this type of play.
Also, you should be able to get a better fee than 5%. I regularly get 3% or 4% fee with 0% interest for 9-15 months offers in the mail. There are even some 1% or 2% that come from time to time.
Convenience checks.
Anyway, it depends on the terms of the offer. The "gotcha" situation you're asking about is very common on offers from retailer (no interest till 2017!) offers. In many of those cases, the interest rate isn't really 0%. In reality, the interest is deferred until the end of the promotional period, and if the item is not paid off at that point, all of the deferred interest is added to the balance.
Generally speaking, if you're asking about using a balance transfer convenience check from a credit card, the interest rate truly is 0% (or whatever the offer is) - there is no deferred interest that will be charged if you don't pay off in time. But of course, check the terms of the offer(s) you wish to use.
You also asked about your exposure if you miss or are late on a payment. Again, check with your offer, but that could put you on a penalty interest rate, which would end your fun abruptly. I would set a monthly bill pay from my checking account for the minimum to be on the safe side with this type of play.
Also, you should be able to get a better fee than 5%. I regularly get 3% or 4% fee with 0% interest for 9-15 months offers in the mail. There are even some 1% or 2% that come from time to time.
Convenience checks.