Which is as it should be, from the banks' perspective. I guesstimate you'll get around $50K, on which you'll make $1-2K, before tax, which is basically the same as you'd get from a few generous SUBs. With your income and outstanding available limits, you should expect to receive lines between $15-25K, on as many cards as you'll be able to open before they shut you down for opening too many accounts in too short a period of time. Today, you are looking at 3-5% fees, and only 4-5% bank accounts, so you are not looking at a huge return, after tax and after taking into account that you have to pay the fee up front, but don't have use of the funds for the entire time, since you will need to make minimum monthly payments. Just don't get carried away, thinking you have come up with a brilliant, risk free way to make tons of money.īack in the day, this was more of a thing, when the offers came with no fees, and 5-6% bank accounts were the norm. If you keep your expectations in check you'll be fine. Increasing limits on your existing cards will, if anything, reduce what you receive, since it will increase your available credit relative to your income. Just like SUBs are limited by how much incentive a bank wants to give, your 0% APR credit limits will be determined no only by how much credit you can handle, but by how much 0% money a bank wants to allow you to have.Īll you can do is apply and take what they give you. The opposite side of what you what to do is that it costs the banks money, and they are keenly aware of it, so you are not going to be given tons of cheap money just because you have a high income and high credit score. But - would it be better to try to increase the limit on an existing card first? Or would that just waste an application? I just don't know the best way to proceed. I never tried to negotiate my cards higher because the limits are more than ample. Should I wait a certain amount of time after the HELOC credit pull or closing to apply for a balance transfer credit card?įWIW my income used to be ~40k until about 2.5 years ago.Īlso, I'm a little concerned that the limit I want is so much higher than any of the limits on the cards I have. The other issue is that last week I closed on a HELOC (they did the hard pull of my credit about 40 days ago). What's the purpose of your next card? Balance Transfer - not to pay off balances (I have none), but to convert to cashĭo you have any cards you've been looking at? Wells Fargo ReflectĪre you OK with category spending or do you want a general spending card? general I guess? or N/A CitiBank LL Bean Mastercard, September 2022, limit 7.8k.Bank of America Cash Rewards Plus Platinum Mastercard - 2004, limit 14k.that may be unreasonable, but just thought I'd be clear about the goal.Īny advice about how to move forward or resources about maxing balance transfers would be greatly appreciated. Is there any strategy to getting a high limit? I'd ideally like to get 25k+ per card. I've found a lot of info about maxing cc rewards but almost nothing about maxing balance transfers. Hi, I'm looking for the best approach to apply for balance transfer credit cards, with the goal of getting the most in cash as possible. No promotion of illegal, fraudulent, or nefarious activities No self-promotional content with prior mod approval. No referrals in posts, comments, or private messages. PIN, Signature).Ĭapital One Upgrade Link - Check PC eligibility for your existing card ![]() List of credit card company phone numbersĬredit Card Tuneup or CreditIntro to help you find the right cardĮMV CVM Database - Find a card's Cardholder Verification Method list (e.g. Template for Card Recommendation Requests Suggestions, Ideas, and Feedback - Post your suggestions hereĬreditKarma - Uses TransUnion and EquifaxĬreditSesame - May use Transunion or Experian depending on service Official User Flairs Thread - Learn how to customize your user flair
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