I guess I’ve been leaving newer readers behind with all this talk about taking advantage of credit cards with 0% balance transfer offers. Sorry about that. Check out this old post:
Confused?
December 7, 2005 By 7 Comments
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I start reading this blog a few months ago and I alredy feel like half-pro. Thank you for doing great job!
If I want to get four new credit cards: 2 for 0% BT (Citi Platinum Select and Discover Miles), 2 for regular purchases (Citi Professional for restaurants and Chase Cash Plus for everything else), how should I apply for them? All at once? BT card(s) first since I want a higher limit? Would applying for two Citi cards at the same time be a bad thing?
Alex – You’re welcome, thanks for reading! I’m no pro, I just like this stuff alot. 🙂
Ryan – I would apply for them all on the same day, and make it a business day (Mon-Fri). The theory is that that way each individual card won’t know that you applied for the other ones since they will all be pulling the same credit report that won’t be updated to mention the other cards.
Your mix is good (2 Citi, 1 Discover, 1 Chase). However, if you max out both 0% BT be aware that your credit will drop (don’t plan on buying a house), and you might have trouble getting another credit card for 6 months. But with those 4 excellent cards, ya probably won’t need to 🙂
LOL
And here all this time I thought you were just maxing out all your credit cards! 🙂
Hazzard
Thanks Jonathan, and I second Alex’s comments. I’ve made an extra ~$75 in a month becasuse I started reading this blog (thanks to ING and HSBC). Looking forwards to earning more with the advise from this site!
Jonathan, do you know how long the 0% BT will affect a drop in credit score? Is it a permanent effect or temporary until the balance is payed off? Great blog btw!!
Mike – Each credit card app will hurt your score a bit, ~5pt per app, for 6 months.
The balance transfer will also hurt your score, depending on many factors including previous credit history, how much you are borrowing, and how much of your available credit you are using. The effect is only as long as the balance is showing on your credit report. So after you pay off your balance, about a month afterwards your score jumps back to pre-BT numbers (all other things equal). Hope that helps.