I have a credit card with around ,000 worth of debt at an interest rate of 11%. I used this credit card to purchase 50% of a business as I wasn’t eligible for a small business loan since I’m acquiring a successful business instead of starting one from the ground up and have zero equity so this was my only option. Now that I’ve committed myself to this debt, I’m not struggling to make payments but would prefer to lower my interest rate to save thousands upon thousands of dollars. My current lender has a program for a 2.99% APR on the lifetime of all balance transfers which I’m trying to take advantage of. The only way for me to take advantage of this program is for me to apply and be approved for a new credit card, transfer my debt to that card, and then transfer it back to my current lender. Sounds complicated; is complicated; and I get denied every time which can’t be helping my credit score which was around 720 last I checked. I also have a line of credit through the same lender for 25,000 which is pretty much maxed out.
My question is where can I find a credit card that would be willing to accept my large balance transfer and approve me for the card. If that’s not possible, any other options?
You are going to have a really hard time finding another credit card that will give you that kind of limit right off the bat. Also, many cards have a 3% balance transfer fee, and those fees can add up. You need to up your income to pay for that. If you don’t want to sell the business, you need to take on a second job or sell something of value.
I like the website http://www.fivecentnickle.com for summaries of balance transfer options. Lately it seems like the Discover More card is getting the highest reviews among people who follow these deals.
I also had good luck with the Air Tran visa card, which is a branded card offered by Barclay’s bank. They offered a good balance transfer, and capped the transfer fee at about $100 or $150, which is reasonable if you are going to transfer a big amount.
The PenFed credit union is offering a 2.99% balance transfer with a 2.5% transfer fee that maxes out at $100 for the fee. This one looks promising if you can get it.