I'm personally a huge fan of Chase. I've gotten fairly large limits on 3 cards from them and each one has a higher limit than the last. The customer service is great on their higher tier products and from my experience, getting additional offers has not been a problem. The sign up bonus are high enough to pay for flights right off the bat if you are an out of state investor.
Some companies do report to personal, so make sure you don't grab one of them if that is the end goal.
Within the last 18 months, I completed a 0 interest and 0 (or close to it) fee transfer on a new account with commerce bank.
Originally posted by John Chapman:
Jon Holdman, Flying Phoenix LLC
Balance Transfer Credit Cards Question
I've recently been using some of those "0% Balance Transfer" cards to help fund my deals. They have a 0% introductory rate for 12 months or so, and you pay 3 points up front. That's incredible compared to hard money. Anyway, I have one of my rehabs finished and it's under contract to sell and will be closing soon. I will use the Air Max Tavas White On Feet
I'm presently torn between maxing out 2 ccs to spend 500 for 0 interest and to apply the funds to mortgages with the goal of paying them off or shuffling around the debt in a year or two.
Chase Slate has been kicking my door down trying to get myself spouse set up with their cards. 0% interest, 0 fees on a balance transfer at the time of account opening. I only got a 5k line boo, but 0 interest is always nice when combined with no fees.
As has been said, the upfront fees on credit card cash advances are killers these days. That was not always that way. Ten plus years ago I funded many a house on credit card cash advances. Then I was able to get cash advances, depending on the card, of $5,000 to $15,000 for something like the lesser of either 3% or $50. So only $50 for a typical $10,000 cash advance, which would be 1/2 point. Now I believe the terms are something like the greater of either 3% or $25. So $300, 3 points, for a typical $10,000 cash advance.
PNC also had an offer similar to the commerce one.
I was thinking about this same strategy before actually I did it. I had some of those checks they send that said "must be deposited before xx date". I called the CC company and asked them if they could resend them, they said over the phone that they didn't have that ability. Lo and behold, I now get them at least every other month. So just call and ask for more, they will show up. I am right now refinancing a multi family that I bought and rehabbed using those CC funds at 3% up front, pulling my credit advance back out from the rehab, increased my equity by 80k and now my CoC returns Womens Nike Air Max 2015 Black
I always make it a point once a year to call my cc companies and ask for a credit line increase even if it's a just a few grand. Over the years it really boosts your access to credit and, ironically, your credit score as your revolving line % goes down.
are up to 30+%. I will be doing this over and over again. It only took me 4 months to rehab and stabilize then refi and cash out my rehab costs plus a little bit more (if I choose) and have a nicely cash flowing property. Oh and I now have a ton of points/miles, I may take a vacation later this year :)
The trick is to get enough of the cards open both in you and your spouse's name. Once there's a certain number you will always have a certain number of offers outstanding if you want to roll one over. It's really hard to predict when a card is going to give you offers, but I've noticed over the years that the quality and quantity of the offers diminishes as you leverage up more and more.
One other trick/tip is that business cards do not show up on your personal credit card. The result is that you can take one out and max it out on a good deal without it hitting your credit report. And you do not need an entity to take one out. It can just be "Joe Smith, Sole Proprietor" or something.
proceeds to pay off the cards before the introductory period ends (which is soon). Here's my question. Basically, 3 points up front, but paying 0% interest monthly. That's a pretty sweet deal. I currently have 3 of these at $10,000 each. But the 0% introductory period is about to expire. So you're saying that they will likely send me some more balance transfer checks with the same terms (3 points, 0% interest for a certain period of time)?Yep, very likely. No guarantees, because I don't know how they decide to do them. I have a statement from one card that came yesterday that includes Nike Air Max Thea Rose Gold Price
The tradeoff is hitting your credit score with maxed out CCs in exchange for free money. If you don't plan on needing a mortgage in the timeframe, it's a decent play.
some checks. This particular one is at 0.99% until 5/1/15 for three points. Mail from existing cards that says "important information about your account" on the outside is almost always checks. The terms vary. That offer above has a very long term compared to most of these offers 18 months. So maybe that's why it comes with that 1% rate.
If you cancel after the intro period, I'm pretty sure they won't let you reapply right away, but Nike Air Max Thea Atomic Pink there's really no need to as there are so many offers out there. Keep the card open as you will almost certainly get another offer at some point.
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The biggest thing to do is always make sure you never miss a payment. I use autopay but even then I had Citi screw me once. I had set it up for autopay, but they did not have it kick in. Their fault and they admitted it. They let me keep the rate but cut my line. It was really scummy. The lesson I learned is keeping making those payments until you see an autopay actually hit. Yes, you might make two payments in one month, but it's better than missing a payment, even if its their fault.
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