Credit Card Balance Transfer to Buy a Car
Author: shooter
Posted: Tue Nov 22, 2005 8:45 pm
Post subject: Credit Card Balance Transfer to Buy a Car
I've seen several different posts about buying cars with low-rate-for-life BT offers. It will be several years before I will be buying a car but I'd like to get myself into a position where I could do this. Sounds like I could save a lot on interest that way.
Anyway seeing as how it would take me several years to build up to a credit limit that would allow me to purchase a car, I'm thinking maybe I should get a card now that would offer the kind of credit limits that would make this possible. I'm a student and don't expect, or need, anything major right now but I haven't entered the realm of $20-30,000 CL's yet. Is it common to be able to get those kind of limits? I currently have a Citi dividend, Chase cash plus, and a National City card. Are any of those likely to offer the kind of CL/BT offers that would make a car purchase possible? Would I be better off going with an AMEX card? Should I even bother with this?
It seems like a good deal with the potential to save a lot of money and or get a lot of points/cash back, etc. So I thought I'd ask. Thanks guys.
Author: QikPass
Posted: Tue Nov 22, 2005 10:45 pm
Post subject: Credit Card Balance Transfer to Buy a Car
Call em and ask CSR what the maximum limits on your cards are.
Thats probly a good starting point. Even if its not that high, by the time your done with school they may offer to switch you over to another card with higher limits...as long as your been playing nice with them.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: fire3000
Posted: Wed Nov 23, 2005 1:12 pm
Post subject: Credit Card Balance Transfer to Buy a Car
If you are a student, you probably have only a few years of credit history and not much income. This makes students very unlikely to be approved for a high limit even if they have a perfect credit history and plenty of liquid assets (credit card aplications usually do not ask about your assets). In order to use a balance transfer offer to pay for a car you first have to obtain a car loan to payoff. My secret to high credit limits (over $250,000 total after 28 years) is to never be late with a payment, opening one or two new cards per year, having cards from many different issurers so that I get many BT offers, maintaining a steady full time employment, taking advantage of BT offers and always paying them off in a lump sum prior to the date the promotional rates end, always paying in full on cards that are not used for balance transfers, and asking for a limit increase at least once per year if not automatically granted.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Posted: Tue Nov 22, 2005 8:45 pm
Post subject: Credit Card Balance Transfer to Buy a Car
I've seen several different posts about buying cars with low-rate-for-life BT offers. It will be several years before I will be buying a car but I'd like to get myself into a position where I could do this. Sounds like I could save a lot on interest that way.
Anyway seeing as how it would take me several years to build up to a credit limit that would allow me to purchase a car, I'm thinking maybe I should get a card now that would offer the kind of credit limits that would make this possible. I'm a student and don't expect, or need, anything major right now but I haven't entered the realm of $20-30,000 CL's yet. Is it common to be able to get those kind of limits? I currently have a Citi dividend, Chase cash plus, and a National City card. Are any of those likely to offer the kind of CL/BT offers that would make a car purchase possible? Would I be better off going with an AMEX card? Should I even bother with this?
It seems like a good deal with the potential to save a lot of money and or get a lot of points/cash back, etc. So I thought I'd ask. Thanks guys.
Author: QikPass
Posted: Tue Nov 22, 2005 10:45 pm
Post subject: Credit Card Balance Transfer to Buy a Car
Call em and ask CSR what the maximum limits on your cards are.
Thats probly a good starting point. Even if its not that high, by the time your done with school they may offer to switch you over to another card with higher limits...as long as your been playing nice with them.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: fire3000
Posted: Wed Nov 23, 2005 1:12 pm
Post subject: Credit Card Balance Transfer to Buy a Car
If you are a student, you probably have only a few years of credit history and not much income. This makes students very unlikely to be approved for a high limit even if they have a perfect credit history and plenty of liquid assets (credit card aplications usually do not ask about your assets). In order to use a balance transfer offer to pay for a car you first have to obtain a car loan to payoff. My secret to high credit limits (over $250,000 total after 28 years) is to never be late with a payment, opening one or two new cards per year, having cards from many different issurers so that I get many BT offers, maintaining a steady full time employment, taking advantage of BT offers and always paying them off in a lump sum prior to the date the promotional rates end, always paying in full on cards that are not used for balance transfers, and asking for a limit increase at least once per year if not automatically granted.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
posted by CardRatings.com at 12:36 PM
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