Question by agentdenim: If I apply for two credit cards online near-simultaneously, am I likely to get both of them?
Business-minded folks with credit experience may know best what I’m trying to do. I currently have two credit cards, but both are hight-rate cards. One is paid off but the other is carrying a balance. I’d like to sign up for a new card to ride the balance from the other card at 0% for a promo period, but would like another card for the 0% apr promo on purchases. If I were to sign up for both at pretty much the same time (hit “submit” within mere seconds on the two application web pages) is it likely with otherwise excellent credit history that I could get both cards?
Alternate question:
If I just get the card with the promo on the balance transfer, will the balance transfer still ride at 0% if I make purchases? That card has an otherwise excellently-competitive interest rate for purchases. If I recall right, though, when I send in payments, I will be paying down the balance transfer, so purchases will end up accruing interest until the transfer is paid off, right? Thanks!
Best answer:
Answer by personal_finance_101
Maybe. It depends on your credit. And yes, payments go to the balance with the lowest interest rate first so you should never put new charges on a card that has a 0% deal. Have you called your credit card company and asked them to reduce your rate?
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If your credit is good enough, you’re likely to get both…credit reporting isn’t real-time (yet). It takes time for credit card companies to report your information to the bureaus. I work in the credit industry, and to prove this point, one guy applied for 100 cards in the same month, and was approved for them all! I have no idea what his credit report looked like after that, but he certainly proved his point.
On your second question, if you have a balance transfer offer at 0%, and then make purchases on the card…it’s a virtual certainty that your payments will be made against the balance transfer, and that the purchase balance will accrue interest. If they didn’t do it this way, they’d effectively be giving you much longer window to pay off your transfer, or a 0% rate on new purchases, which is pretty rare. The terms and conditions of the offer should show you how payments are applied, but I’d be certain you’d be paying down the 0% transfer first; then purchases.