MOAR Money – Moving Credit Allotments
MOAR Money – Moving Credit Allotments
From time to time, I will share a trick to reduce cost or to make MOAR (more and roar) gay money! Normally with these techniques your millage may vary and sometimes geographical differences may occur with related store policies/management. It is always advised to start small with a trial run before scaling.
Ever apply for a card and get approved for a pathetic amount while another card at that issuer has thousands of available unused credit? I have. Don’t fear there is a solution. When opening cards for perks like 0% for a time period or wanting to close another credit line, you may call an have the credit allotment transferred.
Suppose you have a 0% for 12 months card from Chase and they approve you for a pittance amount 1K. However, you have another Chase credit card with a 25K credit allotment and no balance. With a friendly phone call you may transfer 24K of the 25K to the new card allowing a greater benefit to the 0%.
Suppose a year ago you signed up for a Citi card with a fee that gave you a signup bonus. The fee is coming due and you are going to ditch the card. Call Citi and they might waive the fee or give you points to stay. However, if you are not happy with the offer transfer the credit allotment to a no-fee card and close the fee card. This help protect your credit score by keeping low credit usage percentages.
Rarely does it make sense to throw a portion of your available credit allotment away. Keeping a strong credit score will let you apply for the best credit offers. The credit offers may save/make you thousands of dollars compared to someone with poor credit. Further keeping the available credit allotment alive allows you to take better advantage of the next 0% credit offer.
What other situations would you use the credit allotment transfer in? Tell me about it.
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