A personal finance application cycle

Last night I applied for two new credit cards which have nothing to do with miles and points. It was a strictly personal finance application cycle.

Citi Double Cash

When the Citi Double Cash was first launched, I explained why I wanted to sign up for the card: with its 2% cash back earning rate and 15-month introductory 0% APR on purchases, Citi is extending a fairly long-term negative-interest-rate loan. In life, when people offer you negative-interest-rate loans, you take them (present European finance ministries notwithstanding).

Before applying, I took the advice of my Twitter followers and lowered the only substantial credit line I had with Citi, a $13,700 credit limit on my Dividend Platinum Select card, to $3,000.

My online application for the Double Cash was immediately approved with a $5,200 credit limit.

Chase Slate

The Chase Slate and Citi Double Cash cards are two great tastes that taste great together: for the first 60 days of a Slate account membership, you can transfer up to $15,000 in balances with no balance transfer fee. Those balances are then interest-free for 15 months.

What this means is that I should be able to turn my $5,200 Citi Double Cash credit limit into a $20,200, 15-month negative-interest-rate loan by repeatedly manufacturing $5,200 in spend and then requesting balance transfers (in the first 60 days) from my Citi Double Cash to my Chase Slate.

Since I have over $25,000 in combined Chase credit lines, I didn't bother adjusting them before applying, knowing that if necessary I could reallocate my credit lines in order to have my Slate application approved.

That wasn't ultimately necessary. My online application was not immediately approved, and I was given an application reference number and phone number to call (877-260-0087). When I called last night, I was told Chase's "systems were not available." But when I called back this morning, after providing some information, I was told my application was approved, with a $500 credit limit.

Once the card arrives I'll call and have $15,000 of my existing Chase Freedom credit lines reallocated to my Slate card.



Of course, as great as long-term negative-interest-rate loans are, what's almost as great is being able to request a product change from my Slate card to a third Chase Freedom in 16 months!