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BALANCE TRANSFER OPINION

Regular Contributor

BALANCE TRANSFER OPINION

IS IT A GOOD IDEA TO DO BALANCE TRANSFER? I GOT 9200 ON DISCOVER 0% 14MONTHS, BAL IS ONLY 254 WHICH WILL BE PAID SOON. AND THE OTHER CARD IS 603 BAL/2500 LIMIT. I WAS THINKING TO DO BALANCE TRANSFER SINCE I GOT A CHUNK OF LIMIT ON DISCO THAT IM NOT USING.


ANY ADVICE?


SORRY FOR CAPS LOCK Heart

Heart trying to reach 800! Heart
Gardening till 12/14 Smiley Tongue
Message 1 of 17
16 REPLIES
Valued Contributor

Re: BALANCE TRANSFER OPINION


newbiewife wrote:
IS IT A GOOD IDEA TO DO BALANCE TRANSFER? I GOT 9200 ON DISCOVER 0% 14MONTHS, BAL IS ONLY 254 WHICH WILL BE PAID SOON. AND THE OTHER CARD IS 603 BAL/2500 LIMIT. I WAS THINKING TO DO BALANCE TRANSFER SINCE I GOT A CHUNK OF LIMIT ON DISCO THAT IM NOT USING.



If you would pay less in interest byt ransferring the balance (don't forget to account for the 3% BT fee) then i would consider it. But $603 is probably not even worth transferring, as you probably could pay that off fairly quickly, even on an account that is accruing interest. Probably quick enough to not make it worth the trouble to do a BT.


CC's: AMEX (4), Alliant Visa, PenFed AMEX, Pen Fed Promise, Citi (3), Chase (5), US Bank Cash+, Huntington Voice, UMB Visa, Nasa Plat Cash Visa, Barclay's Visa, Discover IT, Cap One QS, BOA (2), BMW Visa, 5/3 Real Life Rewards MC; FNBO Amex; Comenity Visa/MC (4), Ebates Visa Siggy, Nordstrom Visa, Walmart MC, Sam's Club MC; A few assorted store cards.

Current Scores (09/2017): EQ My Fico: 801; TU MyFico: 799; EX (My Fico): 797
Message 2 of 17
Valued Contributor

Re: BALANCE TRANSFER OPINION

Only you can crunch the numbers on your current balances and see whether there would be any savings worth doing a BT.


Gardening since 7/16/14
Current: EQ 711 7/13/14; EX 724 TU 721 6/19/14
Goal: 760+
Message 3 of 17
Regular Contributor

Re: BALANCE TRANSFER OPINION

Well. 603/2500 soon is going to have 18% geeepeeerssss.... my disco no fee on BT and 0% for 14 months. So what do u think and when I calculate the usage on the 2500, its 24% UTL.
Heart trying to reach 800! Heart
Gardening till 12/14 Smiley Tongue
Message 4 of 17
Super Contributor

Re: BALANCE TRANSFER OPINION


newbiewife wrote:
Well. 603/2500 soon is going to have 18% geeepeeerssss.... my disco no fee on BT and 0% for 14 months. So what do u think and when I calculate the usage on the 2500, its 24% UTL.

Hey HeySmiley Happy

The Discover has no BT fee am I reading you right if so then it's worth it to BT and pay no interest?

Plus your in the garden.... cough cough  and not doing apps ......better not be Lol

So you will have time to knock the balance down.

Before you app think...
Have you done your research of the CC?
Does it fit your spending?
Do you have a plan for the bonus w/o going into debt?
Can you afford the AF?
Do you know the cards benefits? Is it worth the HP?
Message 5 of 17
Valued Contributor

Re: BALANCE TRANSFER OPINION

If Discover is no BT fee, no harm in moving it all over.  How long for you to pay down that 600ish dollars?

               LIMITS IN CARD DESCRIPTIONS
Message 6 of 17
Regular Contributor

Re: BALANCE TRANSFER OPINION

Guys. Discover says that I already missed my BT offers and its kinda like what??? :smileyconfused:
Geeeppeeerrsss! I know I have BT 0% for 14 months and now I don't have an offers... hmmmm
Heart trying to reach 800! Heart
Gardening till 12/14 Smiley Tongue
Message 7 of 17
Super Contributor

Re: BALANCE TRANSFER OPINION


newbiewife wrote:
Guys. Discover says that I already missed my BT offers and its kinda like what??? :smileyconfused:
Geeeppeeerrsss! I know I have BT 0% for 14 months and now I don't have an offers... hmmmm

Don't even think about it ...LOL

So we need other options.

Can you pay a little extra per month?

Before you app think...
Have you done your research of the CC?
Does it fit your spending?
Do you have a plan for the bonus w/o going into debt?
Can you afford the AF?
Do you know the cards benefits? Is it worth the HP?
Message 8 of 17
Regular Contributor

Re: BALANCE TRANSFER OPINION

That's the only option. Ill just do that. I just want to use the full potential of my card. Hmmmmm Smiley Frustrated ill just pay extra. Just want everything look smooth with my card. Especially on the day of tmy CLI. Smiley LOL
Heart trying to reach 800! Heart
Gardening till 12/14 Smiley Tongue
Message 9 of 17
Valued Contributor

Re: BALANCE TRANSFER OPINION

When did you open Discover? 

Ch 7 Discharge 3/12/2018
Credit One $500, Wayfair $3,500

AU Cards: CSP $34.2k; Chase Marriott $20k; Citi TY $8.5k; Barclays Arrival+ $15k
Message 10 of 17