07-15-2011 08:00 PM
This is my first post to this amazing community of financial prosperity seekers, so I'll try to summarize briefly.
I have a Walmart Store CC (not their discover card) with a $600 balance, $700 limit and it's at 22.9%!!!
I just received my Discover More card a couple weeks ago with a $3,000 limit and 0% intro apr AND
Balance transfer both for 15 months. After that it's 18%. The BT fee is 3%.
I'd like to BT the $600 to the $3,000 limit and that's all that card will be used for.
That should bring my overall credit limits to 3,700 with a balance of $600 on the $3,000 card.
I'm beginning a new job next month where I'll be able to pay off that $600 in one month if I wanted to.
IS THIS A GOOD IDEA?
Thanks to all who have input.
07-15-2011 08:22 PM
I don't think you can do a balance transfer with a store card that does not use Visa/MC/AMEX/Discover directly. What you can do is call Discover and ask for a convenience check, then use that check on your store card. This is assuming that the convenience check is treated as a balance transfer, and confirms with your intro term.
As for whether or not it is worth it, consider BT will cost you $18. Are your monthly interest greater than $18? I highly recommend you PIF this balance next month whether or not you BT.
07-15-2011 08:28 PM
Hello, heytherehitherhothere! Welcome to the myFICO Forums!
While I'm not sure how much interest you'd actually be saving, vs. the 3% BT fee (approx $18) to Discover, overall, I'd say that the BT is a reasonable deal-- a net gain. It sounds as though you have only the two cards, so you should also see a FICO score boost from the reduced utilization, and the addition of a major bank card as well. Congrats!
Friendly, Supportive & Respectful
"However gradual may be the growth of confidence, that of credit requires still more time to arrive at maturity” ~ Benjamin Disraeli
07-15-2011 09:58 PM
Definitely do it. Allows you to pay down the balance without interest over several months.
And yes, you can transfer a store card balance to your Discover More, I did so myself less than a month ago with no issues.
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