Balance Transfer Question

[Anonymous]

I have 3 cards through Capital One and a Discover card. I want to consolodate the balances from 2 of the Capital One cards onto the third. Since I cannot transfer balances from the same lender, can I transfer one balance to Discover, then transfer it to the desired Capital One Card, and then do the same with the other card, or is this frowned upon?

[Anonymous]

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@Anonymous wrote:

I have 3 cards through Capital One and a Discover card. I want to consolodate the balances from 2 of the Capital One cards onto the third. Since I cannot transfer balances from the same lender, can I transfer one balance to Discover, then transfer it to the desired Capital One Card, and then do the same with the other card, or is this frowned upon?

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Easily solved.  

So example, you have 1k on C1 1k on C2 0 on C3 X on D1

All you need to do is the lowest bt fee option on discover as the duration wont matter. then back.

But see, you will probably be incurring bt fees on the cap1 at  some point if its no interest.  Could you please list your BT offers from all of your cards?  It might actually benefit you to ask for a CLI with discover and leave the BT on there.

You are doing what is called a Debt Shuffle. It is my favorite move as long as its done responsibly. It avoids opening extra cards, so you can use those precious inquiries for something else!

[Anonymous]

OK, I can do 4.99%  at 12 mos. with no transfer fee to Discover or 0% at 12 mos, but with the Balance transfer fee of 3%. The Capital One Card I want to move everything to is 0% until November, with a 3% fee. Of course I would prefer to consolidate on the Discover, since I can get 0% for a year, but the problem is that my CL on Discover is about half of what I want to transfer - I asked for a CLI and was declined. 

The Discover card also has a standard APR  that is 5 points higer than the Cap 1 I want to use, aby about 5 points.

[Anonymous]

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@Anonymous wrote:

OK, I can do 4.99%  at 12 mos. with no transfer fee to Discover or 0% at 12 mos, but with the Balance transfer fee of 3%. The Capital One Card I want to move everything to is 0% until November, with a 3% fee. Of course I would prefer to consolidate on the Discover, since I can get 0% for a year, but the problem is that my CL on Discover is about half of what I want to transfer - I asked for a CLI and was declined. 

The Discover card also has a standard APR  that is 5 points higer than the Cap 1 I want to use, aby about 5 points.

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Well as long as we run the numbers here, how much money are we talking and what are the limits?  Are you eligible for any capital one account combinations (6 months old, at least 1 of the 2 at 0 balance).  That could be an option to consider too.

[Anonymous]

1600 from a Venture with a 10K limit and 1400 from a QS1 with a 2500 limit. I want to move them to a QS with a 5K limit, and the Discover only has a 1200 limit.

[Anonymous]

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@Anonymous wrote:

1600 from a Venture with a 10K limit and 1400 from a QS1 with a 2500 limit. I want to move them to a QS with a 5K limit, and the Discover only has a 1200 limit.

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Ok. Are at least 2  of your capital one cards 6 months old? What are the APRs on each one of these?

See the issue here with the debt shuffle is you need a decent limit do get this done in one pass. These BTs can take a more than a week to process sometimes. So basically you would have to do 1200 two and a half times

it may take a month to get it all done.

Get on disco, do the 0 bt fee for 1200 to the venture, then do the 5k qs to get the 1200 on it.  Then repeat to the qs1 for 1200, then move to 5k qs.  Then I would just pay the rest off if you could.  You should only have  $72 in BT fees (not including any interest for the brief period the funds are being charge 5% interest on disco), and hypothetically if you had $2400 at 20% apr you would pay 40 a month in interest.

I have a headache lol.

In this particular situation I would evaluate the time do accomplish this, and do what is best, I would like to see you with at least one card that always has ultra low interest and no BT fees, something from a credit union perhaps.  Regardless I think some of this should get your limit up with discover.

[Anonymous]

Yeah, unfortunately, I am not able to combine cards at this point. I probably will do the two transfers, as you suggest and pay off whatever I cannot transfer.