But you are maybe right
For the record, to answer the original question (which I know is irrelevant now)... If the card has a 0% BT balance, but no 0% purchase offer, to avoid paying interest on new purchases, you would need to pay the minimum payment PLUS the total amount of your new purchases.
@Isacking97 wrote:
I can pay it in full today, but I what to finance other expenses and take the Discover BT of 4.99% with no fees and pay it in 2 to 3 months (like some one told me is just 1.66 in interest) 1.66 * 3 = $4.98
You should BT the $350 from the AMEX to the Discover, using the No Fee 4.99% APR offer. Plan on paying enough each month to pay that part to zero in three months.
You say you are using your AMEX as your primary card. Continue to do that.
On the off chance that you end up charging something to your Discover card, while this 4.99% APR is going on, then yes, you will incur some small amount of interest. But even at 18% APR, this means you will pay 1.5% of the Purchases balance as interest for one or two months until you get it paid. So if you had to make a $20 charge on the Discover because they did not accept AMEX, you pay some small amount (perhaps a minimum interest charge).
But the most important reason to do this is that you gain direct experience with carrying a small balance on Discover, and see what happens when you add charges. We can try to explain all the possible scenarios here, but the best way to learn about how these sorts of things work, is to actually experience them for yourself. You can then approach a future situation with much clearer understanding of what the likely outcome is.
And it will not cost you much.
The other option is to call Discover and see if they have a 0% APR offer on Purchases for you. These are quite common offers that people get, for a 12-month period, by asking. Discover may say no, but if they say yes, then it separates out your purchases from any BT offers you have going.
@NRB525 wrote:
@Isacking97 wrote:
I can pay it in full today, but I what to finance other expenses and take the Discover BT of 4.99% with no fees and pay it in 2 to 3 months (like some one told me is just 1.66 in interest) 1.66 * 3 = $4.98You should BT the $350 from the AMEX to the Discover, using the No Fee 4.99% APR offer. Plan on paying enough each month to pay that part to zero in three months.
You say you are using your AMEX as your primary card. Continue to do that.
On the off chance that you end up charging something to your Discover card, while this 4.99% APR is going on, then yes, you will incur some small amount of interest. But even at 18% APR, this means you will pay 1.5% of the Purchases balance as interest for one or two months until you get it paid. So if you had to make a $20 charge on the Discover because they did not accept AMEX, you pay some small amount (perhaps a minimum interest charge).
But the most important reason to do this is that you gain direct experience with carrying a small balance on Discover, and see what happens when you add charges. We can try to explain all the possible scenarios here, but the best way to learn about how these sorts of things work, is to actually experience them for yourself. You can then approach a future situation with much clearer understanding of what the likely outcome is.
And it will not cost you much.
The other option is to call Discover and see if they have a 0% APR offer on Purchases for you. These are quite common offers that people get, for a 12-month period, by asking. Discover may say no, but if they say yes, then it separates out your purchases from any BT offers you have going.
Thank You, best comment
I try d over 2 times to lower my APR but I have to what until July to get one (1 year anniversary)