Couple of questions. Please help.

[Anonymous]

Okay, i went through a period of time where i had to spent a bit of money. In the process i ran up  a few credit cards. 

3600 on my cap one

and

3900 on my discover.

Today in the mail i recieve balance transfer checks with a 12 month 0% apr from cap one, My question is, 

Should i use the check to pay off my discover card debt? It'll break it down to one monthly payment instead of two, and i wont be paying interest on that 3900 

I'm hesitant because it just seems like there must be a catch somewhere.. Will the minimum monthly on my cap one shoot way up? Or what am i missing here? Or is this just geuinenly a great deal that i should jump on? 

[Anonymous]

Your minimum will jump on the Cap One, check back to your agreement or statement, it should have a minimum payment and a percentage amount usually 1% of the total balance on the card.

Now your transfer may be good but not great if you still use that Cap One card for purchases. Check utlization too, look at where that BT will have reporting to CRAs if that is a biggie for you.

Is your Cap One on a  0% APR? 

Also check your Discover offers, you may have a better one over there and move the balance from the Cap One instead.

A BT can be a good thing if you don't intend to use that card, you're doing the BT to for any further purchasing until the BT is paid off and if your limit supports it.

[Anonymous]

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@tamaralig wrote:

Your minimum will jump on the Cap One, check back to your agreement or statement, it should have a minimum payment and a percentage amount usually 1% of the total balance on the card.

Now your transfer may be good but not great if you still use that Cap One card for purchases. Check utlization too, look at where that BT will have reporting to CRAs if that is a biggie for you.

Is your Cap One on a  0% APR? 

Also check your Discover offers, you may have a better one over there and move the balance from the Cap One instead.

A BT can be a good thing if you don't intend to use that card, you're doing the BT to for any further purchasing until the BT is paid off and if your limit supports it.

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Good advice but making purchases on a CapOne card after using it for a BT is perfectly fine.  They and Barclays allow you to do so w/o incurring interest charges if you pay for the purchases.

[Anonymous]

Now the 0% apr will only be on the 3900 that is transfered, correct? The 3,500 on the cap one will still have the interest rate, right?

[Anonymous]

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@Anonymous wrote:

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@tamaralig wrote:

Your minimum will jump on the Cap One, check back to your agreement or statement, it should have a minimum payment and a percentage amount usually 1% of the total balance on the card.

Now your transfer may be good but not great if you still use that Cap One card for purchases. Check utlization too, look at where that BT will have reporting to CRAs if that is a biggie for you.

Is your Cap One on a  0% APR? 

Also check your Discover offers, you may have a better one over there and move the balance from the Cap One instead.

A BT can be a good thing if you don't intend to use that card, you're doing the BT to for any further purchasing until the BT is paid off and if your limit supports it.

---

Good advice but making purchases on a CapOne card after using it for a BT is perfectly fine.  They and Barclays allow you to do so w/o incurring interest charges if you pay for the purchases.

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My barclays if the choice card and will agree with the above. I have made a couple transactions on it for hotel stays and i pay that amount plus my minimum, I usually make payment on more than the minimum since i pay it every paycheck but I have yet to incur anyting on it.

[RonM21]

I usually try to cover more than the amount on purchses I made on a BT card in hopes of avoiding the hit. That plus whatever I would have paid for the monthly payment.

[longtimelurker]

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@Anonymous wrote:

Okay, i went through a period of time where i had to spent a bit of money. In the process i ran up  a few credit cards. 

3600 on my cap one

and

3900 on my discover.

Today in the mail i recieve balance transfer checks with a 12 month 0% apr from cap one, My question is, 

Should i use the check to pay off my discover card debt? It'll break it down to one monthly payment instead of two, and i wont be paying interest on that 3900 

I'm hesitant because it just seems like there must be a catch somewhere.. Will the minimum monthly on my cap one shoot way up? Or what am i missing here? Or is this just geuinenly a great deal that i should jump on? 

---

Is there a BT fee?

[SouthJamaica]

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@Anonymous wrote:

Okay, i went through a period of time where i had to spent a bit of money. In the process i ran up  a few credit cards. 

3600 on my cap one

and

3900 on my discover.

Today in the mail i recieve balance transfer checks with a 12 month 0% apr from cap one, My question is, 

Should i use the check to pay off my discover card debt? It'll break it down to one monthly payment instead of two, and i wont be paying interest on that 3900 

I'm hesitant because it just seems like there must be a catch somewhere.. Will the minimum monthly on my cap one shoot way up? Or what am i missing here? Or is this just geuinenly a great deal that i should jump on? 

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The 'catch':

1. There's probably a balance transfer fee of 3%, or $117

2. Your credit score will probably go down because your utilization of your Cap One credit limit will increase

3. You'll have a tough time getting it paid off and wind up paying even more  high interest than you are currently