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10-10-2016 07:58 AM
Looking for a little advice...
I have never done a balance transfer before but I am looking to pay down my balances pretty soon and recently got an increase on my discover card.
I have about 2500 in open credit with discover. I have the below cards and balances listed with the apr:
Capital one quicksilverone
Capital one secured
Discover shows me two options in my account:
1. 0% promo apr for 12mo. with a 3% transfer fee.
2. 4.99% apr for 18mo. and a 0% transfer fee.
Would you take either of these? if so, which one?
Thanks in advance
10-10-2016 09:55 AM
10-10-2016 11:06 AM
Depending on how accurate your signature is right now...... It looks like you're maxing these all out compared to the limits. I wouldn't worry about doing a BT and keep the Discover w/o a balance until you get things in line and paid down.
10-10-2016 11:41 AM
OP I would take the no-fee option at 4.99%, transfer $2,000 from: QS One to get it to zero, then some from Barclays to reduce that.
Use the QS One as the only card for regular daily spend, but it must be PIF, the statement amount by the payment due date, so you do not incur more interest on that.
Pay down the other cards as fast as you can, likely best to pay off the little ones first, then the larger ones more heavily.
After the 18 months is up, you will want the QS One to be used to transfer from the Discover, then probably back to Discover, to keep that on a continuing low rate.
Emphasis on paying the high APR accounts down heaviest, keep the QA One at PIF and don't use any cards unless they are at zero interest cost and become PIF.
At the time you do the transfer from Discover to QS One, and back again in as week or so, if this is done within one statement period, and your BT off the QS One is slightly more than the BT on to the QS One, you won't see any interest cost from that on the QS One.
Do not worry about FICO score, your focus is on reducing interest cost until these are paid down.
10-10-2016 12:07 PM
Has the retrograde interest started on the care credit yet?
With regard to which BT offer to choose, it would be helpful if we knew how much your monthly payments will be.
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