08-09-2012 10:18 AM
I have been getting "pre-approved" app letters from Discovery every month, BT 0% for 15mos, but I trash them b/c purchases APR @ 17.99%.
But yesterday I received another Discover letter -- this one stating an APR of 14.99%. Still has 0% BT for 15mos.
I do want a 0% BT card (want to BT about $6K) with no annual fee, and I have been reading on forum that people really like the Discover IT card. But how do I know which product I would be applying for with this offer? It does not give any mention or even photos of what type of Discover card. Maybe they determine that only after you app?
Any clues as to what kind of CL Discover hands out, or if its hard to get approved? I just got a Chase Explorer with $8K CL @ 15.24% -- but no BT offer.
Other options: have offer from some First National Omaha Bank with 5% BT for life & 13.99% APR but never heard of them. Also there is Citi Simplicity, Citi ThankYou, & Cap1 Plat Prestige looks decent - maybe they would convert my crappy ($2.5K, 22.9%, $60 af) Cap1 Platinum?
Confused about what BT card to get, obviously I want it to be good long-term choice as well. Miles rewards would be great. Any advice?
08-09-2012 10:33 AM
I would balance transfer to a card with no balance transfer fee. In the past I got preapproval letters with 0% balance transfer fee for the Discover More.
You should be able to convert to the new IT if that is the one you really want.
08-09-2012 10:58 AM - edited 08-09-2012 11:00 AM
<<How long to pay down that balance?>>
The ~$6K BT? 18 - 24 mos. I only want to spend $200/mo on BT, so will have balance left over at end of BT period, which I will pay off over 2-4 mos. Need to free up cash for biz expansion and car loan app.
08-09-2012 11:12 AM
no BT APR doesn't mean no BT fee. if the BT fee is 3% you'll still be paying almost $200 for a BT. which is already how much you wanted to spend per month.