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Established Member
Posts: 21
Registered: ‎07-01-2007
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Has anyone done a balance transfer FROM Discover Card to another card?

[ Edited ]

Hi my FICO posters: 

 

Have any of you decided to escape from Discover's charging fees at every turn by doing a balance transfer?  What issues did you encounter?  How long did it take to complete?

Message Edited by Calicurli on 10-14-2008 06:39 PM
Valued Contributor
Posts: 1,185
Registered: ‎03-04-2008
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Re: Has anyone done a balance transfer FROM Discover Card to another card?

What fees?

 

The length of time it would take to complete a balance transfer depends on who the balance is being transferred to. They are the ones doing the work. I did a BT to a new BofA card and it was completed the instant they opened my account.

Regular Contributor
Posts: 148
Registered: ‎08-27-2008

Re: Has anyone done a balance transfer FROM Discover Card to another card?

Be careful balance transferring from Discover. My Mom did this last year and they lowered her CL by 50% after the balance was transferred out. Apparently they would rather make revenue on a revolving balance....

 

If the credit available on your Discover is not important to you, go ahead and balance transfer the balance. Don't do it if you don't want to lose your credit limit with them.

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Posts: 28,098
Registered: ‎04-01-2007

Re: Has anyone done a balance transfer FROM Discover Card to another card?


Calicurli wrote:

Hi my FICO posters: 

 

Have any of you decided to escape from Discover's charging fees at every turn by doing a balance transfer?  What issues did you encounter?  How long did it take to complete?



We did this on a balance that DH had on his Discover, moving it to Bank of America. Despite his having scores in the 800's, Discover was still charging him some absurdly high APR, up in the 20's somewhere. So although BofA has the uncapped 3% BT fee, the 0% for 15 months did work out to his advantage.

As I recall, it went through immediately. Discover didn't change his CL, and he kept sporadically using the card every other month or so. They did drop his APR to 2.00% or something after he called and said Hey, but it went back up after six months. He hasn't bothered to get them to drop it again, because we don't carry balances.
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