topic Re: Discover and Balance Transfer after minimum spend in Credit Cards

Discover and Balance Transfer after minimum spend

sean23 — Sun, 31 May 2015 05:17:48 GMT

So, I am currently in the middle of a 0% apr promo on purchases on my discover card. I am going on vacation soon and was thinking of getting either the Venture or the Chase Saphire preferred because I don't have a travel revolver. Neither of these offer 0% intro APR's. Could I meet my minimum spend on the new card, and then transfer the balance to my discover card and still keep my 0% apr on new purchases made to the discover card after the transfer? Or will my 0% offer not be valid because of the balance transfer? I have had my Discover card for about a year now, and the recently gave me another 0% apr offer after 6 months without it. My utilization on the card is about 200/12,200 my ficos listed her at myfico as of today are: transunion 802, Equifax:803, Experian: 799

Re: Discover and Balance Transfer after minimum spend

Anonymous — Sun, 31 May 2015 05:34:36 GMT

@sean23 wrote:
So, I am currently in the middle of a 0% apr promo on purchases on my discover card. I am going on vacation soon and was thinking of getting either the Venture or the Chase Saphire preferred because I don't have a travel revolver. Neither of these offer 0% intro APR's. Could I meet my minimum spend on the new card, and then transfer the balance to my discover card and still keep my 0% apr on new purchases made to the discover card after the transfer? Or will my 0% offer not be valid because of the balance transfer? I have had my Discover card for about a year now, and the recently gave me another 0% apr offer after 6 months without it. My utilization on the card is about 200/12,200 my ficos listed her at myfico as of today are: transunion 802, Equifax:803, Experian: 799

You'd have to read the terms of your 0% purchase APR offer, but I wouldn't think transferring a balance would affect you. In theory, a balance transfer will kill your grace period and you might pay interest if your purchase APR is great than 0%. In this case though, your purchase APR is 0% so it doesn't matter if you have a grace period or not.

I'd read the terms of your previous offer and try to find any mentions of balance transfers. Regardless, you will want to have that balance transfer paid before your APR promo ends though because you won't have a grace period once the interest goes back to normal.

What are the balance transfer terms to your Discover? Lately I've had two options: 1) a 4.99% APR for 18 months with no fee, or 2) a 0% APR for 12 months with a 5% fee. If you have similar options, then I'd probably go with the 4.99% APR offer and time it so that you pay off the balance transfer before your purchase APR promo ends. A 5% fee for transferring that amount of money is a pretty large amount.

Re: Discover and Balance Transfer after minimum spend

sean23 — Sun, 31 May 2015 05:56:44 GMT

@Anonymous wrote:
@sean23 wrote:
So, I am currently in the middle of a 0% apr promo on purchases on my discover card. I am going on vacation soon and was thinking of getting either the Venture or the Chase Saphire preferred because I don't have a travel revolver. Neither of these offer 0% intro APR's. Could I meet my minimum spend on the new card, and then transfer the balance to my discover card and still keep my 0% apr on new purchases made to the discover card after the transfer? Or will my 0% offer not be valid because of the balance transfer? I have had my Discover card for about a year now, and the recently gave me another 0% apr offer after 6 months without it. My utilization on the card is about 200/12,200 my ficos listed her at myfico as of today are: transunion 802, Equifax:803, Experian: 799
You'd have to read the terms of your 0% purchase APR offer, but I wouldn't think transferring a balance would affect you. In theory, a balance transfer will kill your grace period and you might pay interest if your purchase APR is great than 0%. In this case though, your purchase APR is 0% so it doesn't matter if you have a grace period or not.

I'd read the terms of your previous offer and try to find any mentions of balance transfers. Regardless, you will want to have that balance transfer paid before your APR promo ends though because you won't have a grace period once the interest goes back to normal.

What are the balance transfer terms to your Discover? Lately I've had two options: 1) a 4.99% APR for 18 months with no fee, or 2) a 0% APR for 12 months with a 5% fee. If you have similar options, then I'd probably go with the 4.99% APR offer and time it so that you pay off the balance transfer before your purchase APR promo ends. A 5% fee for transferring that amount of money is a pretty large amount.

Yeah, I have an offer for 0% apr for 12 months with a 3% fee or a 4.99% Apr for 18 months with 0 fee. I'd save more going with the 18 month offer and paying it off in a couple months. Thanks for the insight!