topic Re: Discover card transfer balance in Credit Cards

Discover card transfer balance

Anonymous — Fri, 28 Aug 2015 15:57:48 GMT

I have now 2 offers to transfer balance as below.(I have Discover card it for 2 years )

0% Promo APR for 12 months

After 12 months, 22.99% Variable*

4.99% Promo APR for 18 months

After 18 months, 22.99% Variable*

Isn't possible to transfer a balance of amount 5k to my checking account ?

and which is the best offer the first or the second?

Thanks

Re: Discover card transfer balance

Anonymous — Fri, 28 Aug 2015 15:55:36 GMT

@Anonymous wrote:
Hi
I have now 2 offers to transfer balance as below.(I have Discover card it for 2 years )
0% Promo APR for 12 months After 12 months, 22.99% Variable*
3%

4.99% Promo APR for 18 months After 18 months, 22.99% Variable* 0%

Isn't possible to transfer a balance of amount 5k to my checking account ?
and what is the best offer the first or the seocnd ?
Thanks

use their calculator it will help you with the break even point

Re: Discover card transfer balance

Anonymous — Fri, 28 Aug 2015 19:46:16 GMT

What does 4.99% Promo APR for 18 months mean?

Re: Discover card transfer balance

UncleB — Sat, 29 Aug 2015 03:33:00 GMT

@Anonymous wrote:
What does 4.99% Promo APR for 18 months mean?

That generally means the APR on the balance transfer will be 4.99% for the first 18 months, and after that it will revert to your normal APR.

Re: Discover card transfer balance

taxi818 — Sat, 29 Aug 2015 04:23:18 GMT

@UncleB wrote:
@Anonymous wrote:
What does 4.99% Promo APR for 18 months mean?
That generally means the APR on the balance transfer will be 4.99% for the first 18 months, and after that it will revert to your normal APR.

Exactly. i got this same offer and took it over the 0% 12 months.

in other words. i transfered $1500 from cards where i was paying 17.9% apr.

This 4.99 has no transfer fee. like the standard 3% transfer fee. but with longer terms. i would much rather pay 4.99% apr With Discover instead of high interest across several cards. although my balance on my Discover is thru the roof now. I don't mind and im sure they love the extra attention. hope they give me a Cli soon to bring my total util down on the card.

Re: Discover card transfer balance

NRB525 — Sat, 29 Aug 2015 04:35:48 GMT

@Anonymous wrote:
What does 4.99% Promo APR for 18 months mean?

The big advantage to this rate is, you pay no up front fee. You start paying a small amount of interest each month, and you can pay off the balance in a few months at less cost.

If you intend to hold the loan for the entire term, the up front fee is the way to go, for the 3% and 0% monthly.

Re: Discover card transfer balance

UncleB — Sat, 29 Aug 2015 04:41:44 GMT

@NRB525 wrote:
@Anonymous wrote:
What does 4.99% Promo APR for 18 months mean?
The big advantage to this rate is, you pay no up front fee. You start paying a small amount of interest each month, and you can pay off the balance in a few months at less cost.

If you intend to hold the loan for the entire term, the up front fee is the way to go, for the 3% and 0% monthly.

You definitely have to do the math.

I recently had a similar offer from my USAA Visa; I could get the cash with no fee, but there was interest, or pay 3% and get 0% for 12 months. For very short term, the no fee is better, but to stretch out the repayment it's usually better to pay the 3% up front. You can figure it both ways for the specific amount you need to determine the cut-off point for your situation.

Re: Discover card transfer balance

Anonymous — Sat, 29 Aug 2015 05:25:06 GMT

Over 2500 transfer, 18 months is the way to go. It still can be awash because now you can apply a larger payment to the discover anyway. The hard data coming off a 25% interest card is you save 500 bucks with the fees upfront 12months, and seven hundred and something on the 18 month

Re: Discover card transfer balance

bk510 — Sat, 05 Sep 2015 12:56:41 GMT

@taxi818 wrote:
@UncleB wrote:
@Anonymous wrote:
What does 4.99% Promo APR for 18 months mean?
That generally means the APR on the balance transfer will be 4.99% for the first 18 months, and after that it will revert to your normal APR.
Exactly. i got this same offer and took it over the 0% 12 months.
in other words. i transfered $1500 from cards where i was paying 17.9% apr.
This 4.99 has no transfer fee. like the standard 3% transfer fee. but with longer terms. i would much rather pay 4.99% apr With Discover instead of high interest across several cards. although my balance on my Discover is thru the roof now. I don't mind and im sure they love the extra attention. hope they give me a Cli soon to bring my total util down on the card.

Did you BT online or over the phone?

I have the same offer as OP, and the thing is, I like to BT 2 cards totaling little over 2500...but my limit on IT is only 2k.

Not quite sure how I should approach this....Should I ask for a CLI?

I also plan to take the 18 months offer.

Re: Discover card transfer balance

bk510 — Sat, 05 Sep 2015 13:01:06 GMT

@bk510 wrote:
@taxi818 wrote:
@UncleB wrote:
@Anonymous wrote:
What does 4.99% Promo APR for 18 months mean?
That generally means the APR on the balance transfer will be 4.99% for the first 18 months, and after that it will revert to your normal APR.
Exactly. i got this same offer and took it over the 0% 12 months.
in other words. i transfered $1500 from cards where i was paying 17.9% apr.
This 4.99 has no transfer fee. like the standard 3% transfer fee. but with longer terms. i would much rather pay 4.99% apr With Discover instead of high interest across several cards. although my balance on my Discover is thru the roof now. I don't mind and im sure they love the extra attention. hope they give me a Cli soon to bring my total util down on the card.
Did you BT online or over the phone?

I have the same offer as OP, and the thing is, I like to BT 2 cards totaling little over 2500...but my limit on IT is only 2k.

Not quite sure how I should approach this....Should I ask for a CLI?

I also plan to take the 18 months offer.

And if I dont get CLI.......how much do you think I should BT for?

The whole amount of my 2k and or should I leave some breathing room?

If I dont get the CLI, I'm thinking of BT'ing about 1900 and leave 100.

Any advise is welcomed...

Re: Discover card transfer balance

bk510 — Sat, 05 Sep 2015 13:05:47 GMT

@NRB525,

I see you have 2 kudos showing on the left side of the screen. I have received 2 kudos too but mine doesnt show,

Any ideas?

Re: Discover card transfer balance

UncleB — Sat, 05 Sep 2015 14:09:29 GMT

@bk510 wrote:
@NRB525,

I see you have 2 kudos showing on the left side of the screen. I have received 2 kudos too but mine doesnt show,

Any ideas?

Kudo's are for the individual post, not per user or thread.