Discover It Balance Transfer (year after owning Discover card)

Anonymous — Sun, 12 Mar 2017 00:41:26 GMT

I have roughly 6k on my 4 cards with intro 0 apr but with the Amex 0 intro apr expiring in a month, one in early June, one late June, and lastly one in July, I had planned on paying them off by then until recently looking at my Discover Balance Transfer offers. They are offering me 0 interest for 12 months with 3% transfer fees or 4.99 apr for 18 months with a 0 fee transfer fee. Doing the calculations makes it seem quite worthwhile. The cards are Amex Blue Cash, Chase Freedom, Citi Double Cash, and the Citi Anywhere Visa. I am all about avoiding interest, but rather than crunch to pay off each balance in a short time, the balance transfer fees are so minimal that it seems like a great deal and I wouldn't mind giving some of my $ to Discover as they have been great with limit increases.

Only concern is that my Discover Limit is 7200, so I would be loading up 5200 on one card so obviously there would be a higher utilization hit on the FICOs. Not having extra $ tied up paying down cards would be a real nice thing this spring and summer and Discover seems to be offering the best BT terms for any card that I've owned for a while.

Re: Discover It Balance Transfer (year after owning Discover card)

austinguy907 — Sun, 12 Mar 2017 02:07:10 GMT

Fico doesn't have a memory when it comes to utilization.

Do what feels right and makes the most sense. A couple of dollars for another 12 months to pay thing off is a nice option. Also, keep hitting that CLI button on Disco every other month and especially before moving debt to the card as sometimes the pause the CLI train while you're carrying a balance.

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Discover It Balance Transfer (year after owning Discover card)

Re: Discover It Balance Transfer (year after owning Discover card)