topic Re: Balance Transfer from Amex to Discover in Credit Cards

Balance Transfer from Amex to Discover

Isacking97 — Fri, 24 Mar 2017 14:06:41 GMT

I what to transfer about $350 to my discover and use the 0% APR offer for 12 month that they offer me

I what to keep using my Discover It Card (Thay don't accept AMEX everywhere), If I pay my current spending before the stamment cuts I will still get charged with interest?

Re: Balance Transfer from Amex to Discover

SecretAzure — Fri, 24 Mar 2017 14:10:09 GMT

It's a 3% fee instantly unless you're under an introductory offer.

Re: Balance Transfer from Amex to Discover

Isacking97 — Fri, 24 Mar 2017 14:17:04 GMT

@SecretAzure wrote:
It's a 3% fee instantly unless you're under an introductory offer.

I know that, but my question is that after the balance transfer, If I use my card and pay it before the statement cuts they will till charge me interest? (Current APR 18.49%)

Re: Balance Transfer from Amex to Discover

AverageJoesCredit — Fri, 24 Mar 2017 15:29:55 GMT

No i think so long as you pay whatever purchases you made by the due date, you shouldnt be charged interest. If you let those purchases carry over to next month i would then think yes.

Re: Balance Transfer from Amex to Discover

redpat — Fri, 24 Mar 2017 15:33:50 GMT

@Isacking97 wrote:
@SecretAzure wrote:
It's a 3% fee instantly unless you're under an introductory offer.
I know that, but my question is that after the balance transfer, If I use my card and pay it before the statement cuts they will till charge me interest? (Current APR 18.49%)

How long is it going to take you to payoff $350? That has to be the lowest BT I have ever seen here. If you are going to pay it off in two months don't BT it because that would be $10.80 - $8.10 if you pay half next month in interest or less. The B/T fee will be $10.50 (350x3%). Seems like you are jumping through a lot of hoops for $350. IMO

Re: Balance Transfer from Amex to Discover

Anonymous — Fri, 24 Mar 2017 15:35:40 GMT

@redpat wrote:
@Isacking97 wrote:
@SecretAzure wrote:
It's a 3% fee instantly unless you're under an introductory offer.
I know that, but my question is that after the balance transfer, If I use my card and pay it before the statement cuts they will till charge me interest? (Current APR 18.49%)
How long is it going to take you to payoff $350? That has to be the lowest BT I have ever seen here. If you are going to pay it off in two months don't BT it because that would be $10.80 - $8.10 if you pay half next month in interest or less. The B/T fee will be $10.50 (350x3%). Seems like you are jumping through a lot of hoops for $350. IMO

I was thinking the same thing here...

Re: Balance Transfer from Amex to Discover

redpat — Fri, 24 Mar 2017 15:39:52 GMT

@rmm140 wrote:
@redpat wrote:
@Isacking97 wrote:
@SecretAzure wrote:
It's a 3% fee instantly unless you're under an introductory offer.
I know that, but my question is that after the balance transfer, If I use my card and pay it before the statement cuts they will till charge me interest? (Current APR 18.49%)
How long is it going to take you to payoff $350? That has to be the lowest BT I have ever seen here. If you are going to pay it off in two months don't BT it because that would be $10.80 - $8.10 if you pay half next month in interest or less. The B/T fee will be $10.50 (350x3%). Seems like you are jumping through a lot of hoops for $350. IMO
I was thinking the same thing here...

IDK, could be a typo $3,500 perhaps and I hope it is......

Re: Balance Transfer from Amex to Discover

Anonymous — Fri, 24 Mar 2017 15:44:55 GMT

Read through your BT offer. Most will state that purchases made after the BT may immediately start to earn interest. Using the card while you have a BT on it may not be the best option

Re: Balance Transfer from Amex to Discover

Isacking97 — Fri, 24 Mar 2017 16:07:26 GMT

I have 2 offers one with 0% APR with a 3% fee for 12 months and the other is a 4.99% for 18 months No Fee

Yes is about $350 - $400, My 0% APR with AMEX is over in a month and I what to finance a purchase and pay it in about 3 - 4 months

Re: Balance Transfer from Amex to Discover

Isacking97 — Fri, 24 Mar 2017 16:11:05 GMT

@Isacking97 wrote:
I have 2 offers one with 0% APR with a 3% fee for 12 months and the other is a 4.99% for 18 months No Fee

Yes is about $350 - $400, My 0% APR with AMEX is over in a month and I what to finance a purchase and pay it in about 3 - 4 months

Do you guys recommend the 4.99% with no fees?

Re: Balance Transfer from Amex to Discover

fedxboy — Fri, 24 Mar 2017 17:07:43 GMT

@Isacking97 wrote:
@Isacking97 wrote:
I have 2 offers one with 0% APR with a 3% fee for 12 months and the other is a 4.99% for 18 months No Fee

Yes is about $350 - $400, My 0% APR with AMEX is over in a month and I what to finance a purchase and pay it in about 3 - 4 months
Do you guys recommend the 4.99% with no fees?

Well, based on $400 x 3% = 12.00 BT fee or $400 x (4.99%/12) = 1.66 interest monthly....... So what do you think you'd do?

Re: Balance Transfer from Amex to Discover

Anonymous — Fri, 24 Mar 2017 17:13:15 GMT

If he puts purchases on a card carrying a BT wouldn't that nullify the BT promo period?

Re: Balance Transfer from Amex to Discover

fedxboy — Sat, 25 Mar 2017 14:16:59 GMT

@Anonymous wrote:
If he puts purchases on a card carrying a BT wouldn't that nullify the BT promo period?

No, they would only pay interest on the purchases, however, they (the banks) usually apply the payment to the lowest apr, so then they got you screwed. So never make purchases on a card with a 0% BT in effect, I'd say.....unless the purchase apr is also 0%.

Re: Balance Transfer from Amex to Discover

rooeez — Fri, 24 Mar 2017 17:42:13 GMT

@Isacking97 wrote:
I what to transfer about $350 to my discover and use the 0% APR offer for 12 month that they offer me

I what to keep using my Discover It Card (Thay don't accept AMEX everywhere), If I pay my current spending before the stamment cuts I will still get charged with interest?

As others have said, it's not best to put new purchases on a BT card. Still a lot of factors if you want to see what is ultimtely the lowest cost option.

Are there current balances on the AMEX and Discover, or will they be paid off when the intro period ends?

What will be the APR of the AMEX?

How much do you plan to spend on each card and will you carry a balance beyond the BT?

Re: Balance Transfer from Amex to Discover

SecretAzure — Fri, 24 Mar 2017 17:53:59 GMT

Thanks to info provided in this post I cancelled my BT to my new Chase FU. I don't want to get hit with that fee and I was planning on making a lot of purchases for 0% interest. I had no idea, nor was I explained during the app process (in person) that I would incur interest on new charges after the BT posted.

Thank you!

Re: Balance Transfer from Amex to Discover

rooeez — Fri, 24 Mar 2017 18:05:59 GMT

@SecretAzure wrote:
Thanks to info provided in this post I cancelled my BT to my new Chase FU. I don't want to get hit with that fee and I was planning on making a lot of purchases for 0% interest. I had no idea, nor was I explained during the app process (in person) that I would incur interest on new charges after the BT posted.

Thank you!

You would pay the 5% BT fee for FU, but your purchases and BT APR would be 0% (according to website). We're only talking about a card that doesn't have a 0% APR intro for purchases.

Re: Balance Transfer from Amex to Discover

SecretAzure — Fri, 24 Mar 2017 18:11:53 GMT

@rooeez wrote:
@SecretAzure wrote:
Thanks to info provided in this post I cancelled my BT to my new Chase FU. I don't want to get hit with that fee and I was planning on making a lot of purchases for 0% interest. I had no idea, nor was I explained during the app process (in person) that I would incur interest on new charges after the BT posted.

Thank you!
You would pay the 5% BT fee for FU, but your purchases and BT APR would be 0% (according to website). We're only talking about a card that doesn't have a 0% APR intro for purchases.

Thanks for the info lol. I'm just inpatient, I'll just pay down my original balanced card to almost empty before the BT goes through. But I was worried that I might not get 0% on new purchases. Thank you for clarifying though.

Re: Balance Transfer from Amex to Discover

Isacking97 — Sat, 25 Mar 2017 01:25:55 GMT

@rooeez wrote:
@Isacking97 wrote:
I what to transfer about $350 to my discover and use the 0% APR offer for 12 month that they offer me

I what to keep using my Discover It Card (Thay don't accept AMEX everywhere), If I pay my current spending before the stamment cuts I will still get charged with interest?
As others have said, it's not best to put new purchases on a BT card. Still a lot of factors if you want to see what is ultimtely the lowest cost option.

Are there current balances on the AMEX and Discover, or will they be paid off when the intro period ends?
What will be the APR of the AMEX?
How much do you plan to spend on each card and will you carry a balance beyond the BT?

Discover I pay it off in full this week, Amex is about $400-$450

Amex is 17.74% but in april I will ask for a APR Reduction, Discover 18.49%, Visa 24.49% (This one was my first card, that why that APR)

Amex is my main card, and I don't carry a balace almost never!!

Discover I use it for dinning and places where they don't accept Amex.

Re: Balance Transfer from Amex to Discover

austinguy907 — Sat, 25 Mar 2017 04:12:13 GMT

@Isacking97 wrote:
@rooeez wrote:
@Isacking97 wrote:
I what to transfer about $350 to my discover and use the 0% APR offer for 12 month that they offer me

I what to keep using my Discover It Card (Thay don't accept AMEX everywhere), If I pay my current spending before the stamment cuts I will still get charged with interest?
As others have said, it's not best to put new purchases on a BT card. Still a lot of factors if you want to see what is ultimtely the lowest cost option.

Are there current balances on the AMEX and Discover, or will they be paid off when the intro period ends?
What will be the APR of the AMEX?
How much do you plan to spend on each card and will you carry a balance beyond the BT?

Discover I pay it off in full this week, Amex is about $400-$450

Amex is 17.74% but in april I will ask for a APR Reduction, Discover 18.49%, Visa 24.49% (This one was my first card, that why that APR)

Amex is my main card, and I don't carry a balace almost never!!
Discover I use it for dinning and places where they don't accept Amex.

None of this really makes sense. $350 balance on Amex isn't all that much or worthwhile to transfer as you'll actually pay less in interest at $100/mo payments vs the upfront BT fee. 2nd you're playing with fire telling any other lender you need 0% for a $350 balance. Just leave things as they are, make payments, and just learn how to restrain yourself from spending more than you can afford to PIF for the time being.

If you can't afford it, don't buy it.

Re: Balance Transfer from Amex to Discover

Isacking97 — Sat, 25 Mar 2017 11:09:51 GMT

I can pay it in full today, but I what to finance other expenses and take the Discover BT of 4.99% with no fees and pay it in 2 to 3 months (like some one told me is just 1.66 in interest) 1.66 * 3 = $4.98