topic Re: Balance Transfer question in Credit Cards

Balance Transfer question

Anonymous — Sun, 03 Jan 2021 01:17:28 GMT

Can you balance transfer a Discover card balance to a Capital One card, then perhaps a month later transfer the Capital One balance to another (different) Discover card?

Re: Balance Transfer question

Physh1 — Sun, 03 Jan 2021 02:19:10 GMT

Sure...just watch out...those 3% transfer fees rack up...

Re: Balance Transfer question

blindambition — Sun, 03 Jan 2021 02:27:14 GMT

@Physh1 wrote:
Sure...just watch out...those 3% transfer fees rack up...

Both Capital One and Discover have BT fees. It's also easy for lenders to see you play the BT switcharoo. Not sure of your strategy, but something to be considered.

Re: Balance Transfer question

Anonymous — Sun, 03 Jan 2021 12:06:29 GMT

Thanks for the reply.

I currently have a Discover It card with a high balance, where interest begins being charged im March 2021. I also have a Capital One QuickSilver (not QuickSilver One) with some room for a BT. Yesterday I just got approved for my second Discover card (Discover It Chrome) with the 0% BT for 14 months. I would like to try transferring the balance from Discover card(1) to my QuickSilver card and perhaps after a month or so, transfer the balance from the QuickSilver to Discover card(2). The difference in interest rate between the two cards is .002%, a negligible amount for the month that the balance will sit on the QuickSilver card. Any thoughts about that?

Re: Balance Transfer question

Anonymous — Mon, 04 Jan 2021 21:34:56 GMT

Thank you blindambition for your reply.

I will assume by the # of views and lack of responses that this is not a good option. Well since Discover did increase my cli on my first credit card and gave me a second card they deserve to make some money from me. If you don't ask the question - you will never know the answer.

Re: Balance Transfer question

coldfusion — Mon, 04 Jan 2021 21:51:39 GMT

@Anonymous wrote:
Thank you blindambition for your reply.
I will assume by the # of views and lack of responses that this is not a good option. Well since Discover did increase my cli on my first credit card and gave me a second card they deserve to make some money from me. If you don't ask the question - you will never know the answer.

You'd have to check the specific terms and conditions of the balance transfer offers. Capital One typically doesn't charge a balance transfer fee but they do start charging interest immediately on a balance transfer, and while Discover does extend 0% APR balance transfer offers they typically charge a 4% balance transfer fee up front.

I'd probably characterize this more, depending upon one's particular circumstance, as potentially being the least of one's currently available evils than as ever really being a good option.

Re: Balance Transfer question

Remedios — Tue, 05 Jan 2021 02:43:50 GMT

There's no need to complicate this. Discover allows you to deposit funds into your checking account.

initiate a balance transfer on your second Discover card, have the funds deposited into your account, then use them to pay your other Discover card.