topic Re: Discover Balance Transfer Question in Credit Cards

Discover Balance Transfer Question

minimock — Sat, 11 Jun 2011 11:52:33 GMT

Maybe a stupid question, as they made the offer, but after taking a vacation and running up a few cards, I made a tranfer request to pile it all up on discover because of the 0% APR for 9 months, and I figure it will take me 6 to 8 weeks to get everything back to 0.

Even though they make the offer do you think they might scratch thier heads wondering why you are taking everything and dumping it on them?

I dunno, sometimes I think we over think credit matters and worry too much.

Re: Discover Balance Transfer Question

tntexans72 — Sat, 11 Jun 2011 12:48:16 GMT

I would read over the BT terms. Some lenders allow up to 2 months after you open an account to BT at their 0% intro rate. To avoid red flags from Discover which is a very conservative lender, open the account first than request a BT if the terms permit. Unless you have excellent credit I would be cautious with Discover. Citi on the other hand will welcome you with open arms IMHO. In the end, it all depends on your creditworthiness.

Re: Discover Balance Transfer Question

minimock — Sat, 11 Jun 2011 14:10:59 GMT

Im sorry, I probably didnt explain real well, I already have the card, the offer was in the control panel for the account.

Re: Discover Balance Transfer Question

tntexans72 — Sat, 11 Jun 2011 14:52:24 GMT

I would take the BT transfer offer. I don't think there is any reason not to take the offer. Discover will make $$ once you initiate the BT. I would only worry if you missed a payment but outside of that, I would continue business as usual. I've done a couple of BT request on new application, if anything, the lenders gives me a larger CL because of the request and a lower Apr %. I have not miss a single payment on my CRs and I have never gotten a CLD. You will get a red flag when you start missing payments or have lates.

Re: Discover Balance Transfer Question

minimock — Sat, 11 Jun 2011 15:01:44 GMT

Knock wood, not a single late in 15 years

Re: Discover Balance Transfer Question

GregB — Sat, 11 Jun 2011 16:31:06 GMT

Every Discover BT offer I have seen has 5% fee. Outrageous!

Re: Discover Balance Transfer Question

minimock — Sat, 11 Jun 2011 16:39:43 GMT

This one is 3%, but still cheaper then the interest..

Re: Discover Balance Transfer Question

score_building — Sat, 11 Jun 2011 17:42:33 GMT

@minimock wrote:
This one is 3%, but still cheaper then the interest..

a 3% BT fee offer from Discover is something of a nod of approval IMO, sounds like a targeted offer for those they deem to have excellent profiles, etc. really like 4-5% no max in general... will go down to 4% (still too high) sometimes with some light coaxing and they offered a recent promo on a new card offer, earlier this year IIRC, with a O% with no fee BT for 15 or 18 mos if eligible.

Seems Discover likes to play every angle on the BT front. The one BT I have had with them and paid off, will hopefully be the only one- a lifetime BT from a couple of years ago- unless another LT 0 fee, 0% offer crops up, which doesn't seem likely!

In any case, always good to be saving on interest if not PIF and have a tight pay down schedule to keep it hassle free. I think they are generally reliable for BT, just often overpriced, so I use them primarily as a rewards card. Particularly based on your high scores and briskly paced pay down schedule I bet Discover will luv the business.

Re: Discover Balance Transfer Question

MarineVietVet — Sat, 11 Jun 2011 17:41:20 GMT

@minimock wrote:
This one is 3%, but still cheaper then the interest..

That is a very good offer from Discover. I've never gotten any offer less than 5%. I've had the card since 2003 and usually put at least $30,000 thought it each year but I don't pay them interest and so I'm perhaps not a good customer in their eyes.

From a BK years ago to:
EX - 3/11 pulled by lender- 835, EQ - 2/11-816, TU - 2/11-782

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

Re: Discover Balance Transfer Question

score_building — Sat, 11 Jun 2011 17:52:15 GMT

@MarineVietVet wrote:
@minimock wrote:
This one is 3%, but still cheaper then the interest..

That is a very good offer from Discover. I've never gotten any offer less than 5%. I've had the card since 2003 and usually put at least $30,000 thought it each year but I don't pay them interest and so I'm perhaps not a good customer in their eyes.

From a BK years ago to:
EX - 3/11 pulled by lender- 835, EQ - 2/11-816, TU - 2/11-782

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

Just a different type of good customer, no? (perhaps they skip a lower fee offer if ones behavioral score shows low enough probability card holder will take the bait, for eg.)

no revolving debt, heavy usage, low risk = good customer

All the same am surprised they aren't courting you more heavily with that type of usage.

Re: Discover Balance Transfer Question

MarineVietVet — Sat, 11 Jun 2011 18:01:21 GMT

@score_building wrote:

Just a different type of good customer, no? (perhaps they skip a lower fee offer if ones behavioral score shows low enough probability card holder will take the bait, for eg.)

no revolving debt, heavy usage, low risk = good customer

All the same am surprised they aren't courting you more heavily with that type of usage.

I would seriously consider doing a BT at 3% but at 5% I'm just not interested. But I'll keep looking at the offers.

Re: Discover Balance Transfer Question

score_building — Sat, 11 Jun 2011 18:17:50 GMT

@MarineVietVet wrote:
@score_building wrote:

Just a different type of good customer, no? (perhaps they skip a lower fee offer if ones behavioral score shows low enough probability card holder will take the bait, for eg.)

no revolving debt, heavy usage, low risk = good customer

All the same am surprised they aren't courting you more heavily with that type of usage.
I would seriously consider doing a BT at 3% but at 5% I'm just not interested. But I'll keep looking at the offers.

From a BK years ago to:
EX - 3/11 pulled by lender- 835, EQ - 2/11-816, TU - 2/11-782

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

Have you checked out the 0/0 apparently still alive at NFCU?

Re: Discover Balance Transfer Question

MarineVietVet — Sat, 11 Jun 2011 18:36:51 GMT

score_building wrote:

Have you checked out the 0/0 apparently still alive at NFCU?

Thanks for the heads up about the NFCU offer but at my age I'm probably through applying for any new CC's. I'm not completely ruling it out of course but I consider myself in permanent garden mode.

Re: Discover Balance Transfer Question

minimock — Sat, 11 Jun 2011 19:12:17 GMT

Dunno how old you are, but at my age, I am hoping not to become part of the garden LOL

Re: Discover Balance Transfer Question

MarineVietVet — Sat, 11 Jun 2011 23:56:59 GMT

@minimock wrote:
Dunno how old you are, but at my age, I am hoping not to become part of the garden LOL

I just turned 60 last month.

And I apologize about getting your thread off topic. Back to questions about a Discover BT.