topic Re: Discover BT in Credit Cards

Discover BT

Anonymous — Sat, 28 Apr 2012 22:10:03 GMT

Can someone please explain this better to me? I would like to do a BT to my Discover card and I see this as an offer

Transfers 0.0% APR for 12 months after the first Balance Transfer posts to your Account under this offer, then your purchase APR will apply, currently 19.99%. The purchase APR will vary with the market based on the Prime Rate.

Does that mean I get 0% on a BT for 12 months, then they charge 19.99%?

Also the fee says this:

5.0% with a minimum of $5.00 and no maximum for each balance transfer made by the reply by date for this offer.

So whatever I transfer I will be paying 5% flat on correct?

Re: Discover BT

RyVision — Sat, 28 Apr 2012 22:52:08 GMT

@Anonymous wrote:
Can someone please explain this better to me? I would like to do a BT to my Discover card and I see this as an offer

Transfers 0.0% APR for 12 months after the first Balance Transfer posts to your Account under this offer, then your purchase APR will apply, currently 19.99%. The purchase APR will vary with the market based on the Prime Rate.

Does that mean I get 0% on a BT for 12 months, then they charge 19.99%?

Also the fee says this:
5.0% with a minimum of $5.00 and no maximum for each balance transfer made by the reply by date for this offer.
So whatever I transfer I will be paying 5% flat on correct?

Yes to the above really. If you transfered 1000 to Discover, you'd pay $50. for the transfer fee (5% on your bill right away). Then affter the 0% was over at 12 months whatever you hadn't paid down of that 1000 would be charged the 19.99% like a purchase, it would not be charged from the day you transfered it however, just after your 12 month promo 0% ran out.

Re: Discover BT

crunching_numbers — Sun, 29 Apr 2012 23:19:20 GMT

@RyVision wrote:
@Anonymous wrote:
Can someone please explain this better to me? I would like to do a BT to my Discover card and I see this as an offer

Transfers 0.0% APR for 12 months after the first Balance Transfer posts to your Account under this offer, then your purchase APR will apply, currently 19.99%. The purchase APR will vary with the market based on the Prime Rate.

Does that mean I get 0% on a BT for 12 months, then they charge 19.99%?

Also the fee says this:
5.0% with a minimum of $5.00 and no maximum for each balance transfer made by the reply by date for this offer.
So whatever I transfer I will be paying 5% flat on correct?

Yes to the above really. If you transfered 1000 to Discover, you'd pay $50. for the transfer fee (5% on your bill right away). Then affter the 0% was over at 12 months whatever you hadn't paid down of that 1000 would be charged the 19.99% like a purchase, it would not be charged from the day you transfered it however, just after your 12 month promo 0% ran out.

BT's are different than deferred financing, for example buying a large purchase at Home Depot and getting "12 months interest free". Those types of offers mean that if you don't pay in full before the 12 months end, then the interest will be applied from day one on the whole amount. Those types of offers are only good if you are SURE you will be able to pay on time.

With a BT offer like you were given, you will be charged the 5% fee during the first month, and then there will be no interest at all for the next 12 months. At the conclusion of the 12 months, if you still owe some of the balance, then you will begin to pay 19.99% APR on it, just like if you had charged it on that day.

Re: Discover BT

LS2982 — Sun, 29 Apr 2012 23:45:19 GMT

How is discover on using BT's early into a new account??

Re: Discover BT

RyVision — Mon, 30 Apr 2012 01:40:34 GMT

@LS2982 wrote:
How is discover on using BT's early into a new account??

They didn't seem to have a problem with it, the CSR actually suggested it LOL. I did a small one, around 400 to make them happy, I explained the rest were 0% already or about to be paid and the 4% transfer fee would be a waste mostly.

Re: Discover BT

crunching_numbers — Mon, 30 Apr 2012 03:00:37 GMT

@LS2982 wrote:
How is discover on using BT's early into a new account??

I opened the Discover account with the express purpose of BT's. I requested $6000 woth of BT's before I even knew I was approved. They gave me a CL of $6500 and processed the BT's. They took a long time to get them fully processed. But they are one of the CC's out there that are big on offering BT's. I really do not think they have a problem with them. Actually, I think they hope you do not get them paid off during the promo period and that they also make some interest on them.

Re: Discover BT

LS2982 — Mon, 30 Apr 2012 09:52:52 GMT

I have relatively small balances but I'd like to zero out my Cap1 card pay the 3.99 APR% for the remaining 5 months.

Re: Discover BT

Anonymous — Mon, 30 Apr 2012 13:50:37 GMT

I apped a day after crunching numbers, doing the same thing.

I apped with a BT in mind of $4.7K and got a CL of 6K. Had an 18 month offer that I knew I'd be paying off before Month 13 even showed up.