topic Re: Balance Transfers....Pros, Cons in Credit Cards

Balance Transfers....Pros, Cons

Anonymous — Mon, 26 Aug 2013 03:16:59 GMT

My Discover promo period is ending, and unfortunately I have a $2,900 balance that I want to "let ride" for the next 2 months, until I get my bonus check (just got back from vacation). U.S. Bank told me that they I have a low-fee offer, but my limit with them is only $5,000, whereas my Discover has a $9,800 limit. So if I transfer to U.S. Bank, my util with them would be > 50%. This does not seem like a good idea.....Any suggestions? I've never before done a balance transfer, so I'm pretty clueless about how they work, and what's a good deal.

Re: Balance Transfers....Pros, Cons

myjourney — Mon, 26 Aug 2013 03:35:50 GMT

@Anonymous wrote:
My Discover promo period is ending, and unfortunately I have a $2,900 balance that I want to "let ride" for the next 2 months, until I get my bonus check (just got back from vacation). U.S. Bank told me that they I have a low-fee offer, but my limit with them is only $5,000, whereas my Discover has a $9,800 limit. So if I transfer to U.S. Bank, my util with them would be > 50%. This does not seem like a good idea.....Any suggestions? I've never before done a balance transfer, so I'm pretty clueless about how they work, and what's a good deal.

If its only a couple of months it depends on the int% rate...

You also have to weigh the BT fees to be certain if its right for you

Re: Balance Transfers....Pros, Cons

djc1puno — Mon, 26 Aug 2013 03:39:48 GMT

+1 myjourney

Re: Balance Transfers....Pros, Cons

Anonymous — Mon, 26 Aug 2013 03:44:55 GMT

My Discover interest rate is ridiculously high....23% or so, once it kicks in. Which is why I thought that getting that down to 0 before the promo ends would still be cheaper....decisions, decisions!

Re: Balance Transfers....Pros, Cons

Anonymous — Mon, 26 Aug 2013 03:47:17 GMT

Ok, I get it...I've got to do the "hard math." I will return with more specifics about the offer, and my exact anticipated non-promo rate.

Re: Balance Transfers....Pros, Cons

compassion101 — Mon, 26 Aug 2013 06:43:23 GMT

Check out the balance transver vee and interest rate. Even at 0% interest, a 4% vee will cost as much as 2 months interest at 24%. I'd try calling discover, maybe they will give u a deal?