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BT from Discover to Citi to Discover?

Re: BT from Discover to Citi to Discover?

AzHeather is asking a spectacular question....because I just assumed her new Discover More would take MY Citi card balance. I HOPE IT CAN! I really am wanting these transfers to work so my credit utilization extremely lowers. Plus she's excited to have a great card. Does anyone know the answer to her question?
Message 11 of 12
Regular Contributor

Re: BT from Discover to Citi to Discover?

heytherehitherehothere wrote:
All I know is I can't stand having this More card near its limit.
So cmthomas06,
what APR does Discover put my card at when they estimate on the statement that it'll take 13 years to pay off that balance with a monthly minimum of $71?
Or it'll take 3 years to pay off at a monthly amount of 126?
Thank you so much for the help.

You are very welcome Smiley Happy interest charges and other specifics get pretty complicated; it took me a while to understand it all, and Im still learning lol 


The APR they are going to use is going to be the standard APR. This monthly percentage is the APR / 12 months; so in your case, 1.5%  of the balance. The reason its going to take 13 years to pay it off with monthly payments of $71 is because only  ~$18 is actually going towards paying  the balance - the rest of the payment is taking care of the interest they are charging you. Thats why loans / CC end up costing far more if you take a while to pay down. Its not uncommon to take out a $50k loan and end up paying >$60k in the long run. 


As for transferring to another person's card, I have never done it before but I dont see why there would be a problem. When you do a BT, they just ask for the account number and Bank. 


Ex 752 (Amex) Tu 758 (Walmart) Eq 703
Goal: 750+ on all
Current Cards: Cap1 Cash Back; Chase Freedom; Chase Amazon; Citi Thank You; Citi Forward; Discover iT; Amex Zync; GE WalMart; BoA 3-2-1
Message 12 of 12