All I know is I can't stand having this More card near its limit.
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 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.