BT to existing card or new?

[Anonymous]

I have three current credit cards:

1. CSP: 13k balance, 25k limit, 18.24%APR
2. Discover 0 balance, 20k limit.
3. Capital One: 0 balance, 7k limit (sock drawer)

My scores are in the high 700’s. I have been working OT and can pay the balance off within the year. I was thinking of transferring to a 0% card to avoid paying the interest so I can pay it down faster. My current discover card has an offer for 0% for 12 months (3% BT fee) or 5.99% for 15months (0% BT fee).

Would it be better to BT to a card that I already have or apply for a new card with a 0% offer? If you BT to an exisiting card, is it a hardpull?

[Meanmchine]

It all boils down to if you want to open a new account or not.

[Anonymous]

It really depends on how fast you can pay it off. If you can pay it off in less than 11 months, the 15 month offer will safe you money. If you think it’ll take you 12, the 0% will save you money.

I wouldn’t do an app for a new card if you already had an offer for a BT

[HeavenOhio]

I'd transfer to Discover and consider a new card if you can't finish your payments by the end of the promotional period. At that point, your credit report will present a great look, and you can consider a product that you hope will be a long-term keeper.

[Kforce]

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@Anonymous wrote:

It really depends on how fast you can pay it off. If you can pay it off in less than 11 months, the 15 month offer will save you money.
If you think it’ll take you 12, the 0% will save you money.
11 months or less best is 5.99 / No Fee (Cost $370)
Minimum payments and remainder last month, 3% is best (Cost $390)

I wouldn’t do an app for a new card if you already had an offer for a BT

+ 1

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Loan: 13000.000
Rate: 18.240 %
Pmt : 1300.000

11 Months

Total Interest $1,208.66

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Loan: 13000.000
Rate: 5.99 %
Pmt : 1300.000

11 Months

Total Interest : $369.60
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Loan: 13000.000
Rate: 0%, 3%-Fee
Pmt : 1217.27

11 Months

Total Interest : $390

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[Anonymous]

I’m in a similar situation. I just got an offer for 0% for 15 months with no balance transfer fee with an Amex everyday card with 15k bonus points for 1k spend. Was a no brainer for me. Got approved for 15k.

[Anonymous]

Thanks everyone for your help!

[pinkandgrey]

If you could use another card, go for it. Otherwise, using an existing card would spare you the new account. 

[Anonymous]

Only apply for a new credit card if you want one. As for the balance transfer, go ahead and do it. No, it's not a hard pull. A hard pull is when someone checks your credit report. It happens when you apply for any kind of credit or loan like a credit card, not when you transfer balances between cards.

[Anonymous]

I apped for a Discover card for that exact reason and lowered my utilization since I was approved for $16k. Was able to drop all cards below the 50% mark and some at a zero balance. Discover is one of the few cards that will approve you at a high utilization. My friend appd with them with a whopping 95%+ utilization, bk on report, and with a fico 8 of 672 and received a $5k limit. I was so shocked