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Balance Transfer Apocalypse

ddm2k1
Frequent Contributor

Re: Balance Transfer: Ethical Sneaky Trick?


@tcbofade wrote:

@K-in-Boston, I think with Discover that balance transfer options ARE profile dependent.

 

I have NEVER had the direct to checking option, but DW ALWAYS has it...

 

...and we have similar profiles...  Smiley Tongue

 

Discover is just weird. 


Perhaps when they narrow it down to a select group of people, they find that they're willing to extend it to half of this already very homogenous slice of their customer base. Past this point, they start making arbitrary filters (such as, but not limited to, odd/even account numbers, etc.) in order to whittle things down further to the # of customers they wish to have access to checks / direct deposit. 

Message 31 of 44
ChargedUp
Senior Contributor

Re: Balance Transfer: Ethical Sneaky Trick?

Strangely enough, Chase has offered me to use part of my credit line (on all 3 cards) as a "loan" at somewhere in the 4% range.

 

Other than that, the only offer I've seen recently is from HSBC wanting me to open a new card, which would come with a 0%/12 month BT option.

AODFCU 3% Visa ($10K), Amex Gold (NPSL), Amex BCP ($27K), Amex Simply Cash+ ($4K), Amex Business Cash ($22.5K), Discover ($29.7K), Cap 1 Union Plus MC ($2750), Chase FU Visa Sig ($12K), Chase F Visa Sig ($8.3K), Chase CSP Visa Sig($6.5K), Elan Everyday Rewards+ Visa Sig($15K), BOC/Elan Max Cash MC ($25K), Buckle ($1.3K), BofA AAA Rewards ($84.5K), Paypal credit ($10K), PNC Points Visa Sig ($7.5K), Cap 1 Savor ($13K), PenFed PCR ($5K), Bank of the West CB MC ($3.6K), PNC Cash Rewards Visa Sig ($14K), NASAFCU Rewards Visa ($20K), BoA Business Customized Cash Rewards MC ($8k), Chase Amazon Visa Sig ($35K)
Message 32 of 44
IrishPM
Regular Contributor

Re: Balance Transfer Apocalypse

All of my card issuers have removed the BT offers for now except for First Bankcard (FNBO). They've also sent me BT checks for 6.99% interest rate fixed for life. My guess is the COVID 19 shutdown has every bank and card issuer pulling back on BT's for fear of massive defaults from folks using the cash to simply survive if they've lost their jobs. Makes sense but for those of us that like to use that option for consolidating to save on interest, it sucks. 

Message 33 of 44
gdale6
Moderator

Re: Balance Transfer Apocalypse

I see Disco has revived their BT offers, this showed up this morning:

 

Transfer Balances By:

Nov 24

 

See your special offer: It's easy to transfer a balance.

0% promo APR*

9 months

*See offer for details.

Message 34 of 44
NRB525
Super Contributor

Re: Balance Transfer Apocalypse


@gdale6 wrote:

I see Disco has revived their BT offers, this showed up this morning:

 

Transfer Balances By:

Nov 24

 

See your special offer: It's easy to transfer a balance.

0% promo APR*

9 months

*See offer for details.


I've been adding Discover BT items frequently in the last few months, Aug 11 and Sept 11 most recently. Now up to just under 50% utilization, $9,200 on a $20k limit.  

So missing BT offers in Discover are profile-specific. 

High Bal Jan 2009 $116k on $146k limits 80% Util.
Oct 2014 $46k on $127k 36% util EQ 722 TU 727 EX 727
April 2018 $18k on $344k 5% util EQ 806 TU 810 EX 812
Jan 2019 $7.6k on $360k EQ 832 TU 839 EX 831
March 2021 $33k on $312k EQ 796 TU 798 EX 801
May 2021 Paid all Installments and Mortgages, one new Mortgage EQ 761 TY 774 EX 777
Message 35 of 44
pete19103
New Contributor

Re: Balance Transfer Apocalypse

For me, Discover never pulled the BT offers but the % rate for the longer terms offer has crept up from 4%, to 5% and now 6%, with BT fee for the 0% going from 3%, to 4% and now 5%.

  Wells Fargo, BofA and Chase all pulled their BT offers for a month or 2 but they are all back now  

Message 36 of 44
K-in-Boston
Moderator

Re: Balance Transfer Apocalypse

Sounds like I am starting to become the outlier here.  In the years since opening my Discover card, my offers have never faltered from 0% for 12 months with 3% fee and 4.99% for 15 months with no fee.  I just wish the limit were more in line with what other lenders have granted me.

Message 37 of 44
Janus
Senior Contributor

Re: Balance Transfer: Ethical Sneaky Trick?

Thankfully Discover is my highest CL, so that is one reason why I often BT with them as it never impacts UT that much.

 


@ChargedUp wrote:

Strangely enough, Chase has offered me to use part of my credit line (on all 3 cards) as a "loan" at somewhere in the 4% range.

 

Other than that, the only offer I've seen recently is from HSBC wanting me to open a new card, which would come with a 0%/12 month BT option.


Yeah that's certainly a nice feature to have, after all anything is better than the standard APR and no HP for using it. However, all of their offers to me have been in the 8% range and only recently a 6%. Plus the fact it eats into a person's UT, and since the CL isn't that large I'd be at the 8% threshhold very quickly and 18% soon after. At those rates I'd rather just stick to a traditional Loan HP and all.






Message 38 of 44
pete19103
New Contributor

Re: Balance Transfer Apocalypse

There must be something about your profile that Discover doesn't like; they are usually pretty generous with both SL and CLI.   On the other hand, there BT offers to you havent gotten worse so there is that.   Maybe its the lower limit that you have with them that doesnt concern them as much as somebody with a larger limit. 


@K-in-Boston wrote:

Sounds like I am starting to become the outlier here.  In the years since opening my Discover card, my offers have never faltered from 0% for 12 months with 3% fee and 4.99% for 15 months with no fee.  I just wish the limit were more in line with what other lenders have granted me.



    But Miss Disco is a very fickle lover, one that will never be fully understood despite all our best efforts

Message 39 of 44
dragontears
Valued Contributor

Re: Balance Transfer Apocalypse


@K-in-Boston wrote:

Sounds like I am starting to become the outlier here.  In the years since opening my Discover card, my offers have never faltered from 0% for 12 months with 3% fee and 4.99% for 15 months with no fee.  I just wish the limit were more in line with what other lenders have granted me.


For me it seems to be card dependent. 

Card 1 (like you) always has the choice of 0% for 12 months w/3% fee or 4.99% for 15 months w/ no fee

Card 2 always has choice of 0% for 9 months w/4% fee or 5.99% for 12 months w/4% or 5% fee

 

Discover is a strange lender....

Scores hover around 800
Haven't been AZEO in over a year
Rome was not built in a day, neither is a good credit profile
Message 40 of 44
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