Balance Transfer question

[Anonymous]

Can you balance transfer a Discover card balance to a Capital One card, then perhaps a month later transfer the Capital One balance  to another (different) Discover card?

[Physh1]

Sure...just watch out...those 3% transfer fees rack up...

[blindambition]

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@Physh1 wrote:

Sure...just watch out...those 3% transfer fees rack up...

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+1

Both Capital One and Discover have BT fees. It's also easy for lenders to see you play the BT switcharoo. Not sure of your strategy, but something to be considered.

[Anonymous]

Thanks for the reply.

I currently have a Discover It card with a high balance, where interest begins being charged im March 2021. I also have a Capital One QuickSilver (not QuickSilver One) with some room for a BT. Yesterday I just got approved for my second Discover card (Discover It Chrome) with the 0% BT for 14 months. I would like to try transferring the balance from Discover card(1) to my QuickSilver card and perhaps after a month or so, transfer the balance from the QuickSilver to Discover card(2). The difference in interest rate between the two cards is .002%, a negligible amount for the month that the balance will sit on the QuickSilver card. Any thoughts about that?

[Anonymous]

Thank you blindambition for your reply.

 I will assume by the # of views and lack of responses that this is not a good option. Well since Discover did increase my cli on my first credit card and gave me a second card they deserve to make some money from me. If you don't ask the question - you will never know the answer.

[coldfusion]

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@Anonymous wrote:

Thank you blindambition for your reply.

 I will assume by the # of views and lack of responses that this is not a good option. Well since Discover did increase my cli on my first credit card and gave me a second card they deserve to make some money from me. If you don't ask the question - you will never know the answer.

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You'd have to check the specific terms and conditions of the balance transfer offers. Capital One typically doesn't charge a balance transfer fee but they do start charging interest immediately on a balance transfer, and while Discover does extend 0% APR balance transfer offers they typically charge a 4% balance transfer fee up front. 

I'd probably characterize this more, depending upon one's particular circumstance, as potentially being the least of one's currently available evils than as ever really being a good option. 

[Remedios]

There's no need to complicate this. Discover allows you to deposit funds into your checking account. 

initiate a balance transfer on your second Discover card, have the funds deposited into your account,  then use them to pay your other Discover card.