Balance Transfers....Pros, Cons

trishdadish · ‎08-25-2013

My Discover promo period is ending, and unfortunately I have a $2,900 balance that I want to "let ride" for the next 2 months, until I get my bonus check (just got back from vacation). U.S. Bank told me that they I have a low-fee offer, but my limit with them is only $5,000, whereas my Discover has a $9,800 limit. So if I transfer to U.S. Bank, my util with them would be > 50%. This does not seem like a good idea.....Any suggestions? I've never before done a balance transfer, so I'm pretty clueless about how they work, and what's a good deal.

All 3 bureaus (per Amex CreditSecure FAKO) are still 748 (as of 12/19/13). Cards: Discover It, $12,100, Chase Freedom $3,300, Chase Amazon $1,500, Walmart store $11,000, AMEX Zync NPSL, Costco Amex $14,700. US. Bank Cash +, $5,000. AMEX SPG $6,000, PenFed Plat. Cash Rewards $17,500, PenFed P-LOC $10,000, Citi Forward $5,100, Chase Slate $5,000, Old Navy, $2,200.

myjourney · ‎08-25-2013

@trishdadish wrote:
My Discover promo period is ending, and unfortunately I have a $2,900 balance that I want to "let ride" for the next 2 months, until I get my bonus check (just got back from vacation). U.S. Bank told me that they I have a low-fee offer, but my limit with them is only $5,000, whereas my Discover has a $9,800 limit. So if I transfer to U.S. Bank, my util with them would be > 50%. This does not seem like a good idea.....Any suggestions? I've never before done a balance transfer, so I'm pretty clueless about how they work, and what's a good deal.

If its only a couple of months it depends on the int% rate...

You also have to weigh the BT fees to be certain if its right for you

Before you app think...
Have you done your research of the CC?
Does it fit your spending?
Do you have a plan for the bonus w/o going into debt?
Can you afford the AF?
Do you know the cards benefits? Is it worth the HP?

djc1puno · ‎08-25-2013

+1 myjourney

GARDEN GOAL: MARCH 2014
LAST APP: 08/20/2013
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trishdadish · ‎08-25-2013

My Discover interest rate is ridiculously high....23% or so, once it kicks in. Which is why I thought that getting that down to 0 before the promo ends would still be cheaper....decisions, decisions!

All 3 bureaus (per Amex CreditSecure FAKO) are still 748 (as of 12/19/13). Cards: Discover It, $12,100, Chase Freedom $3,300, Chase Amazon $1,500, Walmart store $11,000, AMEX Zync NPSL, Costco Amex $14,700. US. Bank Cash +, $5,000. AMEX SPG $6,000, PenFed Plat. Cash Rewards $17,500, PenFed P-LOC $10,000, Citi Forward $5,100, Chase Slate $5,000, Old Navy, $2,200.

trishdadish · ‎08-25-2013

Ok, I get it...I've got to do the "hard math." I will return with more specifics about the offer, and my exact anticipated non-promo rate.

All 3 bureaus (per Amex CreditSecure FAKO) are still 748 (as of 12/19/13). Cards: Discover It, $12,100, Chase Freedom $3,300, Chase Amazon $1,500, Walmart store $11,000, AMEX Zync NPSL, Costco Amex $14,700. US. Bank Cash +, $5,000. AMEX SPG $6,000, PenFed Plat. Cash Rewards $17,500, PenFed P-LOC $10,000, Citi Forward $5,100, Chase Slate $5,000, Old Navy, $2,200.

compassion101 · ‎08-25-2013

Check out the balance transver vee and interest rate. Even at 0% interest, a 4% vee will cost as much as 2 months interest at 24%. I'd try calling discover, maybe they will give u a deal?