Best option for balance transfer?

[Anonymous]

We are weighing out our options of combining balances to one card, one payment to get things paid off within 12 months.  I have most major credit cards already and don't think getting a 2nd of one, like discover, would be approved. I have zero inquiries, scores are above 750, 6% usage.  So, who should I look at? 

Chase sends me offers but it's usually with a 3% transfer fee, 0% interest.  I  received a pre-approval BOA MasterCard (no rewards), with a 0% 18 month, $0 fee BT offer.  I don't know what kind of starting limits they have.  

How will this work?  Will I write myself one check and pay all balances or do I have to provide details on each transfer?

[marmaladepie]

It depends on the lender. Some will provide you w checks (Citi) some can do it electronically online (like Cap1). I've had a CU address a check to me for the whole limit of the card even though I didn't need it. For the first 1-2 months my util was at 100% for that card and before others showed a lower updated balance. It was annoying.

Not sure if your if your balances are spread across different lenders,  but something to keep in mind is that lenders won't let you transfer a balance from the same lender. Ie. moving a Chase balance to another Chase card.

[SBR249]

I think a 2nd Discover probably won't be a problem, it's not a very rare occurrence, at least on these boards. 

Otherwise, if you are looking, there're the usual suspects: Chase Slate, Citi Simplicity, Citi Diamond Preferred, etc. 

If you are wary of low starting limits, you could apply for a Discover, and then after you receive it, call and ask to transfer some of your limit from your existing Discover which I see has plenty of CL overhead. After you pay the balance off you can move the limit back over or combine the newer Discover back into the older one or leave it as it is. 

Another option is to apply for a different Discover card like the travel one or the gas & restaurant one. Both of those come with 0% for 14 months intro offers and you can also call and ask to transfer some limits over from your existing IT. 

[Anonymous]

I have a $7K Visa with Apple FCU that's a plain-vanilla Platinum card, no rewards. It has a lot of slack on it and a decent APR so I can transfer several higher-interest balances to it without pushing it over the 28.9% line, and I've already moved my older Discover IT's balance to that card. Amazon is probably next.

[Anonymous]

A few questions for OP. what are the cards you're trying to BT? what's the total dollar amount you are trying to BT? you cannot transfer a balance to a card with lower interest that's funded by the same bank... like citi has a 21 month no interest card with a 5% fee... but if you are transferring a balance from another citi card it will not be approved. this was my problem wanted to BT from wells fargo and citi... chose AMEX everyday 18 month 0% interest on BT and purchases. 8k starting limit. worked out well. also usually they will not allow you to transfer balance from more than 4 or 5 accounts. most cards should allow you to put in the BT request when you sign up online if you do it with your app the SL might be slightly higher than without. hope this helps

[Anonymous]

I have about $7,500 that I want to consolidate.  It is spread between NFCU and Care Credit for me.  My DH has Discover and Lowes that I would like to include.  Everything seemed to hit at once and luckily we had the credit to fix things.  Because it is spread out, I want to just write one check to me and disperse the funds to pay off balances.  I just want one monthly payment (without interest and fees) so I can knock it out in 12 months.     I have Chase Freedom offering up to $15k balance transfer with 12 mo no interest.  Unfortunately, they want a 3% transfer fee.  That led me to look at Chase Slate.  I read that I can move some of the limit around between accounts, if  necessary.  BoA has also sent me an offer but I don't know the limit.  Amex offered a personal loan up to $10k at 8% interest but that isn't what I want to do.  I feel like a BT would be a good option, I just need to make sure I understand the process.