Discover 0% BT offer

[bondsandloan]

Hi everyone - had a quick question for everyone here. I just was pre-approved for & applied for a new card with Discover for their 0% BT offer. I got a 16.10% apr but only a $1,000 SL. Pretty disappointing! I already have a Discover for 3 years with a CL of $2,500 (don't use it much!). Here are my other data points:

Chase - $2,000/ $10,000 CL

Chase - $2,500/ $12,000 CL

CO - $0/$10,000 CL

Amex Plat - NSPL/$20,000 PoT limit

Discover - $0/ $2,500

INQ (12 months): 4 incl the new Disco (EX); 1 (EQ); 0 (TU)

AAoA - 2 Years

AoOA - 3 Years

FICO 8 scores - 774 (EX); EQ - don't know; 786 (TU)

So the new Discover with $1,000 was pretty disappointing as I was looking to do a $5,000 BT from wife's card. What's the recommendation? Should I just close the new Discover? I have a 0% BT offer for 9 months on my first Discover with $2,500 limit. They won't allow CLI or move my other CL to new card for 12 months.

Any other BT cards I think could of? 

[NRB525]

Which card is the $5k balance on? More specifically is there a possible BT available on that card if it were zero balance. 

You have no balance on your Cap One card, and those generally have no BT fee, and my experience is, no interest charge the first statement when you add a BT. 

So one path might be to BT to your Cap One card, set it there until that statement prints, then have a new destination for the $5k. 

I'd be inclined to use most of the $1k Discover 0% offer, as that does take some of the interest cost off the table. By some, I mean $900 or 90%.  It will ding your scores temporarily but it's a small amount you can pay down.  

The other $4k you could move $1k to an offer on your $2,500 Discover on a 4.99% no fee rate, or $1,500. The advantage of the 4.99% rate, you can lean into it to see low interest cost as it declines.  

For comparison what is the APR currently on wife's $5k balance?

[Loquat]

Have you considered picking up a card from a credit union? PenFed comes to mind. Most of their cards come with a 0/3/12 on BTs. Just another Avenue to consider.

[bondsandloan]

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@NRB525 wrote:

Which card is the $5k balance on? More specifically is there a possible BT available on that card if it were zero balance. 

You have no balance on your Cap One card, and those generally have no BT fee, and my experience is, no interest charge the first statement when you add a BT. 

So one path might be to BT to your Cap One card, set it there until that statement prints, then have a new destination for the $5k. 

I'd be inclined to use most of the $1k Discover 0% offer, as that does take some of the interest cost off the table. By some, I mean $900 or 90%.  It will ding your scores temporarily but it's a small amount you can pay down.  

The other $4k you could move $1k to an offer on your $2,500 Discover on a 4.99% no fee rate, or $1,500. The advantage of the 4.99% rate, you can lean into it to see low interest cost as it declines.  

For comparison what is the APR currently on wife's $5k balance?

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Hey - thanks for the super answer. For full answer, the wife's $5k balance is sitting on a Citibank card (it had a 0% on purchase offer which is ending on March 31st, back to 15.4%) so wanted to move it before the interest period hit. 

My current Discover (with 2,500$ limit) does have a 0% BT offer for 9 months with 4% move fees. 

Ok interesting, I could just move the BT to Capital one & they will give it 0% for the 1st statment? just want to make sure I understand properly. so thank you for clarifying in advance.

[SouthJamaica]

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@bondsandloan wrote:

Hi everyone - had a quick question for everyone here. I just was pre-approved for & applied for a new card with Discover for their 0% BT offer. I got a 16.10% apr but only a $1,000 SL. Pretty disappointing! I already have a Discover for 3 years with a CL of $2,500 (don't use it much!). Here are my other data points:

Chase - $2,000/ $10,000 CL

Chase - $2,500/ $12,000 CL

CO - $0/$10,000 CL

Amex Plat - NSPL/$20,000 PoT limit

Discover - $0/ $2,500

INQ (12 months): 4 incl the new Disco (EX); 1 (EQ); 0 (TU)

AAoA - 2 Years

AoOA - 3 Years

FICO 8 scores - 774 (EX); EQ - don't know; 786 (TU)

So the new Discover with $1,000 was pretty disappointing as I was looking to do a $5,000 BT from wife's card. What's the recommendation? Should I just close the new Discover? I have a 0% BT offer for 9 months on my first Discover with $2,500 limit. They won't allow CLI or move my other CL to new card for 12 months.

Any other BT cards I think could of? 

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No you shouldn't close it.

The best balance transfer cards are, in my opinion, credit union non-rewards platinum cards, with low interest, and no balance transfer fee.

[bondsandloan]

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@SouthJamaica wrote:

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No you shouldn't close it.

The best balance transfer cards are, in my opinion, credit union non-rewards platinum cards, with low interest, and no balance transfer fee.

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Oh awesome, thanks for the share! Any CU platunum cards you can recommend for that purpose?