I have about $7K left over from a 0% balance transfer into my Discover IT that is expiring in about 2 months. I have new balance transfer offers through Discover for 0% for 12 months with a 3% balance transfer fee. They don't let you make a new BT for a Discover accounts. However, there is an option to do a BT into a checking account.
Can I just do lets say a $8K BT (just some extra for cushion and to cover the fees) into my checking account, and then use those funds to pay off my $7K, effectively pushing out my balance transfer another 12 months? Other than the normal pitfalls of pushing credit and building a bigger hole, is there any reason why I can't do this?
Lenders do not allow BT from one of their cards to another one of their cards (or same card), but Discover doesn't fuss too much since BTs are still their bread and butter.
However, if you BT to checking, pay off balance but continue making small payments, there is a possibility of CLD/balance chasing since you will be e carrying significant balance with them for two years.
I'm assuming you cannot pay off $8000.00 during the life of BT, but your payments should be at least in line with paying one third of that balance.
Discover is tolerant of balances untill they aren't, so be careful.