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Discover BT offers

Regular Contributor

Discover BT offers



Looking for a little advice...


I have never done a balance transfer before but I am looking to pay down my balances pretty soon and recently got an increase on my discover card.

I have about 2500 in open credit with discover. I have the below cards and balances listed with the apr:


Care credit

1300.00       26.99%apr

Capital one quicksilverone

1065.00       20.05%apr

Capital one secured

563.00         23.15%apr


1554.00       21.24%apr


405.00         21.49%apr      


Discover shows me two options in my account:


1. 0% promo apr for 12mo. with a 3% transfer fee.

2. 4.99% apr for 18mo. and a 0% transfer fee.



Would you take either of these? if so, which one?


Thanks in advance

Starting Score (Oct '13): 473 (EX), Current Score: MyFICO EX: 708 EQ: 700 TU: 707, Goal Score: 740 & above. Capital One Quicksilver: $1900, Discover IT: $9500, Chase Amazon Store Card: $800, Care Credit: $8000, Barclays Rewards: $1850 BCE: 3,000, PenFed Visa Sig: 7,000 NFCU cashRewards $14,300
Message 1 of 5
Community Leader
Super Contributor

Re: Discover BT offers

Im no expert here on what to do as i have just completed my very first BT but i do know its nice to have to pay only one card and save some interest at same time. How much exactly is your Discover cl and how much were you looking to possibly transfer?. Best of luck with your decisionSmiley Happy

Gardening since 6/13/18
Goal: No hps or cli requests at least til 1/1/19, 7/13/20 preferable
Message 2 of 5
Valued Contributor

Re: Discover BT offers

Depending on how accurate your signature is right now...... It looks like you're maxing these all out compared to the limits.  I wouldn't worry about doing a BT and keep the Discover w/o a balance until you get things in line and paid down.  

Message 3 of 5
Super Contributor

Re: Discover BT offers

OP I would take the no-fee option at 4.99%, transfer $2,000 from: QS One to get it to zero, then some from Barclays to reduce that.


Use the QS One as the only card for regular daily spend, but it must be PIF, the statement amount by the payment due date, so you do not incur more interest on that.


Pay down the other cards as fast as you can, likely best to pay off the little ones first, then the larger ones more heavily.


After the 18 months is up, you will want the QS One to be used to transfer from the Discover, then probably back to Discover, to keep that on a continuing low rate.


Emphasis on paying the high APR accounts down heaviest, keep the QA One at PIF and don't use any cards unless they are at zero interest cost and become PIF.


At the time you do the transfer from Discover to QS One, and back again in as week or so, if this is done within one statement period, and your BT off the QS One is slightly more than the BT on to the QS One, you won't see any interest cost from that on the QS One.


Do not worry about FICO score, your focus is on reducing interest cost until these are paid down.


Good luck!

High Bal Jan 2009 $116k on $146k limits 80% Util.
Oct 2014 $46k on $127k 36% util EQ 722 TU 727 EX 727
April 2018 $18k on $344k 5% util EQ 806 TU 810 EX 812

Delta Reserve and CSP Jan 2018, no more 5/24 worries... unless new Chase Marriott/SPG replacement is enticing...meh, turns out not.
Message 4 of 5
New Contributor

Re: Discover BT offers

Has the retrograde interest started on the care credit yet?


With regard to which BT offer to choose, it would be helpful if we knew how much your monthly payments will be.

Starting 3/16 Ex: 692 TU: 689 EQ: 730

Current 10/16: Ex: 770 TU: 758 EQ: 787
Message 5 of 5