Discover Balance Transfer Question

[Mland-EC]

I have read about the 4506, but on a card where you were just approved where they offered you the BT and they allow the amount of the BT which in your case seems like the full credit limit I would not afraid of a 4506-T at this point.

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[Misfit88]

Okay thank you! 

[Legal_Girl]

I'm really glad I read this complete thread as I was thinking of taking Disco up on the 0% for 9 months transfer offer. I think I will just leave well enough alone... Especially since both of my Disco cards are my go-to cards.

[Mland-EC]

The Discover was my go to card too, but then I thought heck if I do a BT to checking, the only BT type I do, the cash is in my checking account from the BT and I just use that cash just as I would my Discover as the go to. Then whatever balance is left a the end of the month from that BT that I can't pay is a much lower 4.99 or 6.99  than if I just used the card as my go to and could not pay the balance to zero.

In other  words for me the doing a BT to checking every month and  using the cash from the BT to checking  intead of pulling out my card for every transaction is better for me because I get a lower interst rate on any remaining balance I might have. It seems Discover also likes it as they were giving me CLI Every 30 days for a bit, stil stuck at 14K , but it hasnt evne been 6 months at 14K so I am not crying. I went up so fast. The reason is not enough experience at the current level and seeing how quick I went from a 2 K to 14 K CL that is true at this point for me.

We all have different income streams. For me most times I can pay that transfer down to a couple grand or even zero, BUT if one large client paid me late I would have to carry a balance. Right now my balnce is 3500 or so. Me doing a  BT to checking at even 6.99% is much better if all of a sudden I can't pay that balance down to zero and get caught with having to pay intereset.

Even though Discover raised my terms after 8 BT to checking to 6.99% from 4.99% I will still do the BT to checking everything month until they stop offering. From the date offerings it looks like I will be able to get to 9 months straight BT to checking no matter what right now.

[NRB525]

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@Mland-EC wrote:

Even though Discover raised my terms after 8 BT to checking to 6.99% from 4.99% I will still do the BT to checking everything month until they stop offering. From the date offerings it looks like I will be able to get to 9 months straight BT to checking no matter what right now.

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Ah, interesting datapoint with the increased "no fee" APR offer. 

I was going to ask, rather than cycle the 2.99% or 3.99% offers so fast, why not keep open a portion of that draw for several months, knowing you would likely need it again soon. Guess that ship has sailed. 

At some point, this cycling has to end. Either you save enough cash to act as a buffer, open a true line of credit from a credit union ( built for this sort of cash flow management ) but it seems unlikely this Discover trick goes on forever.

[Remedios]

I looked to see what's in my account in terms of BT offers, and first one is just "normal" 0% apr for 12 months with 5% fee. 

Second one is a bit more of a head scratcher, so "more time" is 15 months, apr 3.99% with 5% fee. 

I really cannot see for whom that would work better, especially with "more time" being only three months longer 🤷‍♀️

[Mland-EC]

It seem these offers are all over the place. You have a 15 month 3.99% and A fee? All of my offers only had a fee for one of the two offers. It was either 12 months 0% with a 3.99 to 4.99% fee or  or 3.99% to 6.99% interest rate for 15 to 18 months with ZERO fees.

Are you sure you have a fee of 5% with the  15 months 3.99% offer? If that is correct the offers are even more uneven than I thought and you are right, what I head scratcher of an offer.   What I am doing and for me it only works with no fee or it would make little sense.

My 19 year old just received an offer and the terms are better than mine! 3.99% for 18 months 0% fee! I thought maybe everyone received the same terms based on the national interest rates, apparently not.
Discover must know what I am doing and approved but want to make more money on me so after 8 perfect BT to checking now my terms are 6.9% no fee. I have had 3.99 then 4.99 and now the 6.99%.

It still works for me because the balance I get caught with even at 6.99% less less than 1/2 my next best cards interest rate.

[Seamslong]

I have had my discover since 2016 usually call in and get that 0% interest on purchase for a year but this is the first time I got a Balance transfer offer

thinking moving 3200 from Capitol one and doing the 14 month plan but now that learning all overs are differ might wait a couple months 

my limit is only 6500 on this one just got a 1500 increase this month 

So baby increases I would like to get this card to 10k 

but i love discover Amex not so much 

no increases since i got those cards and it's been 4 years which i would have left them alone 

[Mland-EC]

Yep thats a different offer than I have ever seen, it appears the offers are all over the  place. I can't find any rhyme or reason other than the more  balances transfers to checking I do the worse the terms tend to be. Still, for certain cases that offer of yours may  may  be the way to go.

I have had good luck with all my cards other than Barclays(they just will not increaemy CLI after 6  years at 13k). Wells, Amex and Discover all have been good to me, last month I dint even ask and Wells gave me 3400, Amex 2400 and  I have stated befire that my discover has blown up to  14K, it is stuck now but  probabaly should  be  after increasing to  14 k from  2K in such  a short  amount of time. Last month my scores went to the low 770's for the first time ever and it seemed it  trigered something as I never had 3 cards all give me  CLI without asking them adn in the same month! Heck, I don't think two cards ever gave me an auto CLI at the same time.

My Cap  One is stuck at 12750 so I am going to ask for a CLI as soon as thte next statement closes. Someone once told me that my Cap One Platinum could never get over 10K that it was some kind of limit, apparantly that is not true for me. My point is I would not  count those cards out that havn't given you an  increase in many years, they  may all  of a sudden start  doing so if  you  credit score goes up.I would at least ask for the  cards that only do soft  pulls for a CLI. I w as surprised when about 6 months ago I asked lowes  for an incrase, I had a 1500 limit and  they bumped mine limit  to 15k, I was blown away, so it worth asking. I had that lowes card for  years at 1500.00.

[Taurus22]

Just wanted to show my current Discover BT offer as a DP for this thread....