Discover Card for Balance Transfer

Anonymous · ‎09-03-2020

Hey everyone, long time observer, first time posting. I've had a Discover It card for 15 months now, with a SL of $10,500 and a 0% intro fee for 15 months. Well, the 15 months is now up and I have a substantial balance on it (due to COVID), so I applied and got approved for the second Discover It card with a SL of $7,500 and the same 0% intro. I was going to do a BT to save on interest. However, I'd like some advice on this.

Should I do the balance transfer or should I use the new card a few times and ask for a CLI? I have until November to take the BT offer.

IrishPM · ‎09-03-2020

Interesting. I've been with Discover for over 10 years and have never budged past a $1,300 credit line. The balance transfer offers they send to me aren't worth it when it's that low of a credit line. Interestingly I've never been late or over the limit and my utilization on all cards never exceeds the magical 10%. I have a perfect 35-year payment history on all accounts and no negatives. I was denied a CLI for some odd reason when I did ask a few years back.

sxa001 · ‎09-03-2020

@Anonymous wrote:

Should I do the balance transfer or should I use the new card a few times and ask for a CLI? I have until November to take the BT offer.

Unless I am mistaken, I don't believe you can transfer a balance from one discover card to another discover card.

gdale6 · ‎09-03-2020

@sxa001 wrote:
@Anonymous wrote:

Should I do the balance transfer or should I use the new card a few times and ask for a CLI? I have until November to take the BT offer.
Unless I am mistaken, I don't believe you can transfer a balance from one discover card to another discover card.

Thats correct.

Anonymous · ‎09-03-2020

Well there is a way around that, if the card is eligible to BT to your checking account.

OP if you have a substantial balance on the existing card, then by placing it on the new Discover card it will increase your UT. Just be warned.

I take it that you have no other cards to play the whole shuffle game? If so it seems you should haev used that HP for a card with a different Lender.

M_Smart007 · ‎09-03-2020

@Anonymous wrote:
Hey everyone, long time observer, first time posting. I've had a Discover It card for 15 months now, with a SL of $10,500 and a 0% intro fee for 15 months. Well, the 15 months is now up and I have a substantial balance on it (due to COVID), so I applied and got approved for the second Discover It card with a SL of $7,500 and the same 0% intro. I was going to do a BT to save on interest. However, I'd like some advice on this.

Should I do the balance transfer or should I use the new card a few times and ask for a CLI? I have until November to take the BT offer.

If Discover were to send you balance transfer checks?

Then you could deposit in a bank acct. and pay whatever you like.

As another poster mentioned, be careful on your utilization. 89% or above is considered maxed out.

And right now, with everything going on, you don't want to be "Maxed out" on a card. ..JMHO

ETA: Welcome to the forum

joltdude · ‎09-03-2020

Is Miss Disco offering to transfer to a checking? Usually transferring to the same lender is a no-no... That said. id wait untill near the end of the offer.... to move it...

Could play the BT shuffle if you have a card capable of holding it temporarily. might cost you a little interest... but still might be less than Discovers conventional rate... That said.. if your scores dictate it.. discover sometimes will automatically lower your regular rate when the BT offer ends... but its been some time since I did it..

The transfer to checking might be a good way out if its offered but not everyone gets those... I know I have not/did not....

-J

Anonymous · ‎09-10-2020

One of the mian reason I like going with Disco is that I also have a Savings account with them, so I just BT to it and then transfer from savings to whoever.

M_Smart007 · ‎09-10-2020

@Anonymous wrote:
One of the mian reason I like going with Disco is that I also have a Savings account with them, so I just BT to it and then transfer from savings to whoever.

Now I am just waiting for that long awaited Disco BT offer, that they have not offered in like forever

Anonymous · ‎09-11-2020

I actually have an envelope arriving in the mail today from Discover with 0% BT promo plastered on the front of it. Unsure if its checks or not, haven't seen those from them in quite a while.

Keep an eye on your snail mail and you might get lucky.