Discover card transfer balance

[Anonymous]

Hi

I have now 2 offers to transfer balance  as below.(I have Discover card it for 2 years )

0% Promo APR for 12 months

After 12 months, 22.99% Variable*

3%

4.99% Promo APR for 18 months After 18 months, 22.99% Variable* 0%

Isn't possible to transfer a balance of amount 5k to my checking account ?

and which is the best offer the first or the second?

Thanks

[Anonymous]

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@Anonymous wrote:

Hi

I have now 2 offers to transfer balance  as below.(I have Discover card it for 2 years )

0% Promo APR for 12 months

After 12 months, 22.99% Variable*

3%

4.99% Promo APR for 18 months After 18 months, 22.99% Variable* 0%

Isn't possible to transfer a balance of amount 5k to my checking account ?

and what is the best offer the first or the seocnd ?

Thanks

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use their calculator it will help you with the break even point

[Anonymous]

What does   4.99% Promo APR for 18 months mean?

[UncleB]

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@Anonymous wrote:

What does   4.99% Promo APR for 18 months mean?

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That generally means the APR on the balance transfer will be 4.99% for the first 18 months, and after that it will revert to your normal APR.

[taxi818]

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@UncleB wrote:

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@Anonymous wrote:

What does   4.99% Promo APR for 18 months mean?

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That generally means the APR on the balance transfer will be 4.99% for the first 18 months, and after that it will revert to your normal APR.

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Exactly. i got this same offer and took it over the 0% 12 months.

in other words. i transfered $1500 from cards where i was paying 17.9% apr.

This 4.99 has no transfer fee. like the standard 3% transfer fee. but with longer terms. i would much rather pay 4.99% apr With Discover instead of high interest across several cards. although my balance on my Discover is thru the roof now. I don't mind and im sure they love the extra attention. hope they give me a Cli soon to bring my total util down on the card.

[NRB525]

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@Anonymous wrote:

What does   4.99% Promo APR for 18 months mean?

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The big advantage to this rate is, you pay no up front fee. You start paying a small amount of interest each month, and you can pay off the balance in a few months at less cost.

If you intend to hold the loan for the entire term, the up front fee is the way to go, for the 3% and 0% monthly.

[UncleB]

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@NRB525 wrote:

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@Anonymous wrote:

What does   4.99% Promo APR for 18 months mean?

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The big advantage to this rate is, you pay no up front fee. You start paying a small amount of interest each month, and you can pay off the balance in a few months at less cost.

If you intend to hold the loan for the entire term, the up front fee is the way to go, for the 3% and 0% monthly.

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+1

You definitely have to do the math. 

I recently had a similar offer from my USAA Visa; I could get the cash with no fee, but there was interest, or pay 3% and get 0% for 12 months.  For very short term, the no fee is better, but to stretch out the repayment it's usually better to pay the 3% up front.  You can figure it both ways for the specific amount you need to determine the cut-off point for your situation.

[Anonymous]

Over 2500 transfer, 18 months is the way to go. It still can be awash because now you can apply a larger payment to the discover anyway. The hard data coming off a 25% interest card is you save 500 bucks with the fees upfront 12months, and seven hundred and something on the 18 month

[bk510]

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@taxi818 wrote:

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@UncleB wrote:

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@Anonymous wrote:

What does   4.99% Promo APR for 18 months mean?

---

That generally means the APR on the balance transfer will be 4.99% for the first 18 months, and after that it will revert to your normal APR.

---

Exactly. i got this same offer and took it over the 0% 12 months.

in other words. i transfered $1500 from cards where i was paying 17.9% apr.

This 4.99 has no transfer fee. like the standard 3% transfer fee. but with longer terms. i would much rather pay 4.99% apr With Discover instead of high interest across several cards. although my balance on my Discover is thru the roof now. I don't mind and im sure they love the extra attention. hope they give me a Cli soon to bring my total util down on the card.

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Did you BT online or over the phone?

I have the same offer as OP, and the thing is, I like to BT 2 cards totaling little over 2500...but my limit on IT is only 2k.

Not quite sure how I should approach this....Should I ask for a CLI?

I also plan to take the 18 months offer.

[bk510]

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@bk510 wrote:

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@taxi818 wrote:

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@UncleB wrote:

---

@Anonymous wrote:

What does   4.99% Promo APR for 18 months mean?

---

That generally means the APR on the balance transfer will be 4.99% for the first 18 months, and after that it will revert to your normal APR.

---

Exactly. i got this same offer and took it over the 0% 12 months.

in other words. i transfered $1500 from cards where i was paying 17.9% apr.

This 4.99 has no transfer fee. like the standard 3% transfer fee. but with longer terms. i would much rather pay 4.99% apr With Discover instead of high interest across several cards. although my balance on my Discover is thru the roof now. I don't mind and im sure they love the extra attention. hope they give me a Cli soon to bring my total util down on the card.

---

Did you BT online or over the phone?

I have the same offer as OP, and the thing is, I like to BT 2 cards totaling little over 2500...but my limit on IT is only 2k.

Not quite sure how I should approach this....Should I ask for a CLI?

I also plan to take the 18 months offer.

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And if I dont get CLI.......how much do you think I should BT for?

The whole amount of my 2k and or should I leave some breathing room?

If I dont get the CLI, I'm thinking of BT'ing about 1900 and leave 100.

Any advise is welcomed...