Discover it multiple balance transfers

[Anonymous]

So , if i do more than one balance transfer on discover it at 0% how do they allocate my payments ? I have one currently going which will end in june 2018. I have another offer with the expiry date of October 2018 which i was contemplating using .but i need to know how they will allocate payments. Any inputs? Thanks

[Gunnar419]

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@Anonymous wrote:

So , if i do more than one balance transfer on discover it at 0% how do they allocate my payments ? I have one currently going which will end in june 2018. I have another offer with the expiry date of October 2018 which i was contemplating using .but i need to know how they will allocate payments. Any inputs? Thanks

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If I understand the question, you'll still have one payment based on your overall Discover debt, but when you look at the fine print on your statement you'll see the two BTs listed separately, each one with a 0% interest rate, but each one with its own expiration date. Does that help?

[Anonymous]

So how do they allocate my one payment? Will they always put all of it automatically towards the earliest expiring bt ( like blispay promos) or give me choice to allocate?

[Anonymous]

One of the provisions of the Credit Card Protection Act of 2009 states that "Credit card companies must apply payments to a consumer's highest interest rate balances first."

This might not provide an exact answer, but if one of your 0% BTs expires, then they are supposed to apply payments toward the higher interest rate first. 

[Gunnar419]

Actually, the MINIMUM payment is applied at the credit card company's discretion. Anything above the minimum must be applied to the highest interest balances.

Here's a good explanation of how it works when you have balances at different interest rates.

http://www.creditcards.com/credit-card-news/payment-allocated-different-interest-rates-1586.php