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Multiple balance transfers on one Discover card?

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Anonymous
Not applicable

Multiple balance transfers on one Discover card?

I need some BT advice, please...

 

I have one BT (0%) on my Discover IT card, which will be paid off by mid-2020. Meanwhile, I've been getting more 0% BT offers for that same card. I have a store card balance that I'd love to transfer to Disco (to minimize my cash payment outlay over the holidays). But how would Disco treat the two BTs... as separate or lumped together? Are there any pitfalls I should be aware of?

 

Together, the BTs would bring that card to 21% util at the outset.

 

Thanks for your advice.

 

Message 1 of 18
17 REPLIES 17
Anonymous
Not applicable

Re: Multiple balance transfers on one Discover card?

I have never seen any information on how Disco applies payments to BTs when you have more than one of them at 0% APR. The BTs would each have their own expiration date but if Discover splits payment between the two of them instead of applying it to the one that ends first, you can end up not paying it down quickly enough. This is something that would have me sending messages to Discover and saving the screenshots in case something goes wrong. 

Message 2 of 18
AverageJoesCredit
Legendary Contributor

Re: Multiple balance transfers on one Discover card?

I would call and see what they say. 21% uti is worth saving interest and most likely will help future cli requestsSmiley Wink
Message 3 of 18
Penjamin_Fedington
Valued Member

Re: Multiple balance transfers on one Discover card?

Why not just have them do a single balance transfer to your checking account?  You can then use that money to pay off your other debts.


Message 4 of 18
K-in-Boston
Credit Mentor

Re: Multiple balance transfers on one Discover card?

There is no issue with doing this.  On your statement, you will see 0% APR balances listed line-by-line showing the promotional expiration date and the APR that they are subject to after that.  If there are two or more balances at the same APR, payments will be applied to the balance expiring first using the regular Discover payment order rules: minimum payment is applied to the balance with the highest APR first inclusing any new purchases, then anything over the minimum payment is applied to fees and interest, balances with the highest APR, then applied to balance(s) with lower APR(s).

Message 5 of 18
K-in-Boston
Credit Mentor

Re: Multiple balance transfers on one Discover card?


@Penjamin_Fedington wrote:

Why not just have them do a single balance transfer to your checking account?  You can then use that money to pay off your other debts.


OP has an existing 0% APR balance transfer.  This question pertained to having two different 0% offers with different expiration dates rather than doing multiple balance transfers at the same time.

Message 6 of 18
Anonymous
Not applicable

Re: Multiple balance transfers on one Discover card?


@K-in-Boston wrote:

There is no issue with doing this.  On your statement, you will see 0% APR balances listed line-by-line showing the promotional expiration date and the APR that they are subject to after that.  If there are two or more balances at the same APR, payments will be applied to the balance expiring first using the regular Discover payment order rules: minimum payment is applied to the balance with the highest APR first inclusing any new purchases, then anything over the minimum payment is applied to fees and interest, balances with the highest APR, then applied to balance(s) with lower APR(s).


Where does Discover say that this is how they will do it though? I am aware of the payment rules you listed, however, two BTs at 0% wouldn't be included there since there is no interest and both BTs have the same effective 0% APR. 

Message 7 of 18
K-in-Boston
Credit Mentor

Re: Multiple balance transfers on one Discover card?

Screen Shot 2019-11-22 at 11.52.26 PM.png

@Anonymous  I don't know if Discover has it listed anywhere on their website or not, but I have too much experience with Discover balance transfers (just apparently not enough experience with current credit limit) on this and another card.  The balance expiring in September still shows the full amount, while the balance expiring in June keeps going down by the payment amounts.  When I have had mixed 4.99% and 0.00% offers in the past, the minimum payment amount was applied to the 0.00% balance while the remainder of the payment was applied to the 4.99% amount.  This is my statement that closed 2 days ago.

 

(Edited to swap 0.00% and 4.99% order in penultimate sentence.)

Message 8 of 18
Anonymous
Not applicable

Re: Multiple balance transfers on one Discover card?

Thanks so much for your replies, everybody. I did phone in today and got confirmation of everything as you explained it, K-in-Boston. I can make just one payment each month, and it will be applied to the BT with the earlier expiration date.

 

While I was on the line, I also confirmed that any purchases would reset the whole game, and interest would accrue on the full amount (purchases + BTs) unless I PIF everything. But then... the CSR said: "Not necessarily, not if you have a 0% offer for purchases" which she just happened to have to offer me, for 12 months. So I snapped it up. And I will phone back next week to do the new BT of my Macy's balance (to be slightly higher after I finish up a bit more shopping this weekend).

 

 

Message 9 of 18
Anonymous
Not applicable

Re: Multiple balance transfers on one Discover card?


@K-in-Boston wrote:

Screen Shot 2019-11-22 at 11.52.26 PM.png

@Anonymous  I don't know if Discover has it listed anywhere on their website or not, but I have too much experience with Discover balance transfers (just apparently not enough experience with current credit limit) on this and another card.  The balance expiring in September still shows the full amount, while the balance expiring in June keeps going down by the payment amounts.  When I have had mixed 4.99% and 0.00% offers in the past, the minimum payment amount was applied to the 4.99% balance while the remainder of the payment was applied to the 0.00% amount.  This is my statement that closed 2 days ago.


I figured it was knowledge from personal experience. I just was wondering if it was written down somewhere. Thanks!

Message 10 of 18
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