Should I use a Balance Transfer Promo?

[StriderM99]

Hello all,

I'm looking for opinions!

I have a Discover card that is currently offering me a Balance Transfer Promo.. I've never done a balance transfer, so I'm not sure if it's worth it or not...

Right now, my Discover card carries a balance with a utilization ratio around 18%

I have 2 other cards with balances that might be worth transfering...

Lowes Card... APR at 24.99%   - balance is $1584.47

Chase Freedom... APR at 22.99%  - balance is $2999.00

I have enough room with my Discover Credit Limit to fit both balances if needed.

Discover is offering 2 options;

1. 0% interest rate for 18 months, with a 3% Transfer Fee

2. 4.99% interest rate for 24 months, with a 0% Transfer Fee

Realistically, both cards will be paid off within the next few months (lets say 4 months max)... or the new balance (if transfered to Discover)

Discover has a "calculator" to show you your savings, but they're drawing it out over the 18 or 24 month periods..

Should I use this promo?

Thanks for your thoughts!

[Uppingmyscore]

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@StriderM99 wrote:

Hello all,

I'm looking for opinions!

I have a Discover card that is currently offering me a Balance Transfer Promo.. I've never done a balance transfer, so I'm not sure if it's worth it or not...

Right now, my Discover card carries a balance with a utilization ratio around 18%

I have 2 other cards with balances that might be worth transfering...

Lowes Card... APR at 24.99%   - balance is $1584.47

Chase Freedom... APR at 22.99%  - balance is $2999.00

I have enough room with my Discover Credit Limit to fit both balances if needed.

Discover is offering 2 options;

1. 0% interest rate for 18 months, with a 3% Transfer Fee

2. 4.99% interest rate for 24 months, with a 0% Transfer Fee

Realistically, both cards will be paid off within the next few months (lets say 4 months max)... or the new balance (if transfered to Discover)

Discover has a "calculator" to show you your savings, but they're drawing it out over the 18 or 24 month periods..

Should I use this promo?

Thanks for your thoughts!

---

Sound worth it to me....I've done this before with my Discover card.  I used the first option and called in that day to request a CLI.  It was a hard pull, because I was granted a automatic CLI just weeks before and I did not want to blow my utilzation.  

[compassion101]

The 3% BT fee is around $138. The 4.99% interest is around $19/month. Si if you will pay it off in the next few months then go for the 4.99. If more than 7 months then the other way seems better for you.

[ak_7vytr0]

saving $ either way looks like we all like saving

[Kenny]

2. 4.99% interest rate for 24 months, with a 0% Transfer Fee

This one. If you are paying these off in a couple of months this is the way to go, definitely.