Using a card with a balance transfer on it.....

[CreditInspired]

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@DebtJoe wrote:
Thanks for the replies. I contacted Discover and they informed me that once the transaction posts, interest will begin accruing daily, so they advised I pay it back as soon as possible.

I was gonna pay the charge the moment it posts, but I'm just gonna avoid it altogether and use my Chase card.

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@MyDataMyChoice had an excellent idea. Did you ask Disco about another 12-month 0%APR for Purchases/BT. I'm on my second one.

[CreditInspired]

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@SBR249 wrote:

I'm going to be a bit contrarian and say you should go for it with the Discover. 

Even at the highest APR on the IT which is 25.24%, a $1600 charge will only accrue about $1.11 per day. Assuming 1% CB rate and another 1% matching, 2% CB on a $1600 charge is $32. If you use the Chase Amazon card with a 1% CB base rate, that's $16 CB. So you earn an additional $16 with the Discover. Even at the highest APR, you'd need to carry that charge on the card for more than 14 days before your cashback earning on the Discover drops below that of the Chase card. So if you can repay it within a few days you are guaranteed to come out ahead even with a few day's interest. 

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High Five!!

[SouthJamaica]

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@DebtJoe wrote:
Thanks for the replies. I contacted Discover and they informed me that once the transaction posts, interest will begin accruing daily, so they advised I pay it back as soon as possible.

I was gonna pay the charge the moment it posts, but I'm just gonna avoid it altogether and use my Chase card.

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Good move. Discover's policy is a trap.

[Anonymous]

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@CreditInspired wrote:

@MyDataMyChoicehad an excellent idea. Did you ask Disco about another 12-month 0%APR for Purchases/BT. I'm on my second one.

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I've actually never considered this before, running two BT's concurrently on teh same card didn't occure to me. I've alwasy thought just having one was enough to keep track of. lol

So you can have two going at the same time, and with differnt terms for each one?

[NRB525]

The suggestion was to request 0% on purchases. That takes out the concern about spinning up interest, but is only available periodically from Discover.

Having two different BT on the same card is possible, but then one has to watch how the payments are being applied. It is possible the longer dates BT tranche gets more payment than you’d like, then the shorter dated BT pops out of the 0% period with more of a balance than you may want.

[Anonymous]

In this case in order for your payment to be applied toward this charge, it is important that you know that the charge has to be "posted" not just to your account but also on your statement.