WWTTCALD? NTTCALR

jinx75 · January 2011

Long story short DH and I have two credit cards....a Visa with a 9.9% variable rate and a Discover that had a 0% rate thru 2/3/11 and then it jumped up to 17.9%. So this week I transferred the balance of the Discover ($2800) to the Visa to save on interest. We paid a 4% fee for the transfer ($115). Well today we got an offer from Discover to extend the 0% for balance transfers for 12 months. So I am thinking hey why not save on interest and transfer the total balance ($5500) back to the Discover. Only thing is there is a 5% fee for the transfer ($275). So I'll have wracked up almost $400 in fees transferring the balances around.

Would you transfer the balance back to the Discover?

KristysRedBarn · January 2011

I wouldn't. Transfers like that are hard on your credit and if you pay of the card quickly, you'll save more than the transfer fee back. I really love the Money board on the nest, you might check them out.

jinx75 · January 2011

lissasue3:

Off topic (because I don't feel like doing math) - Has anyone ever told you your DD looks like Suri Cruise? so cute!

How much will it cost to transfer it back to the Visa after the 0% thing is over? How much will you save by having it on the Discover instead of the 9.9 rate?

ALL THE TIME!! It's so crazy!! I won't be transferring the balance back to the Visa we'll pay it off in the 12 months (which is the plan if it stays on the Visa as well). If the Visa rate stays at 9.9% (it's variable and can go up at any time) we'll pay $300 in interest if we pay $400 a month for 15 months. If we transfer it back to the Discover we pay $275 for the xfr fee and that's it no interest.

Deepak&Derek · January 2011

If you can get discover to wave the 5% transfer fee, then I would definitely transfer the whole amount to discover. If not, then I agree with PP for keeping the your on visa.

Tapatio · January 2011

Deepak&Derek:
If you can get discover to wave the 5% transfer fee, then I would definitely transfer the whole amount to discover. If not, then I agree with PP for keeping the your on visa.

Yes You never know....Discover might be willing to forego that transfer fee just to keep your business. I think it's worth a shot to call at least. Good luck with whatever you decide.

Eris-Alexis · January 2011

Tapatio:
Deepak&Derek:
If you can get discover to wave the 5% transfer fee, then I would definitely transfer the whole amount to discover. If not, then I agree with PP for keeping the your on visa.
You never know....Discover might be willing to forego that transfer fee just to keep your business. I think it's worth a shot to call at least. Good luck with whatever you decide.

If they don't, it sounds like you would only be saving $25 which is probably not worth the potential hit to your credit.

itsmegin · January 2011

You lost me on all the math, I just want to say I've transferred balances several times and I have excellent credit (low 800s). I don't think it dings you that much, so if it saves money I wouldn't worry about going back and forth.

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