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Lummy

balance transfer question

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My existing 0% offer is about to expire and I'm shopping around for a new 0% balance transfer.  Most everything is 12 months, but discover is lowest with 3% transfer fee. I seem to recall there's a reason I didn't want to use discover, perhaps something about interest?  Does anyone recall?
My other 2 options are chase and BofA. Citi is out because thats who has the current BT. I don't want to open another account just for this either

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If you haven't accepted an offer from Wells Fargo in the last 15 months, the Platinum Card has 0% intro for 18 months.



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If you haven't accepted an offer from Wells Fargo in the last 15 months, the Platinum Card has 0% intro for 18 months.



Sent from my iPhone using Tapatalk


3% balance transfer fee with that one too


Sent from my iPhone using Tapatalk

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You’ll be hard pressed to find a 0/0 offer on an existing account.  As mentioned sometimes NFCU has offers like that, provided your eligible.  Your best bet is Chase Slate as that has a 0/0 for 15 months, with the benefit of being able to easily move the credit limit to a better product after the BT.

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thanks everyone,

  I was more concerned about using discover because I thought there's some reason I avoided them in the past. Perhaps I thought it was like their loans where you pay all interest for term regardless of when you pay it off. If no one has a reason why not to go with discover, then I may just go that way. I also don't want to open another card for a $4500 balance

    

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I see no disadvantage to taking advantage of the Discover balance transfer promotions.  In fact, if you have the option to go with a 4.99% or 5.99% rate, with no bt fee, you should give some consideration to that alternative.

 

Opting for a rate with no fee provides an advantage should you choose to accelerate repayment of the transferred balance.  I've opted for this when I wanted to float a charge for a few months, waiting for a large cash inflow to repay the balance.

 

Keep in mind that the effective APR on a 0% bt with up front fee varies:  if the fee is 3% and  you repay the bt evenly over the course of 1 year, your effective APR is 6% (avg balance = 1/2 the bt).

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