Q: Now that Discover More has no balance transfer fee I’m thinking about opening an account and transferring a balance from another card. So my question is – what is the maximum amount I can transfer?
A: The maximum balance transfer differs depending on the cardholder’s credit limit, which as we know is affected by several factors including credit history, income, and credit score. In addition, the credit limit for balance transfers may differ from the credit limit for purchases, with the former almost always being lower (or equal). To find out your personal balance transfer limit, contact Discover.
From now until February 28, 2011, Discover is waiving the balance transfer fee for its Discover More card, so make sure to get your transfer in before that date. After that date, the fee is the greater value of $10 or 5% of the balance transfer. Furthermore, Discover is currently offering a 0% introductory APR for the first 12 months (for both balance transfers and purchases), when it reverts back to the regular APR of 11.99-19.99%. If you can get your balance paid off within a year, this is a great deal.
When doing a balance transfer, remember that it is like making purchases with a credit card: you don’t ever want to reach your credit limit. It is best to keep your balance to 30% of your credit limit or below. If it goes above this amount it may start to affect your credit score, and you don’t want that, since a good credit score can help you get a lower APR and save money.
- Credit RequiredExcellent Credit
- Rewards Program5% cash back in categories that change throughout the year like gas, restaurant, movies, and more up to $1,500 in purchases with free and easy sign-up. And 1% cash back on all other purchases.*
- Signup Bonus0% Intro APR on purchases and balance transfers for 14 Months*Then the variable purchase APR applies, currently 10.99% - 22.99%*.