I have a high monthly VISA bill. Is it a good idea to transfer the whole thing to Discover?

Question

Discover appears to have a better interest rate, and probably a lower monthly payment. Is there any downside to doing this? With credit card companies, there always seems to be a downside...

Answer 1

first check to see if there is a fee for transfering a balance some credit cards do charge for that so call discover first and then you'll see if its worth it

Answer 2

VISA has a low rate option that many customers aren't aware of for people who carry large balances. There is a small yearly fee ($25 here in Canada) in order to get the low rate. That fee isn't nearly as high as the interest on a regular VISA. It works the same as other VISAs, just a lower rate to help people pay down their balance. Call the 1 800 number on the statement to talk to a customer rep about your needs. Building a good history with a credit card company is an excellent way to achieve a good credit rating, switching companies does not achieve that at all.

Answer 3

Perhaps the best idea of all would be to completely re-think your dependency on credit card use. Chances are you are not paying off the balance every month, which means that whatever you purchase on plastic will end up costing you many times more than you'd have paid as a cash purchase.

Years ago, in England, when the first credit card system was introduced, people quickly gave it a name. They called it the "never-never"... because once you start buying stuff with a credit card, you never, never get through paying it off.

My bet is that if you sat down and made an honest evaluation of exactly what percentage of stuff you have purchased on a credit card that you either didn't really need, or you could have paid cash for; and then do a little math to calculate what you have actually paid extra for a particular item, you would get a shock to realise just how much money has been flying out of your pocket for which you have actually got nothing in return.

Answer 4

Call Visa and ask them to lower your interest rate, if they won't do some research and transfer the entire balance to a lower interest card and then pay it off as soon as you can. If your only paying the monthly payments you will never get it paid off. Send them all the money you can every month to pay it off, start cutting your expenses where you can.

Like .... don't go to Starbucks for that expensive coffee, lower your cable to just the basic, turn your air conditioning up a few degree's, don;t buy clothes and other junk that you don't need, all these are just examples of ways to save money.

Take all your money you have saved and send it in and pay that card off, then never get a balance on a credit card again. If you use it pay it off when you get the bill.

Answer 5

Credit card balance transfer is a process by which we can transfer our outstanding balances on a credit card (which are generally at high interest rates) to a low interest rate credit card.

Balance transfer has some good advantages let us look at a few of them.

Balance transfer is one of the best methods to get rid of that credit card debt. When you transfer balances all your outstanding balances are wiped out and transferred to new credit card.

Depending on what deal you get on the balance transfers the new interest rates on transferred balances could be 0% or a low rate for a particular period. The ideal situation should be to get all the balances cleared within this low interest rate period.

The repayment terms will also relax considerably as you transfer your balances.

Credit card companies bundle a lot of exiting features with the balance transfer program, this could be a no annual fee offer and your favorite reward program. Read more from: http://www.credit-card-gallery.com/article/374,Credit_card_balance_transfer_A_really_good_option_for_those_with_huge_credit_card_debt

Answer 6

Before you do any transfer, call the credit card and ask them to low the interest rate, if they not agree, then defiantly move to Discover, if they offering better interest rate. It's no downside in this, just check with Discover, or it's any upfront fee, some times it could be up to 3%. Check www.creditcard.com and try to transfer to the card wich offering 0% interest.
Good Luck!

Answer 7

Transfer to a new card that has a 0% balance for a year. That's what I did and I paid them all off. Don't pay an interest rate if you don't have to. I moved mine to Discover and paid 0%. Then cut up your card or keep one hidden for emergency (that's what I did). I did not pay a fee. Shop around believe me these card companies want your money.

Answer 8

If your discover has a lower rate than your visa, then you definately need to look for a card to replace your visa.

Discover is a good card to have if you pay it off each month, because they give you a percentage back.
( i buy everything with discover, then write them a check at the end of the month)
Discover has a high rate if you pay payments.
If you can't find alow rate locally check on line for banks in Arkansas, Kentucky and Tennesee.
There used to be interest caps on in house cards in those states.

Answer 9

Couple things you must consider.
1. If there is Balance Transfering Fee
2. If you have enough credit line, if not Overlimit Fee!
3. If the APR on the Discover is lower

Answer 10

I always make sure I have a credit card with 0% APR when it gets to the point that the APR goes up I always do a balance transfer to a new account with 0%. Its always worked for me.

The downside: you have to pay a fee to do this.

Answer 11

I rarely ever use coupons by using fact i do no longer purchase any convenience ingredients and bypass to a coupon shop that sells it particularly is very own form (Aldis). uncertain in the event that they're in Canada, too. yet, different then to stay far off from high priced manufacturers, my maximum suitable propose is to plot. I make a meal plan for a weeks nicely worth of dinners each and every week. i attempt to comprise the meats that are on sale that week and make it the main concentration of the week (e.g. purchase an entire hen to roast, use the leftovers to make hen pot pie, the bones for a hen soup). different then my one "significant" meat i might have an egg dish sooner or later, some thing with beans or some floor meat, like spaghetti sauce. stay seasonal which comprise your greens and back watch what's on sale, luggage of frozen greens are frequently a good good purchase. Make better dinner parts and use leftovers for lunches instead of high priced take out. Plan your procuring checklist around your weekly meal plan, do no longer purchase numerous fancy packaged ingredients. as an occasion, a container of shop-form, undeniable oatmeal is going lots longer then the little man or woman packets. good success.