- Centurion Member
- Posts: 1589
- Joined: Sun Jun 19, 2011 2:37 pm
- Location: Down South
Husker wrote:Newbie here--really glad I found your board!
I was just approved for a Discover card with a decent credit limit (6,200, and second favorite card after Visa Cash Plus). One of the big promos for the card is 0% interest on balance transfers for a specified amount of time (and then 12.99% thereafter). I have 3 other cards and carry a balance on my Amtrak Guest Rewards card from Chase. It was my first card and has great travel perks, but a poor APR of 19.29%.
I'm paying down the balance on the Chase card, but thought I might save some money in the meantime by transferring the remaining balance to Discover.
My question is two-fold: does the credit card issuer itself look favorably on these balance transfers, and will doing it be a bad idea for my credit score?
Thanks in advance for any words of wisdom you can send my way--appreciate it and glad to be a new forum member.
Card issuers will frown if you are utilizing a large percentage of your available credit. This could potentially cause them to think you are in tough times and prone to charge alot that you can't pay later. Having a high utilization percentage will also negatively impact your credit score as well if you use more than about 20%. (the number varies depending on who you ask.)
Gas: Discover It, Penfed Platinum Rewards x2, Chase freedom, Citi TYP
Plane tickets: CSP
Groceries: AMEX BCP, Penfed Platinum Rewards,Citi TYP
Clothes: Express, Amex BCP, Discover IT
Amazon: Citi Forward, Cash +
Restaurants: Citi Forward, Chase Freedom, Discover IT, CSP
Hotels and other travel: Discover Escape, CSP
Movies: BofA travel rewards visa signature(fandango), Discover IT, Citi Forward, Freedom
Bars, clubs, tomfoolery: CSP, Citi Forward, Discover IT, Freedom
Balance transfers: Kroger 123 rewards
Bill Pay: Chase Ink Plus, Citi Forward
Everyday spending: Bofa Accelerated cash rewards amex, Discover Escape