Balance transfer question

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Balance transfer question

Postby jmc2299 » Tue Oct 13, 2015 8:11 pm

Several years ago when I was young & stupid my father opened a credit card account, made me an authorized user, had paperless bills delivered to me, etc. Since it was on his credit, the card (it's a Barclay card) has a limit of $32k. I racked up $10k in debt the first year, realized how dumb I was, stopped spending, and have been paying $300/month since.

I don't think it's affected my credit much - according to Credit Karma my score is 780. I now have an Amex PRG and a Sapphire Preferred which are paid in full each month. (a ton of reimbursable work related expenses go on these cards = points points points)

Credit Karma suggested I apply for a Discover card to transfer the Barclay card balance to, which is now about $5k. As about $120 of my monthly $300 payment is going to interest, this seemed like a good idea. I applied, was approved, and received my new card today. I logged in to do the balance transfer and realized that I'm not the primary cardholder on the Barclay card, nor is my father a cardholder on my new Discover account. Will Discover allow the balance transfer if the names (first name anyway, last name is the same) do not match?

Thanks for any advice.

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Re: Balance transfer question

Postby Vermonster » Wed Oct 14, 2015 7:55 am

That is a question for Discover. Give the CSR's a call and ask. Worst case, they tell you what you need to do to sort it out.
Chase Freedom $9k~~Chase Sapphire Preferred $6.5k~~Amex Blue Cash Preferred $12.4k~~Citi Double Cash $4.7k

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Re: Balance transfer question

Postby Kevin86475391 » Wed Oct 14, 2015 12:41 pm

I agree, couldn't hurt to call them up and ask.

Another option I'm just putting out there, not necessarily recommending, would be to move the balance to the CSP card that is in your name and then do a transfer from CSP to Discover. For example you could shift all spending to CSP, but instead of paying it off in full, only pay the minimum and throw all payments at the Barclay card. Obviously I have no idea what your typically monthly credit spending and payments look like, but if it's fairly significant you could probably have the Barclay card paid down, and the CSP racked up, within 2 or 3 months. Then you could do the BT.

OR presumably the Discover is also at a 0% intro APR for purchases right? So you could just eliminate the CSP/BT step altogether. Charge absolutely every dime to the Discover, only pay the minimum, and apply all payments you would be applying to regular expenses to the Barclay.

If there's a balance transfer fee with Discover of 3% (I don't know what the Discover fee is, just guessing at this) and your Barclay balance is 5K, that comes $150 in BT fee. If you're paying about $120 per month in interest, then hypothetically if you're actually cycling 5K or more through your credit cards each month anyway (you did say you had a ton of work expenses), then you're actually a wee bit better off doing it that way anyway. If it only take about 2 months you're not all that much worse off (especially since your interest charges will be lower in the 2nd month when the balance has already taken a hit). Of course it's a losing proposition compared to a regular BT if it takes 3 months or longer, but if it's your only option still worth it.

As I said, I'm not actually recommending that approach because it could be costly depending on your APRs, and may negatively affect your credit depending on your limits and utilization (but then again that's true of conventional balance transfers too). I'm just throwing it out there as something you could consider if the numbers add up for you.

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Re: Balance transfer question

Postby takeshi » Thu Oct 15, 2015 8:54 am

jmc2299 wrote:I don't think it's affected my credit much - according to Credit Karma my score is 780.

Don't rely on CK unless you know you have a creditor that uses a TU or EQ VantageScore. However, you can certainly make use of CK's access to your report data with those CRA's.

jmc2299 wrote:Will Discover allow the balance transfer if the names (first name anyway, last name is the same) do not match?

Shouldn't matter but you'd need to confirm directly with Discover.

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