0% BALANCE TRANSFER FOR LIFE with Discover Card

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0% BALANCE TRANSFER FOR LIFE with Discover Card

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Posted 07-24-2007, 10:37 AM in

jctzin

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0% BALANCE TRANSFER FOR LIFE with Discover Card

0% FIXED FOR LIFE WITH TWO PURCHASE PER MONTH. For those who is looking for a good balance transfer. I would recommeded Discover Card, I personally have my car loan on this card. The catch is you have to make two purchase every month, I ask the CSR and she told me that it doesn't matter the amount it could be 1cent or 99 cent as long as I make two purchase every month.

For current card holders in order to do this you have let them know that you want to close your account and than they would transfer you to an account specialist, Acct Sp. will ask you why, tell tham that you are doing a balance transfer with another company and you are getting a great rate and you wouldn't be using the Discover Card, they would usually try to offer you something to stay or something comparable to the rate but don't take it until they offer the 0% Fixed for life. At this point they would ask what rate let them know you are getting the 1.99 through Citi Card or Amex etc...

For new applicant, I have told also my brother to apply for the card only if they would give him the 0% fixed for life with two monthly purchase, and they did give him the same benifit they had giving me. THE CSR TAKE NOTES WITH THEIR SYSTEM, LET THEM KNOW TO PUT A NOTATION ON YOUR APPLICATION FOR THE OFFER 0% FIXED FOR LIFE.

Last edited by jctzin; 07-24-2007 at 10:40 AM..

07-24-2007, 10:37 AM
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Basic Information: (valid as of 10/21... I'm waiting on the terms and whatnot in the mail, but this was told to me from a cust. service rep last night.)

New Accounts Only: --- But you can have multiple cards!
Discover More Card
0% APR, 0% Balance Transfers for 1 year. (Back to 12 months!)
Balance Transfer Fee: Min: $5 Max $50 (Update - now it's min: $10 / max: $75)
After 1 year, make at least two purchases a month and the balance transfer stays at 0% for life of the loan

New Discover Cardholders: expect a credit limit somewhere between $6-8K with good credit.
APR for purchases after first year jumps to somewhere between 10.99-18.99 depending on credit score.

Important Notes
You can call up and ask for this offer... don't need a mailer. 1 800 347 2683
SIGN UP FOR AUTOPAYMENTS! 1 Missed payment = cancelled 0% promo. Discover has recently (2007) offered automatic minimum payments - I found out not all accounts are offered the option online, you may need to call customer service if you don't see it after logging in.
Remember: Payments get counted towards higher APR rates first, so your two purchases a month should be kept as small as possible.
Ideas for small purchases: Gas.... quick trigger finger needed. Paypal 1 cent. Bubble gum?

Things that have been mentioned, but as far as I can tell they have not been confirmed:
Minimum Payment Amount: 2%? 4%?
Discover may raise your rate if over 90% of the new balance falls under a promotional APR.
Minimum finance charge: 0.10? 0.50? ???

Non 'for life' 0% offers: 3rd party list of 0% offers (including Discover):

good source of making a small purchase: dealextreme

Please report your credit limit amount:

Last edited by spikespike; 09-19-2010 at 03:12 PM.. Reason: Mod edited

07-24-2007, 10:39 AM

whocares123 L4: Apprentice Member sinceJan 2007 Posts463 Reputation 81	u mean 0% in subject ...

07-24-2007, 10:40 AM

jctzin cheaponmyself Original Poster Member sinceSep 2005 Posts310 Locationeast coast Reputation 27	yes 0 percent for life of the loan

07-24-2007, 10:45 AM

Hunter

shill

Member sinceSep 2003

Posts177

LocationColiseum

Reputation 84

Be very careful..... you will have to pay interest on the two purchases you make every month for life i.e. until you pay off the balance. It may be worth it for someone who wants to transfer a big balance and make very small purchases e/month.

But keep in mind that since credit card companies always allocate payment to lower APR balances, interest will keep accumulating on your monthly purchases.

07-24-2007, 10:47 AM

ODBrad L1: Learner Member sinceJul 2005 Posts10 Reputation 10	Sorry if I missed this in the main post, but is this for any Discover card or is there a particular one you have to sign up for?

07-24-2007, 10:47 AM

HookedUpStang

I got a new ALTIMA COUPE!

Member sinceMay 2006

Posts3,589

LocationLong Island NY

Reputation 1,002

DONT BE FOOLED WITH THIS TRICK..... It was being used by ******** while i was working for their Credit dept...

When you make a purchace, it gets tallied onto your bill... and you cant pay the purchaces off until the BT is paid off... so you begin to accumulate finance charges on the purchaces until you can pay them off (when you have no more BT balance left)...

Im not sure they do it the same way.. but id check...

07-24-2007, 10:48 AM

jakegio

L3: Novice

Member sinceFeb 2007

Posts119

Reputation 19

do you have a link to the terms and conditions?

i had a similar deal in the past with amex, although it was 4.9 for the life of the transfer. the problem was that all payments applied to the transfer balance first, and any new charges went to the bottom of the pile and had a much higher APR. as time went on, the deal became less and less worth it. could be the same thing here.

edit: hahaha.....you guys type faster than i do!

07-24-2007, 10:50 AM

hwiryant L7: Teacher Member sinceOct 2004 Posts2,183 Reputation 414	can't you take the BT and not using the card...

#10

07-24-2007, 10:50 AM

rjmiller15 Diet-Zippers will thank U Member sinceAug 2003 Posts337 LocationHartly, DE Reputation 43	yeah this sounds fishy.....I am looking for a good credit card to transfer my 12,000 balance onto so we can pay it off. But we are not making ANY new purchases, only paying off.

#11

07-24-2007, 10:51 AM

rcstevens13 L2: Beginner Member sinceMay 2006 Posts95 LocationLos Angeles, CA Reputation 252	How is this possible? Even with having to pay interest on the purchases it is basically an interest free loan. If you own Discover Card stock, drop it.

#12

07-24-2007, 10:51 AM

slickdealer2099 Never pay retail again!!! Member sinceSep 2004 Posts1,626 LocationBoston, MA Reputation 259	Just buy 2 cans of coke every month. I dont mind paying 15% on $1 every month. I will call Discover and see if they give me this offer. Any bal transfer fee?

#13

07-24-2007, 10:52 AM

jctzin

cheaponmyself

Original Poster

Member sinceSep 2005

Posts310

Locationeast coast

Reputation 27

Quote from jakegio

The new charges would be at the bottom of the pile with the standard purchase rate of 18%, but if you do the math 18% for a .99 cent purchase you are not really paying much on it.

.99x18 percent = priceless. The trick is the new purchase which you just have to but things at cvs that is worth 5 cent....

#14

07-24-2007, 10:52 AM

hamarabajaj L5: Journeyman Member sinceNov 2004 Posts597 Reputation 66	here is the ditch, Charles Schwab give me the similar offer for an year. I have to made 1 purchase every month. But what happen, at the end of month I was charged interest on new balance+balance transfer. I repay the amount next day.

#15

07-24-2007, 10:53 AM

dynamite

L6: Expert

Member sinceAug 2003

Posts1,694

LocationOregon

Reputation 210

Discover recently changed their minimum payment requirements for special rate balance transfers:

"Minimum monthly payment

If more than 90% of your New Balance consists of special rate balance transfers, we may increase you Minimum Payment Due to a maximum of 4% of the New Balance if it would otherwise be less than that. You New Balance is shown on your monthly billing statement."

Nowehere near as good a deal as it was in the past.

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