Just received Discover offer for wife - 0% APR FOR LIFE on transferred balances! Wife's scores are pretty high - 700 TU, 668 - EXP, ? - EQ. What are their approval criteria? It's for their GOLD card, but I'm sure they have some stricter requirements for this offer. All responses appreciated!
The Truth in Lending Disclosure states: "0% until the last day of the billing period ending during December 2003*; then rate may be extended until the last day of the billing period until the balance is paid off* if the Required Transactions are made during each immediately preceding billing period beginning with the billing period during which the special rate expires; thereafter the standard APR for purchases." * If you are late making a payment, any introductory/special rates terminate and the standard purchase APR will apply to purchases and balance transfers. If you fail twice to make a required payment or you exceed your Account credit limit twice, your purchase APR will be 19.99%. If you fail three times to make a required payment or if you exceed your Account credit limit three times, your purchase APR and cash advance APR will be 24.99% See cardmember agreement for details. So basically, I can make transfers until the end of December, and use the card for 0% for the life of that transfer! Anybody else get this offer in the mail too?
MUST BE "TARGETED" FOR "SPECIAL" PEOPLE??? I have had so much trouble with DISCOVERCARD... It took forever to get an increase with-out a "HARD"...they do "AR'S" every month!!! They don't need a "HARD" too!!! ON THE "UP-SIDE" I DO HAVE $17,500 CREDIT LIMIT... On the "DOWN-SIDE"... 1) Refused to TRADE for TITANIUM 2) Refused to let me have the "NEW ENGLAND LIGHTHOUSE" picture on my PLATINUM card I SURE WOULD NOT BE ABLE TO "TRADE" FOR THE GOLD @ 0.00% BT!!!!!!!! I don't care about the CASH BACK anymore!!! WAL*MART/SAMS 0.0025% MAX!!!!! Even if you spend $30,000/year at those stores!!!
My wife and I have received that offer several times... it could be good I suppose but there are several catches (at least in the ones we received). 1. Standard APR is 13.99% (pretty bad) 2. The 0% on BT's is good till a certain date, (11/03) in our case. After that date you can "extend" the 0% offer by making 2 purchases or cash transactions each billing period. If you fail to make the 2 transactions, or the 2 transactions you do make fail to post to your account during any billing period then "the special rate will permanently terminate and the APR for purchases will apply."... 13.99% in this case. 3. All payments are credited to your BT until it is paid off. This means that you will be getting nailed for 13.99% interest on all of those transactions that are required to "extend" the 0% BT offer. Now, I guess you could make a couple of $.10 charges each billing period to keep that 0% BT going and come out good on the deal. The thing that caught my attention was that they specifically stated in the offer that you have to have 2 transactions POST by you statement closing date each billing period. Which means if you make a purchase during the billing period but too close to your statement closing date and it gets posted the day after that closing date your entire BT immediately and permanently shoots up to the 13.99% rate. Don't think I'm gonna bite... but if you're very careful about making sure you fulfill the exact letter of the agreement I guess it could be a really good deal. Of course this is just the 0% BT offer we received from them... your mileage may vary. Kirk
Re: Re: Discover 0% BT for LIFE! DOES NOT SOUND VERY GOOD THEN... It probably has a $1.00 or $0.50 MIN. INTEREST...so that $0.10 purchase is too EXPENSIVE!!!
Re: Re: Discover 0% BT for LIFE! IT WOULD ONLY PAY IF YOU USED DISCOVERCARD AS A "MIDDLE MAN" FOR THE BT'S... BT CITIBANK TO DISCOVERCARD TO YOUR OTHER CITIBANK CARD... You could also OVER-PAY your account to PAY NO INTEREST (OR REDUCE IT TO ALMOST NOTHING) I sure would not be buying any CARS on it or even a BIG SCREEN TV if I had a BT going!!!
Re: Re: Discover 0% BT for LIFE! You're right! I see that you have to make 2 purchases or cash transactions each billing period! (1 pack of gum at grocery store and a slurpee at the gas station!) There's ALWAYS some sort of catch to every good thing! I should've known. Thanks!
Re: Re: Re: Discover 0% BT for LIFE! $1.00 min charge!!! (DISCOVERCARD ONLY) I FORGOT ABOUT THAT!!! IF YOU CHARGE $0.10 MY REGISTERS AT WAL*MART (YMMV) SAYS "CALL FOR AUTHORIZATION"...DOES NOT SAY "DENIED"...SAY CALL!!! I tell everybody "MAKE THE CUSTOMER BUY SOMETHING ELSE" so it will be $1.00 or more (IF THEY WON'T HAVE A HISSY) It has only happened a few times...LIKE COUPON--FREE OR $10.00 OFF DOG FOOD...THEY ONLY PAY THE SALES TAX...AND WHO BUYS ONLY ONE BAG OF DOG FOOD AND NOTHING ELSE??? And who does not carry a $1.00 in change???
Re: Re: Re: Discover 0% BT for LIFE! if it's 0% for life i'd be surprised if there isn't a big transaction fee, like 3%
Re: Re: Re: Discover 0% BT for LIFE! Middle man....good idea George. Hey! I was thinking....did I screw up when I charged "everyday" purchases on a card that had a 0% BT rate that I BT 2500 to, so that when I make payments (ie to pay off the higher rate purchases as opposed to pay off my bt right this minute) the lender will apply them to the 0% balance BEFORE the higher interest rate purchase? Did that make sense?
Re: Re: Re: Re: Discover 0% BT for LIFE! PAYMENTS go to the LOWEST interest rate first!!! ALL THE PAYMENTS GO TOWARDS THE 0.00% BT!!! Say you had a card at 0.00% BT and charged $1,000 @ 19%...you pay NOTHING for the BT...but that $1,000 purchase will cost you $15.83 EVERY SINGLE MONTH!!!
Re: Re: Re: Re: Discover 0% BT for LIFE! OOPS...messed up!!! It has been a ROUGH WEEK~~NO OT!!! With-out OT...I JUST CAN'T GET IT IN GEAR!!! Actually you would NOT pay the interest off of $15.83...so that is added to the $1,000 so the next month you pay 19% interest on $1,015.83!!! $1,031.91 $1,048.25 $1,064.85 NO GUARANTEE ON MATH!!! CONSULT A MATH TEACHER, IF YOU HAVE ANY QUESTIONS!!!
Okay now what is the real catch to this offer?Does it say you have to charge a minimum amount on each billing cycle with the 2 transactions combined?If not then it is a great deal if you know what you are doing with discover,but i almost bet they only offer this to cardmembers with very low credit lines,am i right?I have a 15K limit,and i can use that kind of offer because i have the education i need to play the credit card game,and be very sucessful with it.If they would offer me this down the road,i will request a 750.00 cli to use it for the low transactions needed to keep the promotional rate deal in effect.You have to know what you are doing before taking them up on it.Do your homework first,and then go for it.Compare the difference from what this offer does have as compared to carrying high balances at 4.9% or a little more UTB is paid-off..
The catch is that they have a two-cycle billing system where you need to make 1 transaction PER billing cycle AND have it POST for that cycle. In trying to balance them and time them just right, I just KNOW that I'll be off a day and it will cancel the 0% offer.
"IF" you MUST make 2 purchases...FINE...BUT...oh I don't need it...I will return it the next week for credit...MIGHT WORK???
CREDIT at a TOTALLY DIFFERENT STORE??? No receipt...put the credit on this DISCOVERCARD please...I DON'T WANT ANY CASH!!!
C'mon GEORGE! You know that if you charge something on a card that carries a balance that interest starts accruing THE DAY OF THAT NEW CHARGE! Even if you return the item, you'll most likely pay interest to "borrow" that money for 2 or 3 days.
I'm saying buy something on DISCOVERCARD for $3.00 (gas for the lawn mower)...then take a return back to some other store (with-out a receipt...or even WITH a cash receipt) "I DON'T WANT THE CASH...PLEASE CREDIT MY DISCOVERCARD)... The return at the "OTHER" store COULD BE $100'S MORE THAN THE GAS CAN PURCHASE...I HAVE NEVER SEEN A DENIED RETURN FOR A CREDIT CARD...except once...the card was EXPIRED...we had to give them CASH. This is just so you STILL pay only 0.00% INTEREST!!! ...or just a few $$$$$ Keep the interest YOU PAY as low as possible...
IF IT IS A BIG HASSLE...JUST DO THE 0.00% INTEREST BT...AND BUY THAT BIG SCREEN TV TOO @ 19%!!! (or what-ever your rate is)
