oh my god. THank heavens. I called discover ret today to request credit line increase, which was denied, but I was offered a bt@0%fixed as long as i make 1 purchase every month to stay at 0%. Now, I realize putting a big purchase on the card will accrue interest, so Im going to purchase less than fifty cents every month to nearly have no interest, but i am a little skeptical, so I am on the lookout for any potential damages that could come along. The offer sounded too good to be true, but I remember a few people on Cnet in the past said they were offered it, so I went ahead and took advantage. Will keep everyone posted on how it goes)) <<VERY EXCITED>>. Is this offer a hoax or set up?
1 purchase per CYCLE - Discover uses 2-cycle billing. Miss one purchase, and you LOSE the 0% on the BT. I would call Discover and ask when you need to make your purchases each month.
0 for BT but I think that the purchase rate is more than 12%. Check before use that promotion. I have received many invitations to apply for this card with that offer.
YOU MUST SPEND LIKE $1.00 PER MONTH AND YOU CAN'T RETURN IT AND YOU CAN'T EVER PAY IT OFF!!! MIN. INTEREST USUALLY IS UP $2.00 PER MONTH ON MOST CARDS
Does this mean that every payment that you make goes to the bt first than after that is paid off you work on the purchase amounts? Best regards, Mirage
THAT IS CORRECT... You DON'T pay $0.01 towards the purchases till the BT is 100% paid off (including the BT interest)
I just received a "preapproval" (yea right) from Discover offering the same 0% for life. I was wondering if they "enjoy" high utilization? I have recently maxed out my 17k citi card due to 4.9% till paid off and consolidated all my debt onto that card. I figure I'm at about 50% utilization and because of that, my FICO ranges from 640-660 or so. What do you guys think my chances are?
slee, i would say go for it. I was approved about 2 years ago at 690-700 FICO. I currently have some accounts utilized at over 50% and it seems not to bother discover offering the 0% rate. But, the utilization ratio with the discover account was less than 30%. What is your credit history, any negatives on reports?
I got 0.90% $50.00 FEE till AUGUST...PRETTY GOOD FOR DISCOVERCARD...since they won't give me 0.00% because I'M NOT NEW!!!
I still have 1 last charge off from 7 years ago. This should drop off any month now and my reports should be clean. I have had no problems getting Amex Blue cash, Citi platinums, and Chase perfect with this old charge off. Let's hope Discover sees past it as well. Thanks for the info guys.
RELATED ARTICLE: Sometimes you need to buy more stuff to lock in that rate. "Often, a company will require something else" in order to get that permanent low rate, Oleson explains. "I've seen an offer from Discover which provides 0% for the life of the transfer, but you have to make two purchases per billing cycle. "So when I make a purchase, it's 9.9%, or whatever the purchase rate may be," Oleson explains. "But my payment goes to the transfer rate first." There is a way around this problem. "I talked to Discover, and asked if there's a minimum requirement for the purchase each month, and there isn't," Oleson says. "So theoretically, I could go to the grocery store and charge 50 cents twice a month on my credit card. "Basically, if I can get a good long-term transfer rate, I want to make sure I'm not making purchases with this card -- unless I'm required to," Oleson says. "And if I am, I want to make them small." from: http://moneycentral.msn.com/content/Banking/Betterbanking/P77160.asp> <
