A reminder that this offer is scheduled to end on February 28th, 2011.
The Discover More Card is available with no balance transfer fee through this online offer link, offering both 0% intro APR on balance transfers and purchases for 12 months.
The fact that this card has no balance transfer fee is significant, as other recent offers have had fees of 3% or higher (although they are also up to 24 months). You can literally borrow money for free and pay it back in 12 months (keeping in mind you’ll still need to satisfy the minimum payment each month until then).
When you see the application, be sure to scroll down to the Terms & Conditions and verify that you are getting 0% for 12 months and no balance transfer fee. You should see the following text at the top under “Interest Rates and Interest Charges”:
APR for Balance Transfers: 0.00% introductory APR for 12 months after the first transaction posts to your account under this offer.
And then the following a bit lower under “Fees”:
Transaction Fees * Balance Transfer – 0% of the amount of each transfer made under this offer and with this application; otherwise, either $10 or 5% of the amount of each transfer, whichever is greater.
Application Quick Tips
In order to get the highest credit limit possible, be sure to maximize your reported “household income” as much as you can legitimately by including everything like the income of everyone living with you, alimony, child support, interest income, dividend income, etc.
If you wish to get cash from this balance transfer offer without it being classified as a “cash advance”, one trick is to request money to be transferred to other non-Discover credit cards that you have. This will create a negative balance, after which you request a refund check be sent to you. Citibank and American Express are recommended for this because they have automatic features on their websites to request a credit balance refund.
Finally, it is important to note that Discover has a new policy that you can only have one open Discover card at any time. If you want this 0% for 12 months with no balance transfer fee and you already have a Discover card, you must cancel that card first, and then come back and apply for this new card. You can’t convert your current Discover and still get this promotion. That will avoid any problems.
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I had a 0% transfer from USAA, which I had used before with Citicards. This time, I tried it with American Express and did the online credit balance refund request. 5 days later, they sent me a letter saying that this violated my card member agreement and that they were sending the balance transfer back. Next time, I’ll retry citicards. FYI
Any good suggestions on what to do with the 0% loan?
I hope we are back to the good timmes of free credit card money.I paid off my home loan with the 0% rates.Transferring from card to card for years.
Do you think canceling one Discover card and replacing it with the Discover More Card would negatively impact one’s credit rating? My credit rating is excellent.
I applied and got the most piddly credit line ever. What a joke. But I’ll take it 😛
Others have mentioned small credit line too. Cancelling a card and replacing it with another one will affect your credit rating in several ways. 1. you will likely take a hard pull for the application. 2. You will possibly get a smaller credit line. 3. The age of your average line will drop.
None of these are super big deals in most circumstances.
Best scenario is probably put the money in 3% or 4% reward checking, but depending on how much money they give you, credit cards that give you $150-$400+ or so after one purchase might be a better use of your credit hit.
Great advice. I really appreciate the part about trying to increase your household income in order to get the highest credit limit possible. In turn, I can only imagine that it will help your overall credit score if used responsibly. Keep up with the awesome posts.
The problem with discover is the low credit lines. The $0/0% Fee only applies to balances transferred at the time of application. Any other transfer is at 5%. To be useful, one would need a credit limit in the several thousands, IMHO.
Fine Print:
“0% of the amount of each transfer made under this offer and with this application; otherwise, either $10 or 5% of the amount of each transfer, whichever is greater.”
“If a balance transfer will exceed the credit available for a balance transfer, you authorize us to process any balance transfer for less than the amount requested, up to the amount of your credit line available for balance transfers.”
Not sure about other people, but I don’t have the link to automatically request a refund through Citibank’s website anymore. It disappeared a couple years ago – but maybe that’s just because I abused it…
Like GH says, I’ve had the same thing come through (or not come through) on an AMEX card.
Two nice things with USAA 0% offers is that there is still no fee usually and if you have bank accounts with USAA, I’ve been able to just do direct transfers to my accounts. Those cash advances will still qualify for the 0% (so no extra steps to get the cash!)
Strangely, my wife is still waiting an answer. We listed our entire household income (my salary, hers, our rental profits – but not collections, etc) and I think this might be the cause of the delay. Her credit score is in the low 800s too. Shrug…we were doing it just so we could get our hands on 15k interest free. No harm, no foul.