This has been posted before (probably buried in some other thread). It might be worth it on a huge balance transfer and buy two packs of gum per month but sooner or later the new purchases intrest starts to add up.
thats new to me. anyone know the terms and condition?
harmlessbunny
Happy Member
posted: Jul. 1, 2003 @ 2:00p
When I called Discover for another reason, they tried to push this, so if you want to call (1-800-DISCOVER) I am sure the reps will be happy to talk about the offer with you.
Hawaii
Senior Member - 2K
posted: Jul. 1, 2003 @ 2:07p
Crazytree said:
<< The catches:
1. of course you have to stay current with payments 2. MINIMUM two credit purchases per month
<< Not fund your account, but pay your account. Or your friend's account for that matter. Or heck, someone random. >>
Just make sure I have a 0 balance and non-Premier account, put my own account email address as destination, and pay with a credit card ?
Pay a Premier account holder randomly and they get charged 0.30 for a 0.01 payment. Gonna piss someone off LOL
Hawaii
Senior Member - 2K
posted: Jul. 1, 2003 @ 3:23p
Alcibiades said:
<< Pay a Premier account holder randomly and they get charged 0.30 for a 0.01 payment. Gonna piss someone off LOL >>
Any random account holder can deny or reject your payment. Better yet, buy one of those "Free electronics for $1" info scam books off eBay. The seller would be happy to collect fifty cents.
Hmmm... so basically, with this deal, you could buy some ibonds with a different credit card, transfer the balance, and never pay interest on the card for the life of the balance?
As a result get 4.66% yield on the credit card companies money?
Heehee... This is a sweet deal!
Crazytree
Senior Member - 7K
posted: Jul. 1, 2003 @ 4:03p
not going to buy savings bonds after this year with a CC.
unless you use this method:
1. get your CC1 to do a BT direcly into your checking account... Chase did this for me. 2. pay for the bonds out of your checking 3. do a BT from CC1 to CC2 with free lifetime BT.
there ya go. just don't forget to make your minimum payments.
nktek
Broke Member
posted: Jul. 1, 2003 @ 4:16p
use the Amazon or paypal donate button on websites, i dont think theres a min.
i gave up after the first month it only takes like 3mins though
tmdlkwd
Senior Member
posted: Jul. 1, 2003 @ 6:48p
Not sure if this has been addressed Will Discover Card Platimum take BT for Vehicle loans with this offer? In my case, it will be way below my credit limit I currently have a $0.00 balance Thanks
<< i tried putting like 10c 4x a month in one drive up at the local gas station for my cnbt card. i got chased away >>
good idea
BBallfan2003
Member
posted: Jul. 1, 2003 @ 7:34p
Discover just called me. Offered me up to my balance at 0% through my Jan statement which is near the end of jan. Since my MBNA 0% was due to expire Nov 1, I went ahead and transfered the bulk of it.
Only difference is MBNA only required a $15 monthly payment. Discover wants 2% which in my case is $600.
Its not a problem though as the money is sitting safely at ING.
I figure 3 months of $30,000 at % is like someone handing me $150. I will take it.
Asked about the lifetime thing. Only certain accounts & various requirements that make it less attractive than it may seem.
Who wants to wager that when i pay MBNA off in Nov, they offer me more free money ?
LOL
Priapos
Senior Member
posted: Jul. 1, 2003 @ 7:59p
Just called discover, and they will offer me this deal. Sounds like an outstanding way to finance a car purchase.
this is a hot deal if you can get the "no minimum purchase" deal... all you need to do is transfer up to your credit line, then make 2 , 1 cent gas purchases every month...even if you dont carry balances, you can balance transfer to "prepay" another one of your credit cards...
MoJo
Addicted Member
posted: Jul. 1, 2003 @ 10:55p
So what can this do for my credit rating? I am planing to buy a house in the next year and dont want to hurt my credit score. Here is my scenerio:
$12000 remaining on my car loan at ~8% apr Could tranfer to discoover fot 0% Assunimg i make the 2 minimum transaction at pennies per purchase.
How would my existing load be closed out on my credit report? Would it say "closed" or "paid", or does it not matter? I one time I thought I read it was better for your credit to pay it out each month untill then end.
Ok, so say the loan is closed ok, what is it gonna do to my credit having a $12000 balance on a CC. This would put my used credit to available credit ratio near the max. I have read this could be bad too? Would any of this be differeent on a balance transfer.
I am kina hesitant because I dont want to screw myself out of good rates for a house in the near future.
Thanks all!
Crazytree
Senior Member - 7K
posted: Jul. 1, 2003 @ 11:42p
just be careful... because one day they could conceivably cancel the offer.
<< So what can this do for my credit rating? I am planing to buy a house in the next year and dont want to hurt my credit score. Here is my scenerio:
$12000 remaining on my car loan at ~8% apr Could tranfer to discoover fot 0% Assunimg i make the 2 minimum transaction at pennies per purchase.
How would my existing load be closed out on my credit report? Would it say "closed" or "paid", or does it not matter? I one time I thought I read it was better for your credit to pay it out each month untill then end.
Ok, so say the loan is closed ok, what is it gonna do to my credit having a $12000 balance on a CC. This would put my used credit to available credit ratio near the max. I have read this could be bad too? Would any of this be differeent on a balance transfer.
I am kina hesitant because I dont want to screw myself out of good rates for a house in the near future.
Thanks all! >>
Your car loan is an installment loan which is looked at pretty differently from revolving credit. As a result it will likely hurt your credit some to do the above mentioned plan. How much depends on what percentage of your revolving credit this will have you use. EG. Using $1,000 of the $1,000 credit availible to you is viewed a lot worse than using $1,000 of the $5,000 availible to you. If transfering your car loan to CC is going to bring you up above 50% of your credit limit, its likely going to hurt your Beacon score, which is one of the major things they look at for buying a house.
However, to see exactly how it would effect you, you could go to www.equifax.com and sign up for their "free for the first 30 days" credit monitoring system. Its easy to cancel (just a phone call), and they have a utility on there which can mimic what certain actions will do to your beacon score (though they might call it FICO score, which is different, but very similar). Since it lasts 30 days, and you can check your credit I think 5 times in that time period, you can effectively also implement some of these ideas and see how they actually impact it. (BTW, if anyone is wondering, it does not hurt your credit for you to request a copy of your own credit report. They are a different type of inquery).
Right before I bought a house, I signed up and used this free service. Through a few small changes, I was able to improve my score by 60pts (and my credit was already good). BTW, I've discovered that at least with my bank, the line of credit extended for "check protection", does not show up on my credit report. As a result, if I wanted to, I could temporarily "hide" any debt I had long enough to get an even more favorable rating. In my case, it doesn't really matter, since I have a beacon score around 730, but it could for some.
<< not going to buy savings bonds after this year with a CC. >>
Even if you can't do it next year, its still this year therefore, buying those bonds could easily work for this offer. Chances are good this offer will not exist in a year anyway.
BTW, thanks for the tip on how to get around that though. I will have to file that away for future reference!
tmdlkwd
Senior Member
posted: Jul. 2, 2003 @ 5:40p
Just called Discover Card
The Good... Thanks to this Forum I was able to increase my credit limit and additional $1500.00. S/W a Rep named Sarah. It took 20 seconds The Not so Good... tried to inquire about this 0% BT offer offer. Denied. Apparently, per the reps comments, this offer is randomly sent out based primarily on spending habits. I rarely use this card.... I will just periodically check back with Discover Card.
Crazytree
Senior Member - 7K
posted: Jul. 2, 2003 @ 5:55p
Crazytree said:
<< just be careful... because one day they could conceivably cancel the offer. >>
It's safe to assume that if you put a big chunk of change on your CC and let it sit there at 0% while making 2cent charges every month they're going to terminate the offer.
Arcanlaw
Tired Member
posted: Jul. 2, 2003 @ 6:05p
How could they do this, legally, if it isn't stated as such in the TOS?
1. Because they can. 2. Because buried in the TOS is probably some statement saying "offer may change at any time"
jonaB
Member
posted: Jul. 2, 2003 @ 8:33p
I just called Discover for 0% BT for lifetime deal and they said it's suspended until further notice. Anyone hear about this?
cirrus
Ancient Member
posted: Jul. 3, 2003 @ 1:17a
No dealer is gonna let you buy a decent car by charging it on a credit card...
They would get hit with fees ya know...
The only way you could get around this is to do what crazytree did with getting Chase to somehow transfer credit into his checking account then paying out of those funds and transferring the balance over to the discover card...
If a dealer is hit with fees that's fees you can't bargain down with. If they're willing to take a CC for the purchase that means you could have talked them down more and paid with cash. DUH
Crazytree
Senior Member - 7K
posted: Jul. 3, 2003 @ 1:41a
I just got $5,000 @ 1.9% deposited into my checking by Chase. $35 fee but hey.
For the paypal subscription button, I received the following message:
"You cannot use an e-mail address or card number that belongs to an existing PayPal account. If you have a PayPal account, please log in. If you don't, please change the e-mail address or card number and try again." So I had to create a different e-mail address. No big deal. I wonder whether you can issue refunds to yourself too, and still have the transactions count. That way you avoid the 1 penny fee!
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