I rolled the remaining 12.5K of my student loan (private student loan at 7.68%) onto the card. I'm on scholarship so the interest deduction doesn't count for me because any amount of the scholarship that exceeds TUITION AND FEES is considered income. I can't report the interest

You are correct though, you'll be missing out on the interest tax break, so look into how much that would save you versus paying 393.75 in interest on it for the year.

Meltz said:louieeG said:would it make sense for me to roll a $10.5k student loan into this 0% BT? The interest rate is around 3.75%. The only benefit of keeping it a student loan is the interest deduction, correct? Am i missing something else?

You need to run the numbers and see if the money you'd save on interest is significantly more than what you save from the tax deduction. Also, keep in mind that you have be very vigilant about paying EVERY bill you have on time because Discover will not hesitate on changing your rate.

here's the numbers:
Balance $10,230.24
APR 4.13%
Payment $150.00

total interest for 1 year: $395.64
Tax savings (28% bracket): $82.78
Money saved with 0% BT: $312.86

looks like i'm gonna jump on this. thanks for the responses.

dup post

Fly01 said:macka said:hoffjm00 said:So what are some minimum scores people should have before trying for this offer?

i know mine floats between 690 and 710; i got approved last.

"last" or "fast" or "at last"???

last week

mrbeaubo said:Just signed up for card, CSR said 1.00 is minimum

Will update when I get full disclosures in the mail.

Hmmm... the Rep I talked to said that there was no restriction on the purchases. I will also have to peruse the full docs when I get the card.
-gheldean

Case1096 said:Two questions:

1. Could I process a Pay Pal transaction twice a month for a dollar and how would the fees run on that?



I have been paying myself twice a month with PayPal (using 2 separate PayPal accounts) for about 2 years now with no ill effects. BTW, I am only doing $0.10 transactions because you will pay interest on the PayPal transactions. After 2 years, I am paying interest on $4.80...if I had done $1 transactions, I would be paying 10X more interest.

As far as the PayPal side, the entire transaction gets eaten up in fees, but that's OK with me.

louieeG said:would it make sense for me to roll a $10.5k student loan into this 0% BT? The interest rate is around 3.75%. The only benefit of keeping it a student loan is the interest deduction, correct? Am i missing something else?

Students loans can be deferred due to hardships, and if you suffer an untimely death, your spouse will not be required to pay them off (in most cases). I wouldn't rush into it. You might be better off keeping the student loan, and rolling the balance transfer to ING Direct and letting it sit there earning 3.5% interest.

So I'm looking at this Discover card for a couple BTs. Can someone help me to see if this really works out to a strong advantage for me. Basically, tell me if my numbers are in the right ballpark.
I'd be looking at about 12K of transfer from 2 different cards in total. I have current 0% offers expiring in oct on my two AMEX cards. I'd like to keep all that money floated in ING for as long as its feasible.

So my guestimate is I'd be paying out
$29 *2 = 58
plus a min of $6 in int for a year if I do min purchases. (scenario two is if the two 1 dollar purchases are out of my ordinary purchases then its basically an expense to keep the deal going. This would be a min of 1*2*12=24 bucks a year)

So I'd be at a total out pay for year one of either:

A. 58+6 = 64 or
B. (58+6+24) = 88

I'd earn on 12K at 3.15 about 378 dollars the first year

Clearly unless I've missed something, that (at worst case) gains me 290 dollars.

Year 2
I'd pay out:

A. 24+ interest on 48 = I don't know
Thats where the math loses me cause I dunno what the rate would be or how to interpolate for the whole year monthly


Then obviously I'd make about 387- (above A.) = I dunno.

Can someone help me out a little with this?

RhizzleBop said:So I'm looking at this Discover card for a couple BTs. Can someone help me to see if this really works out to a strong advantage for me. Basically, tell me if my numbers are in the right ballpark.
I'd be looking at about 12K of transfer from 2 different cards in total. I have current 0% offers expiring in oct on my two AMEX cards. I'd like to keep all that money floated in ING for as long as its feasible.

So my guestimate is I'd be paying out
$29 *2 = 58
plus a min of $6 in int for a year if I do min purchases. (scenario two is if the two 1 dollar purchases are out of my ordinary purchases then its basically an expense to keep the deal going. This would be a min of 1*2*12=24 bucks a year)

So I'd be at a total out pay for year one of either:

A. 58+6 = 64 or
B. (58+6+24) = 88

I'd earn on 12K at 3.15 about 378 dollars the first year

Clearly unless I've missed something, that (at worst case) gains me 290 dollars.

Year 2
I'd pay out:

A. 24+ interest on 48 = I don't know
Thats where the math loses me cause I dunno what the rate would be or how to interpolate for the whole year monthly


Then obviously I'd make about 387- (above A.) = I dunno.

Can someone help me out a little with this?I have two Discover Cards. Was only able to get 0% on one card. Spoke with retentions and threatened to cancel the other -- best offer was 1.9% for life. So YMMV.

I have an HELOC of $15,500 @ 5.75%. Would it be a good idea to try to get this card and transfer the balance? What kind of credit limits are you guys getting and how do you get them so high?