Updated 10/21/2005 with information from abbyofsteel
Here's the info I got in the newspaper 1800-347-0320 - Reward Card 0% APR for LIFE - When you make 2 purchases monthly Up to 5% Cash Back -You have to sign up for it ... I called and forgot to ask about that. Invitation #FMBB
1800-633-4111 - Miles Card 0% APR for LIFE 10,000 miles when you make a transaction by 2/16/06 #FMBF
---------------------------------------------
Updated 9/18/05 with information from EugeneV:
1-800-767-8466
Invitation #FKVP - 5% Cash Back on "Get More" purchases in popular categories all year Invitation #FKVQ - 5% Cash Back on the first $1500 in gas purchases (merchant codes 5541 and 5542) Invitation #FKVR - 10,000 bonus miles after first purchase
All offers include 0% APR on transferred balances until April 2006 and 0% APR for life on transferred balances if you make two purchases a month after April 2006. All offers ends September 29.
End of 9/18/05 update ------------------------------------------------------------------------------
Several people have been asking how to get the 0% for life deal from Discover. I found an ad in the August 8 issue of U.S. News and World Report for the 0% APR for Life.
This is a phone only offer 1-800-347-3575 during business hours Monday-Saturday. The invitation code is FJQH.
It is 0% interest on transferred balances (max fee $29 per transfer) until March 2006. 0% offer is extended with 2 purchases each month (any amount).
It refers to the LIFE of a small hamster, who is not doing that well. As long as the hamster can turn the wheel, the rate is good, after that , you're on your own.
DaloSony
Senior Member
posted: Aug. 9, 2005 @ 12:09a
Is this invitation code for new discover cardmember?
I just moved a 12500 car loan on this card, PERFECT if you have large amounts.
Initial 29 dollar fee and then you pay .50 minimum finance charge per month once you start making the required 2 1.00 dollar purchases per month. In the long run, this is not really a 0% loan but more of a 0.9% loan if that.
Evaluate the terms and see if you have the discipline, if so, this card can be VERY beneficial to you.
Fly01
Senior Member
posted: Aug. 9, 2005 @ 1:46a
1. Anyone know if ads in U.S. News and World Report are the same everywhere, or are they regional?
2. BT only? Anything at all in ad about deposit straight into your account?
3. In case of mistakenly failing to make required amt. of purchases per month, what will rate become?
I can let you know once I receive all the paper work in the mail.
hoffjm00
Senior Member - 2K
posted: Aug. 9, 2005 @ 7:05a
So what are some minimum scores people should have before trying for this offer?
macka
New Member
posted: Aug. 9, 2005 @ 8:30a
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.
Fly01
Senior Member
posted: Aug. 9, 2005 @ 8:50a
nm
Fly01
Senior Member
posted: Aug. 9, 2005 @ 8:53a
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"???
cowboyBill
Member
posted: Aug. 9, 2005 @ 9:01a
Fly01 said: 1. Anyone know if ads in U.S. News and World Report are the same everywhere, or are they regional?
2. BT only? Anything at all in ad about deposit straight into your account?
3. In case of mistakenly failing to make required amt. of purchases per month, what will rate become?
The ad was in Texas, and I am a magazine subscriber. There is no mention about a deposit straight into a checking account. It only says that the 0% is on transferred balances. If you fail to make the two purchases per month, the rate becomes the standard APR for purchases, which in June 2005 was a variable rate between 8.99 and 13.99%.
I applied on Monday and did not get immediate approval, so the CSR told me that they will make a decision and contact me by mail in 2 to 3 weeks. It took about 15 minutes on the phone for the CSR to take the application and go over the details of the offer.
sag471
Member
posted: Aug. 9, 2005 @ 9:11a
The Rep told me its for new accounts only. Can anyone confirm that?
Will update when I get full disclosures in the mail.
louieeG
Senior Member
posted: Aug. 9, 2005 @ 10:20a
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?
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
Cranky Member
posted: Aug. 9, 2005 @ 10:27a
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.
louieeG
Senior Member
posted: Aug. 9, 2005 @ 10:37a
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.
make sure you're factoring in the interest you'll be spending with the min. purchase balance on the card. It starts out negligible, but can start adding up to a lot unless you pay the loan off fast! (assuming it is $1 minimum twice a month)
Here is the fine print of the ad: http://img28.imageshack.us/my.php?image=discoverad5hz.jpg sorry for the bad resolution.
macka
New Member
posted: Aug. 9, 2005 @ 12:15p
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
Case1096
Senior Member
posted: Aug. 9, 2005 @ 1:18p
Two questions:
1. Could I process a Pay Pal transaction twice a month for a dollar and how would the fees run on that?
2. Does the balance transfer have to be done at the time of sign up?
gheldean
Senior Member - 1K
posted: Aug. 9, 2005 @ 1:23p
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
rengrong
Member
posted: Aug. 9, 2005 @ 4:50p
what kind of people can get 0 APR for lifetime? Long credit history(>10 years) with high(>800) credit scores?
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.
So I'm looking to roll a couple AMEX 0% cards onto a new card since my current 0% expires in oct. I have about 10K debt on one and about 3 on the other card. I'm on top of my cc stuff ALL the time. I'd like to transfer all of this total. I just signed up for the two citi plat select and the (dividend) card cause they have no transfer fee. I only got 2300 on each. Thats hardly worth it. I wanna move the entire balance or at least 10K. If I go for this card will it work out that I do a lot better with 3% off ING on 10K while paying int on a couple dollars a month? Is there a way to get the limit raised on the two citi cards I just got? Any tips, welcome. Thanks
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.
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?
Keep in mind that when it comes to good debt vs. bad debt school loans are considered good and CC are considered bad. For what it's worth I grabbed my credit score a few months back and it was 780. I then opened up a Citi card and transfered $5000 of student loan debt (prior to consolidating to lower the average rate) and my score took a 20 point hit. Just something else to consider.
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.
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.
Thanks Wotech, But I'm not concerned about getting the card, I'm asking if someone can help me to calculate my benefit from it and for how long its worthwhile. Thanks
sjack827
Senior Member
posted: Aug. 11, 2005 @ 7:46a
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?
aggie04ci
Member
posted: Aug. 11, 2005 @ 9:04a
so what determines the credit limit you get? Credit score, income? I'd love to get this card and transfer about 5 grand over to it from another CC, but not sure how I go about trying to obtaining a credit limit higher than that. Any info?
If they approve me for $3-4 grand, can I ask them fo a higher one by mentioning I'd like to transfer 5k on the card? And if so, is it bad to get a new CC and transfer a balance on to it almost maxing out the card??
Disclaimer: By providing links to other sites, FatWallet.com does not guarantee, approve or endorse the information or products available at these sites, nor does a link indicate any association with or endorsement by the linked site to FatWallet.com.
Members of our community may attach files to a post in accordance with the User Agreement. FatWallet is not responsible for the content, accuracy, completeness or validity of any information contained in any attached file. Files have *not* been scanned for viruses. Be especially wary of Excel files which may contain malicious content.
