0% credit card offer?

[camper]

We always get credit card offers in the mail, and usually they go right in the trash. But the one I got yesterday really caught my eye. It is an offer for a discover card with 0% interest on transfers, until Dec. 2003. It does say that if you are late making a payment than the rate goes up to19%.
This sounds like a great deal, since the visa I have now is 16%. I could save quite a bit of money. Has any one tried these mail offers?

 

[Toby'sFriend]

Beware and read the fine print very carefully. Most of those "0% on balance transfers" offers have a one time balance transfer fee of around 2 to 5% of the amount you transfer.

So if you transfer $8,000 they will charge you a fee of 160+ the first month.

16% is very high however. I bet that if you just called your credit card company and told them to give you a lower rate or you'll start shopping around, they'll lower it considerably.

 

[Tina]

I recently responded to an American Express offer for the Blue card. I have 0% interest until April 2003. It also has no annual fee AND has a rewards program - 1 point per dollar. I originally responded to a Milesource offer for this card, but I'm sure the same deal is available elsewhere. Follow this link to the American Express Blue card info page:

http://www66.americanexpress.com/ca...38/20/b/3/3120513972/312102846890/20/n&from=0

 

[helenabear]

I have seen some good ones (I believe my DH has one for 0% right now) and I have seen some that are only for balance transfers or I saw one where they tried to sucker you into transferring as much as possible to the credit card only to tell you that balance transfers don't apply to that 0% interest (happened to a friend). Just read all the terms and conditions carefully but I do agree 16% & 19% sound very high to me too! Call and see if you can get that lowered.

 

[Tina]

Oops. Didn't realize you were talking about interest rates on balance transfers. My Blue card offers 9.99% on balance transfers for the life of the balance. I don't believe there is a % charge for the actual transfer (which I've seen on many other cards).

 

[2disneywego]

Absolutely read the fine print carefully. Some offers are genuine, I received one yesterday with 0% on balance transfers until Feb. 2004 with no transfer fees. That'll work because I'll budget to have it all paid off by then!!

 

[Buckalew]

camper,
I received that one from Discover a month or so ago and it was good until Nov. of next year. It is 0% on Balance Tranfers and new purchases until then. Then it has a rate of 13.99%. So, I did it. The day I got the cards, I also received an application in DH's name for the same one you received! LOL I think it is a good deal and I plan to have it paid off by then or sooner. I don't have a big balance but when DH was out of work last year, I did not always pay it off every month.

Good Luck!

 

[zurgswife]

While there is a fee on balance transfers there is usually a limit...99% of the ones I have ever done it is $35 not upwards of $160 like an earlier poster mentioned.

If you have more than one bill that you would like to pay off to get the discounted rate....add them together then write the check payable to you and deposit in your checking accout. That way you only pay the fee one time. Other wise they will charge you a fee for each and every balance transfer you do...

 

[Tina]

That is a good idea, but my fine print on my Blue card specifically states that checks written to the cardholder or for deposit will be considered a cash advance, and therefore will have a higher interest rate at the end of the promotional rate period.

 

[camper]

Thanks everyone. I guess I'll give it a try. It does say that there is no transfer fee. I'll just have to be very careful to get the monthly bill paid on time. This will be great! I sure hated paying that 16%.

 

[Buckalew]

Mine said the same, Camper. We'll wish ourselves luck.