This is a horrible balance transfer offer

Discuss anything related to interest rates & fees, like balance transfer offers, low rate cards, annual fees, etc.
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indianamom
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This is a horrible balance transfer offer

Postby indianamom » Fri Dec 12, 2008 4:51 pm

Gosh I can't believe this so-called deal that Discover is trying to peddle to me! :confused:

I got an offer in the mail today for a balance transfer offer and it is for 1.99% until 04/09. Well if I used it today that would barely give me 3 and a half months! On top of that it's not even a 0% balance transfer offer.

Why on earth would someone pay 3% balance transfer fee upfront and then another 2% interest for only 3 months?

I swear the things they try and pull now I just don't get how they expect us to fall for these silly things.


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Mogul of Pineapples
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Postby Mogul of Pineapples » Fri Dec 12, 2008 11:34 pm

If you consider the balance transfer fee alone (3%) and that is for receiving a promotional interest rate for only a quarter, that means on an annualized amount you're paying 13.99% (12% + 1.99%) for this balance transfer offer deal which is certainly no deal!
Disclosure: I am a moderator/paid staff of this site, which does have advertising relationships with some credit cards that are discussed and linked to. Regardless, anything I say is my honest opinion.

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Cucumber
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Postby Cucumber » Sat Dec 13, 2008 4:15 pm

I haven't had to do a B.T. yet but honestly I think the only ones worth it are the 0% balance transfer offers for 12+ months. Yeah impossible to find now but at least go with no shorter than 9 months if you can.

oh yeah the balance transfer fee sometimes is 4% too :mad: and that's another reason it's gotta be for a longest amount of time to be worth it.
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