Credit Card Forum & Message Board
  1. #1
    Gold Member
    Join Date
    Oct 2008
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    Default This is a horrible balance transfer offer

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

    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.

  2. #2
    Centurion Member Mogul of Pineapples's Avatar
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    Default

    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!
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  3. #3
    Centurion Member Cucumber's Avatar
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    Apr 2008
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    Default

    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 and that's another reason it's gotta be for a longest amount of time to be worth it.
    OBAMA
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