Credit Card Offer with 0% APR for Life

Author: jthom10108@juno.com
Joined: 21 Jan 2005
Posts: 1
Posted: Fri Jan 21, 2005 5:59 pm
Post subject: Discover Card

I got offered the 0% for life card. Would a credit score of 730 and balance of 9000 on four cards with a combined credit limit of 27000 be sufficient or should I not waste my time. Thanks.

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Author: Ira
SENIOR MEMBER (Member for 2 yrs.+)
Joined: 19 May 2003
Posts: 830
Location: NJ
Posted: Sat Jan 22, 2005 9:47 am

When you say you were "offered" a 0% card, did you mean you received a pre-approval offer? Such offers do not guarantee accpetance. It just means that you were part of a list of potential customers fitting certain broad cimitations sold to the creditor by one or more of the CRAs. If it were up to me I would fill out the application if the card interests you. You have very little to lose. Even if they turn you down the inquiry will resuls in a minimal hit on your overall score; mabe 5-10 points or less.

Do not let what you cannot do interfere with what you can do.

Ira

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Author: nativechild48
Credit Expert (100+ Posts)
Joined: 10 Nov 2003
Posts: 329
Posted: Mon Jan 24, 2005 12:10 am

I would apply for a card that allows "no fee" for balance transfers. Discover usually charges a fee for balance tranfers after their promo ends. Discover and other card usually mean 0% for life of the loan, but there can be other deciding factors that might not make you elegible for this program and to keep this offer. Also Discover uses a two cycle billing method for interest.

native

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Author: Board Monitor
Board Monitor/ Administrator
Joined: 05 May 2003
Posts: 550
Posted: Mon Jan 24, 2005 9:56 am

jthom10108@juno.com,

Thanks for your post and welcome to the board! Are they requiring you to make a minimum purchase(s) every month to keep the 0% rate in effect?

Out of curiosity, how did you find out about our website?

Best Regards,
Curtis Arnold
Board Monitor
U.S. Citizens for Fair Credit Card Terms, Inc.
http://www.cardratings.com
501-663-0314 PH
501-301-8474 FX

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Author: wilco
Joined: 18 Jan 2005
Posts: 9
Posted: Fri Feb 11, 2005 5:13 pm
Post subject: DO THE MATH! It could save you thousands!

I say do the math and if it works out then HECK YEAH take em up on it. They may charge a balance transfer fee, or you might be able to get them to waive it. Eitherway, 27,000 at 0% would take you about 4yrs to pay off as they require a 2% minimum payment. If you are paying off a loan (say a HELOC, student loan, car loan, whatever) then you simply calculate how much you'll pay in interest over the same 4 yr period.

Interestingly enough, I did just that. I have about $30,000 on 4 different Discover cards at 0% for life. My highest interest rate I am paying is for my HELOC with is at about 6%. So, I will save about $7200. Even if I paid the $50 transfer fees for each card I would still save about $7000. So, it's a no brainer.

Good luck!

Wilco

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