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Discover Card's Ext. of Balance Transfer
Old 07-02-2005, 03:38 PM   #1
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Discover Card's Ext. of Balance Transfer

Anybody looked at this new ploy from Discover card. The deal is to extend the 0% offer on balance tranfers "forever" if you have a payment of at least $50/month. The idea is that new purchases will get the standard rate and the money you send in monthly for even a min. monthly payment will apply only to the 0% balance. I ran a spreadsheet on this and didnt take long for this to turn into pure evil. Nice try DISCOVER
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Re: Discover Card's Ext. of Balance Transfer
Old 07-02-2005, 03:50 PM   #2
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Re: Discover Card's Ext. of Balance Transfer

Yeah a couple of card companies are running that one. For a while you just had to make one purchase a month and people were buying a pack of gum as the 'purchase' so they smartened up to that deal.

They're also doing a zero percent balance transfer with the zero balance forever, but they charge you a 3% transfer fee up front.
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Re: Discover Card's Ext. of Balance Transfer
Old 07-02-2005, 04:04 PM   #3
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Re: Discover Card's Ext. of Balance Transfer

Yep, you gotta watch 'em. I enjoy matching wits with these people.
So far I am miles ahead.

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Re: Discover Card's Ext. of Balance Transfer
Old 07-06-2005, 03:30 PM   #4
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Re: Discover Card's Ext. of Balance Transfer

Hmmm...* Back in October I took them up on this deal.* I did an $18,000 "balance transfer" to my mortgage, and then got 0% for the life of the balance as long as I make at least one purchase a month.* There was no minimum purchase amount--like Justnot said, a pack of gum will suffice.

For me, it means I'm saving a little over $200 a month on my mortgage (the $18k pushed my equity to the point where I no longer have to pay PMI, and I save a bunch on mortgage interest).

But, I now realize there's potential here for me to get worked over if my new monthly purchases are not very small.* I hadn't realized this when I first signed up for the deal.* So I'm not getting killed on this deal (and probably won't, because I can pay it off fast), but there's potential for it to happen if I'm not careful.* I am definitely feeling betrayed and stupid.* My own fault, really.

I need to make sure I keep my new monthly purchases very small.* Can anyone think of a way I can get someone to charge my credit card super small amounts (i.e., a few dollars, or less) a month?* I don't know of any utilities that will do it.* I thought signing up for some kind of automatic monthly charitable donation.* I just don't want to have to remember to buy a pack of gum with my Discover Card every month.
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Re: Discover Card's Ext. of Balance Transfer
Old 07-06-2005, 03:36 PM   #5
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Re: Discover Card's Ext. of Balance Transfer

If you have netflix or blockbuster dvds, that is an auto. monthly purchase... cant think of anything else that I would use
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Re: Discover Card's Ext. of Balance Transfer
Old 07-06-2005, 06:17 PM   #6
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Re: Discover Card's Ext. of Balance Transfer

All sorts of bills can be charged to a card. I have everything except my water bill go to a rewards card, then pay that off monthly.

Perhaps one small bill you have could be autopaid by credit card?

Bigger problem is finding places where you can do really small purchases with a Discover...a lot of good 'tiny purchase' places dont take it. Fast food joints and some convenience stores for example.
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Re: Discover Card's Ext. of Balance Transfer
Old 07-06-2005, 07:50 PM   #7
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Re: Discover Card's Ext. of Balance Transfer

Quote:
Originally Posted by SLC Tortfeasor
I need to make sure I keep my new monthly purchases very small. Can anyone think of a way I can get someone to charge my credit card super small amounts (i.e., a few dollars, or less) a month? I don't know of any utilities that will do it. I thought signing up for some kind of automatic monthly charitable donation. I just don't want to have to remember to buy a pack of gum with my Discover Card every month.
Check out the paypal website www.paypal.com . I believe you can set up recurring payments from your CC. Have your spouse or a friend (or maybe even yourself) set up some monthly recurring thing that is only a dollar or so. I think it can be done. I know I have some monthly subscription payments through paypal for $10/month to a very small business. I am sure the payments could be much lower than that. All you need to receive/send payments is a credit card.

Vicky
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Re: Discover Card's Ext. of Balance Transfer
Old 07-06-2005, 11:38 PM   #8
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Re: Discover Card's Ext. of Balance Transfer

Quote:
Originally Posted by SLC Tortfeasor
Can anyone think of a way I can get someone to charge my credit card super small amounts (i.e., a few dollars, or less) a month?*
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Re: Discover Card's Ext. of Balance Transfer
Old 07-07-2005, 02:16 PM   #9
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Re: Discover Card's Ext. of Balance Transfer

Thanks for the good suggestions folks. I'll look into them.
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