Comments on: Myth of 0% Balance Transfer for Life Deals

By: Hans Jorgensen

Hans Jorgensen — Sun, 06 Nov 2011 16:42:24 +0000

Both my wife and I signed up for Discover’s “0% for Life” offer as a way to fund our wedding several years ago. We began with a total of ~$20k and will finish paying the last of that amount next month. At no point did we ever make more than the minimum payment, nor were we ever charged interest on that balance.

All we had to do was make sure we each made two purchases a month. I’m sure we could have found some way to spend less than $1 per purchase, but in the end we each signed up to donate $1/month to two different charities. It was a fantastic deal and one we won’t see again for at least a decade or two, given how much less credit is being extended to folks these days.

By: Dave

Dave — Thu, 22 Oct 2009 07:46:48 +0000

I’ve had this 0% interest for life from Discover for the past three years. I started out with a $1100 balance and I am now down to my Last $800. It’s a great deal if you can get it but you need to be diligent on making those two purchase each month. I found going to the gas station I can get two separate charges of 4 cents or less.

By: Jimmer

Jimmer — Wed, 11 Feb 2009 00:59:42 +0000

It is not a Myth, as with all credit card deals you must read the small print. I recieved thiss offer 2 years ago and I am still getting 0%. My catch to the offer is the followin; I have to make 3 purchases a month. I called and confirmed with Discover before appling for the offer to confirm the dates the transactions had to be posted(very important) also confirmed if I made 3 $1 purchases a month I would be ok. I have made my 3 purchases a month for 2 years and I think I have paid about $5 in interest in total. Best offer I have ever had.
Jimmer

By: Balance Transfer For Life

Balance Transfer For Life — Thu, 28 Aug 2008 11:32:37 +0000

Advanta Mastercard has a 2.99% Balance Transfer For Life promo going. There doesn’t seem to be a requirement for any purchases after you do the balance transfer.

By: Michael

Michael — Fri, 13 Jun 2008 13:21:34 +0000

Hi guys. I got this offer from Discover in 2005 via phone. The representative told me that there was no minimum amount for purchase. So for the past 3-years, I go to the gas station one a month and complete two separate transactions. One is for 5 cents and the other is for 10 cents.

Each statement there is a note at the bottom that says:
Congratulations! Your special Balance Transfer rate(s) has been extended for another billing cycle, as described in the offer.

While I understand that Discover will apply payments to new purchases first, all that gets added on each statement is the $0.50 minimum finance charge.

Hope this helps.

By: Ty Thongrit

Ty Thongrit — Wed, 11 Jun 2008 05:40:32 +0000

What is the best credit cards that have lowest apr on purchasing and balance trasfer for life.

By: Filipp

Filipp — Mon, 24 Mar 2008 22:26:26 +0000

Actually, about that 4%/month you would be paying. You would be paying 4% of the CARRYING BALANCE, which declines every month. I started off paying $200 on my $10K loan (it was 2% back then, hasn’t jumped yet for me, anyways) and now am paying less than $100/month. So it can go on for a VERY long time if I keep it up.

By: robert

robert — Thu, 21 Feb 2008 15:54:00 +0000

FYI, Discover did offer 0% intrest on a transfer last year which did NOT require additional purchases each month. I can verify this becasue I have had this for the last year on a $3000 transfer. Works great if you start out with a $0 balance, since payments are applied to the 0% first & any existing balances or charges would compound with intrest untill the 0% is paid off. If miss a payment it jumps to 20% or more. Long story short, my wife just missed her payment & now it has jumped back & I am searching for similar plan but see that they do not exist any more.

By: kelsey

kelsey — Mon, 11 Feb 2008 02:01:14 +0000

I got this offer in 2005. Then you only had to make 1 purchase a month of at least $1.00. Every month I buy $1.00 in gas (the gas station clerks must think I’m crazy!). I get charged a .50 finance charge each month. This is a really good deal, but you have to stay on top of it. If you forget to make a purchase or make a late payment, you will lose the 0% for life. I did forget to make a purchase one month and begged customer service to reinstate the 0% rate. They will reinstate it one time. It is a good idea to setup automatic payments and possibly an automatic charge as well.

By: TJ

TJ — Mon, 04 Feb 2008 07:46:01 +0000

I got this card (two in fact), called in to find out the minimum purchase required (it is a minimum $1.00 transaction, twice a billing cycle required to maintain the 0% apr for life until your balance transfer is paid off). I transfered ALL my debt (school, medical, emergency car repairs, etc) to these cards, make the minimum two $1 purchases on each card each billing cycle, and I deliberately pay much more than the required minimum payments and this offer of 0% for life on my balance transfers has saved me thousands of dollars in interest I would have paid on other cards. For those who are wise and can stick to the rules, you can get more of this deal than ever expected a consumer to get. I know when my billing cycle for each card begins each month and make the 2 transactions within the first week, then check online to make sure they’ve both posted. If you’re smart enough, you can work this towards your advantage and have Discover sorry they sent you the offer because they’re losing money on you while you’re saving.