ek5686

I think i could save about 2k if i paid off my loan with the bank and just did one of these balance transfer things.

thatguyjosh

Why is this in S2000 talk?

To answer your question though, Discover is currently offering 0% for life on balance transfers on one of their cards. I forgot which one, I got the offer in the mail. You must also remember that you HAVE to make at least 2 purchases each month to keep the 0%. If you don't they will automatically increase your rate and you'll probably be paying close to 18% on it! And whatever you buy with those 2 purchases each month you will pay interest on until the initial transfer amount is paid off.

ek5686

are you serious?! that stipulation sucks a$$.

anybody have any other recommendations?

thatguyjosh

I think the minimum purchase is $1.. so you could always just set a reminder to go buy a coke twice every month and you will be fine.

I'm pretty sure all of the 0% balance transfer for life offers have the same stipulation, you have to make at least 2 purchases per month to keep the 0% rate.

ek5686

i've been looking everywhere. i looked on discover's site and they don't offer the 0% for life balance transfer anymore. i think because of the recent rise in short term rates, the credit card companies have been pulling those offers off the shelf.

this is in the s2000 forum because my loan on my S is with a bank and somebody told me about this so it sparked my interest. hehe.

steven975

who in their right mind would offer a 0% loan forever without any stipulations like making purchases.

You do realize that they are effectively losing 5-8% by offering the 0% right???

you're asking for something for nothing. no free lunches.

ek5686

the crazy thing is, before i took out my loan for my S, i got mailers stating that it is 0% for the life of the balance. maybe there were purchase stipulations, but steven, there really were offers like these when the short temr rates were lower couple of months ago.

steven975

I realize that, but someone would have to be stupid to offer a free loan for an unlimited amount of time.

usually there are purchase stipulations; they need to make money. also, if you are one day late, you often go to the default rate of 21%+.

ek5686

yea i heard about the 1 day late penalty. that is why the minute i find one of these mailers or offers, i'm going to jump on it and make sure that an automatic payment feature is setup through my bank account

DiamondDave2005

I have an Amex Blue card with that feature, no gimmicks. I used it to pay off our timeshare, zero interest.

You really have to read the fine print on these so-called 0% offers.