Discover 3.99 Fine Print warning!

iVillage Member
Registered: 08-04-2008
Discover 3.99 Fine Print warning!
3
Tue, 02-24-2009 - 3:46pm

A couple folks here have gotten the solicitation from Discover about a 3.99% balance transfer until 2012 - well - it is really a 6.99%+ rate.


If you look on the back, there is a 3% fee for the transfer.




iVillage Member
Registered: 03-27-2005
Tue, 02-24-2009 - 5:30pm

The 3% transfer fee is fairly standard, but it's a one time fee, not a monthly.

Avatar for meandmypea
iVillage Member
Registered: 03-27-2003
Tue, 02-24-2009 - 7:30pm

Yeah, the 3% is normal. Many cards will even state in the balance transfer offer that they'll cap the fee at $99, and it's a one-time fee.

So what you have to determine is whether you would pay more than in interest on your old card at the higher rate versus the 3.99% rate plus the fee. Most of the time it does work to your advantage, especially if fee is capped.

Bridget




Bridget
iVillage Member
Registered: 11-17-2007
Tue, 02-24-2009 - 11:14pm

We applied for the card in Raymond's name alone. He transfered 3900.00 which was in my name at 3.9