Discover 3.99 Fine Print warning!
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Discover 3.99 Fine Print warning!
| 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.


The 3% transfer fee is fairly standard, but it's a one time fee, not a monthly.
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.
We applied for the card in Raymond's name alone. He transfered 3900.00 which was in my name at 3.9