I got an offer to open a new Discover Card and transfer current balances from existing credit cards to them at 0% interest for life.
Naturally, I asked myself... "What's the catch?"
(1) In order to keep that wonderful 0% for life rate on those transfers, you have to make at least $50 worth of charges each month.
(2) Those new charges are at 29%, yes twenty-nine percent, interest.
(3) Any payments you make will go towards the balances with the lowest interest rate first.
So, you rack up at least $50 a month and you will pay nearly 30% interest on them until you pay off all of your transfers, which will probably be decades.
Are there really people that uneducated or desperate out there?
If you ran a bank, would you want the bulk of your customers to be that gullible?
Answer by slw123 at 8:10 PM on Feb. 21, 2009
Answer by Anonymous at 2:02 PM on Feb. 21, 2009
Answer by EireLass at 2:04 PM on Feb. 21, 2009
Answer by AprilDJC at 2:15 PM on Feb. 21, 2009