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Interesting offer from Discover Card...

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?

 
kaycee14

Asked by kaycee14 at 1:47 PM on Feb. 21, 2009 in Money & Work

Level 6 (129 Credits)
This question is closed.
Answers (4)
  • I got that offer in the mail today. I read it just out of curiousity, was appalled and then shredded it. I wonder how many people will take them up on it though.
    slw123

    Answer by slw123 at 8:10 PM on Feb. 21, 2009

  • Not gullible. They don't read the fine print. I would call them stupid.
    Anonymous

    Answer by Anonymous at 2:02 PM on Feb. 21, 2009

  • Yes, if I ran a bank, I would want my customers to be that gullible. The bank is in the business of making money, and so they do. They've never been in the business of helping people. People think they are, because the bank is saavy in the art of selling. Sell someone something they don't need.
    EireLass

    Answer by EireLass at 2:04 PM on Feb. 21, 2009

  • I don't know, I don't think I would want gullible customers if I were a bank owner lol. But of course I would be an honest banker since I can't stand taking stuff from other people for no reason. But as far as the credit card offer, I really read all the fine print on credit card or other money offers and I have no credit cards at all. I have 2 loans I am currently paying on (well my student loan is getting paid off this month) and my car loan and that is it as far as debt for me =) . I've been through stuff with credit cards like that and once we FINALLY got them paid off we cut them up, threw them away, and said NEVER again!
    AprilDJC

    Answer by AprilDJC at 2:15 PM on Feb. 21, 2009