Transfer balance to a Discover card?

Question

I have a moderate balance on my Visa card, but the APR is killing me and making it impossible to bring down the balance by much. I got an offer from Discover offering 0% APR for life on transfered balances. Is this a good idea? Ordinarily I'd think it's silly to shift debt around, but the fees would be drastically different and more helpful. Has anyone done this, or had experience with Discover?

Answer 1

There will probably be a balance transfer fee when you transfer money over to the discover card. The fee is usually about 5% of the balence and only occurs once when you transfer-not monthly.  I would probably do it especially since it is for the life on balance transfers.  Just don't have any late payments or they will be able to charge you interest after that.

Answer 2

Be very careful, read everything carefully.  Usually there is a catch and you must read the fine print.  If there is no catch go for it.

Answer 3

I did it and I am glad I did.  Go back and look at your question again.  Get 0% for the life on a transferred balance.  However, you will pay a transfer fee like I had to.  So I paid $75 but now my payments are all going towards the unpaid balance.  I am saving money in the long run.  Potential interest that I do not have to pay if I didn't have a Discover Card.  Go ahead and transfer your balance.