DISCOVER---TEMPORARILY CLI???

[669]

I received a letter from Discover this week with a strange (for me) opportunity.....

They sent me some BT checks good for 1 year at 0% and they will temporarily raise my CL to $15000.00 for one year.  It is currently at $10000.00.

Has anyone seen or been offered this deal?

EQ Fico:  699  (almost there)

[Anonymous]

Bump

[669]

Anyone?

[MrShush]

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@669 wrote:

I received a letter from Discover this week with a strange (for me) opportunity.....

They sent me some BT checks good for 1 year at 0% and they will temporarily raise my CL to $15000.00 for one year.  It is currently at $10000.00.

Has anyone seen or been offered this deal?

EQ Fico:  699  (almost there)

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Have not received this, though I did get something similar from Citi, but Discover's BT fees are notoriously high at 5% which doesn't seem worth it for a 12 month CLI. It may end up screwing you at the end of the term with a CLD possibly triggering a myriad of AA from your other lenders. Your call.

[smc733]

Another dirty sub-prime move from Discover...

[MrShush]

I just got the offer today for the same. Temp. CLI for up to 5k above my current cl.

[Creditaddict]

I would think depending what you do in that 12 month period that they would make that a forever CLI... whats the point of offering 5k to turn around and take it back in 12 months.... what if you pay the min. for 12 months and only have the balance down to 13k and they lower you back to 10k... are you now going to pay overlimit and late fees until you get it under 10k... don't think that would be legal!

[Anonymous]

I took that offer about a year ago and my CL is still what they raised it to.... 

[MrShush]

You make good points CA, but in order to get the full amount, one has to transfer the full $5000 at 5% which is bonkers. People are basically paying for a CLI?

[Uborrow-Upay]

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@smc733 wrote:

Another dirty sub-prime move from Discover...

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Nothing dirty about it, smc733. 

A lender makes an offer.  That lender, whomever it is, is in business to make money.  The offer by the lender is designed to ultimately earn an additional profit for that lender.  It's not a Christmas present, the offer is made for a very calculated reason.

Sometimes the offer is a good one for any individual consumer, based on his/her own situation at that point in time.  And sometimes, it isn't.

The consumer reads the terms of that offer (hopefully), and then either accepts the offer or shreds it.  The offer itself is just another option that may not have been previously available to that consumer, and might actually work for him/her.

That's pretty much it.  And it's not personal, it's just business.