06-26-2012 11:05 AM
06-26-2012 11:09 AM
Received an offer from Discover. It says that I am qualified for a temporary credit line increase with a balance transfer of at least 3k bringing my credit line to 19K They will reduce the credit line when the promo balance transfer expires. Offer is for 12 months at 0% and the transfer fee is 5% The Checks can be used to Deposit to your checking account, or repairs or an actual Balance transfer. Has any else received this offer? Is it really worth it for a TEMPORARY increase? I have no balance on the account which is probably why they sent it
This deal is unique to Discover only. To me, it's not a good deal. If one doesn't pay the balance off before the temp credit line is decreased, the card would appear maxed out depending how much is transferred to the card and what the initial credit lines is.
06-26-2012 11:28 AM
After speaking with them 3,000 is the max you can go , I would have to pay $250 per month to make sure that it's paid off before the 12 months are over, after the 12 months the standard rate is 9.9%. The min payment due would be $40. I would consider it if the increase was permanent
06-26-2012 11:32 AM
I received an offer like this recently from them, I guess b/c I don't use my discover that often. I agree it seems like a good idea if it was a permanent thing if you did the balance transfer, but I agree I wouldn't want to do it, not get it paid off and then appear to have high utilization all b/c of this..
06-26-2012 11:50 AM
06-27-2012 06:17 AM
I also received the 1% bt free $29 max fee bt offer and they raise your CL by 3k temporarily for 12 months from discover and decided to take it. A couple of thoughts on it:
They send you checks so you can cash it at your bank and immediately pay it back (29$ for higher score because of lower util)
I called to try to raise it w/o the temporary and they said I had already got a CLI in the last 6 months, but she said they could possibly make the temporary permanent later on if credit hiistory looked good.
I ended up doing the 3k because I have a chase freedom bt offer expiring for ~1500. At first I was thinking I would do the 3k then transfer the 1500 back to discover. What I decided was to keep the 1500 in the bank account for a year because I only have 500 in my emergency fund. My goal is to build the emergency fund to 1k in a year and pay back the bt offer and the other 1500 I borrowed. The 1500 in the bank is really a cushion that should never be touched but it's a good safety net if the transmission blows. You have to be really diligent not to touch the money (I have it in a seperate online bank I don't touch). The only downside is a little higher util for the extra 1500 but it lowered my chase util to 5% so I'm comfortable with that.
The last thought is Discover has always had a much higher minimum payment because they tack on $40 + 2% for balance transfers so it's 100$ (at 3k borrowed) minimum per month. Again I still have that cushion if needed to pay the minimum with that money and still lower the principal without using interest for 12 months.
01-23-2013 07:05 AM
Hello everyone, I just recieved this offer in the mail yesterday from Discover 0% apr with a 2% balance transfer rate with the must transfer $3,000 for the temporary cli of $3,000 Need Advice:
I do have a few store cards with high apr's with a balance totalling around $1,500.00 from holiday spending, I am wondering to work around this $3,000 limit
if I used one of the checks to place in my checking account then pay off the store cards with half and use the rest for another purchase. What is anyone's take on this manuever I have never done a balance transfer so this is new to me. Tfhanks for any suggestions/advice.