[N8 v2.0]

Discover Card
You'll keep your low 0.0% APR FOR LIFE* on your transferred balances by simply making $50 in purchases and/or cash transactions with your Discover Card during January, 2005 and each month thereafter. That's all!

You will continue to receive the initial special rate through the last day of each billing period until the balance of your balance transfer is paid off, prvided that you have made the Required Transactions during the immediately preceding billing period and these transactions are posted to your Account by the Statement Closing Date, shown on the check page, in that billing period. If the Required Transactions are not posted by that date, the initial special rate will permanently terminate and the APR for purchases will apply. The special rate will not be reinstated even if you make the Required Transactions in a subsequent billing period. If you are late making a payment of if your Account is overlimit, the initial special rate will terminate and the standard APR for purchases or the applicable Default Rate will apply...

Your savings under this offer will be reduced based on your transactions, payments and existing balances. We apply payments to balances with low special/introductory APRs (such as special balance transfer and purchase APRs) prior to balances with standard APRs. Therefore the duration of your initial special rate will be shortened and your savings reduced by making additional transactions or having existing balances that are subject to standard APRs. In addition, your rate duration and savings may be reduced by the level of your payments.

There has to be a catch.

Discover, says that all monies paid to the account will go first to pay the low APR special offers.

I could actually see this bankrupting people! 0.0% APR FOR LIFE - because it'll probably kill ya first.

 

[LordOpie]

There has to be a catch.

Discover, says that all monies paid to the account will go first to pay the low APR special offers.

uhh, you just pointed out the catch. $600+/yr plus finance charges of what, 12%... accumulating until you've paid off the 0% principal.

I think that's irresponsible of Discover and all other credit card companies that do that... and they do. I think the gov't. should stop those programs as a form of unfair business practices. How many people understand what they'd be getting themselves into? I bet without my BA in Economics that I'd fall for it.

 

[Echo]

Opie got it, well sort of.

You have to make $50 of purchases per month, which is $600 per year. They probably charge you a 16% or more rate on that, which when compounded works out to about $60 the first year, $180 the second year, and it goes up exponentially every year after that as long as you have a balance at 0%. Note the fine print where they say any payments you make are applied to promotional balances first.

This is just another clever idea by these credit card companies to screw over people who either are too dumb to pay off their cards every month, or can't pay them off every month because they are overextended as a result of the credit card companies giving them a higher credit limit than they can handle responsibly.

 

[LordOpie]

how did I get it "sort of"?

The real scumbag fine print -- which I haven't read, but am guessing -- is that if you fail to make the minimum $50 purchase any given month that your 0% jumps to some insane amount.

 

[Ridemonkey]

Sweet! I think Moose Dick and Wing Master are gonna wrestle!

 

[LordOpie]

Sweet! I think Moose Dick and Wing Master are gonna wrestle!

no way thread-killa... just to spite you Just when I drop some bait on Tyron (or whatever that stupidity was), you locked the thread

 

[Echo]

blah blah Tyron blah blah

You killed my stunt!