For a while it was difficult to find good zero percent balance transfer credit cards that offered long term zero percent bliss.
The DiscoverMore Credit Card not only provides you 18 month of interest rate relief on balance transfers, but also offers 5% cashback on purchases in categories that rotate each month. New purchases will also be at zero percent for 6 months which is not nearly as attractive as the 18 month balance transfer offer.
5% Cashback Bonus Details:
You earn 5% cashback if you make a purchase using the card in the category for the current month. Currently the category is Home and Fashion. On the application page, you will find a link on the right sidebar
Respect the Fine Print
Balance Transfer Fee: 5% of the transfer amount or $10 whichever is greater.
APR: 11.99% to 20.99% depending on your credit score
Penalty APR: Never make a late payment! Your APR will jump from the promotional 0% to a permanent 16.99% – 25.99% based on your credit. If you do make one late payment, call and talk to a Discover manager – explain that you will not be late again; many times I’ve been able to get them to keep my APR at zero percent even though I did submit a late payment. If they won’t help you, call back another day and try talking to a new representative – it is worth it.
Annual Fee: none
Late Payment Fee: $35
Returned Payment Fee: $35
Offer End Date: You must make the balance transfer before May 10, 2011 to get the promotional zero percent APR.
Summing it Up
In short, this is a rare offer these days. Be mindful of the 4% transfer fee – it is equivalent to paying 2.66% in interest per year. This is much better than any other rate out there including the prime rate. To avoid making a late payment, setup automatic payments each month for at least the minimum balance due plus a few bucks. Paying more than the minimum adds points to your credit score.
Visit the offer page here:
