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Discover Card 0% Balance Transfer Fee Changes

Written by admin - One Comment

Well, it was a good run, and… I recently learned that Discover is no longer capping their balance transfer fees. This change affects all Discover consumer cards. For example, Discover, in the past, has charged a 3% fee with a $10 minimum and a $75 maximum. Now the balance transfer fee is 3% of the amount of each transfer with no maximum.

This is an unfortunate turn of events, as Discover was previously amongst the best issuers when it came to balance transfer credit card offers. While it’s still possible to find no fee 0% balance transfer offers, they’re scarce.

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Comments (scroll down to add your own):

  1. I have excellent credit thank God. I have two balances ea of about 25,000 that I want to transfer. I applied for a balance transfer for one of them. Since the offer is so attractive, do you think it’s better to apply to the same bank for the other $25,000 transfer with one of their other cards? Or do I have a better chance of applying to a different bank for the second $25000?
    If applying to the same bank with the attractive offer is better, should I wait till I am accepted or it’s better to apply at the same time to a different card with the same bank? i don’t want to ding my excellent credit for nothing
    Thank you for your advise. I appreciate a quick answer as the offer is ending in a few days.

    Comment by joy — Dec 24th 2008 @ 5:20 pm

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