Discover Card 0% Balance Transfer Fee Changes

Written by admin - One Comment

Well, it was a good run, but… I recently learned that Discover is no longer capping their 0% balance transfer fees. This change affects all consumer cards, including the incredibly popular Discover More card. Until now, Discover has charged a 3% fee with a $10 minimum and a $75 maximum.

This is an unfortunate turn of events, as Discover was previously amongst the best issuers when it came to 12 month 0% balance transfer credit card offers. While it’s still possible to find no fee 0% balance transfer offers, most of these are limited to 6-9 months.

Published on October 28th, 2008 - One Comment
Filed under: Balance Transfers
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Comments (scroll down to add your own):

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