Here come the 0% balance transfers from Discover card. Remember they would do nothing to help me knock down that 18.4% interest rate just a few weeks ago? I found out about this offer b/c I got an email saying they were going to debit my account for the “minimum due.” Well, with the balance at $0 I hopped onto the website to figure out why there was a minimum payment at all.
After sign on, a big opening page with “0% for 12 months on balance transfers” showed up. The credit available on that card is $8,000 so I did some quick calculations to see what we would save if we moved the two smallest credit cards over. It worked out to be a $205 fee for the balance transfer and we’d save $230 in interest. Just not worth the hassle to me AND there is always the risk that we don’t pay it in 12 months and then that criminal interest rate of 18.4% returns. So that was fun to look into for a minute…but more importantly…to have the power for a change.
I had to call to talk to a rep about the $46.00 interest charge. I was told that was interest from those days where the balance remained-from the last pay cycle end date to the payoff date. Thankfully Discover did the right thing this time and waived it when I asked. And kudos to me for asking…there was a time that I would not have done so!