by Claire
As some of you know, we used a signature loan from our credit union to pay off the Discover card. I called Discover prior to calling our credit union to see if they’d do anything to reduce the obscene 18.2% interest. They would not budge. So, of course, it felt great to pay off the $7300 balance and have the power back in our hands. Since paying it off about 2 months ago the offers have not stopped—not surprising since I know they’d love to have me back to take my money.
We’ve ignored the offers because they include lots of fees and would negate any interest savings we may get…until the offer we just opened. We want your thoughts on this one. Here’s the deal: If for the next 5 months (July 2012 through November 2012) we spend $3,000 each month on the Discover card, we get $500 cash back in December. We’d use the card like we should use the card–for regular monthly expenses paying off the balance when the bill arrives (if not earlier!) We’ve read and re-read and will do so again and call to ask any questions before we commit, but right now we are wondering if you’ve seen this and what your thoughts are.
I like the timing of this in the sense that it would be a great challenge with a $500 pay off at the end. On the other hand, I think that’s a lot of record keeping and potential for fees/interest if we slip and pay it off late or just make a misstep of some kind. It would take discipline though and that is very appealing at this point. I also love the idea of getting free money from them…but also realize it is like playing against a dealer in Vegas. Ultimately they know more than I do and hold more cards. As I type this I am more excited about actually accomplishing this than I am about the $500…..hmmmmmm……
So, what do you think?
