"Accepted And Excellent Balance Transfer Offer"

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Written by: scamps218 on 2011-10-03

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scamps218's review: I was accepted with a credit score of 709 from all three reporting agencies, income over 100k and a few minor dents in my credit report due to missed payments. I had a Citibank Platinum card that I was late on about 8 months ago. The balance was about $8,900 dollars, with an interest rate of 28.9% and I had been late on my payments 3 times during the life of the card (5 years). Originally, the interest was a nice 12%, but the late payments bumped me up considerably. I had been told that if I made payments on time for 6 months in a row, my interest would be re-evaluated and should be lowered to 18%. However, after 6 months, I called and was told it still needed to be evaluated. After 7 months, I called and the customer service person said my account had identified as nonadjustable. She was very nice, but she said the company was taking stock of even minor risk accounts and not adjusting at all. I told her I was looking at balance transfer offers, and she said, "off the record, I would do the same."

After reviewing many credit cards for transfer offers, Discover More's card sounded pretty good. I figured, why not? The offer online listed a 12-month 0% interest for balance transfers with an initial interest of 12%-21%. I applied, and checked my status daily. After 4 days, I was approved with a limit of $8,000 dollars, and a 3% balance transfer fee with 0% interest for 15 months instead of 12. Even though this offer was great, I still had to do the math because I'm like that. By transferring my balance, I essentially will save a total of 18k if I pay the minimum balance. I think you can guess what I did.

After I transferred my balance, the total balance appearing on the card was $8,265. This worried me as, according to Discovers card agreement, an overdraft negates the promotion offer. After speaking with a representative, I was informed that transfer balance fees do not count towards balance limits the way an actual charge would, therefore, the promotion offer remained the same. I am 4 months into the card and the amount owed is currently at $6,548. The 0% interest offer is saving me a ton and Discover has been very gracious in offering me incentives to use the card, including a balance increase to 10k.

Citi Platinum Card, in the meantime, immediately offered to lower my interest back to 12% and encouraged me to use their card. I was friendly when I spoke to them, thanked them for interest change, and mentioned how I had repeatedly attempted to lower the interest rate from what it had been. The representative, who was very nice, repeatedly apologized for not having it lowered sooner, and said "we hope you remain a loyal customer in the future." I paid off the card that day, the remaining $900 that is, and have not touched it since. I'm not vindictive, but I know when a card is taking advantage of individuals.

I know this is sort of a duel-review for two cards, so let me sum up my feelings on Discover More. Discover More has been incredibly helpful in helping me lower my debt, and providing wonderful customer service. Despite my somewhat average score, they offered a satisfying balance and have quickly offered me more without an inquiry or other credit blemishing aspects. The card arrived quickly and the company has remained communicative over the past few months. This is how loyalty to a company is born.

4 Comments

Comment 1 by joeyman
Re: Accepted And Excellent Balance Transfer Offer on 2011-10-04

You posted an excellent review, I mistakenly rated it a 0, sorry. I meant a 5! Still getting used to my iPad.
Comment 2 by wanderer
Re: Accepted And Excellent Balance Transfer Offer on 2011-10-04

Great review. Thanks. You also do your math! CL an BT sure works!.
Comment 3 by derek1061
Re: Accepted And Excellent Balance Transfer Offer on 2011-10-04

Congratulations. Discover sure gave you an excellent credit limit. I LOVE my Discover card it is by far my favorite.
Comment 4 by scamps218
Re: Accepted And Excellent Balance Transfer Offer on 2011-10-13

Lol! No worries Joey. I rated myself a 5 to try to make up for it. :)~
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