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Watch For Zero Percent Credit Card Offers

With all the foreclosures and credit card defaults these days, it seems the credit card companies are having a harder time signing up new customers. This can work to your advantage, and in some cases, you don’t even have to sign up for a new card.

I recently used my Discover Card to make a small purchase online for my son. I don’t usually use that card much, but since my son is too young to have his own card, I will usually order for him and he simply gives me the money for whatever it was he wanted to order that week. He recently got his first job and has been on a bit of a spending spree lately.

Credit Card When I received my statement in the mail from Discover, there was an intriguing offer included with the statement. They were offering me 0% interest until July of next year if I transferred a balance from one of my other cards to Discover.

I decided to call Discover to verify this and the customer service representative confirmed it. This meant that every penny that I paid on the balance of my Discover Card after the balance transfer would be applied to my balance. One heck of a better deal I currently have with Chase.

Due to the fact that Chase ticked me off recently, I was kind of looking for a way to dump them anyway and when I decided to take a closer look at my Chase statement, transferring to Discover was a no-brainer.

I’ve got a fairly substantial balance on the Chase card and finance charges were eating up half the payments I was making every month. For example, let’s say my minimum monthly payment was $100. That means they were taking $50 and applying it to the balance of what I owe them and then pocketing the other $50 for themselves. Clearly not a good deal for the consumer in any way, shape or form.

That is the reason that it often seems to take forever to pay down a credit card balance.

Transferring my balance to my Discover Card was quite easy. I signed up for an account on their website and followed a few simple steps to initiate the transfer and I was done.

Bye, bye, Chase, you’ve made your last dollar off of me for a while.

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