Did You Receive a Golden Ticket?
In my never-ending quest to keep track of any and all no fee balance transfer offers, I’ve received word that Discover is still offering its no fee balance transfer to select customers.
It’s the same aggressive offer that was open to all customers up until earlier this year.
Unfortunately, it’s more a they come to you, rather than you go to them type of offer, meaning you’ve got to be one of the lucky ones who receives a “golden ticket.”
By golden ticket, I mean a letter in the mail that offers you 0% APR for 12 months on balance transfers with no balance transfer fee.
I’ve seen them, and heard of people receiving them, but they’re few and far between, and probably only going to their best existing customers with solid credit scores.
Doesn’t Hurt to Ask
That said, it doesn’t hurt to ask Discover for this offer or to waive the balance transfer fee if you take them up one of their similar offers with a balance transfer fee.
You can use those mailers to your advantage to make your argument. Hey, it’s no skin off your back, regardless of what they may say.
Tell them you’ve got good credit, are a good customer, etc., etc. Plead your case.
You’ve Got Options
Assuming that doesn’t work, there are other similar options still available.
For example, Chase Freedom will give you 10,000 bonus points, redeemable for a $100 check, if you transfer $500 or more during the first three months from account opening.
So if you balance transfer $500 or more to their Freedom card, that $100 could completely offset the 3% balance transfer fee.
Assuming you transfer say $1,500, you’d pay $45 in balance transfer fees, but net $55 thanks to that $100 cash back bonus.
And you could actually transfer more than $3,300 and still keep it a no fee balance transfer, so it works in a variety of situations.
As you can see, there are more ways than one to get your hands on a no fee balance transfer. You’ve just got to be a bit more creative these days, assuming you’re not one of the lucky ones referred to earlier.
Heck, even if you do have to a pay a balance transfer fee, there’s a good chance you’ll save a ton of money by avoiding credit card finance charges.
Remember, if and when any no fee balance transfer offers appear, you’ll hear about them here.
Read more: How does a balance transfer work?
(photo: AnsyDuPiton)