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YMMV - 0% APR offer on all purchases for 12 months for DISCOVER credit cards

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I chatted with an agent and got 0% APR for 12 months. As usual with such a deal, it's YMMV. Hope it helps someone.

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Created 04-26-2020 at 08:55 AM by bihari
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Joined Dec 2007 Ek Bihari, Sab Par Bhaari
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#2
Awesome deal for those who qualify. I did this last year and my advice is to put away what ever you owe in statement balance each month into a savings account. Its very easy to get carried away and in 12 months when the promo ends, you're stuck with a massive bill at high APR.

I qualified for several 0% APR offers in the past and this was the first one I accepted, last year. I am used to always paying off statement balance in full for all my bills and that automatically kept me in check as far spending went, but I have to admit having to pay only minimum balance each month and not worrying about interest charges changed my spending behavior and money management a little.

If you don't think you have the discipline to pay off in full at the end of promo, DO NOT do this! Just remember, whatever you owe them in 12 months you'll be paying ~ 20% in interest!
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Last edited by SlikRick April 26, 2020 at 02:16 PM.
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Ek Bihari, Sab Par Bhaari
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Original Poster
#3
Quote from SlikRick
:
Awesome deal for those who qualify. I did this last year and my advice is to put away what ever you owe in statement balance each month into a savings account.
Great advise. I didn't think about it earlier. Will consider doing it this time Smilie
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#4
tried for half a year in vein. didnt get it. either through chat or secured m or call. i got in 2 yrs in a roll just before that..somehow they were extreme ymmv since then.
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#5
Quote from SlikRick
:
Awesome deal for those who qualify. I did this last year and my advice is to put away what ever you owe in statement balance each month into a savings account. Its very easy to get carried away and in 12 months when the promo ends, you're stuck with a massive bill at high APR.

I qualified for several 0% APR offers in the past and this was the first one I accepted. I always paid off statement balance in full for all my bills and that automatically kept me in check as far spending went, but I have to admit having to pay only minimum balance each month and not worrying about interest charges changed my spending behavior and money management a little.

If you don't think you have the discipline to pay off in full at the end of promo, DO NOT do this! Just remember, whatever you owe them in 12 months you'll be paying ~ 20% in interest!
as you probably know, most people don't pay off their entire balance each month. therefore they are unable to sock away $200, $300 or $500 a month into a saving account which is the monthly amount they are spending on their credit card. getting this promo won't help them have more disposable income but it will temporarily lower their interest. but only for a year and then after a year, it might be higher than they are paying today. I don't know what typical interest rates are 10%? 15%? you might be better off keeping it locked in at 10% forever rather than dipping to 0% for a year and than raising to 20% later after you've run up a hefty balance you never intended to pay off in full. so this only works if you pay your balance in full or have extreme confidence you'll be able to pay off most of the balance at the end of 12-month.

not sure but when the promotional rate expires does it go back to your previous rate or do they stick you with a 20%+ rate? discover is clever that way, they know you can't resist spending today when you get a 0% rate. and then they dangle those ridiculous balance transfer offers which let you use most of your credit line to pay off a different credit card and start paying the interest to discover (using a hidden balance transfer fee or a lower interest rate).

personally I wouldn't depend on tracking your purchases and socking away money to a paltry saving account; this promo isn't for most americans who seem to have money issues, it will only work out for you if you are lucky. only do this if you already have the money and instead, use this opportunity to invest BIG in the stock market would be my opinion (not financial advice). works well for me and do it every few years I get this offer...on both discover cards.
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#6
I got it! Thanks op!!!
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#7
I've gotten this offer with Discover twice in the last several years. I'm in the process of buying a house so not interested in running up credit card debt right now, but in a few months I'll see if I qualify again. I just paid off my Citi card that had 0% APR for six months. Love these deals!
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#8
How do you do it?
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#9
OP, I think sharing your process or transcript with the chat agent would be helpful. Simply saying that you got an offer isn't quite enough. Is there a reason why they're offering this? Can't anyone ask for APR offers at any time?
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#10
ive worked for a credit card company in the past. Not discover but i have exclusively used my discover card for this purpose since i opened it in 2012. There are 2 ways to go about doing this. I think a lot of it depends on your credit. Having A+ credit doesn't hurt...ever...But there have been times i'd call requesting to "close" my card and they ask me why and i tell them because i'm going to apply for a Citi/BofA/etc etc 0% card, at that point they transfer you to a "retention specialist" who will usually immediately offer you the 0% for one year on all purchases. The one time this did not work is when i still had a current 0% promo and a balance of like $100 bucks on it and they said they couldn't offer any promos during a promo where you already had a balance, so i paid off the 100 and the promo ended that month anyway and tried again the next month and was successful. That has been the most successful way, the other way is to get a customer service rep on the phone and flat out ask for it, i guess there is less risk of actually getting your card closed out if you don't call threatening to close it out. If you haven't been a good customer and you call in requesting your card to be closed first rep could potentially close your card without getting transferred to retention. Hope this was helpful
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#11
Quote from sans.
:
OP, I think sharing your process or transcript with the chat agent would be helpful. Simply saying that you got an offer isn't quite enough. Is there a reason why they're offering this? Can't anyone ask for APR offers at any time?
Uhmm...its actually quite simple, you just go on and ask them if they can offer you any promotional aprs.
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#12
Quote from kensteele
:
personally I wouldn't depend on tracking your purchases and socking away money to a paltry saving account; this promo isn't for most americans who seem to have money issues, it will only work out for you if you are lucky. only do this if you already have the money and instead, use this opportunity to invest BIG in the stock market would be my opinion (not financial advice). works well for me and do it every few years I get this offer...on both discover cards.
My advice on putting monthly payments into a savings account was not for measly interest earning. It was to make sure you're still putting statement balances into savings so you're prepared to paying it off in full or close to full when the APR goes back to normal rates, which I can't imagine being under 15%
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#13
Quote from yarnim
:
Uhmm...its actually quite simple, you just go on and ask them if they can offer you any promotional aprs.
So my question then is why did this require a deal thread...? Isn't this something that any cardholder can do at any time? If OP had said something like "Discover is running a COVID relief 12 month 0% APR promotion right now for business cardholders" then that's new information.

Saying, "check with a chat rep for promos, but YMMV" is like saying "Remember to check your email today, there might be discounts in your inbox.YMMV". Just seems like there isn't anything new about this thread.
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#14
No luck here.
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#15
Quote from sans.
:
So my question then is why did this require a deal thread...? Isn't this something that any cardholder can do at any time? If OP had said something like "Discover is running a COVID relief 12 month 0% APR promotion right now for business cardholders" then that's new information.

Saying, "check with a chat rep for promos, but YMMV" is like saying "Remember to check your email today, there might be discounts in your inbox.YMMV". Just seems like there isn't anything new about this thread.
This is not a daily promotion, but does happen few times a year IMO. If it doesn't matter to you, just move on. I hope there are people who may be benefitted by this in this time of COVID. This thread may serve as a reminder for some who're interested but have forgotten about it.
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