HustleBlog

I am always on the lookout for credit cards that have 0% balance transfers for at least a year and also have no balance transfer fees. The Discover Miles card satisfies these need to a T.

I applied online for the card and received a decent limit of 15,200. I live in New England and they pulled my Experian report. A good strategy for getting a nice credit limit is listing a large balance transfer on the application. Credit card companies love to put their customers in debt. I called in and gave them the address of my bank and my checking account number. They mailed a check and I had a deposit for a loan at 0% for a year! Not bad!

This card also offers 1,000 miles a month for the year when a purchase is made. The trick the company is trying to pull is have you transfer an amount to another account and then make a purchase. When you go to payoff your purchase they apply the payment to your balance transfer and not to your new purchase. This way they get rid of the 0% loan and start charging you some sick rates on the new purchases.

The solution? I personally don’t care about these miles although haven’t done a lot of research on them. I will probably take my credit card strategies into the miles territory during my next application spree. What you can do for this deal, however, is make a very small purchase, something < $1. Even though they charge a high interest rate on the purchases, you will have a balance of less than $12. At 20% interest that is only $2.40.

When I need to pay $1 for something, I usually use my cell phone or t.v. cable bills. They let you pay small increments.

I transfered $14,900 into my eloan account which is currently at 5.25%. This should make me about $782.25. Not bad for paying some bills and filling out an application!

You can find this card here.