[Writer21]

Here's a helpful piece of advice when it comes to balance transfers, epecially as they pertain to discover card.

Don't do it!

Yes, they often offer very low interest (as much as 12%) when you transfer a balance from another credit card to Discover; however, what they conveniently forget to point out is that the interest rate is usually promotional and good for about 6 months, or maybe 12, depending on the offer, and then the rate climbs to about 18%.

What they also never mention, and you don't see, is that there is a $15 balance transfer fee. I know I was surprised, as well as irritated to learn this when I got my first statement.

Lastly, and probably most importantly, if you do decide to transfer (even though you shouldn't) make sure you're never late on your monthly payments. Being as little as 1 hour overdue cancels out the promotional interest rate and raises it to 24%! Which is completely outrageous.

I'm not sure how it works for other credit cards, but with Discover, it seemed as if it would have been easier to leave the balance on my Visa alone rather than bother transfering the balance to a new card.