No. of Recommendations: 0
My daughter did a $4850.88 balance transfer from AMEX over to Discover, for the advantage of 0% interest for 12 months. The transfer fee was $145.53, so now total Discover card balance is $4996.41.

Her minimum AMEX payments were $49/month. Her minimum Discover payments will be $100/month!

I admit to being quite surprised at the difference in these 2 minimum payments. Do individual credit card companies set their own 'payment scale'? Sadly, had she known of the significant difference in minimum monthly payments, she would have never applied for the balance transfer, as this increased monthly payment will impact budget.

Concerned Mom,
Print the post  


UGC Disclosure Notice Regarding Credit Card Posts
Community board discussions about credit cards are not provided or commissioned by banks who may have advertising relationships with The Motley Fool. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser's responsibility to ensure all posts and/or questions are answered.
TMF Credit Center
The Motley Fool Credit Center arms you with real tools and simple messages, that will help you in every credit situation.
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.