0% APR Balance Transfers for Life

Yesterday I saw a credit card that offered a 0% balance transfer for life.  Then I saw a unicorn and stole a pot of gold from a leprechaun.  And then I woke up.

In the past,  there was a very remote possibility of getting a 0% APR on balance transfers for life.  Getting the offer required a bit of luck, as it was a mail offer from Discover that, it seems reasonable to assume, was aimed at consumers with excellent credit.  I found evidence of this offer’s existence on the website Consumerist.com, complete with this image:

There are a few things of note in the above image.  First, the offer is from September or October of 2007 at the latest.  The credit card world has changed a lot since then.  The second is a clause which could be easily exploited.  It requires that two purchases be made every month.  This exists for a reason.  All payments go towards the balance on your card being charged the lowest interest rate, so if you use the card for purchases, you start accruing interest.

An obvious loophole would be to make two very small purchases every month.  However, all the strategizing in the world isn’t gonna help you find an offer for a 0% APR balance transfer for life.  The fact of the matter is that most banks are unwilling to lend people money for balance transfers at a fixed for life APR of 5%, let alone 0%.

While logic led me to believe it was impossible for a 0% APR balance transfer for life existed, I tried my hand with Discover’s customer service.  And the reps I spoke to thought I was crazy.  Real crazy.

So, while the credit crunch drags on, you can continue to pay interest and wait for a magic invitation to arrive in the mail from Discover that offers a 0% APR for life on balance transfers.  Or, you can take control of your financial life and settle for a credit card that offers a 0% APR on balance transfers for 1 year like the rest of us mortals.

The way the credit crunch is going, I may find myself blogging about how these offers have become a relic of the good old days.  And that time may be soon.

For information on real, (relatively) easy to get 0% balance transfer deals, visit the balance transfers section of Smart Credit Choices.  Ironically, some of the best deals on the market come from Discover, the former guardian of the 0% for life gate.