Need a Loan? You Don’t Have to Go to Prosper

Just apply for this credit card and get a low rate loan till 2011.

According to, the Discover More card*, one of the cards with generous rewards, is now having a promotion that offers 3.99% APR till January 2011.

From the application page, the card has a balance transfer fee of 3% of the transferred amount, with a minimum of $10 and maximum of $75. In formation on FatWallet also says there will be a $60 bonus after the first $500 purchase. However, I wasn’t able to find it on the card application page.

This seems to be a good deal for a loan of 3.99% for three and half years and I am considering getting one to pay our car loan which still has more than $20,000 balance at 4.99% due in three years. However, I am not so sure if my application will be approved or not due the large amount of credit card balance I have now (more than $50,000). In addition, Discover seems to allow only two cards for each member and I ready have two (the last time when I applied for the Miles card, I had to close one). Another issue is credit limit. For the Miles card, I was initially approved for only a couple of thousands and when I asked why the line was so low, they told me the combined limits on all my cards can’t exceed $12,000. Eventually, I got $10,500 for the Miles card and $1,500 for an old card after redistributing the total credit line. The benefit could be very small if I can only get $12,000 credit limit.

Anyway, if you are interested in taking advantage of this offer, use this link and invitation code FFUT to apply for the More card. Read carefully the terms, especially the promotional rate and period before submitting your application.

*Affiliate link

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4 Responses to “Need a Loan? You Don’t Have to Go to Prosper”

  1. MoneyNing |  Jul 07, 2007 at 1:11 pm

    Good deal! Just remember to check on the fint print because I have heard recently that credit card companies charge interest on the original balance instead of the balance that hasn’t been paid off.

    So for instance, I have $3000 in credit card bills, then I pay $2500, instead of getting charged 3.99% on $500, they would charge 3.99% on $3000.

    I’m not sure if this applies to this card or not but remember to check it out.

  2. Kit |  Jul 07, 2007 at 6:20 pm

    MoneyNing – can that be true? No amount of logic I try to throw at that sticks. I called Discover last month because I was sick and tired of the high interest I was paying (I was paying it off every month until I put new kitchen flooring on the card in April and I didn’t want to be stuck with that monkey). I asked them straight off to please cancel my card because I was going to transfer the balance to a 0%. They said OK, but keep the card and we’ll give you 4.99% on new purchases for 12 months. I accepted. I probably should have kept bartering and in the future I will do so.

  3. MoneyNing |  Jul 07, 2007 at 9:54 pm

    Kit: I’m not sure since I pay off my credit card every month, but I heard that many credit cards employ this strategy currently. Maybe you should look into it.

    By the way, you might want to just call Discover again and tell them about the 3.99% promotion and they can probably extend it to you if you tell him you will cancel it if they don’t (which is what you want in the first place).