0% Credit Cards

Discover's Most Popular 0% Card Leaves The Market

2012-03-01T18:08:00.097-05:00

Discover's $0 Balance Transfer Fee credit card, which was the most popular 0% credit card on this site last month, is no more. This particular offer ended @ the end of February, 2012. It was an extremely popular offer, garnering lots of interest from credit consumers all over the country.

As a company, Discover totally "gets it." Essentially, Discover does business in accordance with the following guiding premise:

Provide top notch customer service, and include as much value as possible, like the best cashback rewards program in the American market and generous 0% intro APR periods, and consumers will beat a path to our door.

Yep.

The demise of Discover's no fee balance transfer card is a lamentable event, no doubt. It's always sad when a great deal goes away.

But don't fret. There are still some great credit-card offers out there from some of America's most reputable banks.

Chase's new no transfer fee, 0% intro APR card is still available. This latest evolution of the Slate® card offers a zero percent introductory interest rate on both new purchases and balance transfer for 15 months, with no balance transfer fee.

The above Chase Slate card was the third most popular card on the www.BalanceTransfer.cc site during February 2012. The #2 card was Discover's 18 Month Promotional Balance Transfer credit card, which offers a zero percent introductory rate on transferred balances for a very attractive 18 months. Despite the 3% transfer fee, this card is still an excellent value. It includes a zero percent introductory rate on new purchases for 6 months.

Citi® still has serious contenders in the 0% credit card game. There are 4 Citi credit cards that offer a zero percent rate on both introductory transfers and new purchases for 18 months, with a 3% transfer fee. You can review these Citi cards, and all the best 0% credit cards in the current market right here.

I see Discover introducing a new $0 Balance Transfer Fee card in the near future.

We're always on the lookout for the best credit-card deals in the USA. Enjoy...and stay tuned.

New Card from Chase: 15 Month Zero Percent Intro APR, with No Balance Transfer Fee

2012-02-08T18:23:00.039-05:00

Chase has a new version on their Slate card that offers a zero percent introductory interest rate on both new purchases and transferred balances for 15 months, with no balance transfer fee. This new card is the second card listed on our No Fee Balance Transfer page.

Great news, especially for those still loaded with Christmas shopping-related credit-card debt.

Actually, it's great news for just about anyone who's currently paying interest on any credit-card balance.

Even better: no "limited-time" attached to this new Chase offer, so this one is probably going to be around for a while.

To review other attractive credit-card offers from Chase, check out this page.

As always: enjoy! And stay tuned.

Citi's Best 0% Cards Bumped Down to 18 Month Zero Percent Intro APR Period On Transferred Balances and New Purchases

2012-02-05T18:53:00.049-05:00

Citi® bounced back into the 0% credit card game with some great offers recently. The following cards were offering a zero percent introductory interest rate on balance transfers and new purchases for a extremely attractive 21 months. These cards offered so much value that we felt that, despite a 3% transfer fee, they deserved to be list on our no fee balance transfer page.

Today's news: Citi has decided to scale back these offers. All 4 cards now offer zero percent intro APR on new purchases and balance transfers for 18 months, with the same 3% balance transfer fee.

Still a great value? Yes.

These cards are:

Enjoy...and stay tuned.

Discover Most Popular 0% Card Gets Another Month

2012-01-26T22:46:00.019-05:00

Right now, and by a wide margin, the most popular 0% card we recommend is Discover's No Balance Transfer Fee 0% credit card, that offers a zero percent introductory interest rate on both new purchases and transferred balances for 12 months, with no balance transfer fee.

This hot offer was originally slated to last until the end of January 2012. But Discover has opted to extend the offer. You can now apply for this card until the end of February (February ends on the 29th this year.)

Enjoy....and stay tuned.

Discover's New No Fee Balance Transfer 0% Credit Card

2012-01-04T18:57:00.012-05:00

Great news: Discover has just released a new 0% credit card that features 0% intro APR on both new purchases and transferred balances for 12 months, with no balance transfer fee.

One caveat: if you want to take advantage of this offer, don't delay. It's set to expire at the end of this month (January 31, 2012.) Hopefully, Discover will choose to extend this hot offer beyond January, but there's no way to know for sure.

As we predicted, 0% credit card deals keep getting better as the economy slowly improves. Enjoy....and stay tuned.

Discover Lowers Balance Transfer Fee from 4% to 3% On Two Very Popular Cards

2011-12-13T16:43:00.078-05:00

Right now, the two most popular cards we recommend are both issued by Discover. They are the:

Discover 18 Month Promotional Balance Transfer card, which offers 0% intro APR on transferred balances for 18 months, and zero intro APR on new purchases for 6 months
Discover® More Card - 15 Month Intro Period card, which offers 0% intro APR on transferred balances AND new purchases for 15 months.

Transfer a balance to either card above, and you used to be subject to a 4% balance transfer fee. No longer. The transfer fee has been lowered to 3% for both cards. You have 6 months to take advantage of the 3% transfer fee -- plenty of time. After that, if you want to perform a transfer, the fee is 5%.

Obviously, the lower transfer fee makes these cards more competitive. But I think Discover is going to have to bring back their 24 Month Balance Transfer card, which offered zero intro APR on transferred balances for a full 2 years, if the company wants to stay ahead of Citi® in the balance transfer game (Discover pulled their 24 Month Promotional card from the market back May.)

Right now, Citi has no less than four credit cards that feature zero percent intro APR on both transferred balances AND new purchases for 21 months, with a transfer fee of 3%. Very competitive. These cards are:

So don't be surprised if Discover reintroduces an ultra-long duration, 0% balance transfer card, or a "no balance transfer fee" 0% card, or a card that combines both competition-trumping benefits, in the near future.

Chase recently upped the ante by introducing a version of its Slate card that features zero percent intro APR on transferred balances for 15 months, with no balance transfer fee. You can find this card at the top of this page.

Despite the increased competition, Discover remains the top choice for visitors who apply for credit accounts via this website. Discover's reputation for offering exceptional customer service ⁽¹⁾ is very appealing to all types of credit consumers. And it doesn't hurt that Discover has (arguably) the best cashback rewards program in the industry.

All of the above cards will be very popular from January through March, as Americans do their best to minimize debt related to holiday shopping. Christmas spending is great for the economy, and it's great for all the kids in your circle of family and friends. But try to take it easy. All things in moderation. The housing sector is still weak, unemployment still elevated and growth remains anemic. If your financial situation is great, then by all means spend away and enjoy all the juicy rewards that credit cards have to offer. If not, then please think twice hard before you upgrade that iPhone or that XBox 360.

As the economy slowly but surely thaws over the next three quarters, credit-card deals will get more and more consumer-friendly...no doubt. Stay tuned, and have yourself a superlative holiday season.

All Discover Student Credit Cards Now Offering 0% on Purchases for 9 Months

2011-08-05T03:52:00.020-04:00

Great news for anyone interested in any Discover Student credit card: All Discover Student cards now feature 0% intro APR on purchases for 9 months. This new introductory APR period makes the Discover line of student credit cards the most competitive in the industry. The next best deal, offered by another large credit-card bank, offers 0% intro APR on purchases for 7 months.

You can find the best Discover Student card offers at the United States Prime Rate website here.

It's encouraging to see that, despite continuing stress in the domestic economy (high unemployment, lackluster growth), 0% credit card offers continue to improve, even for college students. We're hoping to see student credit cards that offer 0% intro APR on new purchases and balance transfers at some point.

Enjoy!

Discover 24 Month Promotional 0% Balance Transfer Card Is Ratcheted Back to 18 Months

2011-05-03T18:07:00.031-04:00

Discover's 24 Month Promotional Balance Transfer card, which offered 0% intro APR on transferred balances for a full 2 years, is no longer available. Not good news, but please don't shoot the messenger!

But today's credit-card news isn't all bad.

Discover has a new promotional, long duration, 0% balance transfer credit card, which offers 0% intro APR on transferred balances for 18 months. This card has no annual fee, but has a 4% balance transfer fee.

Yes, 2 years of freedom from paying interest on credit-card debt is awesome, but, hey, a year and a half of freedom from interest is pretty darn good too.

You can find Discover's new long duration 0% balance transfer card here.

NB: The 18 Month Promotional Balance Transfer card won't be available forever (hence "promotional") so if you plan of taking advantage of this particular offer, procrastination is not recommended.

And, yes, there's even more positive news.

Discover has a new 15 Month Intro APR card, which offers 0% intro APR on both new credit-card purchases and transferred balances, for a full 15 months. You can find this high-value card here.

So, as of May 3, 2011, the two cards described in this blog entry are currently the best 0% credit cards available in the American market. Enjoy!

For more, visit this page.

24 Month 0% Card from Discover Lives On

2011-03-02T00:16:00.004-05:00

First, the bad news: the Discover No Balance Transfer Fee card is no more.
The good news: The Discover 24 Month Balance Transfer card, which offers 0% intro APR on transferred balances for a full 2 years, is still available. The 24 Month card, which was to be discontinued along with No Balance Transfer Fee card, lives on, as Discover decided to keep it alive indefinitely. So, as of March 1, 2011, the best 0% credit card in the American market is Discover's 24 Month Balance Transfer card.

For more, visit this page.

No Balance Transfer Fee 0% Credit Cards Are Back

2011-01-03T19:08:00.080-05:00

It was December 9, 2008 when we reported that the last no fee balance transfer, 0% credit card on offer from a major bank had been discontinued. It was the Bank of America Pet Rewards Visa card. You can read that post here. Back then, banks large and small were imploding all across America, and all types of loans became very hard to find. Credit cards were not spared. Banks were closing accounts, cutting credit limits and saying "no" to even the best borrowers who applied for credit. If you had any credit cards back then, you probably remember how bad it was. If you didn't have a credit card during the peak of the financial crisis, then read this post to get idea of how ugly it was.

Fast forward to today. Small regional banks are still vulnerable, but most of the big players are healthy, thanks to the American taxpayer (massive bailouts), and the Federal Reserve (extremely cheap loans.) In fact, banks are still able to borrow from the Fed @ next to 0%, then lend it right back to the Treasury Department and make more than 3%. Might not sound like much, but when you're talking about 8 and 9 figure sums moving around, the profits can be substantial. For the banks, this is some of the easiest arbitrage on the planet, no doubt.

Lots of Americans are still very angry about the bailouts, and for good reason. But at least we now have enough large, reputable and healthy banks that they now have the power to compete without worrying about going broke.

A clear sign that banks are strong, confident and ready to compete is the return favorable of credit-card offers, including our favorite type of card: the 0% intro APR, no fee balance transfer credit card. Yummy.

Discover has two new and very attractive offers. The No Balance Transfer Fee card, to which you can transfer a balance with no transfer fees, and pay no interest for 12 months, and the 24 Month Promotional card, which offers 0% intro APR on transferred balance for a full 2 years. You can find these cards here. These are both extremely consumer friendly offers, but there is one caveat: both offers are for a limited time; they'll expire on February 28, 2011. Right now, these two cards are, quite easily, the best 0% credit cards available in the United States. We're hoping that these cards will be so popular that Discover will keep these offers going after February.

So if you were a bit too jolly during the 2010 Christmas shopping season, and you want to avoid paying burdensome finance charges on the debt associated with your Xmas spending spree(s), then don't hesitate to apply for one of these new Discover cards.

PS: if you're approved for the new Discover No Balance Transfer Fee card, you will also be able to take advantage of 0% intro APR on new purchases for 12 full months. With the new 0% intro APR for 24 Months balance transfer card, the new purchase interest-free period is 6 months. Enjoy!

Plain Vanilla Discover More Card Now The #1 Credit Card @ www.BalanceTransfer.cc

2010-11-27T13:09:00.037-05:00

Based solely on the number of applications submitted via this website, the plain vanilla (or "classic") Discover More Card is now the most popular credit card we recommend, knocking the Discover More Black Card to second place. Why are visitors more interested in the plain vanilla card when they could choose the Black Card, or the Discover More $100 CashBack Bonus card? Simple: the classic More Card is now offering the best 0% balance transfer deal: 0% intro APR on transferred balances for 18 months. Here's how these cards look right now, from a 0% intro APR point of view:

Discover More Card (plain vanilla):

0% intro APR on transferred balances for 18 months
0% intro APR on new purchases for 6 months

Discover More Black Card:

0% intro APR on transferred balances for 12 months
0% intro APR on new purchases for 12 months

Discover More Card with $100 CashBack Bonus:

0% intro APR on transferred balances for 12 months
0% intro APR on new purchases for 6 months

It seems that the 18 month interest-free period being offered by the plain vanilla More Card is just too attractive a deal to pass up. Godspeed to all applicants.

In general, the rate of application approvals is still improving, albeit at a very moderate clip. We'd like to see credit-card banks approve a lot more applications, especially since American credit-card banks are doing OK these days, and because they have the implicit support of the federal government. Banks are healthy, and they should be willing and able to take more risks. Banks have been able to borrow at 0% - 0.25% and lend at much higher rates, like the rates consumers pay on credit cards. And the easy money isn't going to end any time soon. The Fed is going to keep the target fed funds rate at near zero for as long as it takes to get the economy growing fast enough to bring the unemployment rate down, no doubt.

More evidence of improving credit-card units at big banks, from reports of third-quarter performance. From Chase:

"...JPMorgan Chase Reports Third-Quarter 2010 Net Income of $4.4 Billion, or $1.01 Per Share, on Revenue1 of $24.3 Billion...Card Services sales volume up compared with prior year and quarter; 2.7 million new accounts opened during the quarter; net charge-offs and delinquencies continued to improve..."

From Discover Financial Services:

"...Discover card sales volume of $24 billion in the quarter continued to show positive growth trends, increasing 5% from the prior year.

• Net interest margin of 9.16% remained relatively stable as compared to the prior quarter, as the impact of legislative changes was offset by lower interest charge-offs.

• Credit performance continued to improve, with net charge-offs down $102 million from the prior quarter and a net chargeoff rate for the third quarter of 7.18%.

• Loans over 30 days delinquent declined $180 million in the quarter, which led to a $187 million release of loan loss
reserves.

• Payment Services processed record transaction volume in the quarter of $39 billion and showed continued strong results with profit before tax up 36% from the prior year..."

And here's a clutch of clips from a very recent and excellent WSJ article (WSJ is always great, ain't it?) about easing credit-card delinquencies:

"...At American Express, which has an affluent cardholder base, borrowers at least a month behind in their card payments fell to 2.3% in October from 2.5% in September..."

"...Discover said charge-offs totaled 6.83% of credit-card loans that have been packaged into bonds, down from 7.15%. The 30-day delinquency rate fell to 4.34% from 4.41%. Its shares rose 2.4% to $19.05. Discover and its bigger rival, American Express, process card transactions in addition to issuing credit cards..."

"...J.P. Morgan Chase said charge-offs fell to 7% from 7.78% and delinquencies fell to 3.81% from 3.82%..."

"...Bank of America has consistently reported a higher write-off rate than other major U.S. card issuers. Delinquencies were lower, at 5.6% compared with 5.71%..."

"...At Capital One, a card-lender-turned-bank, charge-offs in its U.S. credit-card business fell to an annualized 7.26% in October from 8.38% in September, according to a regulatory filing Monday with the U.S. Securities and Exchange Commission. The 30-day delinquency rate continued to fall, to 4.45% from 4.53%..."

Based on our own data here @ www.BalanceTransfer.cc, credit-card approvals by all the major credit-card banks peaked during the first quarter of 2007. We're looking forward to the day banks approve applications like they did back then. Americans need access to credit to feel prosperous and spend, and that spending will contribute much to getting this economy back to strong and sustainable growth, which in turn will bring the jobless rate down.

The old "I'll use the equity in my home as an ATM and buy all the stuff I want" paradigm is dead, or at least in a very deep coma. Waiting for it to return...that would be like Waiting for Godot.

Based my own very recent experience, I'd say the American consumer is itching to spend like the good old days of 2007 (ahhhh, the memories!) After enjoying a fabulous Thanksgiving meal, I took a midnight trip to Wal-Mart, in an effort to burn off some calories. It was the first minutes of Black Friday. The store was a war zone. There was special fencing at the entrance, and a very noticeable police presence. And the lines: unbelievable. They stretched back to the opposite end of the store, which translated to a 2+ hour wait, in my estimation. Eveyone looked very stressed, which was very puzzling to me. After all, these shoppers knew what to expect. For me, it was fun to watch the madness.

I do all my Xmas shopping the day after Christmas. Excellent sales, and manageable lines. I'm too old and busy for the Black Friday thing.

Stay tuned for more 0% credit card updates. Thanks for reading.

Discover Offers Double CashBack Bonus During The 2010 Christmas Shopping Season

2010-11-10T22:07:00.015-05:00

If you plan on doing some serious holiday shopping this year, and you have a Discover card in your wallet/purse, then you'll like today's news. Discover, which already offers the best cashback rewards program in the industry, is going to double the cashback rewards for Discover cardholders, starting on November 15, 2010. What's the catch, you ask? This extra bonus only works with online shopping.

If you're like me then you probably do most of your shopping online anyway. IMHO, shopping online is the best thing since...well, the Internet!

Here's a clip from today's press release:

"...With the holidays just weeks away and in time for Black Friday and Cyber Monday, Discover is announcing extra cardmember benefits to provide gift buyers with greater value when they use their Discover cards this season.

Starting November 15, Discover cardmembers will earn Double Cashback® Bonus (2 percent) on up to $1,000 in holiday purchases on any online shopping through December 31. And because Discover Cardmembers are always earning Cashback Bonus on every purchase they make, once they reach the $1,000 spending limit, they will still automatically earn up to 1% Cashback Bonus. Discover cardmembers can quickly and easily enroll in the Double Cashback Bonus program at Discover.com or by calling 1-800-DISCOVER (347-2683).

Other ways Discover is rewarding cardmembers and helping them to maximize their holiday spending include:

* 5% Cashback Bonus: Discover Cardmembers have the opportunity to earn 5% Cashback Bonus in rotating categories throughout the year. From October through December, cardmembers can earn 5% Cashback Bonus on up to $300 in purchases at restaurants, department stores and clothing stores. Cardmembers can enroll at Discover.com or by calling 1-800-DISCOVER (347-2683).

* Increased Cashback Bonus at ShopDiscover: Discover cardmembers already enjoy earning 5%-20% Cashback Bonus on purchases made through ShopDiscover, Discover's exclusive online shopping mall featuring more than 150 top retailers. Starting November 11, more than 65 ShopDiscover retailers will increase the Cashback Bonus amount they offer by 5%, with partners such as Dell, Sears and Lands' End offering 10% Cashback Bonus for a limited time. Many others will offer free shipping on merchandise purchased through the site.

* Expanded Redemption Options: Discover recently announced an expansion to its rewards program to include more ways for cardmembers to redeem their Cashback Bonus, including the ability to redeem for brand-name merchandise. During the holidays, Discover cardmembers will experience the addition of even more merchandise, including popular consumer electronics such as Wii Bundles, iPods, Blu-ray Disc Players and HD Camcorders - all delivered with no shipping fees. Cardmembers also will be able to redeem their Cashback Bonus rewards for exclusive experiences, including the ability to purchase 2011 Discover Orange Bowl tickets that include exclusive cardmember experiences surrounding the game.

'Discover has a rich tradition of rewarding our cardmembers and helping them to do more with their holiday gift budgets,' said Julie Loeger, senior vice president of rewards and brand management at Discover. 'Whether cardmembers want to use their Cashback Bonus for merchandise, partner gift cards, a unique experience or a charitable donation, Discover is offering incredible value and choice for everyone's holiday wish list.'..."

If you don't have a Discover credit card, click here to review the Discover cards we recommend. And happy shopping!

Discover More with $75 CashBack Is Now Discover More with $100 Cashback

2010-10-01T16:29:00.030-04:00

Some interesting news out of Discover today. The Discover More Card with $75 CashBack is now the Discover More Card with $100 CashBack. Value has truly increased with this reconfigured card. That's because the amount of spending one must do to qualify for the cash bonus hasn't changed, i.e., spend $500 within your first 3 months as a cardholder. This revamped card is available here.

This card also features the same generous cashback rewards that are the hallmark of the Discover More family of credit cards: 5% cashback when spending within certain categories like grocery and drugs stores, dining, hotels, theme parks, travel and more. Cardholders also earn up to 1% cashback on all other purchases.

Cashback rewards don't expire, but:

"... if your account is closed for any reason or inactive for 18 consecutive months or if you fail to make any Minimum Payment Due for two consecutive billing periods, any Cashback Bonus in your Cashback Bonus account will be forfeited..."

So, as long as you don't shelve the card for a year and a half, and as long as you make payments on time, your rewards won't disappear.

Discover may have reconfigured this card to compete with the Chase Freedom Visa® credit card with $100 cash back bonus. This Discover credit card may be more attractive to consumers, however, because with the Chase Freedom $100 cash back bonus card, the cardholder must spend at least $799 within the first 3 months, whereas the Discover card requires only $500-worth of spending within the same period.

Yup: competition in the financial services industry is always a good thing! Amen. Enjoy!

News from Discover Bodes Well for the Future of 0% Credit Cards

2010-09-20T17:43:00.047-04:00

The stock market performed well today. The Dow Jones Industrial Average (DJIA) gained 1.37% to close @ 10,753.62, while the broader S&P 500 added 1.52% to close @ 1,142.71. Financial stocks contributed to the day's advances, with companies like American Express (+3.6%) and JP Morgan Chase (+2.1%) looking good to investors.

Another shining star in the financial sector was Discover Financial Services, which gained 2.4%. Earlier in the day, the company reported third-quarter net income of $261,000,000, and added:

"...Credit performance continued to improve, with net charge-offs down $102 million from the prior quarter and a net chargeoff rate for the third quarter of 7.18%...'

"...The very positive credit trends that began to manifest themselves earlier this year continued to benefit our results this quarter,'...'The ongoing improvement in the outlook for credit performance of our cardmembers has enabled us to accelerate investments for long-term profitable growth. In addition, Discover card spending continued to grow nicely this quarter and our third-party credit and debit network businesses achieved record transaction volumes..."

This news is significant because it means that the approval rate for the most popular 0% credit card we recommend here at www.BalanceTransfer.cc, i.e. the Discover More Black Card -- is very likely to increase. Great news for anyone shopping for a consumer-friendly 0% Intro APR credit card.

Another reason stocks did well today: According to the National Bureau of Economic Research, the Great Recession ended in June of last year, which means talk of a double-dip recession for the United States should abate:

"...The Business Cycle Dating Committee of the National Bureau of Economic Research met yesterday by conference call. At its meeting, the committee determined that a trough in business activity occurred in the U.S. economy in June 2009. The trough marks the end of the recession that began in December 2007 and the beginning of an expansion. The recession lasted 18 months, which makes it the longest of any recession since World War II. Previously the longest postwar recessions were those of 1973-75 and 1981-82, both of which lasted 16 months.

In determining that a trough occurred in June 2009, the committee did not conclude that economic conditions since that month have been favorable or that the economy has returned to operating at normal capacity. Rather, the committee determined only that the recession ended and a recovery began in that month..."

Of course, we could get another economic downturn in the near term, but if we do, it would be considered a new recession, and not a double-dip for the recent Great Recession.

Credit Card Offers Continue to Improve Despite Weak Economy

2010-08-05T14:05:00.060-04:00

To be perfectly honest, I don't see how the American economy can continue to expand while there are still some major economic hurdles to overcome:

Unemployment is still high, and will probably eventually settle at a rate much higher than Americans are used to. It's a whole new economy, no doubt. Anyone waiting for the jobless rate to drop below 6% is an anachronism. Tomorrow's July employment report from the Labor Department: expect ugliness.
Banks and corporations are hoarding billions in cash. Result: banks aren't lending the way they're supposed to, and companies aren't hiring like they used to. Banks are still collapsing at an alarming rate, while businesses of all sizes have been enjoying significant productivity gains since cutting back on labor during the Great Recession; they don't want to give those gains up.
Home prices aren't improving in any meaningful way. Moreover, the residential foreclosure crisis is still going strong.
The national debt is unimaginably high, and there is no political will to bring it down while the jobless rate is painfully elevated.
The very real threat of deflation likely means that a return to sustainable growth and prosperity are years away.
Distressed commercial real estate (commercial properties that are delinquent, in default, in bankruptcy, in foreclosure or are bank-owned) are rising fast.

Double-dip recession? I certainly don't want to see it happen, but I know it could easily become a reality. Here's what former Labor Secretary Elaine Chao had to say about it in a recent TV interview:

Yet, despite the dismal economic climate, credit card offers continue to improve.

Discover recently came out with the Black card, which has the best 0% Intro APR on both transferred balances and new purchases of all Discover cards, and also has the best cashback rewards program. We've always liked Discover's cashback program because it's easy to use and it's one of the most generous cashback programs in the American consumer credit card market.

Just as appealing as the Black Card, Discover has another new card: the Discover More Card with a $75 cashback bonus. This card is great because it offers the same 12 month interest-free period on transferred balances as the Black Card, but also adds a bonus $75 on top of it's already generous rewards program. In order to qualify for the $75 bonus, cardholders have to make $500-worth of new purchases within 3 months. Not hard, really.

Chase is also coming out with new, attractive offers. Chase has the standard Freedom Card, which is a great rewards credit card, but it also has 2 special variants of Freedom: Freedom with a $100 cashback bonus and Freedom with a $50 cashback bonus:

With the Freedom $100 cashback bonus card, the cardholder must spend $799 on new purcahses with the card in order to qualify for the bonus. Not as easy as the Discover cashback bonus card, but, then again, the bonus is $25 higher with this Chase card.
With the Freedom $50 cashback bonus card, the bonus is easy to earn. You get $50 after making one purchase with the card. Sweet.

There's also the new Chase Slate credit card, which offers 0% intro APR on new purchases and transferred balance for 12 months (Elite pricing, i.e. reserved for those with excellent credit.)

0% intro APR, no fee balance transfer credit cards are alive and well in the UK. When they'll return to the American market is anybody's guess. Hopefully soon. Thanks for reading.

IBERIABANK Visa Select: Now 0% Intro APR for 12 Months

2010-06-21T22:52:00.028-04:00

IBERIABANK (yes, the official name is in all caps!) has reconfigured the terms and conditions of their credit cards. After scrutinizing what's new with these cards, it's clear that the most notable change is with the IBERIABANK Visa Select credit card. It's now offering a 0% intro APR rate for 12 months on new purchases, with an ongoing or "goto" rate of 7.5% (Prime + 4.25%.) Very impressive; very competitive. The balance transfer deal associated with the Visa Select card is 1.99% on transferred balances for 12 months, with a balance transfer fee of 3%.

Before applying for any IBERIABANK card, be aware that you must:

have excellent credit, with no delinquencies, bankruptcies, collection action, etc,
have been working with your current employer for at least 6 months,
be willing to provide proof of your income,
be willing to wait up to 30 days for a yea or nay from the bank, as this particular credit card bank processes applications the old fashioned way (humans, not computer algorithms.)

If you can deal with all of the above, click here to apply.

Slate: A New 0% Credit Card from Chase

2009-11-03T11:16:00.115-05:00

The government continues to report positive macroeconomic news. Yesterday, the Institute for Supply Management (ISM) released its Purchasing Manager's Index (PMI) for October 2009. The PMI came in at 55.7%, better than what Wall Street economists were expecting, and better than the September figure. For the PMI, any figure above 50% is a strong indication that the American manufacturing sector is expanding.

Though an economic recovery appears to be taking hold, too many Americans are still dealing with various forms of oppressive debt, a home mortgage balance that's higher than their home's value, and job insecurity. In fact, earlier today Johnson & Johnson, a component of the Dow Jones Industrial Average (DJIA) and number 29 on the Fortune 500, announced that the company will be cutting 7,000 jobs (that's between 6% - 7% of its workforce.) National unemployment, already at 9.8%, will almost certainly rise during the fourth quarter and into Q1 2010. A jobless economic recovery? Yes: we're in it right now.

The whole world is relieved that the subprime debt-inspired credit crisis, which precipitated the worst recession since the early 1980's, and which brought the American financial system to its knees, has almost run its course. The liquidity maelstrom of 2008 and 2009 prompted the banks which survived the subprime debacle to cutback on all kinds of loans, including credit cards.

But financial markets are on the mend, as evidenced by low LIBOR rates, a healthy TED spread and the return of generous 0% intro APR credit cards.

Credit cards that offer a 0% intro APR period of at least 12 months all but disappeared from the market last year. But they're back. JPMorgan Chase Bank, commonly known simply as Chase, recently revealed a new credit card called Slate. Here are the vitals on Slate:

0% introductory APR on purchases for 12 billing cycles
0% introductory APR on transferred balances for 12 billing cycles
Balance transfer fee of 3% of each transaction, with a minimum of $5
NB: The 0% intro APR is reserved for those who qualify for "Elite" or "Premium" pricing. Those who can only qualify for "Standard" pricing cannot take advantage of any interest-free introductory period with this particular card.
For those who qualify for Elite pricing, the "goto" rate (also known as the ongoing rate) is 13.24% (the U.S. Prime Rate plus 9.99%); for Premium pricing it's 17.24% (Prime plus 13.99%.) For Standard pricing, the introductory and goto rate is 22.24% (Prime plus 18.99%.)

If you have a good FICO® credit score (above 700), you will probably qualify for either Elite or Premium pricing.

Slate is a very timely credit card: it has arrived in time for the fast approaching Christmas shopping season. With Slate, cardholders can do their holiday shopping and have plenty of time (12 billing cycles) to pay their credit card balance down to zero without having to worry about interest charges.

The goto rate with the Slate card, however, is relatively high when compared to consumer-friendly credit card offers that were available before the global credit crisis (likely a direct result of new rules included in the Credit Card Act of 2009.) For the consummate borrower who qualifies for Elite pricing, the rate charged on any balance remaining after the interest-free, introductory period ends is Prime (currently 3.25%) plus 9.99%, which translates to 13.24%.

But the U.S. Prime Rate is as low as it can possibly go. As the economy heats up, it will certainly rises, and it will likely do so at a relatively fast clip as the Fed works to contain future inflation. There is no way of knowing exactly how high the Prime Rate will be a year from now, but if we plug in the median U.S. Prime Rate -- 8.75% -- then we get a rate of 18.74%, which anyone would agree is not consumer-friendly. In fact, any rate above 15% would be too much of a financial burden for the typical credit card consumer.

That's why we recommend Slate for anyone who can pay their balance down to zero over 12 months or so, which shouldn't be that hard to do (no need to go crazy with the Christmas shopping!)

As always, your comments are welcome and appreciated.

Will 0% Credit Cards Make a Comeback?

2009-11-01T15:25:00.003-05:00

No one can predict the future, but if our economic recovery continues on its current course, we most likely can expect 0% credit card deals to stage a comeback.

The Past
When our economy hit its low point in 2008, zero percent offers for balance transfers virtually disappeared from the market. Just months before that, there were a plethora of interest-free offers available, many of them being for 12 to 15 months. As our country’s financial health deteriorated, almost every bank terminated these incredible offers. Instead, they were replaced with promotional rates only valid for three to six months.

The Future
Today, we are seeing positive signs that this trend is now reversing. During the third quarter of this year, issuers like Discover gradually began to sweeten their promotional offers. More and more credit card deals for longer promotional periods have been popping up across the net. Unfortunately some issuers, like American Express and Bank of America, have been slower to follow suit.

Assuming we continue on the road to recovery, these incentives should continue to become more common. Initially, they will probably only be made available to those with average to above-average credit. Once unemployment and foreclosures begin to ease up, banks may extend these offers to those with below-average credit, too.

As the percentage of bad debt goes down, lower interest rates on credit cards should follow. However, it’s important to note that most have APRs which are now linked to the prime rate; if that were to increase significantly, then rates may go up.

Pulaski Bank and IberiaBank Credit Cards: Great Products, But We Can't Recommend Them Anymore

2009-06-30T21:58:00.047-04:00

We are no longer recommending IberiaBank or Pulaski Bank credit cards. Here's why:

The two Pulaski Bank no fee balance transfer 0% credit cards that we were recommending on the www.BalanceTransfer.cc website are no longer available. The Pulaski Bank & Trust Company owns IberiaBank, so I'm guessing that the company decided to focus on the IberiaBank brand. The recently discontinued Pulaski Bank cards were very similar to IberiaBank cards.
The three IberiaBank cards, which were the only 0% intro APR, no fee balance transfer credit cards we were recommending, are still available, but the terms and conditions associated with these cards were recently changed. All 3 cards now charge a 2% fee on balance transfers, and, for all 3 cards, the "goto" APR's were raised (the "goto" rate is the APR your balance would be subject to once the introductory period ends.) And that's not all: the introductory APR for all 3 cards was raised from 0% to 1.99%.
For the three IberiaBank cards we were recommending, we referred hundreds of applications, and, as of today, all those applications resulted in zero approvals (for June.) The IberiaBank Visa Classic cards, which required a "good-to-excellent" credit rating, is now a card which requires an "excellent" credit rating. In fact, now all IberiaBank cards require an excellent credit rating. For us, this is clear evidence that these cards are not worth recommending, since the vast majority of applicants would have to face a declined application.

To be clear, this is not to say that IberiaBank is not a good credit card bank. In fact, we applaud the bank's tight lending standards and non-automated review process. However, we feel that the bank's standards are a bit too tight, plain and simple. That's just our opinion. If you are interested in applying for an IberiaBank card, please feel free to follow this link.

Our no fee balance transfer page still contains two American Express cards, but these cards don't offer 0% intro APR. The intro APR for the Amex TrueEarnings® Credit Card from Costco is 1.99%, and this rate lasts for six months. For the Amex Starwood Preferred Guest® card, the intro APR period is also 6 months, but the intro APR is 2.9%. Of course, we have absolutely no problem recommending American Express products, since the company's customers have ranked Amex above its competitors two years in a row. O% intro APR is nice, but so is dealing with a bank that won't treat you like a sucker.

Stay tuned for the latest updates.

Discover Releases A Biodegradable Version of The Discover More Card

2009-05-15T09:13:00.002-04:00

While campaigning for the White House, Senator Barack Obama promised America that he would create 5 million "green jobs" over the next ten years. Following through, President Obama tagged $60 billion of stimulus cash for investment in clean energy and technologies. For some perspective: the Obama administration has committed more money to foster America's green economy than the gross domestic product of Luxembourg.

Complaints about all the planned green spending have been few.

It's clear that green movement is no passing fad, so many companies are trying to figure out how to capitalize on America's burgeoning love for and commitment to all things green. Discover Financial Services' (DFS) answer: a new version of the popular Discover More card that's biodegradable.

The Biodegradable Discover More Card is made from a special PVC plastic that's designed to safely breakdown when exposed to conditions similar to those found in landfills.

Card features and benefits include:

0% introductory APR on new purchases and balance transfers for 6 months.
After the introductory honeymoon is over, the new purchases APR is 10.99% - 18.99%, depending on the cardholder's credit quality. For transferred balances, the "goto" rate is 10.99%.
5% Cashback Bonus® in categories like travel, home improvement stores, department stores, gas, restaurants, pet stores and many more
Up to 1% unlimited Cashback Bonus® on all other purchases
5% to 20% Cashback Bonus® through our exclusive online shopping site
No annual fee

For each transferred balance, the fee is 3%, with no minimum and no maximum.

No Fee Balance Transfer 0% Credit Card from Iberiabank

2009-04-22T12:27:00.010-04:00

Considering that banks can borrow at close to zero percent, consumer and business loan products aren't very consumer-friendly. Thankfully, certain smaller banks are still offering great credit deals, like Iberiabank's Visa Classic and Gold cards.

Since the height of the global credit crunch during the third quarter of 2008, the federal government has been doing all it can to get banks to lend money to both consumers and businesses. Despite the fact that large, American bank holding companies (BHC's) have been sitting on massive piles of cash for some months, and despite being prodded by politicians to get credit flowing through the economy, many Americans are finding it difficult to find business and student loans, credit cards and other loan products at reasonable rates. Banks are able to borrow at rates below 0.25%, but they aren't passing these favorable rates onto credit-starved individuals and organizations. Thankfully, there are some consumer-friendly credit products on offer from a limited number of top-quality, U.S.-based financial institutions, like Iberiabank. Of all the 0% credit cards available in the current, credit-crunch and recessionary lending environment, the Iberiabank Classic Visa® credit card is the best, featuring a new purchases rate of Prime plus 3%, no annual fee and zero percent introductory APR on transferred balances with no balance transfer fee.

The Federal Reserve has been buying U.S. Treasury securities in an effort to lower the return on government bills, notes and bonds. Lower yields makes these securities less attractive to institutional and individual investors, which, in turn, should cause capital to shift from the safety of government debt to riskier investments like stocks and corporate bonds. This strategy has another very significant advantage: buying long-term Treasuries will keep mortgage rates low. We know that at least one prong of the Fed's plan has worked, as many well qualified consumers are now able to get new mortgages -- or refinance their current home loans -- at rates below 5%. But the spread between the Fed's short-term rates and the rates on short-term credit products like credit cards is still relatively high. That's because:

the secondary market for credit card receivables completely dried up last year, and
many banks are still trying to make up for losses related to the unnumbered subprime loans and failed derivative investments made during the recent housing/credit boom, and
banks are concerned about the rising rate of delinquencies and defaults as the current recession continues to stoke the unemployment rate higher.

At the end of 2008, the Fed created the Term Asset-Backed Securities Loan Facility (TALF), a program that will lend up to $1 trillion to jumpstart the secondary market for all types of receivables back to life. But TALF will take time to work. Until then, big banks will have to keep credit card receivables on their own balance sheets, and credit card interest rates from these banks will remain mediocre at best and unfavorable at worst.

How Is Iberiabank Able to Offer Such A Great Free Balance Transfer Credit Card?

A good question, and the answer is quite simple: because this particular bank has always had high lending standards, even when other, much larger banks were making loans to just about anybody who wanted one. Consumer who don't mind giving up the convenience of an instant approval and who are willing to provide at least some proof of their income can enjoy great features like:

No fees on introductory balance transfers
Zero percent introductory APR on transferred balances for six months
No annual fee
Interest rates as low as Prime plus 3 percentage points

The highly recommended Iberiabank Visa Classic credit card offers the best rates, but the card doesn't have a rewards program. The Iberiabank Visa Gold card has slightly higher rates associated with it (qualified applicants can enjoy Prime plus 4 percentage points), but the tradeoff is that it comes with a decent cash-back rewards program. Prime plus four percent is still an excellent rate is today's credit environment.

Then there's the Iberiabank Visa Platinum card, which also has a top-tier interest rate of Prime plus 4 points. Like it's Classic and Gold cousins, the Platinum card is a great free balance transfer credit card. Platinum offer benefits like travel accident insurance and a unique Scorecard® Bonus Point rewards program. So, why would we recommend the Classic and Gold cards before recommending Platinum? Here are the reasons:

The Platinum card requires applicants to have a spotless (excellent) credit rating, which means, in all likelihood, most applications will end up in the declined pile.
The Gold card has a cash back rewards program, which we feel is the best type of credit card bonus, and the credit requirement for the Gold card is good-to-excellent, which translates to fewer applicants having to deal with a rejection.
The Classic card has the best interest rates for those who don't care about rewards. With Classic, even the cash advance rate is the best we've ever seen at Prime plus 7 points. How many cards exist in the American market where you can get a cash advance at 10.25%? Most cards charge at least 25% for the cash advance privilege. Using a credit card to get a cash advance is almost never a good idea, but for anyone who might have to use one in an emergency, it's good to know that this card won't abuse the cardholder with exploitative rates.

Over time, TALF will help restore the secondary receivables market, which in turn will help to drive down rates associated with both consumer and business loan products. Business credit cards, which have all but disappeared from the U.S. market, will likely make a comeback within the next few quarters. Until then, American consumers who got used to cheap, easy and convenient loans products from the largest American BHC's should look to often ignored and soundly managed smaller banks, and their local credit unions, for consumer-friendly loans and credit cards.

Mourning the Demise of Three American Express Credit Cards

2009-04-01T13:46:00.056-04:00

As a credit card bank, we like American Express a lot. Why? Because the company consistently offers excellent customer service, and their cards typically have very consumer-friendly terms and conditions associated with them (this report says it all.)

So we are sorry to report that three popular American Express cards are no longer available. The cards are:

Blue from American Express®
Blue Cash® from American Express
Blue Sky from American Express®

These cards were great, because they each offered 0% intro APR on new purchases for 12 months, and each featured a generous rewards program. Introductory balance transfers were not free (2.99% for 12 months) but, on the plus side, you didn't have to pay a balance transfer transaction fee.

These cards may return, but there's no way of knowing if or when.

There are still two Amex cards to which you can transfer a credit card balance and pay no balance transfer fee. These are:

The TrueEarnings® Credit Card from Costco and American Express, which offers:

An introductory balance transfer APR of 1.99% for the first 6 months of Cardmembership, as long as the transferred balances post to your account during the first 30 days of Cardmembership and
0% Introductory APR for Purchases for the first 3 months of Cardmembership.
Click here

The Starwood Preferred Guest® Credit Card from American Express, which offers:

An introductory balance transfer APR of 2.9% for the first 6 months of Cardmembership, as long as the transferred balances post to your account during the first 30 days of Cardmembership and
2.9% Introductory APR for Purchases for the first 3 months of Cardmembership.
Click here

New Balance Transfer Offer with My Citi Dividend Platinum Select Card

2009-03-26T18:39:00.036-04:00

Since the peak of the credit crisis back in the fall of last year, I hadn't seen any favorable balance transfer offers from credit card accounts I already have open. Bank of America (BofA) has been sending me lots of offers, but each of these BofA offers left a bad taste in my mouth. BofA wants me to pay a balance transfers fee and pay finance charges on the transfer fee. No thanks!

I'm happy to report that Citi® is now offering a somewhat decent balance transfer offer with my Dividend Platinum Select® card. Here it is:

Back in early 2007, before the credit crunch, I used to login to this Citi account and I'd be presented with at least 4 unique offers. During the roughest part of the credit crisis, however, the balance transfer section of my online account management interface contained no offers. Today I found one offer: 0% intro APR for 6 months on transferred balances, with a $75 cap on the balance transfer transaction fee. $75 is not very consumer-friendly, but when you consider that many other balance transfer deals have no cap on the transfer fee (like with the Citi® Platinum Select® MasterCard®), it's not so terrible. Will I take advantage of this offer. Nah.

Of course, we are still recommending the Iberiabank Visa Classic card above all other cards in the current market.

We are not recommend any Citi credit cards at the www.BalanceTransfer.cc website now, for the simple reason that we believe Citigroup is a zombie bank. However, if you really must have a Citi card, visit the www.citicards.com website and you can browse all the personal, business, secured, airline, gas, student and store-branded cards they have available.

We may recommend Citi cards at some point in the future, if Citi reorganizes and becomes a responsible and commercially sound retail bank.

No Fee Balance Transfer

2009-03-25T12:01:00.010-04:00

0% Intro APR credit cards that don't charge a fee on introductory balance transfers, and that are being offered from reputable American banks, are the best credit card deals in the American market today. This article offers some timely and useful advice for those who are looking for the best possible 0% credit card deal.

Caveat #1: Make sure to note the interest rate that you'll pay once the interest-free period ends (this is sometimes referred to as the "go to" rate.) If you end up paying a significantly higher interest rate on your balance once the interest-free period ends, then you could end up with a much worse deal than you had before. So pay attention to all the numbers and, if you can, payoff your entire credit card balance once the interest-free period terminates.
Caveat #2: Read the fine print carefully. Many zero percent balance transfer deals offered these days come with a catch: if you make any new purchases on the card to which you are transferring your balance(s) during the interest-free period, the annual percentage rate (APR) on those new purchases can be very high, as much as 29%! What's more, any payments you make toward the new card will very likely be applied to the lower interest, transferred balance(s) first, further exacerbating any lack of discipline on your part. So be careful. Balance transfer deals are a great way to save a lot of money in the long term, but if you have to make any new purchases, you are better off using cash, a debit card or a prepaid credit card.
Caveat #3: Be careful when using convenience checks! With most credit cards, those convenience checks that you often find packaged with your credit card statement can get you into real trouble if you are not careful. With most cards, use of those convenience checks is tantamount to a cash advance, and credit card cash advances always have very high interest rates associated with them. Some credit cards will give you a favorable interest rate if you use their convenience checks to transfer balances from other credit cards. But read all the fine print carefully. Make sure that you understand exactly what you are getting into before using any convenience checks.

OK, now for the good news: certain credit card companies will send you blank checks that you can use with their 0% APR balance transfer offer. These checks are really great because you can use them for anything you like. Many money-savvy consumers use these 0% balance transfer convenience checks as a way of getting an interest-free loan, but you can also use them to open a high-yield savings account or purchase a Certificate of Deposit*. Just remember: once the 0% intro APR period ends, interest charges will start to accrue on that "loan," so it's best to return any money that you intend to use with a zero APR convenience check back to the credit card account once the interest-free period terminates.

Of course, all convenience checks have their limits, usually equal to the credit card account's credit limit.

If you are not 100% sure as to whether or not the checks you'll receive with your new credit card are in fact 0% balance transfer convenience checks, then take 5 minutes and call the credit card company to find out (NB: I think it's always a good idea to write down the name of the representative you speak with just in case he/she makes a mistake.)
Caveat #4: Don't overdo it! It doesn't matter if you are approved or rejected: too many applications for credit within a brief time span can result in a downgraded credit rating. Look for balance transfer deals that offer at least a 6 month intro APR on balances transferred (12 months or more is better) so that you don't end up transferring balances too often.
Caveat #5: Before you submit an application for a credit card balance transfer, make sure that the credit card companies that you are dealing with are in fact different. If you try to transfer a balance from one credit card to another and both credit cards are owned by the same bank, then you application will almost certainly be rejected. If, for example, you try to transfer a balance from a Pulaski Bank Visa® card to a IberiaBank credit card, your balance transfer application will most likely be rejected because both credit cards are issued by Pulaski Bank. This might not seem like a big deal, but remember: Inquiries into your credit report can have a negative effect on your credit rating, especially those inquiries that result in any kind of rejection.
You can usually consolidate two or more credit cards that have been issued by the same bank into one aggregate credit card, with the resulting aggregate credit card having a credit limit equal to the sum credit limits of the consolidated cards. You should call your credit card company for more information about consolidating credit cards.
Caveat #6: Make sure that the credit card account to which you'll be transferring your balance(s) has a credit limit that won't get you into trouble with fees. For example, if you are planning to transfer a total of $5,000 via a zero percent intro APR offer, the credit limit of the receiving credit card account should have a credit limit that's above $5,000. Some zero APR offers charge a fee for transferring balances, and if you don't have enough breathing room, the credit card company may smack you with an over-the-limit fee once the balance transfer transaction fee is added to your account (of course, you first priority should be to find offers that don't charge a fee for transferring balances.)
Caveat #7: Sometimes, a balance transfer offer is so good that even with a balance transfer fee, it's worth doing a balance transfer to the card, especially if you have high balances to transfer. However, watch out for these two pitfalls:
- A decent balance transfer offer that includes a transaction fee will cap the fee at a reasonable level, usually between $75 and $99. If the deal has no cap, then you may end up regretting the decision to transfer your balance(s) when your statement arrives.
- Read the fine print and find out if the balance transfer fee is subject to finance charges. Believe it or not, with certain deals out there, you could end up paying finances charges on a balance transfer fee. Bottom line: there are still a few consumer-friendly, 0% intro APR balance transfer offers available in the American market, so there's no reason to signup for a deal in which you'd be paying interest on a balance transfer transaction fee.
Caveat #8: This may seem obvious, but make sure you pay all your bills on time -- not just your mortgage and credit card bills: you need to stay on top of your household utility bills as well (cable, phone, natural gas, etc.) Bottom line: the banks and credit card companies will offer the best 0% deals to customers with the best credit scores, plain and simple. Having a high FICO® credit score (shoot for a FICO score of 720 or higher) will also minimize the risk of having your credit application rejected.

For your credit card accounts, use payment scheduling and automatic payments online, and keep those paper statement coming as a backup payment option just in case.

No Fee Balance Transfer Update

2008-12-09T16:35:00.108-05:00

In our last post at this blog, we confirmed that the Bank of America (BofA) Pet Rewards Visa® card was still offering 0% intro APR on transferred balances, with no balance transfer fee. Today's news isn't good: this card was discontinued yesterday. I felt a need to confirm this somber news because sometimes a bank will discontinue a credit product from affiliate sites like www.BalanceTransfer.cc, but the product can still be found on the bank's website. So I searched for this card using my favorite search engine and found that it was still listed on the BofA website. For clarification, I decided to have another online conversation with a BofA representative. The conversation ended a few minutes ago; here's how that conversation went:

Current Transcript of the Chat Session. Thank you for choosing Bank of America. An operator will be with you shortly. You are now chatting with Amanda.

Amanda: Hello, thank you for joining Bank of America online chat. I am here to assist you in selecting new accounts that fit your needs. How can I assist you today?

you: Hello

you: I want to know if the Bank of America PetRewards® Visa® card is still available

Amanda: No I am sorry it is not.

Amanda: It was discontinued yesterday.

you: OK, so Bank of America hasn't had a chance to remove all pages related to this card yet, is that right?

you: I was able to find this card with a Google search

Amanda: That's not our site so they may still have it (?)

Amanda: However if you try to get to the application you will get an error.

you: Ok, well thanks for your time

Amanda: You’re very welcome.

Amanda: Are you looking for a balance transfer card?

you: yes

Amanda: How much are you looking to transfer?

you: I'm looking for 0% intro APR on introductory balance transfers, with no balance transfer fee

you: I'm looking to transfer about $4,000

Amanda: Well we don't have a card with no fee but we do have cards with 0% APR for 15 months on balance transfers and then we give you $25.00 back for doing the transfer. So once you get the credit back the fee would only be like $95.00

you: are you referring to the Bank of America Cash Rewards card?

Amanda: That is one of them

you: OK, so I'd like to know the other cards with similar terms and benefits

Amanda: Please click here for information regarding our Visa Signature with WorldPoints.

Amanda: Please click here for information regarding our WorldPoints Platinum Plus MasterCard.

Amanda: Are you still with me? Please respond so I can leave this chat window open to answer any application questions you may have.

you: I have all the information I need. Thanks and have a great day.

Amanda: You’re very welcome.

Right now, the best 0% credit card in the American market is the Discover More Card, which currently offers 0% intro APR on introductory balance transfers for 12 months, with a transfer fee of 3%. Unfortunately, there is no longer a cap on the transfer fee with Discover More, so if, for example, you want to transfer $3,500 or more, the transfer fee would be at least $105.

But you do have options, like the Bank of America Visa® Signature® WorldPoints Rewards credit card, which now offers 0% intro APR on introductory balance transfers for 15 months, with a balance transfer fee of 3%. This is one of the cards the BofA representative recommended during our online conversation (which I posted above.) With this card, there is the added benefit of a $25 statement credit that you can use to reduce the balance transfer fee. So if you were to transfer $4,000 to this card, the real transfer fee would be:

$4,000.00 X 0.03 (transaction fee) = $120.00
$120.00 - $25 (statement credit) = $95.00

Am I sure that a balance transfer would qualify for the statement credit? Yes, I am, because I just checked the terms & conditions for this card. Here's a clip:

"...To qualify for this offer, your new account must be used to make any purchase, balance transfer or cash advance transaction totaling $25 excluding any transaction fees, if applicable within 45 days of the account open date. Limit one (1) statement credit per new account...."

We also have confirmation of this from the BofA representative (see transcript above.)

Ok, so I'm guessing that your next question is, "Why would you recommend the Discover More card before recommending the BofA Visa Signature with WorldPoints Rewards card? Seems that the BofA card offers more value with the 15 month holiday from paying interest on transferred balances."

The answer: because with the BofA cards, the balance transfer fee is subject to finance charges. Here is a clip from the term & conditions associated with the BofA Visa Signature with WorldPoints Rewards card:

"...We include Transaction Fees when computing finance charges. Incurring Transaction Fees results in an APR exceeding 0% for the billing statement on which those fees appear. The Daily Periodic Rate (DPR) will remain 0% as disclosed..."

We also like the Discover More card because its cash back rewards package is the most generous in the American consumer credit card market.

Where Did The "No Fee Balance Transfer"
Pulaski Bank Credit Cards Go?

A little FYI to end this blog entry: The two "no fee balance transfer" cards from Pulaski bank are still available here. The reason we removed them from the "No Fee Balance Transfer" page was because these cards are very difficult to get. Approvals are few and far between. However, if you feel that your credit profile is stellar -- and I mean super perfect -- then by all means give one of these cards a try.

The reason these two Pulaski Bank cards are so hard to get?

0% intro APR on introductory balance transfers for 6 months
No balance transfer fee
For the regular Pulaski Bank MasterCard® or VISA® Card, the APR on purchases and cash advances is 6.50%. For the Pulaski Bank Visa Gold Card, the APR on purchases and cash advances is 8.00% (you will have a hard time finding credit cards on offer from other American banks with APR's that low, especially for cash advances!)