March 2011 0% Balance Transfer Credit Card Report
March continues to be a good month for consumers seeking long term 0% balance transfer offers, as a number of credit cards have increased the duration of 0% APR deals. However, due to the expiration of a limited time no fee balance transfer offer from Discover, average balance transfer fees increased slightly this month. Despite this increase, consumers have a wide range of balance transfer offers with reasonable fees to choose from, including a number of unusually long offers.
The Longest Balance Transfer Offers in MarchAlthough Discover’s 24 month 0% APR balance transfer card was slated to end on February 28th, Discover opted to continue this offer due to high consumer demand. The 24 month Discover More Card offer is 6 months longer than its closest rivals, a trio of Citibank balance transfer cards which offer 0% rates for 18 months. The key difference between Discover’s 24 month offer and Citi’s 18 month offers can be found in the fine print. Discover is currently charging a 5% balance transfer fee, while Citi charges a 3% balance transfer fee.
Consumers debating between the Discover and Citi offers will need to carefully consider these fees in order to ascertain which deal is best for them. With the Discover Card, a $1,000 balance transfer racks up $50 in transfer fees. With the Citibank cards, the same transfer costs $30. Thus, consumers who can repay the bulk of their outstanding debt in 18 months or less will save more by opting for the shorter, 18 month balance transfer and paying a smaller fee.
For complete details on these offers, please see the 0% APR balance transfer section of SmartBalanceTransfers.com or our report on March’s Best Balance Transfer Credit Cards where you can learn more and apply online.
The average length of 0% APR balance transfer credit cards surveyed in March is 11.64 months, a very slight .04% increase over January and February of 2011. Two factors influenced this increase. First, Citibank extended the introductory rates on two versions of its Citi Dividend Card, one of which includes a $100 cash back bonus for new applicants. The second factor was the elimination of two balance transfer cards with below average introductory rates that had been offered at www.bankofamerica.com .
Average balance transfer fees increased in March as well, though not substantially, from 3.36% to 3,47%. A key factor here was the termination of Discover’s no fee balance transfer offer, which had helped bring the average down in January and February.
Tips for Finding the Best Balance Transfer Credit Card
Finding the best balance transfer credit card can be about as much fun as a broken leg. Oh, you can find them easily enough, and everyone wants you to believe theirs is the best. If there were as many as best balance transfer credit cards as the ads claim, you’d never have a problem.
Unfortunately, that’s not the case, and if you want a really good card, you have to be willing to read some fine print and do some homework. On the up side, it’s not as much work as you might think — there are just a few things to watch out for.
Tips on finding balance transfer credit cardsYou can find a balance transfer card no problem, but I’m assuming you want the best. With that in mind, here are the steps to follow.
1. Decide what you’re looking for. What matters to you? Are you looking for low interest balance transfer credit cards, or those with a 0% interest rate for a fixed time? Make a list of all the features you’d see on your ideal credit card, and then use 3 colored highlighters to code them: the ones that aren’t too important, the ones you’d like but could sacrifice, and the ones you can’t live without.
2. Collect balance transfer card applications and brochures. Go online and find sites that compare these cards. Look into the cards your friends and family recommend. The point is to find all of the cards you can.
3. Do a quick read of the literature and eliminate the cards that don’t match your criteria. There will probably be some cards you can get rid of right away, either because they don’t meet one of your requirements or because you simply know your credit won’t let you apply for them.
4. Sit down with what remains and read the fine print carefully. The best balance transfer credit cards have nothing to hide, but every card has rules and regulations, so you have to become well informed. A credit card brochure tries to sell you on their services by praising their top features. You need to know everything there is to know, though, so you need to read that fine print too.
For example, what are the card’s regular interest rates? Low interest balance credit cards can have very high rates once your balance transfer period runs out. What sorts of regulations do they have? Is there an annual fee? What sort of limits? In other words, exactly what you’d look at for any other card.
No Balance Transfer Fee Credit Cards
No Balance Transfer Fee Credit Cards from major issuers. Use the CardHub® Unique Comparison Tool & Apply Online for a Balance Transfer with No Fee.
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Compare credit cards that offer low interest on balance transfers in addition to no balance transfer fees. Compare offers and apply online.
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