No Transfer Fee Balance Transfer Cards

Are No-Fee Balance Transfer Offers On Their Way Back?

After nearly disappearing during the recession, sweeter balance transfer offers began popping up again last year. But the card offers looked noticeably different. For one thing, the fees were higher. According to Andrew Davidson, senior vice president at Mintel Comperemedia, issuers typically offered 3 percent or less before the Credit CARD Act of 2009 went into effect. But now fees range anywhere from 3 percentto 5 percent and, according to Davidson, the trend is for the fees to keep going up. That’s why the limited-time fee-free deal that I received in my mailbox yesterday is so intriguing. It’s a sign that the credit card industry is picking itself back up and sending out sweeter promotions for new cardholders. Davidson also speculates that the trend toward higher balance transfer fees has created a unique opportunity for issuers to “buck the trend” and set themselves apart in a competitive marketplace with a fee-free offer. So this is probably not the last time that I’ll see a similar deal. I saw that the balance transfer fee after the promotional period expired would shoot up to 5 percent without a cap. And if I missed a payment, my APR could range anywhere from 16.99 percent to 24.99 percent indefinitely. The purchase APR raised an eyebrow too: The offer ranged from 10.99 percent to 18.99 percent, depending on my creditworthiness. That’s a big 8-point range, and I won’t know what offer I’ll really get until I apply. * See the online application for more information about the terms and conditions for these credit card offers. Every sound attempt has been made to preserve precise information. However all credit card information is presented without guarantee. After clicking on the offer you desire you will be taken to the credit card issuer's web site where you can review the terms and conditions for your selected offer.