At the start of September, average balance transfer credit card fees charged by companies offering 0% interest balance transfers for 11 months or more averaged 4.1% as the majority of major credit card companies held balance transfer fees steady. No major credit card company is currently offering no fee balance transfers with 0% rates.
Of the 10 cards used to compile average balance transfer rates, the only card with an increased fee was the Citi Diamond Preferred Rewards Card, which had a 20% fee increase from 4 to 5%. This card, which offers a 0% APR on balance transfers for 12 months, is one of the least appealing balance transfer offers on the market, as it has a short 0% period for a card with a 5% fee.
Capital One and, to a certain extent, Chase, offered at least one balance transfer card with low fees. Both the Capital One Platinum and Capital One Platinum Prestige presently charge 3% balance transfer fees and offer 0% rates for slightly less than one year. Slate(SM) from Chase charges a 3% balance transfer fee, but the length of this card’s 0% APR can be either 6 or 12 months, based on their review of your application.
Citibank currently offers the longest 0% APR balance transfer deal at 18 months, but this is accompanied by a 5% fee. While the 5% fee is high, the exceptionally long length of this offer, the Citi Platinum Select Card, more than offsets the upfront cost. Other Citi cards carry 4 or 5% fees, with the Citi Dividend card providing the best value. It currently offers a 0% APR for 15 months with a 4% balance transfer fee.
Discover continues to charge 4% online balance transfer fees on its offers lasting 12 months or longer. Discover’s longest balance transfer offer, a 0% APR for 15 months, is available on the Discover More card. Other variations of Discover’s flagship products also charge 4% online balance transfer fees, but only offer 0% rates for 12 months.
Apart from the Chase Slate card mentioned above, other Chase cards come with fees of 5% on balance transfers lasting 12 months. As with the Citi Diamond Card, these offers are best avoided, as you can secure a longer 0% period for the same fee with Citibank or Discover.
Neither Bank of America nor American Express is currently offering 0% balance transfers that last 11 months or longer. Bank of America’s most generous offers last 7 or 10 months and carry 4% balance transfer fees. American Express presently doesn’t have a 0% APR balance transfer credit card offer.
For additional information and to compare credit card online, please see the main section of Smart Balance Transfers. At Smart Balance Transfers, you can review important credit card details, compare balance transfer offers, and apply online to start saving money with a 0% APR.
You May Be Interested In
- September 2011 Report On 0% APR Balance Transfer Credit Cards
- October 2011 Report on the Balance Transfer Credit Card Market
- December 2011 – 0% APR Balance Transfer Credit Card Report
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