January typically marks the beginning of balance transfer season for consumers and 2012 looks to be getting off to a good start. Consumers who anticipate needing a significant amount of time to repay their credit cards will find it possible to get a 0% APR balance transfer lasting 21 months, while those who are confident they can repay balances sooner can get a 0% APR for 12 months and pay no balance transfer fees.
The Best Balance Transfer Offers of the Month
Given the availability of both long term 0% APR offers with low 3% fees and shorter term no fee balance transfer cards, selecting the best balance transfer card really comes down to individual needs. Consumers who want to save on upfront fees ($30 for every $1,000 transferred) and are comfortable with only a 12 month 0% balance transfer period are likely best off with the recently released, limited time no fee balance transfer offer from Discover. This card is ideal for consumers who simply need a few months to get caught up on outstanding bills. You can learn more and apply below.
Consumers who believe 12 months will not provide enough time to pay down credit card debt will find that the Citi Platinum Select and Citi Diamond cards offer the best value. These cards offer a 0% APR for 21 months on purchases and balance transfers while only charging a low 3% fee. You can learn more and apply below.
Other Good Balance Transfer Offers Available in January
Apart from Discover’s no fee offer, Chase is also promoting a limited time no fee balance transfer card. However, there are some very important differences between these two cards. With the Chase Slate no fee card, consumers who are approved will get a 0% APR for either 6 or 12 months. The length of the 0% period is not determined until after applications are submitted. Thus, unlike with the Discover card, there is no guarantee the 0% rate will last 12 months. Additional information is below.
Apart from no fee and the longest balance transfer offers, there are a number of additional credit cards worth considering. One card in particular, the Citi Dividend Visa $100 cash back bonus card, offers a 0% APR for 12 months on purchases and balance transfers and a $100 cash back bonus once $500 in purchases have been made. The $100 cash back bonus can essentially offset the fees on a $3,000 balance transfer, making this a good choice for consumers who want to earn rewards once outstanding balances are repaid.
Lastly, Discover offers a pair of cards with above average 0% introductory rates on balance transfers. The first offer provides a 0% rate for 15 months on purchases and balance transfers. The second offer is more slanted towards balance transfers, as it offers an 18 month 0% balance transfer period, but only six months for purchases. You can compare these cards below.
For additional information and to compare more offers, please see the 0% APR balance transfer comparison section of this website.
February 3rd, 2012 at 9:32 am
Balance Transfer really helped me to save on interest. With $5000 amount transferred, I saved around $740 interest paid in 12 months. Once the 12 months period ended, I will repeat the Balance Transfer process with other credit card.