While many consumers may be racking up credit card debt this month, those who are taking the time to assess existing debt will find that 0% APR balance transfer credit card options in December are as good as they were during any month of 2011.

In keeping with long term trends, Citibank continues to offer the longest balance transfer offers. They presently offer three cards with 0% interest rates lasting 21 months on balance transfers as well as new purchases. Discover remains competitive, with two cards offering 0% rates on balance transfers for 15 months or longer. And, for those who want to save on upfront fees and only need a short window to repay credit card debt, the Chase Slate card continues to be the only 0% no fee balance transfer credit card on the market.

December’s Best Balance Transfer Offers

For most consumers, and especially those who foresee the need to make purchases that cannot be immediately repaid, Citibank balance transfer offers are likely the best option. The Citi Platinum Select, Diamond, and Citi Simplicity card all offer a 0% APR on balance transfers and purchases lasting 21 months. These offers are three months longer than the second longest balance transfer promotion and a full six months longer than the second longest 0% APR on purchases promotion. All three cards carry standard 3% balance transfer fees. Continue Reading »

Although consumers are typically more focused on spending money than saving money with balance transfers during this time of year, credit card companies continue to aggressively pursue new consumers with 0% balance transfer offers. This November, Chase unveiled a 0% APR no fee balance transfer version of Chase Slate. This is the first such offer made available by a major bank since February. Meanwhile, Citibank and Discover continue to offer 0% rates on balance transfers and/or purchases lasting up to 21 months.

Consequently, November is a good time for consumers to preemptively take advantage of 0% APR credit cards in the event the market deteriorates following the holiday season. Given the large number of cards offering 0% rates on purchases as well as balance transfers, utilizing this type of credit card now can also help eliminate the need to pay a 3% transfer fee on balances accrued during the holidays on high rate cards if a 0% card is needed down the road.

Average 0% Offer Durations & Fees in November

As a result of the introduction of the Chase Slate no fee balance transfer offer, average balance transfer fees fell to 3.1% this month, down from 3.26% in October. However, because the Slate card offers a relatively short introductory period that lasts either 6 or 12 months, the average length of 0% offers also declined slightly from 12.16 months to 12.08 months.

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After a flurry of activity in the early parts of 2011, the balance transfer credit card market has remained stable for over four months. Average 0% APR introductory periods decreased slightly from 12.17 months in September to 12.16 in October due to the addition of the Capital One Cash card to the index. This new Capital One offer provides a slightly below average 12 months 0% APR on balance transfers and charges a 3% balance transfer fee. Average balance transfer fees also decreased as a result of the addition of the Capital One Cash card, falling from 3.28% to 3.26% – a negligible drop.

Citi balance transfer offers continued to outpace the competition with Discover following closely behind. Outside of these brands, most other major credit card companies continue to market six to twelve month 0% balance transfer offers. This is very much in-line with 2011 trends.

October 2011 Balance Transfer Outliers

Citibank, via their Platinum Select, Diamond Preferred and Simplicity cards, bests the competition heartily for the seventh consecutive month by marketing 0% interest rates on balance transfers as well as purchases lasting 21 months. Continue Reading »

One of the unfortunate side effects of America’s collective belief that the economy is heading for a recession is that many consumers have ceased looking for credit cards, despite the fact that 0% credit cards, and balance transfer credit cards in particular, can help mitigate financial problems. This issue is even more problematic if the 80% of Americans who believe a recession is imminent are correct, as the current crop of 0% APR balance transfer offers on the market will undoubtedly offer less value and become more difficult to obtain in the event a recession occurs.

Consumers with the prescience to act defensively in the event of an economic downturn will discover a limited, though exceptionally value packed balance transfer marketplace. At present, a handful of credit cards continue to offer 0% interest rates lasting in excess of 12 months and industry leading offers lasting 15, 18, and even 21 months. These lengthy offers have been available for the majority of 2011 as credit card companies have continued to aggressively court new customers. Continue Reading »

Based solely on the first eight months of 2011, it is fair to say that no other year in recent history has offered anywhere near as much value to consumers in the market for 0% balance transfers.

The year began with credit card companies offering 24 month promotions that carried high 5% transfer fees as well as a single no fee balance transfer offer. In subsequent months, the longest balance transfer offers fell to 21 months, but fees on these cards also fell to 3%, making the somewhat shorter deals more attractive than the longest offers of the year.

A glimpse at average 0% APR balance transfer durations and transaction fees from September of 2010 provides a sharp insight into how much the market has evolved in the past year. During that period, the average length of 0% introductory periods was 10.73 months and average fees were 3.88%. The longest offer at that time was 18 months, but it carried a hefty 5% balance transfer fee – two full percentage points higher than what is charged on similar offers today. Continue Reading »

For the first time in nearly a year, average balance transfer credit card durations and fees remained unchanged from the previous month. In July, the average length of balance transfer offers held steady at 12.17 months while average fees stood still at 3.28%.

This short-term slow down in the velocity of credit card offer change is both good and bad for consumers. On the upside, consumers can still obtain 0% interest rates on balance transfers for up to 21 months via Citibank offers and 18 months via Discover offers. On the downside, most other major credit card companies continue to offer short term, high fee deals, essentially leaving consumers who carry debt on either a Citibank or Discover credit card with less than spectacular balance transfer options.

Noteworthy Balance Transfer Offers in July

As noted above, Citibank and Discover continue to offer consumers seeking 0% balance transfers the best value. Citibank in particular appears focused on offering consumers the greatest possible value-oriented credit cards. Both the Citi Platinum Select card and Citi Diamond Preferred card provide new applicants a 0% APR for 21 months that extends to both purchases and balance transfers. Apart from the industry leading length of these promotions, they are also noteworthy because, unlike many shorter duration offers, these cards charge below average 3% balance transfer fees. Continue Reading »

Average balance transfer fees fell by almost 5% in June and the length of 0% balance transfer offers surveyed increased by nearly 3%, bringing this average above 12 months for the second time in 2011. Despite these positive developments, the breadth of the balance transfer market remains thin. As has been the case throughout 2011, historically exceptional balance transfer offers from Citibank and Discover are skewing what is otherwise a relatively weak marketplace for consumers.

The Good News On Balance Transfers

Consumers who do not currently have Discover or Citi credit cards are in an excellent position to capitalize on the industry leading 0% APR balance transfer offers currently being offered by these companies. Citi balance transfer promotions currently dwarf the competition. The Citi Platinum Select, Citi Diamond Preferred and Citi Simplicity cards all offer consumers 0% rates on balance transfers and purchases that last 21 months. These offers are three months longer than the next longest offer available and come with below average 3% balance transfer fees. Continue Reading »