Many credit card holders are unsatisfied with their credit cards, their bank, or both. They do not like paying late fees and over the limit fees that they feel are arbitrary and punitive. Nevertheless, most cardholders continue to do business with super-sized banks that charge these fees. They may do so out of habit, out of convenience, or perhaps out of a perceived lack of choices. Cardholders actually do have a choice to do business not with a bank, but with a credit union.

The Pentagon Federal Credit Union, which is easy to join, offers the PenFed Promise Visa card as an alternative to fee laden major bank credit cards. The PenFed Promise Visa card charges no late fees, no balance transfer fee, and no foreign transaction fees, features that many consumers can benefit from.

PenFed Promise Visa Card Overview

The PenFed Promise Visa  is a rare card that may best be defined by what it isn’t rather than what it is. This card has no annual, foreign transaction, balance transfer, cash advance, over the limit, or late fees. New customers will receive a 4.99% APR on balance transfers for 36 months, and an introductory APR of 7.49% on purchases for three years. After that, customers will incur interest at a rate equal to the Prime Rate plus 6.74%.  There is a no-fee cash advance rate of 17.99% APR, and there isn’t even a penalty interest rate that applies when customers fail to make timely payments. Continue Reading »

Credit card debt can be incredibly difficult to pay off. Not only can new purchases continually offset monthly payments, but interest charges can also consume a large portion of each payment. Thankfully, promotional 0% balance transfer offers can give customers a break from interest payments, but this tool must be used carefully to maximize its benefit.

What Is A Balance Transfer?

The credit card business is highly competitive and banks are always looking for ways to attract new customers. One of their more popular strategies is to offer a promotional financing period in which the account holder is entitled to a 0% APR for a pre-defined period on purchases, balance transfers, or both. These offers almost always require a balance transfer fee (with the current exception of the Chase Slate no fee balance transfer card) which is usually between 3-5% of the amount being transferred. Once approved for a promotional 0% APR balance transfer offer, card-holder’s must typically initiate the transaction soon after opening an account, at which time the balance transfer fee is added to the cardholder’s balance. Continue Reading »

Choosing the best 0% APR balance transfer credit card offer in November is a little trickier than it has been during the past eight months. The reason why making the right balance transfer decision in November requires a little extra thought is the introduction of the Chase Slate no fee balance transfer card. This is the first credit card offer since February to offer a 0% interest rate on balance transfers while charging no transaction fees. Consequently, consumers must weigh this offer against competing offers from Citibank and Discover that offer 0% interest rates for up to 21 months (compared to 12 months with Slate), but charge 3% balance transfer fees.

Choosing the Best Balance Transfer Offer in November

Consumers who are confident they can fully repay outstanding credit card debt in 12 months or less will be able to extract the most value from the Slate no fee balance transfer offer. This particular card offers a 0% APR on balance transfers and purchases for up to 12 months. The “up to 12 months” can be an issue for consumers with average credit, as it is possible to be approved for this card, but only granted a 6 month introductory period. However, consumers with good and excellent credit can be approved and granted the full 12 month 0% period. Continue Reading »

While Chase Slate is best known for its innovative BluePrint money management tools, consumers searching for balance transfer credit cards will now have a nice financial perk to give Chase Blueprint a try, as the Chase Slate card is now offering a no fee balance transfer promotion with a 0% APR lasting up to 12 months.

At present, most credit card companies are charging 3% balance transfer fees, so consumers who are wary about paying credit card fees will find that Chase Slate is the only major credit card offering the combination of an above average 0% introductory period on balance transfers and charging no balance transfer fees.

Savings from the Chase Slate No Fee Balance Transfer Fee Offer

Before the credit crisis, a number of credit card companies offered no fee balance transfers. Companies that did charge balance transfer fees tended to limit the maximum amount to $75 per transaction. After the crisis, balance transfer fees jumped. While most have come down to the 3% range, the old $75 maximum no longer applies. Consequently, consumers seeking 0% balance transfers are typically required to spend about $30 for every $1,000 transferred. While this is often a pittance compared to what can be saved by doing a balance transfer, balance transfer fees do add up. 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 »

Prior to 2011, finding a balance transfer rewards credit card was a difficult task. Most companies drew a sharp line between these two segments of the credit card market. This year the line has become blurry, as credit card companies have started offering 0% balance transfer promotions tied to rewards credit cards that carry substantial sign-up bonuses. These rewards credit cards technically do not allow consumers to earn points on balance transfers, but they do offer up to $200 in rewards while providing 0% interest rates lasting up to 15 months.

Leading Balance Transfer Rewards Card Options

For most consumers, the Citi Dividend MasterCard provides the best overall savings opportunity. This card carries a 0% APR on balance transfers and purchases that lasts 15 months and offers a $100 cash back sign-up bonus if consumers make $500 in purchases within 3 months. After that, card-holders earn between 1% and 5% cash back on all purchases. 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 »