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How are 0% APR balance transfer cards faring in November
[12:00:00 AM Tuesday, December 14, 2010]
At the beginning of November, more and more credit card issuers are promoting some really generous balance transfer deals, the best since the credit crunch. Currently, the longest 0% APR balance transfer offer is a never heard before, 21 months. A lot of other credit cards too are offer introductory periods ranging from 15 to 18 months, turning the markets into the friendliest periods over the last 5 years.
Considering just the length of the offer length and fees for balance transfer, the best balance transfer deals are being offered by Citibank in November. The Citi Diamond Preferred credit card and the Citi Platinum Select credit card are both offering 0% APR on balance transfers for an unbelievable 21 months. The fee for balance transfer is low too at 3%, which is more than half a percent less than the balance transfer fee average across all other credit cards during this month. Those customers, who need to transfer their balance from a Citibank credit card or those who are planning to move to a long term credit card, can look at the Discover More Card. This card too has a 0% interest rate but for 18 months as far as balance transfers are concerned. The fee is slightly higher at 5%. But it is not a bad deal considering that Discover is one of the top cards all the time, as far as user satisfaction is concerned.
While both Discover and Citibank are offering these wonderful balance transfer deals, most of the other credit card issuers are doing just about average. At the beginning of November, the average introductory period for a balance transfer offer was standing at 11.18 months. The average balance transfer is at 3.63 percent. If the calculation were to exclude the top 3 cards, the Citi Platinum Select, the Citi Diamond Preferred Card and the Discover More cards, then the average introductory period length drops to 9.8 months and the average fee too increases slightly. This shows that the market isn't as friendly without these cards.
Balance transfers offers by Capital One are exceptional too in that their Platinum Prestige and Platinum cards are offering 0% APR for under a year, but charging a lowly 3% fees for balance transfer. Both these offers are longer than the average offered by other banks with interest lesser than the average too. Bank of America, for example offers introductory periods as low as 7 months and sometimes up to 10 months with 4% balance transfer fee.
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