Credit Cards

Tips, news, reviews, caveats, trends, updates and analysis related to consumer and business credit cards, and prepaid debit cards. From the interest rate specialists @ FedPrimeRate.com

Monday, January 03, 2011

No Balance Transfer Fee 0% Credit Cards Are Back

It was December 9, 2008 when we reported that the last no fee balance transfer, 0% credit card on offer from a major bank had been discontinued. It was the Bank of America Pet Rewards Visa card. You can read that post here. Back then, banks large and small were imploding all across America, and all types of loans became very hard to find. Credit cards were not spared. Banks were closing accounts, cutting credit limits and saying "no" to even the best borrowers who applied for credit. If you had any credit cards back then, you probably remember how bad it was. If you didn't have a credit card during the peak of the financial crisis, then read this post to get idea of how ugly it was.

Fast forward to today. Small regional banks are still vulnerable, but most of the big players are healthy, thanks to the American taxpayer (massive bailouts), and the Federal Reserve (extremely cheap loans.) In fact, banks are still able to borrow from the Fed @ next to 0%, then lend it right back to the Treasury Department and make more than 3%. Might not sound like much, but when you're talking about 8 and 9 figure sums moving around, the profits can be substantial. For the banks, this is some of the easiest arbitrage on the planet, no doubt.

Lots of Americans are still very angry about the bailouts, and for good reason. But at least we now have enough large, reputable and healthy banks that they now have the power to compete without worrying about going broke.

A clear sign that banks are strong, confident and ready to compete is the return favorable of credit-card offers, including our favorite type of card: the 0% intro APR, no fee balance transfer credit card. Yummy.

Discover has two new and very attractive offers. The No Balance Transfer Fee card, to which you can transfer a balance with no transfer fees, and pay no interest for 12 months, and the 24 Month Promotional card, which offers 0% intro APR on transferred balance for a full 2 years. You can find these cards here. These are both extremely consumer friendly offers, but there is one caveat: both offers are for a limited time; they'll expire on February 28, 2011. Right now, these two cards are, quite easily, the best 0% credit cards available in the United States. We're hoping that these cards will be so popular that Discover will keep these offers going after February.

So if you were a bit too jolly during the 2010 Christmas shopping season, and you want to avoid paying burdensome finance charges on the debt associated with your Xmas spending spree(s), then don't hesitate to apply for one of these new Discover cards.

PS: if you're approved for the new Discover No Balance Transfer Fee card, you will also be able to take advantage of 0% intro APR on new purchases for 12 full months. With the new 0% intro APR for 24 Months balance transfer card, the new purchase interest-free period is 6 months. Enjoy!

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