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

Wednesday, February 02, 2011

Credit Card Rakings for January 2011

Discover More No Balance Transfer Fee Credit CardHere are the credit card rankings for January 2011. These rankings are based on the cards we recommend here on www.BalanceTransfer.cc. As always, these rank are based on both the volume of applications, and approvals. Here's the list:

  1. The Discover® More No Balance Transfer Fee Card (click here)

  2. Discover More Card - 24 Month Promotional Balance Transfer Card (click here)

  3. The Classic Discover More Card (click here)

  4. Slate from Chase (click here)

  5. The Chase Freedom® MasterCard® with $100 Bonus Cash Back (click here)

  6. The Chase Freedom® Visa® with $100 Bonus Cash Back (click here)

Not surprisingly, Discover's No Balance Transfer Fee card, and its 24 Month Promotional Balance Transfer card, were extremely popular last month, as these two cards are easily the best 0% credit cards in the United States right now. Here what these two cards are currently offering:

Discover® More No Balance Transfer Fee Card
  • 0% Intro APR on transferred balances for 12 months.
  • 0% Intro APR on new purchases for 12 months.
  • No balance transfer fee
  • No Annual Fee

Discover More Card - 24 Month Promotional Balance Transfer Card
  • 0% Intro APR on transferred balances for 24 months.
  • 0% Intro APR on new purchases for 6 months.
  • Balance transfer fee: 5% of each transfer made, with a minimum transfer fee of $10.
  • No Annual Fee
Moreover, both of the above cards come with Discover's industry leading cashback rewards program.

If you want to take advantage of the best 0% credit cards in the market right now, you have until the end of February to do so. Discover plans to shelve both cards on February 28, 2011.

The Classic Discover More card is still popular, because it's still offering a lot of value:

Classic Discover More Card
  • 0% Intro APR on transferred balances for 12 months.
  • 0% Intro APR on new purchases for 18 months.
  • Balance transfer fee: 4% of each transfer made.
  • No Annual Fee
And, of course, excellent cashback rewards.

The Blue from American Express® and Blue Cash® from American Express cards both generated a lot of interest from visitors to this site in January. Unfortunately, however, Amex approved a small fraction of the applications generated here at www.BalanceTransfer.cc. We're hoping Amex approvals improve over time, and they should as the economy continues to heal and the jobs picture gets better. But, for now, it's best to try one of the 3 top Discover cards from our January rankings above. Though American Express offers the best customer service around, Discover's customer service record is also very good. Bottom line: If you're attracted to the Blue from American Express or Blue Cash from American Express cards because they offer 0% intro APR on purchases for 12 months, you'd probably be better off going with one of the Discover cards discussed above, because your application has a better chance of getting that stamp of approval.

As always, your comments are very welcome.

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