No Fee Balance Transfer Update

No Balance Transfer Fee

In our last post at this blog, we confirmed that the Bank of America (BofA) Pet Rewards Visa® card was still offering 0% intro APR on transferred balances, with no balance transfer fee. Today's news isn't good: this card was discontinued yesterday. I felt a need to confirm this somber news because sometimes a bank will discontinue a credit product from affiliate sites like www.BalanceTransfer.cc, but the product can still be found on the bank's website. So I searched for this card using my favorite search engine and found that it was still listed on the BofA website. For clarification, I decided to have another online conversation with a BofA representative. The conversation ended a few minutes ago; here's how that conversation went:

Current Transcript of the Chat Session. Thank you for choosing Bank of America. An operator will be with you shortly. You are now chatting with Amanda.

Amanda: Hello, thank you for joining Bank of America online chat. I am here to assist you in selecting new accounts that fit your needs. How can I assist you today?

you: Hello

you: I want to know if the Bank of America PetRewards® Visa® card is still available

Amanda: No I am sorry it is not.

Amanda: It was discontinued yesterday.

you: OK, so Bank of America hasn't had a chance to remove all pages related to this card yet, is that right?

you: I was able to find this card with a Google search

Amanda: That's not our site so they may still have it (?)

Amanda: However if you try to get to the application you will get an error.

you: Ok, well thanks for your time

Amanda: You’re very welcome.

Amanda: Are you looking for a balance transfer card?

you: yes

Amanda: How much are you looking to transfer?

you: I'm looking for 0% intro APR on introductory balance transfers, with no balance transfer fee

you: I'm looking to transfer about $4,000

Amanda: Well we don't have a card with no fee but we do have cards with 0% APR for 15 months on balance transfers and then we give you $25.00 back for doing the transfer. So once you get the credit back the fee would only be like $95.00

you: are you referring to the Bank of America Cash Rewards card?

Amanda: That is one of them

you: OK, so I'd like to know the other cards with similar terms and benefits

Amanda: Please click here for information regarding our Visa Signature with WorldPoints.

Amanda: Please click here for information regarding our WorldPoints Platinum Plus MasterCard.

Amanda: Are you still with me? Please respond so I can leave this chat window open to answer any application questions you may have.

you: I have all the information I need. Thanks and have a great day.

Amanda: You’re very welcome.

Right now, the best 0% credit card in the American market is the Discover More Card, which currently offers 0% intro APR on introductory balance transfers for 12 months, with a transfer fee of 3%. Unfortunately, there is no longer a cap on the transfer fee with Discover More, so if, for example, you want to transfer $3,500 or more, the transfer fee would be at least $105.

But you do have options, like the Bank of America Visa® Signature® WorldPoints Rewards credit card, which now offers 0% intro APR on introductory balance transfers for 15 months, with a balance transfer fee of 3%. This is one of the cards the BofA representative recommended during our online conversation (which I posted above.) With this card, there is the added benefit of a $25 statement credit that you can use to reduce the balance transfer fee. So if you were to transfer $4,000 to this card, the real transfer fee would be:

• $4,000.00 X 0.03 (transaction fee) = $120.00
• $120.00 - $25 (statement credit) = $95.00

Am I sure that a balance transfer would qualify for the statement credit? Yes, I am, because I just checked the terms & conditions for this card. Here's a clip:

"...To qualify for this offer, your new account must be used to make any purchase, balance transfer or cash advance transaction totaling $25 excluding any transaction fees, if applicable within 45 days of the account open date. Limit one (1) statement credit per new account...."

We also have confirmation of this from the BofA representative (see transcript above.)

Ok, so I'm guessing that your next question is, "Why would you recommend the Discover More card before recommending the BofA Visa Signature with WorldPoints Rewards card? Seems that the BofA card offers more value with the 15 month holiday from paying interest on transferred balances."

The answer: because with the BofA cards, the balance transfer fee is subject to finance charges. Here is a clip from the term & conditions associated with the BofA Visa Signature with WorldPoints Rewards card:

"...We include Transaction Fees when computing finance charges. Incurring Transaction Fees results in an APR exceeding 0% for the billing statement on which those fees appear. The Daily Periodic Rate (DPR) will remain 0% as disclosed..."

We also like the Discover More card because its cash back rewards package is the most generous in the American consumer credit card market.

Where Did The "No Fee Balance Transfer"
Pulaski Bank Credit Cards Go?

A little FYI to end this blog entry: The two "no fee balance transfer" cards from Pulaski bank are still available here. The reason we removed them from the "No Fee Balance Transfer" page was because these cards are very difficult to get. Approvals are few and far between. However, if you feel that your credit profile is stellar -- and I mean super perfect -- then by all means give one of these cards a try.

The reason these two Pulaski Bank cards are so hard to get?

• 0% intro APR on introductory balance transfers for 6 months
• No balance transfer fee
• For the regular Pulaski Bank MasterCard® or VISA® Card, the APR on purchases and cash advances is 6.50%. For the Pulaski Bank Visa Gold Card, the APR on purchases and cash advances is 8.00% (you will have a hard time finding credit cards on offer from other American banks with APR's that low, especially for cash advances!)

--> www.FedPrimeRate.com Privacy Policy <-- >  SITEMAP  <

Yes: BofA Pet Rewards Is Still A No Fee Balance Transfer Credit Card

Bank of America Pet Rewards Credit Card

Every month, I take a tour of the terms and conditions associated with the credit cards we recommend at the www.BalanceTransfer.cc website. I do this to make sure that the cards we are recommending still deserve to be recommended by us. This time around, I found something that would have been a real downer for those looking to transfer credit card balances to a 0% offer that doesn't charge a balance transfer fee. The most popular "no fee balance transfer" 0% credit card right now is the Bank of America Pet Rewards Visa® card, no doubt because it's now the only 0% intro APR balance transfer credit card from a big-name bank to which you can transfer balances and pay no transaction fee.

When I checked this card's terms and conditions, I wasn't able to find any language stipulating that balances can be transferred to this card during the introductory period without incurring a fee. So I visited the Bank of America (BofA) site and clicked a link that initiated a real-time, online conversation with a BofA customer service representative (CSR). Here is how that online conversation went (I've copied and pasted the transcript below):

"Thank you for choosing Bank of America. An operator will be with you shortly. You are now chatting with MarLon.

MarLon: Hello, I specialize in assisting with new personal credit card applications. How may I assist you today?

you: hello

MarLon: How are you today?

you: i thought the Pet Rewards card had no balance transfer fee. This card has a transaction fee on balance transfers now??

MarLon: It does.

you: a fee on balance transfers, even the introductory balance transfers?

you: OK, well that's all I wanted to clarify

MarLon: Introductory 0%† APR for Balance Transfers*, Check Cash Advances, and Direct Deposits through your first 6 billing cycles. (These transactions are subject to a 3% transaction fee, no less than $10. Intro APR will end if late or over limit. Payments are applied to lower rate balances first.)

you: does BofA have any cards that don't charge a transaction fee on transferred balances????

MarLon: Not for the 0% offers.

you: ok....thanks

MarLon: Actually the Pet Rewards card have no transaction fee during the intro period.

MarLon: It does thereafter.

MarLon: Click here.

you: oh....ok....so no fee on introductory balance transfers????

MarLon: Right.

you: OK...thanks...I need to be sure, not just for me but for others. I recommend cards on certain websites and forums

MarLon: Thank you.

you: ok...thanks

you: have a great evening

Last text message received MarLon: You're welcome! Have a great evening as well!"

FYI: Ever since the BofA Pet Rewards card stole the #1 spot as the most popular card at www.BalanceTransfer.cc, the second most popular card on this site has been the Discover More American Flag card. Discover More still offers 0% intro APR on both new purchases and introductory balance transfers, and it also has the most consumer-friendly rewards program in the American market. You just can't beat 5% cash back! Enjoy!

--> www.FedPrimeRate.com Privacy Policy <-- >  SITEMAP  <

No Balance Transfer Fee Credit Cards Still Obtainable Despite Credit Crunch

Credit Cards

The credit crunch that's been causing problems in American credit markets has been affecting all classes of Americans, from billionaire Wall Street insiders trying to finance huge corporate takeover deals to middle-class consumers looking for attractive deals on loans and credit cards. With the housing market still languishing and many seasoned economists declaring that the American economy is already in a recession, it seems that 2008 is not going to be a good year for many Americans, from a money and finance perspective. The Federal Reserve has been responding to turmoil in domestic financial markets and the slumping economy by cutting short-term interest rates, but there is no way to tell when or if these Fed actions will jump start the economy. Slowly but progressively, banks have been approving fewer and fewer credit card applications since the subprime debacle began at the end of last summer. Thankfully, however, applicants with strong credit profiles can still get approved for high quality credit products. Moreover, in the American market today, financially secure individuals can still find 0% introductory annual percentage rate (APR) balance transfer credit cards that don't charge a balance transfer fee, even with certain small business credit cards.

On the consumer side, feeless, 0% balance transfer deals are still being offered by some of America's most reputable financial institutions, including the Bank of America® (BofA), American Express® and the Pulaski Bank &and Trust Company. Web surfers looking for business credit cards which combine 0% intro APR on transferred balances with no balance transfer fee can choose from a healthy selection on offer from Citi®.

"We've been getting emails from consumers who have been writing us about manifestations of the liquidity crunch that have been causing considerable pain for both American banks and individuals trying to find favorable credit deals. Cardholders have been complaining most about seemingly random credit line decreases, ever for customers with perfect or near-perfect credit. A cardholder who has an excellent credit history but who also has a high debt-to-credit ratio may be targeted by their bank for a credit limit decrease or an interest rate increase, since banks are worried about consumers who may be relying too heavily on revolving credit. It's never a good idea to have a high balance on a credit card. Consumers should use credit cards to take advantage of rewards programs and zero APR offers, and for emergencies. The consumer who tends to carry a balance from month to month may be headed from trouble in this economy," said Brown.

"The only positive consequence of this sagging economy is that the Fed has been responding to it by lowering short-term interest rates. These moves by the Federal Reserve have made obtaining and paying off loans and credit cards easier," Brown added.

Since mid-September of 2007, the U.S. Prime Rate has been lowered from 8.25% to the current 5.25%, thanks to interest-rate cuts by the U.S. Federal Reserve. Since most variable-rate credit cards -- and many other types of loans -- are indexed to Prime, most consumers and business owners who have been making payments on these loans and credit cards have been enjoying reduced APR's. Any consumer with a variable-rate credit card indexed to Prime who hasn't seen a decrease in their APR over the last 6 months should contact their bank and ask for a lower rate, Brown advises.

Some credit cards and loans are indexed to the London Interbank Offered Rate (LIBOR). Since LIBOR tracks very closely with America's benchmark, short-term interest rate -- the Fed Funds Target Rate -- individuals and business owners with loans or credit cards indexed to LIBOR should be enjoying lower payments as well.

The Federal Reserve is expected to cut short-term rates again when the Federal Open Market Committee (FOMC) meets for its next monetary policy meeting on April 30, 2008.

0% intro APR credit card offers are ever-evolving. Brown urges consumers to visit the blogs at the  FedPrimeRate.com website to stay informed about the latest news and tips from the credit card industry and to read reviews of newly released credit cards. Brown welcomes any and all questions and comments, which can be emailed from either site's email form.

"The banks make a lot of money with credit cards, so they still want to fill consumers' wallets with their plastic despite ongoing troubles in the credit markets. Individuals who are interested in getting the best possible deal with a consumer card, business card or any other type of loan should be sure to keep their credit score high, pay all their bills on time and try to keep their debt-to-credit ratio at around 30%. Consumers who plan on spending money on a major purchase should try their best to pay cash. If an all-cash payment isn't possible, consumers should apply as much cash as possible to the purchase, and put the rest on a credit card that has a high credit limit, a zero or low APR and a generous rewards program," Brown concluded.

Source

--> www.FedPrimeRate.com Privacy Policy <-- >  SITEMAP  <

Import News About The Bank Of America® Money Return® Visa® Platinum Plus® Credit Card

Bank of America

The terms and conditions of the Bank Of America® Money Return® Visa® Platinum Plus® credit card have been modified; this card now charges a fee for any type of balance transfer: 3% of each transfer, with a minimum charge of $10.

The good news: Bank of America (BofA) still has 5 (five) credit cards to which you can transfer your non-BofA credit card balances at 0% intro APR, and pay no transaction fee on introductory balance transfers. On our feeless balance transfer page, you will also find cards from American Express and Pulaski Bank (you should only consider applying for a Pulaski Bank credit card if your credit history is spotless.)

--> www.FedPrimeRate.com Privacy Policy <-- >  SITEMAP  <

Important News Regarding The Citi® Home Rebate® Platinum Select MasterCard®

Citi® Credit Cards

If you're looking for a 0% balance transfer credit card, and you don't want to pay a transaction fee for transferring credit card balances, then the good news is that there are still plenty available. The bad news, however, is that the Citi® Home Rebate® Platinum Select MasterCard®, while still available, now charges a balance transfer fee for all balance transfers. This news is significant because the Home Rebate card was the last 0% "no fee balance transfer" card that offered an interest-free period of 12 months; currently, the all other cards offering free, 0% balance transfer deals have an interest-free of no more than 6 months.

Now don't get the wrong idea. The Citi Home Rebate card is still an excellent credit product offering great value, and you can apply for this card right now if you want to. You can still transfer a balance at 0% intro APR for 12 months, but you'll be charged a balance transfer transaction fee: 3% of each balance transfer with a minimum fee of $5. This card has been the #1 ranked credit product (based on both applications and approvals) at this website since the fall of last year.

I like the Home Rebate card because it has a very attractive rewards program that helps cardholders pay down their mortgage balance faster and build home equity. The American housing market probably won't improve until late 2009, so, for many, any help with getting ahead can make a real difference.

--> www.FedPrimeRate.com Privacy Policy <-- >  SITEMAP  <

A Fond Farewell to A Great 0% Credit Card from Citi®

Citi® Credit Cards

A moment of silence, please...

The good folks at Citi® have decided to suspend the Driver's Edge Platinum Select credit card. This is very disappointing for us, because this card offered one of the best 0% deals around, which was:

• 0% intro APR on the initial balance transfer for 12 months
• No balance transfer transaction fee
• No annual fee

There is now only one 0% balance transfer credit card that has the same excellent features listed above: the Citi Home Rebate Platinum Select Card. According to our research, all other 0% credit cards that are also "no fee balance transfer" cards have an interest-free period of 6 months or less.

The Fed is likely to cut short-term interest rates again next month in an effort to grease the wheels of America's financial markets and ward off a recession. While this is great news for anyone with a variable-rate credit card that's tied to the Prime Rate, overall credit market conditions may get worse before they get better. Was the Citi Driver's Edge card a casualty of the credit crunch? Maybe. Is the Citi Home Rebate card the next to go? Let's hope not!

Sometimes banks resurrect cards that have been suspended, so there is hope for the Driver's Edge card. Keep your fingers crossed. If the card makes a comeback, we'll blog about it here.

--> www.FedPrimeRate.com Privacy Policy <-- >  SITEMAP  <

New Offer Added: The Pulaski Bank Visa Gold Card

Credit Card

0% Intro APR balance transfer deals are great, but feeless (as in no transaction fee for transferring credit card balances) zero percent deals are even better -- much better! If you are partial to no-fee, zero percent intro APR offers, then we have some great news for you: we've researched and reviewed the Pulaski Bank Visa Gold Card, and added it as a recommended credit card here www.FedPrimeRate.com. Key benefits:

• 0% Intro APR on transferred balances for 6 billing periods
• No balance transfer fee
• No annual membership fee
• A very competitive "go to" rate (FYI: the go to rate is the credit card's annual percentage rate that takes effect once the interest-free period ends.)

It would nice if the zero percent intro APR feature associated with the Pulaski Bank Visa Gold Card included new purchases (à la the Discover Platinum card and the American Express INSIDE Rewards cards, et al.), but it doesn't.

However, it's important to note that the current "go to" rate with this card is highly competitive at 9.5% -- that's a mere 1.25% above the current U.S. Prime Rate. Compare the Pulaski Visa Gold's go to rate to this website's #1 choice: the Discover Platinum card, which has a go to rate as low as 10.99%.

If you decide to signup for the Pulaski Bank Visa Gold Card -- or if you already have one in your purse / wallet -- please feel free to post a review of the card by clicking the "comments" link below. Thanks!

--> www.FedPrimeRate.com Privacy Policy <-- >  SITEMAP  <

New Offer Added: The GM Flexible Earnings Card

HSBC Credit Cards

We recently examined the terms and conditions associated with the GM Flexible Earnings Card, and decided that -- with the card's current features and benefits -- it deserves to be recommended here at www.FedPrimeRate.com.

You'll have to pay a fee for transferring balances to the GM Flexible Earnings Card (also known as the GM Flex Card):

...3% ($15 minimum/$75 maximum) for advances by Balance Transfer Checks included in your Welcome Package; thereafter, 3% ($15 minimum) will apply, unless otherwise disclosed...

but on the positive side, it has some great benefits, including:

• 0% Intro APR on new purchases and transferred balances for 12 billing cycles
  
• No annual membership fee
  
• Attractive rewards:
  
  

  ...earn 1% cash back on every single credit card purchase, 1% toward any vehicle or a full 3% toward a brand new, eligible GM car, truck or SUV...

--> www.FedPrimeRate.com Privacy Policy <-- >  SITEMAP  <

0% Intro APR Balance Transfer Credit Cards from American Express -- and You Won't Have to Pay A Balance Transfer Fee

American Express Credit Cards

Here at www.FedPrimeRate.com, we are constantly on the lookout for the best 0% credit card deals. We live and breath credit card balance transfers, for the simple reason that 0% introductory annual percentage rate (APR) credit cards are, quite easily, the most consumer-friendly financial tools available today.

Allow me to present the anatomy of the perfect 0% intro APR credit card offer -- in my humble opinion, of course. Here are the attributes:

• 0% Intro APR on both transferred balances and new credit card purchases for at least 6 months
  
• No balance transfer fee for the initial balance transfer(s).
  
• No annual membership fee
  
• A competitive "go to" rate (FYI: the go to rate is the credit card's annual percentage rate that kicks in once the interest-free period ends.)
  

Right now, the best 0% credit card is the Discover Platinum card, a card that -- believe it or not -- meets all of the above-listed requirements! Citibank (Citi) also has 2 excellent credit cards that meet all of the above, except that they don't offer a 0% intro APR on new credit card purchases.

American Express® Now Has Three, 0% Credit Cards That Are..."Perfect"

Some exciting news for credit card balance transfer fans all across the country: American Express has a new set of consumer credit cards that qualify as "perfect 0% credit cards" -- perfect by my definition anyway -- and these cards offer rewards to boot. They are the American Express INSIDE Rewards cards. Details below:

• IN:LA Card from American Express
  
  
  • 0% Intro APR on transferred balances AND new credit card purchases for 6 months
    
  • no balance transfer fee for the initial balance transfer(s).
    
  • no annual membership fee
    
  • competitive "go to" rate (factors including your credit rating will determine how low your go to APR will be)
• IN:CHICAGO Card from American Express
  
  
  • same benefits as the IN:LA card above
• IN:NYC Card from American Express
  
  
  • same benefits as the IN:LA card above

Of course, it's always important to remember that the terms, conditions, features and benefits of the credit cards we recommend at this website and blog are not set in stone, and therefore can change at any time. So if you plan on taking advantage of any credit card offer recommended here, try not to procrastinate.

Looks like the competition among the major credit card companies is heating up. Let's hope the trend continues!

--> www.FedPrimeRate.com Privacy Policy <-- >  SITEMAP  <

The Reason Why The Discover Platinum Credit Card Is Very Popular for Transferring Balances

Discover Credit Cards

Lately, I've been getting emails from folks asking why the Discover Platinum credit cards are so popular for balance transfers. Why do savvy consumers chose Discover over the competitors?

Well, folks, it's really quite simple: Discover offers the best value.

The Discover Platinum Card offers an interest-free period of 12 months for both transferred balances and new credit card purchases. Generally speaking, other credit cards typically only offer an interest-free period for balance transfers, and charge interest on new purchases.

Discover Platinum is also a rewards credit card: icing on the cake!

Last, but certainly not least: there's no annual membership fee with the Discover Platinum card.

NB: The Discover Platinum Card used to be a "no balance transfer fee" card, but you'll have to pay a fee for transferring balances now: 3% for each balance transfer, with a minimum of $10 and a maximum of $75.

We like the following 3 flavors of the Discover Platinum Card (Update: "Discover Platinum" has been renamed to "Discover More"):

• Discover® More Card- American Flag
  
• Discover® More Card
  
• Discover® More Card - Wildlife Collection

OK, now I know that for some of you, the next question is:

"What if I've already transferred my credit card balance(s) to a Discover account? I know I can't transfer from one Discover credit card to another, so what to do? I want a first-class, fee-free balance transfer offer, and I won't settle for anything less!"

If the above describes your situation, then we have good news for you: Right now, there are two Citibank credit cards that offer a 12 month, interest-free period on transferred balances with no balance transfer fee. The tw0 cards are:

• Citi® Driver's Edge® Platinum Select ® Card
  -- 0% APR on transferred balances for 1 year
  -- no balance transfer fee
  -- no annual membership fee
  
• Citi® Home Rebate Platinum Select® MasterCard®
  -- 0% APR on transferred balances for 1 year
  -- no balance transfer fee
  -- no annual membership fee

Remember: the interest-free period for the above-listed Citibank credit cards is for transferred balances only, not for new purchases, so you'll have to stay disciplined if you signup for one of these offers.

It's also important to remember that credit card offers can change at any time, so if you plan on taking advantage of any offer recommended here today, you shouldn't procrastinate.

--> www.FedPrimeRate.com Privacy Policy <-- >  SITEMAP  <