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

Thursday, March 01, 2012

Discover's Most Popular 0% Card Leaves The Market

*No balance transfer fee* zero percent introductory APR credit card from DiscoverDiscover's $0 Balance Transfer Fee credit card, which was the most popular 0% credit card on this site last month, is no more. This particular offer ended @ the end of February, 2012. It was an extremely popular offer, garnering lots of interest from credit consumers all over the country.

As a company, Discover totally "gets it." Essentially, Discover does business in accordance with the following guiding premise:

Provide top notch customer service, and include as much value as possible, like the best cashback rewards program in the American market and generous 0% intro APR periods, and consumers will beat a path to our door.

Yep.

The demise of Discover's no fee balance transfer card is a lamentable event, no doubt. It's always sad when a great deal goes away.

But don't fret. There are still some great credit-card offers out there from some of America's most reputable banks.Slate credit card from Chase bank, featuring a zero percent introductory interest rate, and no balance transfer fee

Chase's new no transfer fee, 0% intro APR card is still available. This latest evolution of the Slate® card offers a zero percent introductory interest rate on both new purchases and balance transfer for 15 months, with no balance transfer fee.

The above Chase Slate card was the third most popular card on the www.BalanceTransfer.cc site during February 2012. The #2 card was Discover's 18 Month Promotional Balance Transfer credit card, which offers a zero percent introductory rate on transferred balances for a very attractive 18 months. Despite the 3% transfer fee, this card is still an excellent value. It includes a zero percent introductory rate on new purchases for 6 months.

Citi® still has serious contenders in the 0% credit card game. There are 4 Citi credit cards that offer a zero percent rate on both introductory transfers and new purchases for 18 months, with a 3% transfer fee. You can review these Citi cards, and all the best 0% credit cards in the current market right here.


I see Discover introducing a new $0 Balance Transfer Fee card in the near future.


We're always on the lookout for the best credit-card deals in the USA. Enjoy...and stay tuned.

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Wednesday, February 08, 2012

New Card from Chase: 15 Month Zero Percent Intro APR, with No Balance Transfer Fee

Slate credit card from Chase, featuring a zero percent introductory interest rate, and no balance transfer feeChase has a new version on their Slate card that offers a zero percent introductory interest rate on both new purchases and transferred balances for 15 months, with no balance transfer fee. This new card is the second card listed on our No Fee Balance Transfer page.

Great news, especially for those still loaded with Christmas shopping-related credit-card debt.

Actually, it's great news for just about anyone who's currently paying interest on any credit-card balance.

Even better: no "limited-time" attached to this new Chase offer, so this one is probably going to be around for a while.


To review other attractive credit-card offers from Chase, check out this page.

As always: enjoy! And stay tuned.

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Sunday, February 05, 2012

Citi's Best 0% Cards Bumped Down to 18 Month Zero Percent Intro APR Period On Transferred Balances and New Purchases

Citi Balance TransferCiti® bounced back into the 0% credit card game with some great offers recently. The following cards were offering a zero percent introductory interest rate on balance transfers and new purchases for a extremely attractive 21 months. These cards offered so much value that we felt that, despite a 3% transfer fee, they deserved to be list on our no fee balance transfer page.

Today's news: Citi has decided to scale back these offers. All 4 cards now offer zero percent intro APR on new purchases and balance transfers for 18 months, with the same 3% balance transfer fee.

Still a great value? Yes.

These cards are:


Enjoy...and stay tuned.

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Thursday, January 26, 2012

Discover Most Popular 0% Card Gets Another Month

Right now, and by a wide margin, Discover's most popular no balance transfer fee zero APR credit cardthe most popular 0% card we recommend is Discover's No Balance Transfer Fee 0% credit card, that offers a zero percent introductory interest rate on both new purchases and transferred balances for 12 months, with no balance transfer fee.

This hot offer was originally slated to last until the end of January 2012. But Discover has opted to extend the offer. You can now apply for this card until the end of February (February ends on the 29th this year.)

Enjoy....and stay tuned.

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Wednesday, January 04, 2012

Discover's New No Fee Balance Transfer 0% Credit Card

no fee balance transfer credit cardGreat news: Discover has just released a new 0% credit card that features 0% intro APR on both new purchases and transferred balances for 12 months, with no balance transfer fee.

One caveat: if you want to take advantage of this offer, don't delay. It's set to expire at the end of this month (January 31, 2012.) Hopefully, Discover will choose to extend this hot offer beyond January, but there's no way to know for sure.

As we predicted, 0% credit card deals keep getting better as the economy slowly improves. Enjoy....and stay tuned.

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Tuesday, December 13, 2011

Discover Lowers Balance Transfer Fee from 4% to 3% On Two Very Popular Cards

0% Credit CardsRight now, the two most popular cards we recommend are both issued by Discover. They are the:

Transfer a balance to either card above, and you used to be subject to a 4% balance transfer fee. No longer. The transfer fee has been lowered to 3% for both cards. You have 6 months to take advantage of the 3% transfer fee -- plenty of time. After that, if you want to perform a transfer, the fee is 5%.

Obviously, the lower transfer fee makes these cards more competitive. But I think Discover is going to have to bring back their 24 Month Balance Transfer card, which offered zero intro APR on transferred balances for a full 2 years, if the company wants to stay ahead of Citi® in the balance transfer game (Discover pulled their 24 Month Promotional card from the market back May.)

Right now, Citi has no less than four credit cards that feature zero percent intro APR on both transferred balances AND new purchases for 21 months, with a transfer fee of 3%. Very competitive. These cards are:

So don't be surprised if Discover reintroduces anSlate from Chase card, featuring 0% intro APR and No Balance Transfer Fee ultra-long duration, 0% balance transfer card, or a "no balance transfer fee" 0% card, or a card that combines both competition-trumping benefits, in the near future.

Chase recently upped the ante by introducing a version of its Slate card that features zero percent intro APR on transferred balances for 15 months, with no balance transfer fee. You can find this card at the top of this page.

Despite the increased competition, Discover remains the top choice for visitors who apply for credit accounts via this website. Discover's reputation for offering exceptional customer service (1) is very appealing to all types of credit consumers. And it doesn't hurt that Discover has (arguably) the best cashback rewards program in the industry.

All of the above cards will be very popular from January through March, as Americans do their best to minimize debt related to holiday shopping. Christmas spending is great for the economy, and it's great for all the kids in your circle of family and friends. But try to take it easy. All things in moderation. The housing sector is still weak, unemployment still elevated and growth remains anemic. If your financial situation is great, then by all means spend away and enjoy all the juicy rewards that credit cards have to offer. If not, then please think twice hard before you upgrade that iPhone or that XBox 360.

As the economy slowly but surely thaws over the next three quarters, credit-card deals will get more and more consumer-friendly...no doubt. Stay tuned, and have yourself a superlative holiday season.

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Wednesday, March 02, 2011

24 Month 0% Card from Discover Lives On

First, the bad news: the Discover No Balance Transfer Fee card is no more.
The good news: The Discover 24 Month Balance Transfer card, which offers 0% intro APR on transferred balances for a full 2 years, is still available. The 24 Month card, which was to be discontinued along with No Balance Transfer Fee card, lives on, as Discover decided to keep it alive indefinitely. So, as of March 1, 2011, the best 0% credit card in the American market is Discover's 24 Month Balance Transfer card.

For more, visit this page.

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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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Wednesday, April 01, 2009

Mourning the Demise of Three American Express Credit Cards

Blue from American Express: No Longer AvailableAs a credit card bank, we like American Express a lot. Why? Because the company consistently offers excellent customer service, and their cards typically have very consumer-friendly terms and conditions associated with them (this report says it all.)

So we are sorry to report that three popular American Express cards are no longer available. The cards are:

  • Blue from American Express®

  • Blue Cash® from American Express

  • Blue Sky from American Express®

These cards were great, because they each offered 0% intro APR on new purchases for 12 months, and each featured a generous rewards program. Introductory balance transfers were not free (2.99% for 12 months) but, on the plus side, you didn't have to pay a balance transfer transaction fee.

These cards may return, but there's no way of knowing if or when.

There are still two Amex cards to which you can transfer a credit card balance and pay no balance transfer fee. These are:

  • The TrueEarnings® Credit Card from Costco and American Express, which offers:

    • An introductory balance transfer APR of 1.99% for the first 6 months of Cardmembership, as long as the transferred balances post to your account during the first 30 days of Cardmembership and

    • 0% Introductory APR for Purchases for the first 3 months of Cardmembership.

    • The TrueEarnings® Credit Card from Costco and American ExpressClick here




  • The Starwood Preferred Guest® Credit Card from American Express, which offers:

    • An introductory balance transfer APR of 2.9% for the first 6 months of Cardmembership, as long as the transferred balances post to your account during the first 30 days of Cardmembership and

    • 2.9% Introductory APR for Purchases for the first 3 months of Cardmembership.

    • Starwood Preferred Guest® Credit Card from American ExpressClick here

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Wednesday, March 25, 2009

No Fee Balance Transfer

0% Intro APR credit cards that don't charge a fee on introductory balance transfers, and that are being offered from reputable American banks, are the best credit card deals in the American market today. This article offers some timely and useful advice for those who are looking for the best possible 0% credit card deal.

  • Caveat #1: Make sure to note the interest rate that you'll pay once the interest-free period ends (this is sometimes referred to as the "go to" rate.) If you end up paying a significantly higher interest rate on your balance once the interest-free period ends, then you could end up with a much worse deal than you had before. So pay attention to all the numbers and, if you can, payoff your entire credit card balance once the interest-free period terminates.

  • Caveat #2: Read the fine print carefully. Many zero percent balance transfer deals offered these days come with a catch: if you make any new purchases on the card to which you are transferring your balance(s) during the interest-free period, the annual percentage rate (APR) on those new purchases can be very high, as much as 29%! What's more, any payments you make toward the new card will very likely be applied to the lower interest, transferred balance(s) first, further exacerbating any lack of discipline on your part. So be careful. Balance transfer deals are a great way to save a lot of money in the long term, but if you have to make any new purchases, you are better off using cash, a debit card or a prepaid credit card.

  • Caveat #3: Be careful when using convenience checks! With most credit cards, those convenience checks that you often find packaged with your credit card statement can get you into real trouble if you are not careful. With most cards, use of those convenience checks is tantamount to a cash advance, and credit card cash advances always have very high interest rates associated with them. Some credit cards will give you a favorable interest rate if you use their convenience checks to transfer balances from other credit cards. But read all the fine print carefully. Make sure that you understand exactly what you are getting into before using any convenience checks.

    OK, now for the good news: certain credit card companies will send you blank checks that you can use with their 0% APR balance transfer offer. These checks are really great because you can use them for anything you like. Many money-savvy consumers use these 0% balance transfer convenience checks as a way of getting an interest-free loan, but you can also use them to open a high-yield savings account or purchase a Certificate of Deposit*. Just remember: once the 0% intro APR period ends, interest charges will start to accrue on that "loan," so it's best to return any money that you intend to use with a zero APR convenience check back to the credit card account once the interest-free period terminates.

    Of course, all convenience checks have their limits, usually equal to the credit card account's credit limit.

    If you are not 100% sure as to whether or not the checks you'll receive with your new credit card are in fact 0% balance transfer convenience checks, then take 5 minutes and call the credit card company to find out (NB: I think it's always a good idea to write down the name of the representative you speak with just in case he/she makes a mistake.)

  • Caveat #4: Don't overdo it! It doesn't matter if you are approved or rejected: too many applications for credit within a brief time span can result in a downgraded credit rating. Look for balance transfer deals that offer at least a 6 month intro APR on balances transferred (12 months or more is better) so that you don't end up transferring balances too often.

  • Caveat #5: Before you submit an application for a credit card balance transfer, make sure that the credit card companies that you are dealing with are in fact different. If you try to transfer a balance from one credit card to another and both credit cards are owned by the same bank, then you application will almost certainly be rejected. If, for example, you try to transfer a balance from a Discover it® for Students card to a Discover it® credit card, your balance transfer application will most likely be rejected because both credit cards are issued by Pulaski Bank. This might not seem like a big deal, but remember: Inquiries into your credit report can have a negative effect on your credit rating, especially those inquiries that result in any kind of rejection.
    You can usually consolidate two or more credit cards that have been issued by the same bank into one aggregate credit card, with the resulting aggregate credit card having a credit limit equal to the sum credit limits of the consolidated cards. You should call your credit card company for more information about consolidating credit cards.

  • Caveat #6: Make sure that the credit card account to which you'll be transferring your balance(s) has a credit limit that won't get you into trouble with fees. For example, if you are planning to transfer a total of $5,000 via a zero percent intro APR offer, the credit limit of the receiving credit card account should have a credit limit that's above $5,000. Some zero APR offers charge a fee for transferring balances, and if you don't have enough breathing room, the credit card company may smack you with an over-the-limit fee once the balance transfer transaction fee is added to your account (of course, you first priority should be to find offers that don't charge a fee for transferring balances.)

  • Caveat #7: Sometimes, a balance transfer offer is so good that even with a balance transfer fee, it's worth doing a balance transfer to the card, especially if you have high balances to transfer. However, watch out for these two pitfalls:

    • A decent balance transfer offer that includes a transaction fee will cap the fee at a reasonable level, usually between $75 and $99. If the deal has no cap, then you may end up regretting the decision to transfer your balance(s) when your statement arrives.

    • Read the fine print and find out if the balance transfer fee is subject to finance charges. Believe it or not, with certain deals out there, you could end up paying finances charges on a balance transfer fee. Bottom line: there are still a few consumer-friendly, 0% intro APR balance transfer offers available in the American market, so there's no reason to signup for a deal in which you'd be paying interest on a balance transfer transaction fee.

  • Caveat #8: This may seem obvious, but make sure you pay all your bills on time -- not just your mortgage and credit card bills: you need to stay on top of your household utility bills as well (cable, phone, natural gas, etc.) Bottom line: the banks and credit card companies will offer the best 0% deals to customers with the best credit scores, plain and simple. Having a high FICO® credit score (shoot for a FICO score of 720 or higher) will also minimize the risk of having your credit application rejected.

    For your credit card accounts, use payment scheduling and automatic payments online, and keep those paper statement coming as a backup payment option just in case.

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Tuesday, December 09, 2008

No Fee Balance Transfer Update

No Balance Transfer Fee
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?


no fee balance transfer credit cards from Pulaski BankA 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!)

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Monday, November 24, 2008

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

Bank of America Pet Rewards 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!

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Tuesday, October 28, 2008

Bad Credit, No Credit - Big Problem

credit card“Bad credit, no credit - NO PROBLEM”. Have you ever heard that catch phrase on a TV commercial or seen it on a billboard? Used car salesmen and sub-prime mortgage lenders have practically burned that slogan into the psyche of working class and young America. Of course, we know that potential financiers use such tactics to woo customers into signing for what many would call bad loans, but the reality is that bad credit really is a problem. It can be extremely hard to make ends meet without any credit cushion at all, and the current state of the economy is only making matters worse. Although Congress agreed to a $700 billion bailout plan for America’s largest commercial banks, these lending institutions are actually lending less, not more. The reins have been pulled in tighter, and it is nearly impossible to get a decent loan these days, even for applicants with good credit.

So what do those with bad credit and no credit do?

If you search diligently enough, you can find credit cards designed for people with bad credit. The idea is to approve you for a very low credit limit to help you rebuild your credit. As you pay off your balances on time and develop a positive history, you can qualify for credit increases. It sounds like a good option for starting over - until you read the fine print. The following video highlights the terms and conditions on one of these cards and it will shock you to learn just how terrible a deal this is!



If that kind of card was your only credit option, you would be in pretty bad shape.

The good news is that such a poor deal isn’t your only option. If you have bad credit or no credit at all, consider applying for the Discover More credit card. Discover More offers 0% intro APR on balance transfers and new purchases, and a 5% cash back reward that tops just about all competitors. Because the credit card industry has trained consumers to believe that exclusivity is a sign of quality, many people have been led to believe that Discover is somehow a sub par credit option. The hit prime-time cartoon series Family Guy has even poked fun at Discover.


What’s not funny, however, is applying for credit from one of the more “exclusive” companies and being rejected. Rejection doesn’t just hurt your ego; it hurts your credit rating, too. So, although Peter Griffin had a good time delivering the bad news to that potential patron, it’s actually good news for you. If your credit rating declares you to be just “anybody”, then you may actually have a good way to help rebuild your credit with the Discover More card.

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Tuesday, July 01, 2008

And Then There Were Four...

0% credit cards
0% credit cards
0% credit cards that don't charge a fee for transferring balances are consistently the most popular cards we recommend on this website. It is quite difficult, therefore, to see 3 great "no fee balance transfer" cards disappear from the market.

The American Express IN cards (IN:NYC, IN:Chicago & IN:LA) are no more. These cards offered 0% intro APR on balance transfers for 6 months, with no balance transfer fee. The really sad part is that American Express is one of the best banks out there when it comes to credit cards. Most other banks play "follow the leader" with their terms and conditions. American Express, on the other hand, always plays fair with their customers (based on anecdotal evidence.) Must have something to do with the fact that the company has along history of catering to wealthy, discerning consumers who actually read the terms and conditions before they signup for a card.

So now there are 4 cards left offering 0% intro APR and that don't charge a fee for transferring balances.

Of course, the hunt for the best 0% cards continues. Stay tuned.

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Sunday, April 13, 2008

More Important News About Citi® Business Credit Cards and Balance Transfers

CitiBusiness® credit cards
CitiBusiness® Credit Cards
CitiBusiness® credit cards have been the most popular business credit cards at this website for some time. The fact that with most CitiBusiness credit cards, approved applicants could transfer credit card balances at 0% intro APR, and pay no transaction fee on introductory transfers, was certainly a contributing factor to their popularity.

Now, all the CitiBusiness credit cards we recommend at this site include a fee on both introductory and non-introductory credit card balance transfers. Here's a list, with corresponding intro APR details:


-- The Citi® ProfessionalSM Cash Card
  • 0% intro APR on purchases for 12 months.
  • balance transfer fee on any credit card balance transfer to this card.
-- The Citi® ProfessionalSM Card with Thank You® Network
  • 0% intro APR on purchases for 12 months.
  • balance transfer fee on any credit card balance transfer to this card.

-- The CitiBusiness® Card
  • 0% intro APR on purchases and balance transfers for 12 months.
  • balance transfer fee on any credit card balance transfer to this card.
-- CitiBusiness® Card with ThankYou® Network
  • 0% intro APR on purchases for 12 months.
  • balance transfer fee on any credit card balance transfer to this card.

The balance transfer fee for all the above CitiBusiness cards is currently "3% of the amount of each balance transfer, $5 minimum."

I still like CitiBusiness cards a lot. I have a Citi® Business card in my wallet right now, and I've been very happy with it over the years. Citi is a highly reputable, world-class bank, and their credit products are outstanding.

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Tuesday, March 25, 2008

Important News Regarding The CitiBusiness® Card

CitiBusiness® Credit Card
CitiBusiness® Credit Card
Some good news and some bad news to report today.

The web surfers who visit this site like the business credit cards offered by Citi® a lot. Why? Because, heretofore, with all the Citi business credit card we've been recommending at this website, you could transfer non-Citi credit card balances at a zero percent introductory rate, and pay no transaction fee on the introductory balance transfers. The feeless, 0% balance transfer characteristic of these cards has helped to make them the most popular cards on this website.

OK, so first, the bad news. The CitiBusiness® credit card has recently been reconfigured by Citi, and now charges a fee on all balance transfers, including the introductory ones.

Actually, this news isn't so bad when weighed against the good news, which is that Citi still has 5  business credit cards to which you can transfer credit card balances at 0% intro APR, and pay no fee for the privilege. The cards are:

  • The Citi ProfessionalSM Cash Card
  • The Citi Professional Card
  • The Citi Professional Card with Thank YouSM Network
  • The CitiBusiness Card with Thank You Network
  • The CitiBusiness PremierPassSM Card

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Saturday, March 22, 2008

No Balance Transfer Fee Credit Cards Still Obtainable Despite Credit Crunch

Credit Cards
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

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Monday, March 10, 2008

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

Bank of America
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.)

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Friday, February 22, 2008

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

Citi® Credit Cards
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.

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Saturday, December 01, 2007

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

Citi® Credit Cards
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.

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