It turns out that we weren't alone. According to one study published by the Finance Department of The Wharton School of the University of Pennsylvania, "in the early 2000s, as much as 17% of credit card balances were transferred annually by consumers seeking better terms."
Yet not all balance transfer offers are created equal. Some cards offer the 0% introductory rate for a longer period of time than others. And in rare cases, you'll find a card that doesn't charge a balance transfer fee. To that end, in this article we'll look at five of the best offers currently available.
Note that the interest rates and other terms listed below are as of April 25, 2015. These terms can and do change frequently, so be sure to check the terms on the credit card issuer's website before applying. You can also find a regularly updated list of balance transfer options here.
1. Chase
The Chase Slate makes this list as the only option without a balance transfer fee. The introductory rate doesn't last as long as the cards offered by Citi, but 0% for 15 months with no balance transfer fee is a solid offer. To get the no fee deal, however, the transfer must be completed within the first 60 days of account opening. After 60 days, Chase does charge a 3% transfer fee ($5 minimum).
After the 0% introductory period, the interest rate will go to a variable rate of between 12.99% and 22.99% based on creditworthiness. Like the Citi cards, there is no annual fee. Chase Slate also provides members with their free monthly FICO score, as well as zero liability protection, fraud protection and fraud alerts, and purchase protection.
2. Citi
Citi gets the top slot because it offers 0% for 21 months. This is the longest 0% offer currently available. The balance transfer must be completed within four months and there is a transfer fee of 3% of the balance transferred (minimum $5). The 21-month deal is offered on two Citi cards, the Citi Simplicity card and the Citi Diamond Preferred card.
Citi Simplicity Card: This card offers 0% on both balance transfers and purchases. It charges no annual fee, late fees or penalty rates. Once the 21-month period expires, the interest rate will go to a variable rate of between 12.99% and 22.99%, depending on creditworthiness.
The Citi Simplicity card also offers $0 liability on unauthorized charges, Citi Identity Theft Solutions, an extended warranty of up to 5 years and up to $10,000 per year on certain purchases, worldwide car rental insurance for theft or damages up to $50,000, and travel and emergency assistance before or during a trip. Citi cards also work with Apple Pay - pay in-app or at over 200,000 stores with the iPhone 6, or in-app with the iPad Air 2 and iPad mini 3.
The card also comes with Citi Price Rewind, a benefit in which Citi will search for a lower price for up to 60 days after you make a purchase, then refund up to $300 per item, or up to $1,200 per year.
Citi Diamond Preferred Card: Just like the Citi Simplicity Card, this card offers 0% on both balance transfers and purchases, and also comes with no annual fee, late fees or penalty rate. Once the 21-month period expires, the rate goes to a variable rate of between 11.99% and 21.99%, depending on creditworthiness - 1% better than the final rate on the Citi Simplicity Card. Citi Diamond Preferred Card offers all of the same services that are available on the Citi Simplicity Card.
3. Discover
Discover offers a card that combines 0% balance transfer terms with up to 5% cash back. Called the Discover it card, it comes with a 0% balance transfer for 14 months with a 3% transfer fee. There is no annual fee, no over limit fee, no late fee on your first late payment, and a promise that paying late won’t raise your APR. After the 14 month intro period, rates of between 10.99% and 22.99% will apply, based on creditworthiness.
Discover it offers 5% cash back - up to $1,500 - on spending categories that change on a quarterly basis. For example, in the current quarter, the category is restaurants and movies. They also provide 1% cash back on all other purchases, with no cap.
Rob Berger founded Doughroller.net, a personal finance website, allcards.com, a credit card and banking website, and Dough Roller Money Tips, a free weekly newsletter.
Discover also provides a Freeze It tool that enables you to freeze or unfreeze your credit line if you lose your card. The card comes with Discover’s free FICO credit score, included on your monthly statements, online and on your mobile app. And Discover's $0 Fraud Liability Guarantee means you won’t be responsible for unauthorized charges on your card.
4. Capital One
Capital One has several 0% balance transfer card offers. The standout offer is the Platinum Prestige card. It offers 0% on both balance transfers and purchases for about 15 months. There is no annual fee, but there is a 3% fee on balances transferred. After the 0% introductory period, a variable rate of between 10.9% and 20.9% will apply, depending on your creditworthiness.
Much like the Discover-it card, the Platinum Prestige comes with access to your credit score, referred to as Credit Tracker. The card also offers $0 Fraud Liability, an extended warranty program, auto rental insurance, travel accident insurance, and price protection features.
5. U.S. Bank
U.S. Bank has several credit cards on which they are offering 0% balance transfers. Most provide the 0% rate for nine months, but they have two credit cards that offer it for 12 months each.
U.S. Bank Visa Platinum Card: The 0% introductory offer applies to both purchases and balance transfers for the first 12 months. After the intro period, a variable rate of between 9.99% and 20.99% will apply, depending upon your creditworthiness. The card comes with no annual fee, and offers zero fraud liability, fraud protection (notifications of unusual activity), and automobile rental insurance. However there is a balance transfer fee, which is the higher of 3% or $5.
U.S. Bank Perks + Visa Signature Card: The basic offer is similar here, with a 0% introductory rate for the first 12 months on both purchases and balance transfers, no annual fee, and an applicable balance transfer fee, which is the higher of 3% or $5. After the intro rate expires, the APR is slightly higher on this account, ranging from 11.99% to 21.99%.
The U.S. Bank Perks + Visa Signature Card offers many of the same features as the Visa Platinum Card, except for automobile rental insurance. Instead, the card offers “Perks and Rewards”, including 2X points on gas and grocery net purchases, and 1 point for all other purchases. You can redeem your points for brand name merchandise once you’ve accumulated 1,700 points. You can also redeem them for gift cards once you reach 2,500 points, cash back at 5,000 points, and one airline ticket with a value of up to $400 once you reach 25,000 points.
Each of the offers from these five banks are worth considering. But it may come down to the length of the 0% introductory offer, in combination with the various perks and benefits that each card offers.
Rob Berger founded Doughroller.net, a personal finance website, allcards.com, a credit card and banking website, and Dough Roller Money Tips, a free weekly newsletter.
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Source: http://docphy.com/business-industry/personal-finance/credit-cards/5-best-0-balance-transfer-credit-card-offers.html
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