Slight fall in balance transfer fees in the month of November

Wednesday, December 15th, 2010

There has been a marginal decrease in the average balance transfer fee for the month of November. While it was at 3.88% in the month of September and 3.68% in the month of October, it has come down to 3.63% for the month of November and the primary driver of this change has been due to the offers by the two cards by Citibank.

As per the report it has been observed that there is no real tangible connection between the length of the 0% balance transfer as well as the fees and both were unrelated. While most cards offer balance transfers for shorter durations and charge at least 4% to 5% more as fees, these two balance transfer offers at 0% APR and a 21-month duration are by far the best offers.

Both Capital One as well as Citibank is currently offering the lowest fees on transactions for 0% transfers where the length of the balance transfers is 12 months or more. While Capital One’s Platinum Prestige as well as Platinum cards are charging a fee of 3% and are offering 0% rates for a period of 12 months, Citibank has five cards on offer which charge 3% as balance transfer fees with a duration of anywhere between 12 months to a maximum of 21 months.

Presently Discover has a range of fees as well as rates on its balance transfer credit cards. Discover More charges 5%fees with 0% APR with a duration of around 18 months and there are other offers which come for a period of 12 months and fees of around 3% to 4% with 0% APR.

Most card companies charge higher fees for shorter durations and Discover, Citibank and Capital One are exceptions at the moment. Barclays as well as Bank of America also charge relatively higher fees in comparison for shorter balance transfer offers. Even the most prominent cards from the websites of Bank of America are offering 0% APR and 4% balance transfer fee that would last for a mere seven to ten months and that too based on the individual’s credit rating.

The bottom line is that customers who presently don’t have any debt on cards by Citibank, Discover or Capital One stand to gain if they do the balance transfer onto these cards right now. However an existing debt on all or one of these cards might mean paying extra charges for shorter durations on the balance transfers.



Latest Balance Transfer Card News

Tuesday, June 6th, 2017
More people than ever before are entering retirement while still carrying debt, according to data from the Federal Reserve Bank of New York. Debt held by people ages 60 and older ...
Tuesday, January 3rd, 2017
New budgeting tools from Bank of America will aid cardholders in staying on track with their financial goals, giving them better control over their money and offering greater ...
Tuesday, August 2nd, 2016
If you’re trying to get out of debt, you might be unsure of the best way to approach your problem. Not only that, but confronting your debt can be scary.
Friday, April 29th, 2016
If you are like most Americans, you’ve probably received at least one new credit card or debit card in the mail in the last six months—and not because you opened a new account.
Tuesday, October 27th, 2015
When shopping for a new household appliance, a flight, a hotel room, or even a pair of shoes, most people look for the best deal.
Best Credit Offer
Check off the cards you want to compare. Then click the Compare link to go to the comparison table.
Consumer Rating: 5 / 5
Horizon Card Services Horizon Gold Credit Card
Copyright © 2001-2017 BestCreditOffers.com All Rights Reserved.

* The BestCreditOffers.com webpage is a free service and an information resource for credit cards and financial products and services available to eligible United States consumers. BestCreditOffers.com does not offer any warranties and is not a direct service. There are no guarantees for approval or offers when applying for a credit card. Please refer to the application if you would like more information on each credit card. When you click "Apply" for a particular credit card, please take the time to review the terms and conditions of the product/service at the issuer's website. All logos on the BestCreditOffers.com website are property of their respective owners.

Disclaimer: This editorial content is not provided or commissioned by the credit card issuer. Opinions expressed here are the author's alone, not those of the credit card issuer, and have not been reviewed, approved or otherwise endorsed by the credit card issuer. Reasonable efforts are made to present accurate info, however all info is presented without warranty. Consult a card's issuing bank for terms & conditions.

BestCreditOffers.com makes every effort to keep information up to date and accurate. However, the information regularly changes and is presented without warranty. Therefore, we strongly recommend all our readers to visit the credit card application page by clicking "Apply Online!" button to review the detailed credit card's terms and conditions. Note that BestCreditOffers.com may be compensated by the credit card issuers when the readers apply for a credit card through this site.

BestCreditOffers.com is an independent, advertising-supported website which receives compensation from the credit card issuers and companies whose offers appear on the site. Compensation may impact how and where products appear on our site, including, for example, the order in which they may appear on the site pages. BestCreditOffers.com does not review or list all available financial or credit offers.

Disclosure: Not an access card.

User Generated Content Disclaimer: These responses are not provided or commissioned by the bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser's responsibility to ensure all posts and/or questions are answered.