Credit card offers with 0% on balance transfer on October 2010

Thursday, October 14th, 2010

There is some cheer for customers with regard to the 0% balance transfer credit cards. The beginning of the month of October brought some improvement with alteration in balance transfers. While Discover has extended its balance transfer offer to 18 months, it has dropped the balance transfer fees to 3% for a 12-month offer on 0% APR. The same is being followed by Citibank on its Citi Diamond Preferred Rewards Card (3% on 0%APR) for 12 months.

The longest 0% offers are by Discover More and Citi Platinum Select, which offer balance transfers to approved clients for a full period of 18 months. The balance transfer fee charged by each card is at 5%. These long offers last for about 6.7 months while the average was at 11.3 months duration. While at the higher end the balance transfer fee charged is at 5%, many cards are charging the same.

The drop in average balance transfer fees in October are as follows:

The average drop as per the survey has been from 4.1 to 3.8 for the month of October.

Discover More – Drop from 4% to 3%. $100 cash back bonus.

Citi Diamond Preferred Rewards Card – Drop from 5% to 3% & drop in fees.

The Citi Platinum Select as well as the Discover More offers are the best and the longest offers available. Especially for those who require at least a year to pay off the debts with their current cards, these cards would be ideal. However, there is one main difference between the two.

The Citi Platinum Select provides customers with 0% for balance transfers (18 months) in addition to 0% on purchases (12 months).

Discover More offers – 0% on balance transfers (18 months) in addition to 0% on purchases (6 months only)

Hence consumers will have an added advantage with Citi Platinum Select, especially if they plan to make new purchases.

Discover More offers – 0% balance transfer (12 months), $100 cash back bonus 0% on purchases (6 months only)

Citi Diamond Preferred Rewards cards – 0% balance transfer (12 months), 0% on purchases (12 months)

The Bank of America and well as the U.S. Bank have continued with short 0% offers as well as high balance transfer fees. Whereas, Discover and Citibank have a wide range of options for consumers to choose from where the fee is low (12-month balance transfers), 0% rates are very long. In conclusion, this trend is likely to continue for a few more months especially since the Federal Funds rate has remained at zero.

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