Slight fall in balance transfer fees in the month of November

Wednesday, December 15th, 2010
Updated: December 15th, 2010
The content is accurate at the time of publication and is subject to change.

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.

All rates and fees, and other terms and conditions of the products mentioned in this article/post are actual as of the last update date but are subject to change. See the current products' Terms & Conditions on the issuing banks' websites.

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