Best Zero Percent Balance Transfers (February 2011)

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The offers on this page are out dated, you can find the latest news on the best zero balance transfers here.

Once a month, every month, I’ll be providing an update on the “state of the balance transfer” on the first Thursday of the month. With the credit crisis abated and the economy recovering, a lot of credit card companies are resuming their credit card offers, including the once prominent 0% balance transfer. In these monthly posts, I’ll keep you apprised on how the landscape has changed in the last month along with a look at some of the more prominent cards in each category.

In the last month, we’ve seen the introduction of a lot of cards with longer 0% APR periods. We’ve even seen Discover bring in a card with no balance transfer fee, a staple during the housing boom but something that has fallen out of favor as of late.

Your typical trade-offs are still there – longer 0% period or lower balance transfer fee? Discover has a 5% fee but a 24 month 0% APR period but Citi has a lower fee but only an 18 month 0% APR period. The right card for you depends on your balance and how quickly you think you can pay it off.

No Balance Transfer Fee

Discover® More Card - No Balance Transfer FeeAs far as I know, the only major credit card that’s offering a 0% balance transfer with no balance transfer fee is this Discover More Card. Not only do you get a 0% balance transfer for 12 months but you also get 0% introductory APR for 12 months on purchases, along with no balance transfer fee for a transfer made under this offer and with this application. This card is also part of the 5% Cashback Get More program and there is no annual fee.

  • Limited Time – No Balance Transfer Fee
  • Promotion only valid through February 28, 2011
  • 0% intro APR on balance transfers for 12 months, then the Regular APR
  • 0% intro APR on purchases for 12 months, then the Regular APR
  • 5% Cashback Bonus® in categories that change like travel, gas, groceries, restaurants, home improvement stores and more
  • Up to 1% unlimited Cashback Bonus on all other purchases
  • No Annual Fee

Longest 0% Balance Transfer Period

Discover® More Card – Limited Time OfferThe card may look like the one above but this one offers a longer balance transfer period but it comes with a 5% balance transfer fee.

  • Limited Time – 0% intro APR on balance transfers for 24 months, then the Regular APR
  • Promotion only valid through February 28, 2011
  • 0% intro APR on purchases for 6 months, then the Regular APR
  • 5% Cashback Bonus® in categories that change like travel, gas, groceries, restaurants, home improvement stores and more
  • Up to 1% unlimited Cashback Bonus on all other purchases
  • No Annual Fee

4% Fee, 18 Month Transfer Period

Citi® Platinum Select® CardCiti offers a card that sits in the happy medium in both the fee and period arena, a 4% fee coupled with an 18 month 0% Intro APR on balance transfer (plus 0% Intro APR on purchases for 12 months):

  • 0% Intro APR on balance transfers for 18 months and 0% Intro APR on purchases for 12 months. After that, the APR will be 11.99%-20.99% based upon your creditworthiness.
  • Extra Cash from Citi: enjoy discounts on gift cards, travel, merchandise and more
  • Citi® Identity Theft Solutions
  • Secure, free online account management
  • No annual fee*
{ 24 comments, please add your thoughts now! }

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24 Responses to “Best Zero Percent Balance Transfers (February 2011)”

  1. Ryan says:

    So I have a question…I have a really good credit card currently (6.99% APR) that I carry a balance on that I am working down (above $10,000).

    If I decided to transfer to the Discover More card to pay off the debt within 12 months with no interest, what would happen to my existing card? Would they get “angry” and raise my rate after I transfered balance? I’d like to keep my existing card (it’s VISA which is taken a lot more places then Discover, if I need it).

    • Strebkr says:

      Your other bank shouldn’t do anything. To them you are just a number. They won’t get angry.

      • Ryan says:

        I guess my next question is…would Discover look at my credit report/history and not approve me because they may realize that I’m on my way to paying it off before they get any interest charges from me? Or do they really not look into it that much?

        • cubiclegeoff says:

          That don’t look into it like that. I don’t carry a balance on my cards and I still get offers for new ones.

        • Anonymous says:

          Remember, they are still receiving the balance transfer fee and, therefore, making money.

        • cdiver says:

          They want your business however they can get it. They offer zero interest and/or zero transfer fees because the rest of their customer pool earns them enough income. Based on statistics, they beleive that they will make money on you.

    • Jim says:

      I don’t know if they’d get “angry” but that would surprise me. The question is whether you can pay it off within the time period because the rate would increase to something that’s higher than 6.99%.

      You could opt to transfer only the amount that you know you can pay off in the period.

      • Ryan says:

        I definitely plan to pay it off within 12 months (my goal is 6 months actually). I just don’t want to lose my current card because it really has the best rates I’ve seen anywhere.

    • govenar says:

      There’s a small chance that getting a new card could hurt your current card. For example, the credit inquiry when you apply lowers your credit score slightly. Or if your credit utilization percentage on the new card is too high (i.e., you put a balance on it that’s close to the limit), your credit score goes down. If your credit score goes down, it’s possible that the current bank could decide you’re too risky. It’s probably not worth worrying about though.

  2. Strebkr says:

    I wonder if more banks will hop on the 0% 0 Fee offers this year. Money Market rates still are not high enough to play the borrow money at 0% and collect the interest from the money market.

    • Jim says:

      They’ve been coming back pretty strong the last six to twelve months. It was pretty slim pickings about a year or two ago when issuers didn’t know (or were reacting to) what would be in the various bills.

      • Strebkr says:

        I’ve never taken advantage of these before, but maybe I will try one just to see how it works. The only problem is that I don’t have any CC debt. I read that you can do a balance transfer to my chase card for example and then Chase will refund me my credit balance. Anyone know if that works?

        • cubiclegeoff says:

          Some companies will just write you a check for the amount. Or you can transfer to a card you have that has 0$ on it, and the balance goes to negative and they’ll write you a check.

          • Strebkr says:

            I guess the worst case scenario is that they don’t pay out and I have a huge credit balance on my account. That wouldn’t be all that bad. I use my card for ALL of our spending. I just wouldn’t have to pay my CC bill for a few months. I could take that money I would have used throughout the month and used it to pay down some higher interest things.

  3. BrianC says:

    I’ve been getting many 0% offers from Citi & Chase, but they all have the 3 or 4% fee. From what I’ve heard, Discover isn’t offering generous credit lines these days, so it may not be worth it if you’re hoping to make some money off this.

    • Bey says:

      Agreed, I have scores above 740 but only drew a $2500 credit line from Discover. But, I’ll max that with a balance transfer and purchases, and that $2500 can earn 3.04% sitting in my reward checking account for the next year. Every little bit counts.

      • Strebkr says:

        You are right. Every little bit helps! The people who say that its only a few dollars are also the people who don’t mind spending a few dollars every day. All of the sudden it adds up and they don’t know where their money went.

  4. Ryan says:

    I’m not seeing where it says no balance transfer fee on the Discover More card. T&Cs state:
    Transaction Fees
    •Balance Transfer
    4% of the amount of each transfer made under this offer and with this application; otherwise, either $10 or 5% of the amount of each transfer, whichever is greater.

    • zapeta says:

      Some people have been getting different combinations of balance transfer fees, length of transfer, etc. Usually clearing cache and trying again gets you the terms, or use a different browser.

      • Strebkr says:

        I read about this on a different blog and I clicked through and it didn’t have the
        “No Fee” offer. The next day I saw the article here and tried again. It worked. If it doesn’t work the 1st time try again.

  5. eric says:

    This is good info for me to pass to others who are paying down balances. Thanks Jim.

  6. thunderthighs says:

    now this is the kind of article I like to see!

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