Local Banks May Offer No Fee 0% Balance Transfers
When I used to play the balance transfer arbitrage game a few years ago, no fee 0% balance transfers were plentiful. I had my pick of the litter and it usually was a Citi card because they would send the check directly to you. Nowadays, 0% balance transfers are still available but they have 3% balance transfer fees (sometimes capped, oftentimes not) making them good options for people with credit card debt but effectively killing the balance transfer arbitrage games (well, sagging interest rates on high yield savings accounts probably did that more than anything).
However, one place you might look to for a no fee 0% balance transfers is at your community bank. Reader Robert shared an experience he had with a local bank in Connecticut that was still offering 0% balance transfers on their credit cards.
Just thought I would let you know that I received and took advantage of a fifteen month, 0% balance transfer offer with NO fees. This was through a local bank here in Connecticut (Liberty Bank), underwritten by Elan Financial Services. I have not these types of offers for a long time and thought they were dead, but apparently not.
Oftentimes we always think to look for the best offers from national companies like Citi, Discover, Chase, and Bank of America; but the best offers may be in your own neighborhood.
(Photo: smiteme)
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Tags: 0% Balance Transfer, Bank of America, Chase, Citi, Discover
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Yeah I looked through the list you posted the other day and all of them had an uncapped 3% fee. I’ve never done the arbitrage game, with the fees it’s not worth it anymore.
What took them so long to do this?
With community banks paying up to 6% interest while most major banks are paying nothing it’s really not surprising to see community banks emerge as the safer, preferred investment channel. Look into Checking Finder (https://www.checkingfinder.com/). This search tool will find community banks in your area paying up to 6% reward checking. Just type in your zip code.
Offering no fee balance transfers are yet another reason why community banks are emerging as the safer, more profitable investment.