Feeless, 0% intro APR balance transfer deals — perhaps the most sought-after 0% deals on the Internet — are a dying breed. Dying, but not dead. The pool of banks that offer feeless 0% deals has been shrinking. Why? Because the banks and credit card companies know that by eliminating the balance transfer transaction fee, a balance transfer “surfer” can transfer a credit card balance to a card, sit out the interest-free period, then transfer the balance out to a new 0% deal — thus denying the bank any opportunity to make money off the surfer. The balance transfer transaction fee gives a bank the opportunity to get at least something out of the deal.
The Discover More family of credit cards, offered by Discover Financial Services (DFS), has been exceedingly popular for transferring credit card balances. Why? Because, heretofore, with any Discover More card, you could transfer a credit card balance and pay no interest on the transferred funds for 12 months, with no balance transfer transaction fee. But that’s not all: with Discover More, you could (and still can) get a 0% rate on new credit card purchases for 12 months to boot. It’s no wonder that the Discover More family of credit cards has been a top-ranked collection of credit cards at many top-rated websites.
But DFS recently made a change to the terms and conditions associated with the Discover More family of credit cards: you now have to pay a fee for transferring a balance; the minimum transfer fee is $10. The Discover More group of cards still offers great value, with a 0% intro APR rate on both balance transfers and new purchases for one year, but the nascent balance transfer transaction fee may turn off some folks out there in the market for a hot, 0% credit card deal.
OK, now for the good news: Citi®, American Express®, Bank of America® and Pulaski Bank still offer consumer credit cards where you can transfer a balance at zero percent for 6 or 12 months (depending on the card) and pay no balance transfer fee. Furthermore, Citi® and CitiBusiness® have business credit cards that provide an option to transfer balances at 0% without charging a transaction fee.
If you plan on hunting (or continuing your hunt) for an attractive 0% credit card deal after reading this article, remember two things:
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