Category: Balance Transfer Offers

US Bank No Fee Balance Transfer Offers are Back

Balance Transfer Offers, US Bank

Just when you thought they were going the way of the dodo, more no fee balance transfers offers have reappeared. Thanks to FW for spotting these recent finds from US Bank/Elan.

Personal cards with 0% APR on purchases and balance transfers for 12 months:

Business cards with 0% on purchases and balance transfers for 6 months:

According to the terms of these cards, in order to qualify for the no fee offer, balance transfers must be performed at the time of the application.

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Vectra Bank Credit Cards: 0% on Purchases and Balance Transfers for 12 Months with No Fees

Balance Transfer Offers

For a very limited time, Vectra Bank/Zions Bank is offering 0% APR on purchases and balance transfers for 12 months with no fees. (Thanks FW.) This offer expires February 17, 2008 so you will need to act fast. After that date, expect the terms to revert to its normal 0% APR on purchases and balance transfers for 6 months with no fees.

SPECIAL INTRODUCTORY RATE – 0% APR FOR 12 MONTHS!

GET 0% APR ON PURCHASES AND BALANCE TRANSFERS FOR YOUR FIRST TWEVLE MONTHS, THEN A COMPETITIVE RATE THEREAFTER. PLUS, NO ANNUAL FEE AND ONE YEAR ONE YEAR MEMBERSHIP IN THE CONNECT ONE REWARDS PROGRAM FREE. HURRY OFFER EXPIRES FEBRUARY 17, 2008.

…
Combine all of your credit card balances and make one easy payment with a Vectra Bank Colorado Balance Transfer. This no-fee service is smart, convenient and will save you valuable time in the future. Simply complete the Balance Transfer Request form and we’ll handle all the paperwork.

One interesting thing to note is that Vectra does not charge balance transfer fees, even outside of the introductory time frame, so it is not necessary to perform the BT at the time of the application if it is not convenient.

Link

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Associated Bank Visa Platinum: No Fee 0% Balance Transfer for 12 Months

Balance Transfer Offers

The Associated Bank Visa Platinum is a co-branded Citi credit card offering what is an increasing rarity these days: an intro 0% balance transfer for 12 months with no fees. As with most Citi balance transfer offers, you have 12 months from the date of account opening to perform the intro transfer. However, given how fast the no fee offers are disappearing, should you apply for the card, it probably wouldn’t be wise to wait that long.

Link (Via FW)

Please note: This offer has expired. Please click here to see a full list of balance transfer offers.

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Pet Credit Cards: PetSmart Pet Perks Visa, PetRewards Visa

Balance Transfer Offers, Bank of America, Reward Cards, WaMu

As a doting pet owner, this post at SD about the PetSmart Pet Perks Visa caught my eye. It offers:

  • 3 points per $1 spent at PetSmart, petsmart.com and Banfield, and 1 point per dollar everywhere else,
  • 0% intro APR for 6 months on purchases and balance transfers (with no fee within the first 90 days)
  • $20 PetSmart gift card after first purchase
  • Personalize your credit card with your pet’s photo

As you can see, the offer is not much to “woof” about. (Compare this to the Chase Freedom card, for instance, which trumps this offer in nearly every respect.) But it did remind me of the Pet Rewards Visa, a card which I had previously panned. When looking at the Pet Rewards offer with fresh eyes, however, it actually looks to have a good niche use:

  • Earn 2 points per dollar spent at participating veterinary clinincs, pet food retailers, farm and feed stores, and neighborhood pet stores; 1 point per dollar anywhere else
  • 0% intro APR for 6 months on purchases and balance transfers (with no fee)
  • 500 points after first purchase
  • Personalize your rewards card with your pet’s photo

Now, on the surface these benefits look pretty similar to the Petsmart card. The redemption opportunities for the PetRewards credit card, however, make the difference. You can redeem 1000 points for $20 worth of vet expenses at any veterinary office, turning this card into a 2% card for general use, or 4% if your pet care expenses are with participating vendors. The main issue with redemption, of course, is the convenience factor, as you’ll have to fill out a form and return receipts in order to be reimbursed. For those with pet expenses who don’t mind sending in receipts, however, this card represents a reasonable option.

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The Latest Impacts of the Credit Crunch on Balance Transfer Offers

Balance Transfer Offers, Chase, Discover

In the latest sign that the credit crunch is spreading, the AP reports that the rate of delinquent and defaulting credit card accounts has skyrocketed recently. Credit card companies have been revising their estimates of 2008 write-offs upward due to defaults; for instance, Capital One last month projected at least $4.9 billion of default-related write-offs.

Every issuer has responded in at least some way to mitigate their risks. This is most evident in my survey of offers to new customers. Here are some illustrative examples:

  • Just in the past month, Discover has reduced the intro 0% period for purchases on their consumer cards from 12 months to just 6 months.
  • Despite the decline in the prime rate, Capital One has increased the APR on its consumer cards by half a point, also in the past month.
  • Chase has also been aggressive in systematically reducing its exposure by making its balance transfer offers much less attractive. While Chase’s offers of 12 months at 0% APR used to be plentiful on its affinity cards, the available options have shrunk immensely. In fact, the number of cards that offer an intro 0% APR for 12 months has shrunk from well over 100 a half year ago, to just 7, by my latest count. The max balance transfer fee has also increased on many cards, from $75 to $99.

These changes appear to be working for Chase, as its trust was the one exception in October where delinquencies and defaults both declined. Unfortunately for deal-hunting credit consumers, this may translate into deals being leaner in the times ahead.

For reference, here are the 7 Chase offers that I found still carry a 0% intro APR for 12 months:

On an off-topic note, does anyone else find it oddly coincidental that the only university-related card with 0% for 12 months represents a team playing for the national championship in football?

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US Bank: 0% Balance Transfer for 12 Months, No Fees

Balance Transfer Offers, US Bank

A few months or so ago, US Bank took down its 0% offer on balance transfers for 12 months with no fees on its Baylor Alumni Association credit card, replacing it with a 3% uncapped balance transfer fee.

A few FW members now report that it is still possible to get a no fee balance transfer promo code with the following steps:

To receive 0% for 12 months with no fee, please use promotional code 45248.

You have two options on the website to find the request form for a balance transfer:

From the “Customer Service” Link at the top of the usbank.com homepage:

1. Scroll down to “Credit Card and Premier Line Account Options.”
2. Click on “Manage Your Credit Card or Premier Line Account.”
3. Choose the appropriate drop-down box for your credit card product (i.e., U.S. Bank, Gymboree Visa, Harley-Davidson Visa, REI Visa, SKYPASS Visa, or WorldPerks Visa).
4. Select Balance Transfer.
5. Click Next.

OR…

When logged into Internet Banking:

1. Click on the “Customer Service Center” link in the left navigation bar.
2. Scroll down to “Credit Card and Premier Line Account Options.”
3. Click on “Manage Your Credit Card or Premier Line Account.”
4. Choose the appropriate drop-down box for your credit card product (i.e., U.S. Bank, Gymboree Visa, Harley-Davidson Visa, REI Visa, SKYPASS Visa, or WorldPerks Visa).
5. Select Balance Transfer
6. Click Next.

To avoid any unnecessary late fees, please be sure to continue to make your regular minimum payment to your other account until you see that the balance transfer has been processed.

It also appears that the fees may be somewhat negotiable, if for example, you applied for a no-fee offer that has already expired. So it seems worthwhile to talk to a customer service rep about this possibility if you are in the market for a US Bank card.

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Fifth Third Bank Business MasterCard: 0% BT for 12 Months, No BT Fee

Balance Transfer Offers, Business Cards

Fifth Third Bank offers two versions of its Business MasterCard–one with rewards and the other without. Both cards offer 0% APR on both purchases and balance transfers for 12 months with no balance transfer fees. After the first year, the Business MasterCard with Rewards does charge a $50 annual fee per card.

For more info, see 53business.com.

Note: Per the comments below, this offer is valid only for residents in the following states: Ohio, Michigan, Illinois, Florida, Pennsylvania, Missouri, Kentucky, Tennessee and West Virginia.

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DiscoverBiz Card: 0% on Balance Transfers for 18 Months

Balance Transfer Offers, Discover

While the standard Discover Biz offer is 0% on purchases and balance transfers for 12 months, this promo offers 0% on balance transfers for 18 months and 5.99% on purchases for 10 months. The balance transfer fee is 3% and caps at a maximum of $75.

Other terms of the offer appear standard, including no annual fee, 5% on office supplies, 2% on gas and PurchaseChecks.

Link (via FW)

Note: This offer expired December 31, 2007.

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Report: Two-Thirds of Consumers Mishandle Intro Rate Balance Transfers

Balance Transfer Offers

Perhaps there’s a good reason why introductory balance transfer offers are so prevalent–and it’s not because credit card issuers are being charitable. Not only are they an easy way to attract new customers, but they also seem to be quite profitable for the issuers.

In a working paper from the MIT Department of Economics called “The Age of Reason: Financial Decisions Over the Lifecycle,” the researchers found that of the nearly 15,000 people surveyed, roughly two-thirds made new purchases after transferring a balance using the teaser rate.

Experienced credit card users know that this is one of the easiest credit card traps to fall into: any new purchases made on your card will accrue interest at the regular interest rate, but any payments that you make will first be made towards your balances held at the lowest interest rate. As a consequence, it’s a mistake to ever make new purchases with a higher APR while holding a low rate balance.

According to the study, however, more than one-third of customers continued to make new purchases every month, racking up interest at the higher rate. Another one-third made some purchases during the first six months, but must have noticed the higher interest charges and stopped.

As long as these trends continue, it seems there’s little chance that credit card companies will stop making these offers, which is good news for those who know how to play the game.

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