Fees for balance transfers at 24 month low - Products News

ADVERTISING DISCLOSURE

ADVERTISING DISCLOSURE:
Credit-Land.com is an independent, advertising-supported web site. Credit-Land.com receives compensation from most credit card issuers whose offers appear on our site. Compensation from our advertising partners impacts how and where their products appear on our site, including, for example, the order in which they may appear within review lists. Credit-Land.com has not reviewed all available credit card offers in the marketplace.

Credit Card Applications » News » Products » Fees for balance transfers at 24 month low

Fees for balance transfers at 24 month low

The content is accurate at the time of publication and is subject to change.
This content is not provided by Citi. Any opinions, analyses, reviews or recommendations expressed here are those of the author’s alone, and have not been reviewed, approved or otherwise endorsed by the Citi.

In the month of February, the balance transfer fees credit cards that offered zero percent balance transfer reduced to 2.95 percent from 3.25 percent. This is the first time that the on balance transfer offers on credit cards have dropped since the 2010 September. The fees on credit cards that offer balance transfer have also reduced by 12 percent. In addition to these changes, the duration for which the zero percent interest is offered has also changed considerably.

One of the main reasons for the drop in the duration of the zero percent balance transfer is because CitiGroup Inc has reduced the time period for which it offers this to its card holders. A few months ago this bank offered the longest 0 percent duration of 21 months for its customers. In addition to this bank, there are other banks as well that have drastically reduced their zero percent time frame. Therefore, the overall average has fallen to just a meager 12 months. This is the lowest duration for the balance transfers without incurring any interest since May 2011.

The only credit card issuers that have balance transfer credit cards that offer 18 months without interest payment are CitiBank and the Discover Group. While the former has three cards in the market, the latter has only one. The shortest interest free duration of six months are offered by US Bank and Wells Fargo. As per the experts in the field of credit cards, the month of February has been the best month for card holders, considering the current balance transfer crisis. The reduction of the interest free period for balance transfers by Citibank may prove to be just the starting point for many other banks to follow suit.

The respite for customers may come in the form of zero fees for balance transfers, which have already been rolled out by leading credit card issuers such as Discover and Chase. Though these are limited period offers, they are worth applying for since they can help customers save on a significant amount of money that can be put to better use. Customers, though, have to be prepared for further shortening of the interest free tenures, if they are looking for other benefits such as zero fees. An increasing number of credit card companies are now offered balance transfer deals that you can consider applying for. If you want to apply for it, then the time is now.

Disclaimer: This editorial content is not provided or commissioned by the credit card issuer(s). Opinions expressed here are the author's alone, not those of the credit card issuer(s), and have not been reviewed, approved or otherwise endorsed by the credit card issuer(s). Reasonable efforts are made to present accurate information, however all information is presented without warranty. Consult a card's issuing bank for the terms & conditions.
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.
Add to Favorites:

Related News:

The Newly Revamped Hawaiian Airlines World Elite MasterCard

Posted: July 20, 2018

Vacationing in Hawaii can be a dream for many, and those with the recently upgraded Hawaiian Airlines World Elite MasterCard and Hawaiian Airlines Business MasterCard can earn miles towards a trip quicker with the cards newly revamped ... Continue reading
Getting Cash Back When Flying With Aerolineas Argentinas

Posted: July 19, 2018

There is a new Amex Offer on the table for people who are thinking about flying with Aerolineas Argentinas, giving them $100 in cash back when booking flights with the airline. To get the deal, travelers must spend $500 or more. Continue reading
American Express Cardholders Get Free Amazon Prime

Posted: July 18, 2018

If you have an American Express credit card you may find a special offer in your inbox, one letting you take Amazon Prime for a test drive for free for three months. This offer is available until July 23rd, 2018, or until 160,000 people ... Continue reading
Get the latest news, articles and expert advice delivered to your inbox. It's FREE.
Earn 5% cash back at different places each quarter like gas stations, grocery stores, restaurants, Amazon.com, or wholesale clubs up to the quarterly maximum each time you activate.
For Excellent, Good Credit
We'll match all the Miles you've earned at the end of your first year. For example, if you earn 30,000 Miles, you get 60,000 Miles.
For Excellent, Good Credit
0% Intro APR on Balance Transfers and Purchases for 18 months. After that, the variable APR will be 15.74% - 25.74% based on your creditworthiness*
For Excellent, Good Credit
You've successfully subscribed!

Please specify the following:All these fields are optional

Your Credit History
Themes you are interested in:

By providing this information you help us make our news letters more useful and informative. Thank you!