How Much Can You Save From “No Balance Transfer Fee” Credit Cards?

For consumers bloated with debt from perhaps indulging in a little more holiday spending than they could immediately afford, a balance transfer credit card with a 0% APR program is often times a phenomenal tool available to alleviate this pain. Credit card companies know this all too well and typically, around this time of year, come out with these very enticing offers. But which balance transfer credit card allows consumers to save the most money while truly assisting them in eliminating or at least heavily alleviating their debt?

Your first option would be to find a card with an extended 0% intro APR option. The longest term we’ve ever come across has been a 21 month 0% APR card from both Discover and Citibank. Fortunately for consumers in the market for these types of cards there are several 21 month 0% APR cards still on the market. Visit our balance transfer credit card marketplace to compare all the features of these cards as well as any promotional offers.

Now on to our favorite type of balance transfer card – the no balance transfer fee credit card.

These types of cards are always promotional offers that never last more than a few weeks. And we generally see them come around right after the new year. There is one still available through the end of this month in which we covered in an earlier article. However, for those that may have missed the offer it can be found using the link below (or read our review here).

Discover More “No Balance Transfer Fee” Credit Card

Here are some quick highlights of the card:

1) No Balance Transfer Fee. (Only if you sign up before Jan 31.)

2) 0% Intro APR on both balance transfers and purchases for 12 months.

3) 5% cash back in a rotating set of everyday type categories (gas, groceries, etc).

4) 20% cash back when you shop online through the Discover website.

No let’s further examine how valuable these “no balance transfer fee” cards really are and how much you can potentially save by transferring your existing debt to one of them.

First, the average balance transfer fee is between 3% and 5% for ALL balance transfer credit cards. Discover Bank is the only credit card issuer that we’ve seen waive this fee. Ever.

If you bank with a credit union and have an existing balance with another credit card outside of your credit union, you may want to see if they can provide a similar card as well if you’d prefer not to open a Discover Card, but we find it unlikely they have a similar offer.

Potential Savings with Discover Bank’s No Balance Transfer Fee Credit Card:

Assuming you have $1,000 in credit card debt and transfer it to a 0% APR balance transfer card you would be saving $50 assuming a 5% balance transfer fee.

5% x $1,000 = $50 in savings

Now assume you have $5,000 in credit card debt and transferred it over to a 0% APR card. Your savings would then be a much more substantial $250 (again assuming a 5% BT fee).

5% x $5,000 = $250 in savings

Now let’s go further and assume you have a whopping $15,000 in credit card debt and need to transfer it immediately to a 0% APR card because you’re likely getting smothered with interest charges. In this more extreme example you would be saving an incredible $750 (assuming 5% BT fee).

5% x $15,000 = $750 in savings

When obtaining one of these cards it’s absolutely crucial that you budget your monthly payments so that the debt you’ve transferred can be fully paid off before the 0% intro APR period is over otherwise you will likely be hit with an APR between 10.99% and 19.99% depending on your credit standing. And although they allow the 0% APR to cover new purchases as well, we would highly recommend never using the card for purchases only as a tool to recover from suffocating credit card debt.

When ‘no balance transfer fee credit card promotions’ become available they never last long, so if you’ve wracked up somewhat of a high credit card debt and are stuck with an unfavorable APR, now is the time to transfer your balance and take advantage of the potential savings.

You can Apply for the Discover More “No Balance Transfer Fee” Credit Card using this link.

– Offer Available Through January 2012 Only –

Discover Bank’s “No Balance Transfer Fee” Credit Card is Back!

One of the most popular promotional offers by Discover Bank is back once again!

The Discover More “No Balance Transfer Fee” Credit Card usually surfaces around this time each year to help relieve consumers of any debt they may have racked up from Holiday spending.

The purpose of balance transfer credit cards is relatively straight forward – you’ll get a promotional 0% APR period (usually 6 months to 12 months) in which you can transfer over debt from another card and pay it off before the zero interest period is over. However, the big kicker with these cards is that they almost always come with a one time balance transfer fee of between 3% and 5% depending on which card you choose. In fact, this is the only balance transfer credit card promotion we’ve seen that waives this fee.

The savings from a “no balance transfer fee” credit card is immense.

For example, let’s say you’ve got $5,000 in credit card debt that is accompanied with an unfavorable interest rate from your current bank. You then decide to apply for a 0% intro APR balance transfer credit card and transfer the entire $5,000 over to your new card. This card imposes a standard 5% up front balance transfer fee. That would mean you would need to cough up $250 right off the bat in exchange for a 12 month 0% APR period.

Given the above scenario you can see how beneficial these no balance transfer fee cards from Discover Bank can be especially if you’re dealing with more credit card debt then mentioned in our hypothetical situation.

Discover More “No Balance Transfer Fee” Credit Card Details (Limited Time Promotion):

• Limited Time Offer – $0 Balance Transfer Fee!
• 0% intro APR on purchases and balance transfers for 12 months, then the variable standard purchase APR of 10.99% – 19.99%
• 5% Cash back Bonus in categories that change like gas, restaurants, department stores and more. Limitations apply
• Up to 20% Cash back Bonus at popular retailers when you shop online through Discover.com
• Discover is ranked 1 in customer loyalty–15 years in a row! (2011 Brand Keys Customer Loyalty Engagement Index report)
• 24/7 access to a U.S.-based Account Manager within 60 seconds
• Great rewards with no annual fee, no rewards redemption fee, and no additional card fee
• Click apply to view rates, fees, rewards, limitations and other important information

  Apply Now!

- Offer Expires on January 31, 2012 -

Credit Cards with Holiday Cash Bonus Promotions Ending Shortly

There’s never a lack of holiday promotions from credit card issuers this time of year and now is about the time they begin to dwindle.

If you’re a last minute shopper like myself, then luckily you’re still eligible to nab one of these cash bonus credit card offers but you’ll have to move fast. However, if you’re one of those people that like to take advantage of the post-holiday discounts many retail stores offer knowing consumers’ wallets (and credit limits) will be packed with funds from returned ugly socks, sweaters, and the like, then you may still want to consider one of these cash bonus credit cards to supplement the upcoming discounts.

Below are Credit Cards Offering Holiday Cash Bonuses for Signing-Up:

1) Get $150 Cash Back Bonus From Discover – Discover is one of our favorite cards for both cash back incentives and balance transfers, however, in our recollection they rarely dabble in the cash bonus realm until the Holiday’s roll around. Currently (and until December 30th) you can nab a $150 bonus after spending $1,000 in 90 days. (Our original report of this offer can be found here). Use the link above before the exp. date to get the offer and to read all the additional terms, conditions of features of the card. The above link will be removed Friday at 2:30pm CST and the cash bonus will no longer be on the table.

Just as a quick glimpse of the features of this card – It’s 5% cash back program on regular purchases and generous 0% balance transfer offer usually keep it amongst the most popular offers on the market. Just remember to factor in the up-front, one-time balance transfer fee that will be imposed before deciding on whether to transfer an existing card balance over to this one. The main drawback of the card being that it’s not widely accepted outside the United States and you may even have trouble using it in obscure shops or locations within the US as well.

2) Chase Freedom® Visa – $200 Bonus Cash Back – This offer, quite frankly, has been one of the best we’ve seen in a while in the cash bonus space and has surprisingly stayed on the market for a relatively long time when compared to other similar offers from competing card issuers. It’s “limited time offer” threat – if you will – has always been looming around since it’s inception but we haven’t received word of it being removed anytime in the immediate future, however, we do have a hunch it may be either taken off the market or the bonus may be reduced in the coming months following the New Year. It has an extremely similar reward structure to that of the Discover offer above, but the requirements to earn the $200 bonus are far less stringent. You can earn the $200 bonus after spending just $500 with the card! Pretty solid return on investment eh? So again, if you’ve got some last minute shopping to do or plan on taking advantage of the post-holiday blues discounts this extra 200 bucks Chase is throwing in your pocket could probably lend a helping hand!

Walmart MoneyCard – Reloadable Prepaid Mastercard with $10 Bonus

Here’s a rather enticing bonus offer. Usually prepaid cards don’t come with cash bonuses, however, for a limited time the Walmart MoneyCard comes with a $10 bonus when you set up a direct deposit and deposit at least $250 into the account. These are pretty lax requirements to earn a $10 bonus when compared to other credit card cash bonuses.

The Walmart MoneyCard is a fairly standard prepaid option. You can sign up in just 60 seconds and it requires no credit check. You can also open one of these without a bank account and they impose zero overdraft fees.

If you’re looking to rebuild your credit with this card you may be tough out of luck though. The Walmart MoneyCard does not report to the three major credit bureaus like these rebuilding credit cards do.

It’s widely accepted (wherever MasterCard is accepted) and can be used to purchase items, pay bills and withdrawal cash. If you’d like to view your account balance or have any additional questions or concerns you may call them 24/7 or log-in to your account on their website.

Get the Card Here —> Walmart MoneyCard(SM) MasterCard® Prepaid Card

Our Take:

Prepaid cards are a valuable tool for those who can’t obtain checking accounts or credit cards. They allow for a safe place to keep cash while providing easy access to it. They do not, however, provide any sort of perks that usually come with popular cash back or frequent flier credit cards – and even some checking accounts. The fact that this card comes with an, albeit small, cash bonus makes it an enticing offer in the prepaid space. The cash bonus is only available for a limited time.

Two Rewarding Credit Card Promotions from American Express

Two American Express credit cards are currently featuring some lucrative rewards for new card holders.

The Delta SkyMiles Card is featuring 30,000 bonus miles after opening the card and spending $500 within 3 months AND the Blue Cash Everyday Card is featuring a $100 cash back bonus after spending $1,000 within 3 months.

Apply for the Delta SkyMiles Card with 30,000 Bonus Miles Here. 60 second approval process.

Apply for the Blue Cash Everyday Card with $100 Cash Back Bonus Here. 60 second approval process.

Both cards are fairly popular in their respective category. The Delta SkyMiles Card ranks as one of the top airline miles cards, while the Blue Cash Everyday Card is rated as one of the best cash back credit cards.

Complete Set of Features for Delta SkyMiles Card:

- Limited Time 30,000 bonus miles (already enough for one free flight) after spending just $500 with the card in 3 months. This amounts to a pretty substantial bonus. Most cards in this category require more spending on the new card before issuing such large amounts of bonus miles.

- Check your first bag free when flying with Delta Airlines for up to 8 people.

- Get 2 for 1 on miles to dollars spent on all Delta purchases and 1 mile for every other dollar spent elsewhere. The overall point reward structure with this card is trailing some of the other top offers. (One is featuring 5% cash back and a $150 Sign-up Bonus!).

- Get priority boarding and save 20% on in-flight purchases.

- $95 annual fee waived for first year.

Complete Set of Features for Blue Cash Everyday Card:

- Limited time $100 cash back bonus after spending $1,000 with the card in 3 months. This cash back offer requires a little more investment on the card holders behalf before the cash bonus is dropped into the account. Spending $1000 to get $100 back, while a nice return, still falls far short of the best offer (by Chase Bank) in the cash back category which features a $200 bonus after spending just $500!)

- 0% intro APR for 12 months.

- No rotating rewards program. Rewards structure is as follows: 3% cash back at supermarkets, 2% cash back at gas stations and department stores, and 1% cash back on all other purchases.

- No annual fee.

$75 Statement Credit for New Chase Slate Card Holders!

Here come the holiday credit card offers!

Last week we noted that the popular Discover More Card is featuring a $150 cash bonus after spending $1,000 with the card (only available through November). And this week’s best holiday credit card special comes from Chase.

Currently the Chase Slate Mastercard is providing new card holders with a $75 statement credit after opening the card and spending $300 on it within the first 3 months. As with other holiday geared credit card offers this one also comes with a 0% APR on purchases for a whopping 15 months!

Apply for the card and get the $75 statement credit here!

Credit cards regularly come out with 0% APR intro periods to persuade consumers to spend, perhaps a little more than they can legitimately afford, during the holiday shopping season. So while this 0% APR for 15 months is a noteworthy feature of the card, we’d still like to remind you to keep your spending in check and always know what your current balance is before pulling it out of your wallet. After the intro period is over you’ll incur a standard APR of between 11.99% – 21.99% depending on your credit worthiness.

If you’ve read our review of the Chase Slate Mastercard, then you’re probably familiar with the Chase Blueprint feature. For those that are unfamiliar with this element of the card, it’s an online management tool that allows you to effectively manage your spending and borrowing. With the feature you can customize your payment plans, create financial goals and monitor their progress. There are no fees associated with this card nor the blueprint program.

Additional Features of Chase Slate Credit Card:

- 0% intro APR on balance transfers.

- 3% balance transfer fee.

- No annual fee.

Discover Card Holiday Promotion Already Here – $150 Bonus!

Discover Card has officially made it’s holiday bonus available to new card applicants! This year they’ve packaged their already popular Discover More Card with a $150 cash back bonus after opening the card and spending $1,000 with it within 90 days. That’s a 15% return! You might want to act fast though because it’s only available for 30 days and will be discontinued on the 30th of November 2011.

Get $150 Cash Back Bonus Here! – only available through Nov. 30.

For those of you that are unfamiliar with the Discover More card, it’s a popular cash back card that enables consumers to rack up an industry best 5% cash back on a rotating set of categorical purchases (ie gas, shopping, travel, etc). They do a pretty good job at matching the categories to the appropriate time of year too. Such as having their rewards program set the 5% cash back for shopping during the holiday season, the 5% cash back for gas during the popular road-tripping summer months, etc.

Perhaps the best part about waiting until the holiday seasons to obtain the Discover More Card (besides the special $150 holiday bonus) is that they’ll give you a whopping 20% cash back for shopping online through their affiliate retailers. And their network of partners is staggering. It currently consist of 175 online brands such as Sears, HP, Best Buy, Barnes and Noble, Bed Bath & Beyond, etc. Pretty much any name brand you’ve heard of can be found through one of their retailers. Visit the link above to see the complete list.

When combined with the $150 holiday bonus, the overall savings and rewards you can encounter using this card for holiday shopping online is unrivaled.

Other Noteworthy Facts and Statistics:

- Discover has ranked #1 in customer loyalty for 15 years in a row (according to Brand Keys Customer Loyalty Engagement Index Reports).

- New customers get 0% APR on both purchases and balance transfers for 6 months after obtaining the card. Regular APR of 11.99% to 20.99% after the promotional period is over.

- No annual fee, no rewards redemption fee, and no additional card fee.

*$150 bonus after spending $1000 within 90 days only available when you sign-up using the promotional link between November 1st and November 30, 2011.

Filed For Bankruptcy? Obtain One of These Three Credit Cards

With unemployment hitting roughly one in ten people here in the United States and collective credit card debt, while getting better, still plaguing many families, it’s no wonder bankruptcy filings have increased fairly dramatically throughout our country’s recessionary period. However, as scary as filing for bankruptcy may feel, it’s not always as bad and long lasting as many people believe.

Prior to filing for bankruptcy most families and individuals think this will affect them for the rest of their lives, and while this holds some degree of truth, the fact is that many can and will go on to successful financial futures. In fact, a number of well known entrepreneurs, politicians and historical figures have actually had run-ins with bankruptcy prior to their robust success. Henry Ford filed for bankruptcy during his first attempt at auto manufacturing before going on to found one of America’s greatest companies. Walt Disney went bankrupt after his first attempt at forging a film company and even Abe Lincoln encountered bankruptcy in his youth after buying his first shop!

Today, however, we have much more valuable and effective tools in place for rebounding from bankruptcy. And for re-establishing credit, the right credit card can make a world of difference and speed up the process.

Below are the top three credit cards aimed at rebuilding one’s credit after bankruptcy. The cards require no credit check and report to the three major credit bureaus enabling consumers to re-establish a solid credit history as quickly as possible. Some of them even feature cash back bonuses and 0% intro APR’s. Also, take advantage of their email and/or text messaging notifications systems to alert yourself of upcoming payments and due dates.

Citi Dividend World MasterCard Cash Back Bonuses: $100 & $300

One of the most popular cash back credit cards – the Citi Dividend World MasterCard – has launched a couple of cash bonuses to accompany their already industry leading cash back program. We’ll get to the bonuses available below, but first, for those who are unaware of their cash back program it features a 5% cash back structure on a different set of rotating categories (categories change every quarter). Currently they feature 5% cash back on travel, hotel and car rentals, however this set of purchases is set to change on the 30th of this month.

Now, for the cash bonuses associated with these cards…

1) Citi® Dividend World® MasterCard – $100 Bonus! – For a limited time new customers can earn a $100 bonus after opening this card and making $500 in purchases within the first 3 months. Plus, they’ll give you a 0% APR on balance transfers AND purchases for 15 months. Keep in mind, your APR will be somewhere between 12.99% and 22.99% depending on your credit standing after the promotional period is over.

2) Citi® Dividend World MasterCard® – $300 Cash Back –OFFER ENDED– This bonus is geared more towards the ‘high rollers.’ For a limited time new card holders can snag a $300 bonus after spending $5,000 in the first 3 months of opening the account. That comes out to $1,666 per month (a little steep for most consumers). However, if you do take advantage of this offer the card also comes with no annual fee and the same ability to rack up 5% cash back on a rotating set of categories as well as 1% cash back on all other purchases and cash advances.

Summary:

We like the Citi Dividend World MasterCard in general, it’s cash back structure (even without the bonuses) is the top in it’s field. However, we feel the card featuring the $100 bonus is far more attractive than the one featuring the $300 bonus. The main reason being the promotional balance transfer offer on top of the rewards. A 15 month 0% APR period for both new purchases and balance transfers is noteworthy for even non-cash back cards – making this a very lucrative offer for both balance transfer cards and rewards/cash back cards.

Want Free Airline Tickets? Get these Credit Cards.

We’ve been meaning to put this list together for a while now after many BankVibe.com readers have been contacting us wondering which credit cards are still offering free airline tickets as sign-up bonuses. So without further ado – here are the credit cards offering either free airline tickets or miles/points which can be immediately redeemed for airfare:

1) Southwest Airlines Rapid Rewards® Plus Credit Card from Chase – Get a free flight after very first purchase! By far and away the best offer on the table in September for airline rewards cards. If you happen to be one of those freakish, cult-like Southwest Airlines fans (and I know you’re out there!) this card is a must. Actually, if you’re one of those people you probably already have the card but for those that don’t you’ll certainly want to look into it if you happen to live near a Southwest hub. Since my city was added to the list of places in which Southwest flies I’ve succumbed to one of their startling low priced deals and I must say, I’ve never met such an enthusiastic group of fliers (the most startling observance from flying Southwest being woken up to a standing ovation for a routine landing). You’ll also incur a 3,000 point bonus every year on your anniversary and you’ll continually rack up 2 points for ever $1 spent with Southwest.

2) Continental Airlines OnePass® Plus Card - Earn up to 40,000 bonus miles your first year. Continental Airlines is another low cost airlines that sometimes attempts to nickel and dime their customers for things like headphones, extra baggage, snacks etc, however with the Continental Airlines credit card you can usually get by these. With this card you’ll also get priority boarding privileges, two complimentary passes to the United Club every year, and you’ll rack up points at a rate of 2 for every $1 spent with Continental.

3) Chase Sapphire® Preferred Card – Earn 50,000 bonus points (equivalent to $665 in airfare!) after spending $3,000 with the card in your first 3 months. Earning $665 for spending $3,000 is a pretty solid return on your expenses, however we think the $1k per month spending requirement is a little tough for most people to meet. But for those that can dedicate $1k in monthly payments to this card it’s certainly worth it. The other features of this card we like are the 2 points you’ll get for every $1 spent on travel and dining, the zero foreign transaction fees, and the 7% annual points dividend.

These are our top 3 “free airline ticket” credit card offers of September 2011. Have we missed one? If so, let us know by leaving a comment!