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

BankVibe — Wed, 18 Jan 2012 14:21:44 +0000

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!

BankVibe — Sun, 08 Jan 2012 02:44:02 +0000

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

BankVibe — Thu, 22 Dec 2011 10:24:19 +0000

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!

Discover Card Holiday Promotion Already Here – $150 Bonus!

BankVibe — Wed, 02 Nov 2011 16:20:45 +0000

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.

Top 9 Month CD Rates Struggle to Hit 1.0% APY

BankVibe — Sat, 17 Sep 2011 16:40:40 +0000

The best 9 month CD rates from our database topped out at a paltry 1.0% APY this week, with the best 12 month CDs hitting just 1.20% APY (related: see top CD rates from around the country).

You may be able to find a local community bank or credit union offering a slightly higher interest rate, however, these institutions tend to be fairly exclusive, with membership based on location or place of employment. You can get a rundown of our top CD rates from credit unions in 2011 to compare their APY’s -or- skim through our list below of the top three 9 month CD rates from credit unions around the country.

Today’s top CD rates available online:

- 3 month CD yielding 0.60% APY with a minimum deposit of $1,000 required (OneWest Bank)

- 6 month CD yielding 1.00% APY with a minimum deposit of $1,000 required (Aurora Bank and Ascencia Bank)

- 9 month CD yielding 1.00% APY with a minimum deposit of $1,000 required (Discover Bank and GiantBank)

- 12 month CD yielding 1.20% APY with a minimum deposit of $1,000 required (SallieMae)

While we wouldn’t recommend locking in a bank deposit with a longer term than 12 months due to the historically low yields of these products, you can still find CD rates above 2% with longer maturities.

Best 9 Month CD Rates from Credit Unions:

- Navy Federal Credit Union has a 9 month CD yielding 0.80% APY with a minimum deposit of $10k required.

- Affinity Credit Union has a 9 month CD yielding 0.75% APY with a minimum deposit of $500 required.

- Velocity Credit Union has a 9 month CD yielding 0.60% APY with a minimum deposit of $1k required.

Have you locked in a 9 month CD with you local bank or credit union with a larger annual percentage yield? Please share by leaving a comment!

Discover Student Credit Card – $25 Cash Back Bonus!

BankVibe — Thu, 18 Aug 2011 00:36:56 +0000

Here is a great credit card offer for students looking to snag a little cash back while they spend! For a limited time Discover Card is offering $25 sign-up bonuses after you open the card and make your very first purchase within 3 months. Student credit card offers have been fairly lucrative and abundant in 2011, so take advantage of the bonuses while you can!

Apply Here for the $25 Bonus!

Along with the sign-up bonus you’ll also get 5% cash back in a set of rotating categories including: grocery stores, drug stores, gas stations, restaurants, and even travel. However, the 5% cash back will only be applied to the first $300 you spend in each category. You’ll also nab another 1% cash back on all other purchases with no limits or restrictions.

The card is also somewhat enticing to spend on right off the bat because Discover let’s you spend with 0% APR on all purchases for your first 6 months. You’ll want to keep you’re spending in check though because the APR after the promotional period will vary between 13.99% and 20.99% depending on your credit standing. And for those who have never owned a credit card before you can expect your APR to be somewhere near the higher end of that range.

Fees Associated with the Discover Student Card:

Although there is no annual fee, you’ll still get dinged for balance transfers, late or returned payments, cash advances, and foreign withdrawals and transactions. The amount of the fee will will vary and depend on the size of the transaction(s). Read the terms and conditions for full disclosure of potential fees. Learn More or Apply Here.

Compare this offer to other Discover Card Promotions from our archives!

Highest Online CD rates this week coming from Discover Bank

BankVibe — Mon, 25 Jul 2011 16:48:54 +0000

In the market for a semi-short term certificate of deposit? Check out the current CD rates from Discover Bank!

Their APY’s (annual percentage yields) for both 1 year CDs and 2 year CDs are some of the most competitive in the country. Their 12 month CD is providing an APY of 1.20% as of this week and their 2 year CDs feature an APY of 1.40%. And to put their offers in perspective, the current national average for 12 month CDs and 2 year CDs sit at roughly 0.88% APY and 1.05% APY, respectively.

Open a Discover Bank CD

Discover Bank CD’s come with a minimum deposit requirement of $2,500 and the interest is compounded daily.

Tracking down a high yield CD – Granted you may be able to find slightly better rates from your local credit union, however, amongst online banks whom can accept deposits from consumers across the country, you’ll be hard pressed to find a better CD rate than those from Discover.

Why not go long and get a better rate?

Going long on CDs right now is not a wise idea. If you’ve been in the market for one of these FDIC insured savings vehicles for a while then you’ll know we are at the end of a rate cycle. Currently, all savings products are providing historically low yields. And in this environment you’re better off taking a one or potentially two year CD rather than tying up your money for a 5 year CD or higher when rates should rise within the near term (even though your 1 or 2 year CD will undoubtedly provide a rather lousy return).

Top 3 Money Market Accounts – Nationally Available

BankVibe — Wed, 29 Jun 2011 18:16:50 +0000

If you happen to be looking for a liquid savings account or money market account to stash some cash in AND receive a (relatively) decent interest rate while you’re at it, then you may want to look into the following flexible money market accounts we’ve highlighted below. These are the top 3 accounts in terms of interest rate (APY), flexibility and availability. If you are purely a “rate hunter” then we would suggest checking out your local credit union’s rates as well as they can sometimes offer slightly higher APY’s then nationally-available online banks can. However, keep in mind you’ll need to be a member with the credit union which may require you to open additional accounts and/or participate in a Share Savings Account.

Today’s current savings rates are, quite frankly, terrible. So don’t get too excited on the prospect of having your cash work for you by pumping out a lucrative return on your investment. Today’s best rate that is nationally available sits at just 1.15% APY.

Top 3 Money Market Accounts which can be opened online:

(Rates accurate as of July 2011.)

1) Sallie Mae Money Market Account – Sallie Mae, perhaps better known for student loans, have been offering FDIC insured savings products for a while now and their current money market account provides a yield that is tied for the highest in the country (1.15% APY) and comes strait forward terms and conditions which make the account very simple to open and manage. There are no minimum deposits required, no monthly fees, and you can open and mange the entire account online.

2) Discover Bank High Yield Savings Account – Discover’s online savings account essentially functions as a money market account that just happens to be available online (like most online savings accounts do). It’s APY is tied for the best available in the country at 1.15% but the account comes with a minimum deposit requirement of $500. After the initial deposit though, you’ll incur no monthly balance requirements plus the account comes with no fees and can be opened and managed entirely online.

3) Flagstar Direct’s Money Market Account – Offers the second best APY (1.11%) and comes with just a $1 minimum deposit requirement. Flagstar is based out of Troy, MI but offers online accounts to consumers throughout the country.

Know of a better money market account you opened online? Tell us about it by leaving a comment!

Discover Open Road Credit Card Review + Bonus!

BankVibe — Mon, 23 May 2011 16:11:51 +0000

Discover Card has just released an excellent gas credit card just in time for the summer of 2011! Currently their Open Road Credit Card is offering a $50 bonus to new card holders in the following manner:

Get the bonus here: Discover® Open Road Card – $50 Cashback Bonus®

- Get a $10 Cash Back Bonus on each of your 5 first gas purchases of at least 25 bucks within the first 3 months of opening the card.

To go along with the $50 cash back bonus, the Discover Open Road Card also features a fairly lucrative cash back structure on all other purchases. Keep in mind Discover does impose caps on most expenditure categories. Here is how the cash back program works:

- Earn 2% cash back on ALL gas purchases (up to $250 each month).

- Earn 5% to 20% cash back bonus at over 200 top retailers through Discover Bank’s online shopping mall. They have a large selection of merchants that they work with to provide these outstanding discounts. Here are a few of them:

5% at BestBuy.com, 5% at iTunes, 10% at Barnes and Noble website, 5% at Orbitz, 5% at Travelocity, 10% at 1800Contacts.com, 20% at Teleflora.com, 15% at Drugstore.com, 10% at Macys.com, 10% at FootLocker.com

- Earn 1% cash back on all other purchases.

If you’d like, you can also use this card as a balance transfer card. It offers a 0% introductory APR for 12 months from date of first transfer, for transfers under this offer that post to your account by July 10, 2011. After the introductory APR expires, your APR will be 11.99% to 20.99% based on your creditworthiness. This APR will vary with the market based on the Prime Rate.

To calculate the APR you’ll incur with their credit card, they’ll use the highest prime rate listed in The Wall Street Journal on the last business day of the month. For the purchase and balance transfer APR, they’ll add between 8.74% to 17.74% to the Prime Rate .

We wouldn’t advise using this card for cash advances. To come up with the APR associated with cash advances they’ll add 20.74% to the Prime Rate. Also if you fail to make a payment you’ll get knocked with a penalty APR which Discover will calculate by adding between up to 13.74% and up to 22.74% to the Prime Rate.

Summary of Credit Card Offer:

If you plan on making all your payments in full each month, this card is a phenomenal way to rack up rewards swiftly (most notably with gas fill-ups). The 20% cash back bonus offer they offer with their online retail partners is unrivaled in the market. Plus, if you need to transfer a sum from another credit card with an unfavorable APR, their balance transfer period is pretty respectable (12 months – 0% APR). Apply for Offer Here.

Compare this with our favorite cash back credit cards of 2011, or if you’ve taken advantage of a noteworthy gas rewards credit card this year, please share by leaving a comment!

Top Online Savings Account Rates in 2011

BankVibe — Sat, 07 May 2011 11:32:49 +0000

In 2011 the best online savings accounts haven’t been able to provide too much on the interest rate front, however, if you happen to be in the market for one of these we’ve compiled a list of the top 5. We put this list together based on account flexibility, customer service, and APY (annual percentage yield).

Flexibility with an online savings account is crucial. You’ll want an account with limited restrictions on withdrawals and easy wiring options to add/subtract funds. You’ll also want a low minimum balance requirement (especially if you don’t plan on stashing too much cash in the account) as well as various online management tools.

We’ve taken customer service into consideration when ranking these accounts because none of the institutions have brick and mortar branches. And even though you’ll likely never need to speak to a representative it’s still nice to know there are actually human beings behind the screen. There should also be an easy to navigate website with secure and straight forward transfer options.

After reviewing numerous online savings accounts in 2011, we’ve compiled our favorite five based on the criteria we’ve mentioned above. We’ve also used your comments as a basis for this evaluation as well.

Top 5 Online Savings Accounts in 2011:

(Interest rates and APYs are time sensitive in nature, please refer to the date of this article for accuracy. Visit our savings account center for updated rates and information.)

1) Discover Bank High Yield Savings Accounts – Discover offers one of the top online savings accounts on the market in 2011. They have an extremely fast opening process (typically under 24 hours) and one of the best interest rates available. You’ll also encounter intuitive online management software and transfer options. The account features a low opening balance and no minimum deposit requirement.

2) Sallie Mae’s Online Savings Account – Sallie Mae, generally better known for student loans, entered the savings arena last year. Their online savings account features an easy to navigate interface along with no minimum balance requirement. Their interest rates have consistently beaten the national average but are currently lower than Discover’s APY.

3) Ally Bank’s Online Savings Account – The former GMAC re-branded them self after a tumultuous 2008. Ally was named Kiplinger Magazine’s best online savings account in 2009. Their interest rate is generally slightly lower than the top two accounts, however, it features just as flexible of terms and conditions and has 24/7 support available.

4) FNBO Direct’s Online Savings Account – Like Ally Bank, FNBO Direct was rated the best online savings account of 2008. It comes with no fees and no minimum balance requirement and is the online division of the First Bank of Omaha.

5) ING Direct’s Online Savings Account – Often featuring the lowest APY of the bunch, they probably have the most easy to use interface and ATM’s throughout the country (and abroad). They are known for a widely available and responsive customer service department and have a number of online account options available.

Have you opened an online savings account in 2011 that you feel deserves to be on this list. Tell us about it by leaving a comment!