Pulaski Bank and IberiaBank Credit Cards: Great Products, But We Can't Recommend Them Anymore

We are no longer recommending IberiaBank or Pulaski Bank credit cards. Here's why:

• The two Pulaski Bank no fee balance transfer 0% credit cards that we were recommending on the www.BalanceTransfer.cc website are no longer available. The Pulaski Bank & Trust Company owns IberiaBank, so I'm guessing that the company decided to focus on the IberiaBank brand. The recently discontinued Pulaski Bank cards were very similar to IberiaBank cards.
  
  
• The three IberiaBank cards, which were the only 0% intro APR, no fee balance transfer credit cards we were recommending, are still available, but the terms and conditions associated with these cards were recently changed. All 3 cards now charge a 2% fee on balance transfers, and, for all 3 cards, the "goto" APR's were raised (the "goto" rate is the APR your balance would be subject to once the introductory period ends.) And that's not all: the introductory APR for all 3 cards was raised from 0% to 1.99%.
  
  
• For the three IberiaBank cards we were recommending, we referred hundreds of applications, and, as of today, all those applications resulted in zero approvals (for June.) The IberiaBank Visa Classic cards, which required a "good-to-excellent" credit rating, is now a card which requires an "excellent" credit rating. In fact, now all IberiaBank cards require an excellent credit rating. For us, this is clear evidence that these cards are not worth recommending, since the vast majority of applicants would have to face a declined application.
  
  To be clear, this is not to say that IberiaBank is not a good credit card bank. In fact, we applaud the bank's tight lending standards and non-automated review process. However, we feel that the bank's standards are a bit too tight, plain and simple. That's just our opinion. If you are interested in applying for an IberiaBank card, please feel free to follow this link.
  

Our no fee balance transfer page still contains two American Express cards, but these cards don't offer 0% intro APR. The intro APR for the Amex TrueEarnings® Credit Card from Costco is 1.99%, and this rate lasts for six months. For the Amex Starwood Preferred Guest® card, the intro APR period is also 6 months, but the intro APR is 2.9%. Of course, we have absolutely no problem recommending American Express products, since the company's customers have ranked Amex above its competitors two years in a row. O% intro APR is nice, but so is dealing with a bank that won't treat you like a sucker.

Stay tuned for the latest updates.

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No Fee Balance Transfer 0% Credit Card from Iberiabank

Considering that banks can borrow at close to zero percent, consumer and business loan products aren't very consumer-friendly. Thankfully, certain smaller banks are still offering great credit deals, like Iberiabank's Visa Classic and Gold cards.

Since the height of the global credit crunch during the third quarter of 2008, the federal government has been doing all it can to get banks to lend money to both consumers and businesses. Despite the fact that large, American bank holding companies (BHC's) have been sitting on massive piles of cash for some months, and despite being prodded by politicians to get credit flowing through the economy, many Americans are finding it difficult to find business and student loans, credit cards and other loan products at reasonable rates. Banks are able to borrow at rates below 0.25%, but they aren't passing these favorable rates onto credit-starved individuals and organizations. Thankfully, there are some consumer-friendly credit products on offer from a limited number of top-quality, U.S.-based financial institutions, like Iberiabank. Of all the 0% credit cards available in the current, credit-crunch and recessionary lending environment, the Iberiabank Classic Visa® credit card is the best, featuring a new purchases rate of Prime plus 3%, no annual fee and zero percent introductory APR on transferred balances with no balance transfer fee.

The Federal Reserve has been buying U.S. Treasury securities in an effort to lower the return on government bills, notes and bonds. Lower yields makes these securities less attractive to institutional and individual investors, which, in turn, should cause capital to shift from the safety of government debt to riskier investments like stocks and corporate bonds. This strategy has another very significant advantage: buying long-term Treasuries will keep mortgage rates low. We know that at least one prong of the Fed's plan has worked, as many well qualified consumers are now able to get new mortgages -- or refinance their current home loans -- at rates below 5%. But the spread between the Fed's short-term rates and the rates on short-term credit products like credit cards is still relatively high. That's because:

• the secondary market for credit card receivables completely dried up last year, and
  
  
• many banks are still trying to make up for losses related to the unnumbered subprime loans and failed derivative investments made during the recent housing/credit boom, and
  
  
• banks are concerned about the rising rate of delinquencies and defaults as the current recession continues to stoke the unemployment rate higher.
  

At the end of 2008, the Fed created the Term Asset-Backed Securities Loan Facility (TALF), a program that will lend up to $1 trillion to jumpstart the secondary market for all types of receivables back to life. But TALF will take time to work. Until then, big banks will have to keep credit card receivables on their own balance sheets, and credit card interest rates from these banks will remain mediocre at best and unfavorable at worst.

How Is Iberiabank Able to Offer Such A Great Free Balance Transfer Credit Card?

A good question, and the answer is quite simple: because this particular bank has always had high lending standards, even when other, much larger banks were making loans to just about anybody who wanted one. Consumer who don't mind giving up the convenience of an instant approval and who are willing to provide at least some proof of their income can enjoy great features like:

• No fees on introductory balance transfers
  
  
• Zero percent introductory APR on transferred balances for six months
  
  
• No annual fee
  
  
• Interest rates as low as Prime plus 3 percentage points
  

The highly recommended Iberiabank Visa Classic credit card offers the best rates, but the card doesn't have a rewards program. The Iberiabank Visa Gold card has slightly higher rates associated with it (qualified applicants can enjoy Prime plus 4 percentage points), but the tradeoff is that it comes with a decent cash-back rewards program. Prime plus four percent is still an excellent rate is today's credit environment.

Then there's the Iberiabank Visa Platinum card, which also has a top-tier interest rate of Prime plus 4 points. Like it's Classic and Gold cousins, the Platinum card is a great free balance transfer credit card. Platinum offer benefits like travel accident insurance and a unique Scorecard® Bonus Point rewards program. So, why would we recommend the Classic and Gold cards before recommending Platinum? Here are the reasons:

• The Platinum card requires applicants to have a spotless (excellent) credit rating, which means, in all likelihood, most applications will end up in the declined pile.
  
  
• The Gold card has a cash back rewards program, which we feel is the best type of credit card bonus, and the credit requirement for the Gold card is good-to-excellent, which translates to fewer applicants having to deal with a rejection.
  
  
• The Classic card has the best interest rates for those who don't care about rewards. With Classic, even the cash advance rate is the best we've ever seen at Prime plus 7 points. How many cards exist in the American market where you can get a cash advance at 10.25%? Most cards charge at least 25% for the cash advance privilege. Using a credit card to get a cash advance is almost never a good idea, but for anyone who might have to use one in an emergency, it's good to know that this card won't abuse the cardholder with exploitative rates.
  

Over time, TALF will help restore the secondary receivables market, which in turn will help to drive down rates associated with both consumer and business loan products. Business credit cards, which have all but disappeared from the U.S. market, will likely make a comeback within the next few quarters. Until then, American consumers who got used to cheap, easy and convenient loans products from the largest American BHC's should look to often ignored and soundly managed smaller banks, and their local credit unions, for consumer-friendly loans and credit cards.

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Mourning the Demise of Three American Express Credit Cards

As a credit card bank, we like American Express a lot. Why? Because the company consistently offers excellent customer service, and their cards typically have very consumer-friendly terms and conditions associated with them (this report says it all.)

So we are sorry to report that three popular American Express cards are no longer available. The cards are:

• Blue from American Express®
  
  
• Blue Cash® from American Express
  
  
• Blue Sky from American Express®

These cards were great, because they each offered 0% intro APR on new purchases for 12 months, and each featured a generous rewards program. Introductory balance transfers were not free (2.99% for 12 months) but, on the plus side, you didn't have to pay a balance transfer transaction fee.

These cards may return, but there's no way of knowing if or when.

There are still two Amex cards to which you can transfer a credit card balance and pay no balance transfer fee. These are:

• The TrueEarnings® Credit Card from Costco and American Express, which offers:

• An introductory balance transfer APR of 1.99% for the first 6 months of Cardmembership, as long as the transferred balances post to your account during the first 30 days of Cardmembership and
  
  
• 0% Introductory APR for Purchases for the first 3 months of Cardmembership.
  
  
• Click here
  

• The Starwood Preferred Guest® Credit Card from American Express, which offers:

• An introductory balance transfer APR of 2.9% for the first 6 months of Cardmembership, as long as the transferred balances post to your account during the first 30 days of Cardmembership and
  
  
• 2.9% Introductory APR for Purchases for the first 3 months of Cardmembership.
  
  
• Click here

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No Fee Balance Transfer

0% Intro APR credit cards that don't charge a fee on introductory balance transfers, and that are being offered from reputable American banks, are the best credit card deals in the American market today. This article offers some timely and useful advice for those who are looking for the best possible 0% credit card deal.

• Caveat #1: Make sure to note the interest rate that you'll pay once the interest-free period ends (this is sometimes referred to as the "go to" rate.) If you end up paying a significantly higher interest rate on your balance once the interest-free period ends, then you could end up with a much worse deal than you had before. So pay attention to all the numbers and, if you can, payoff your entire credit card balance once the interest-free period terminates.
  
  
• Caveat #2: Read the fine print carefully. Many zero percent balance transfer deals offered these days come with a catch: if you make any new purchases on the card to which you are transferring your balance(s) during the interest-free period, the annual percentage rate (APR) on those new purchases can be very high, as much as 29%! What's more, any payments you make toward the new card will very likely be applied to the lower interest, transferred balance(s) first, further exacerbating any lack of discipline on your part. So be careful. Balance transfer deals are a great way to save a lot of money in the long term, but if you have to make any new purchases, you are better off using cash, a debit card or a prepaid credit card.
  
  
• Caveat #3: Be careful when using convenience checks! With most credit cards, those convenience checks that you often find packaged with your credit card statement can get you into real trouble if you are not careful. With most cards, use of those convenience checks is tantamount to a cash advance, and credit card cash advances always have very high interest rates associated with them. Some credit cards will give you a favorable interest rate if you use their convenience checks to transfer balances from other credit cards. But read all the fine print carefully. Make sure that you understand exactly what you are getting into before using any convenience checks.
  
  OK, now for the good news: certain credit card companies will send you blank checks that you can use with their 0% APR balance transfer offer. These checks are really great because you can use them for anything you like. Many money-savvy consumers use these 0% balance transfer convenience checks as a way of getting an interest-free loan, but you can also use them to open a high-yield savings account or purchase a Certificate of Deposit*. Just remember: once the 0% intro APR period ends, interest charges will start to accrue on that "loan," so it's best to return any money that you intend to use with a zero APR convenience check back to the credit card account once the interest-free period terminates.
  
  Of course, all convenience checks have their limits, usually equal to the credit card account's credit limit.
  
  If you are not 100% sure as to whether or not the checks you'll receive with your new credit card are in fact 0% balance transfer convenience checks, then take 5 minutes and call the credit card company to find out (NB: I think it's always a good idea to write down the name of the representative you speak with just in case he/she makes a mistake.)
  
  
• Caveat #4: Don't overdo it! It doesn't matter if you are approved or rejected: too many applications for credit within a brief time span can result in a downgraded credit rating. Look for balance transfer deals that offer at least a 6 month intro APR on balances transferred (12 months or more is better) so that you don't end up transferring balances too often.
  
  
• Caveat #5: Before you submit an application for a credit card balance transfer, make sure that the credit card companies that you are dealing with are in fact different. If you try to transfer a balance from one credit card to another and both credit cards are owned by the same bank, then you application will almost certainly be rejected. If, for example, you try to transfer a balance from a Pulaski Bank Visa® card to a IberiaBank credit card, your balance transfer application will most likely be rejected because both credit cards are issued by Pulaski Bank. This might not seem like a big deal, but remember: Inquiries into your credit report can have a negative effect on your credit rating, especially those inquiries that result in any kind of rejection.

  You can usually consolidate two or more credit cards that have been issued by the same bank into one aggregate credit card, with the resulting aggregate credit card having a credit limit equal to the sum credit limits of the consolidated cards. You should call your credit card company for more information about consolidating credit cards.
  
  

• Caveat #6: Make sure that the credit card account to which you'll be transferring your balance(s) has a credit limit that won't get you into trouble with fees. For example, if you are planning to transfer a total of $5,000 via a zero percent intro APR offer, the credit limit of the receiving credit card account should have a credit limit that's above $5,000. Some zero APR offers charge a fee for transferring balances, and if you don't have enough breathing room, the credit card company may smack you with an over-the-limit fee once the balance transfer transaction fee is added to your account (of course, you first priority should be to find offers that don't charge a fee for transferring balances.)
  
  
• Caveat #7: Sometimes, a balance transfer offer is so good that even with a balance transfer fee, it's worth doing a balance transfer to the card, especially if you have high balances to transfer. However, watch out for these two pitfalls:
  
  
  • A decent balance transfer offer that includes a transaction fee will cap the fee at a reasonable level, usually between $75 and $99. If the deal has no cap, then you may end up regretting the decision to transfer your balance(s) when your statement arrives.
    
    
  • Read the fine print and find out if the balance transfer fee is subject to finance charges. Believe it or not, with certain deals out there, you could end up paying finances charges on a balance transfer fee. Bottom line: there are still a few consumer-friendly, 0% intro APR balance transfer offers available in the American market, so there's no reason to signup for a deal in which you'd be paying interest on a balance transfer transaction fee.
    
    
• Caveat #8: This may seem obvious, but make sure you pay all your bills on time -- not just your mortgage and credit card bills: you need to stay on top of your household utility bills as well (cable, phone, natural gas, etc.) Bottom line: the banks and credit card companies will offer the best 0% deals to customers with the best credit scores, plain and simple. Having a high FICO® credit score (shoot for a FICO score of 720 or higher) will also minimize the risk of having your credit application rejected.
  
  For your credit card accounts, use payment scheduling and automatic payments online, and keep those paper statement coming as a backup payment option just in case.

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No Fee Balance Transfer Update

In our last post at this blog, we confirmed that the Bank of America (BofA) Pet Rewards Visa® card was still offering 0% intro APR on transferred balances, with no balance transfer fee. Today's news isn't good: this card was discontinued yesterday. I felt a need to confirm this somber news because sometimes a bank will discontinue a credit product from affiliate sites like www.BalanceTransfer.cc, but the product can still be found on the bank's website. So I searched for this card using my favorite search engine and found that it was still listed on the BofA website. For clarification, I decided to have another online conversation with a BofA representative. The conversation ended a few minutes ago; here's how that conversation went:

Current Transcript of the Chat Session. Thank you for choosing Bank of America. An operator will be with you shortly. You are now chatting with Amanda.

Amanda: Hello, thank you for joining Bank of America online chat. I am here to assist you in selecting new accounts that fit your needs. How can I assist you today?

you: Hello

you: I want to know if the Bank of America PetRewards® Visa® card is still available

Amanda: No I am sorry it is not.

Amanda: It was discontinued yesterday.

you: OK, so Bank of America hasn't had a chance to remove all pages related to this card yet, is that right?

you: I was able to find this card with a Google search

Amanda: That's not our site so they may still have it (?)

Amanda: However if you try to get to the application you will get an error.

you: Ok, well thanks for your time

Amanda: You’re very welcome.

Amanda: Are you looking for a balance transfer card?

you: yes

Amanda: How much are you looking to transfer?

you: I'm looking for 0% intro APR on introductory balance transfers, with no balance transfer fee

you: I'm looking to transfer about $4,000

Amanda: Well we don't have a card with no fee but we do have cards with 0% APR for 15 months on balance transfers and then we give you $25.00 back for doing the transfer. So once you get the credit back the fee would only be like $95.00

you: are you referring to the Bank of America Cash Rewards card?

Amanda: That is one of them

you: OK, so I'd like to know the other cards with similar terms and benefits

Amanda: Please click here for information regarding our Visa Signature with WorldPoints.

Amanda: Please click here for information regarding our WorldPoints Platinum Plus MasterCard.

Amanda: Are you still with me? Please respond so I can leave this chat window open to answer any application questions you may have.

you: I have all the information I need. Thanks and have a great day.

Amanda: You’re very welcome.

Right now, the best 0% credit card in the American market is the Discover More Card, which currently offers 0% intro APR on introductory balance transfers for 12 months, with a transfer fee of 3%. Unfortunately, there is no longer a cap on the transfer fee with Discover More, so if, for example, you want to transfer $3,500 or more, the transfer fee would be at least $105.

But you do have options, like the Bank of America Visa® Signature® WorldPoints Rewards credit card, which now offers 0% intro APR on introductory balance transfers for 15 months, with a balance transfer fee of 3%. This is one of the cards the BofA representative recommended during our online conversation (which I posted above.) With this card, there is the added benefit of a $25 statement credit that you can use to reduce the balance transfer fee. So if you were to transfer $4,000 to this card, the real transfer fee would be:

• $4,000.00 X 0.03 (transaction fee) = $120.00
  
  
• $120.00 - $25 (statement credit) = $95.00

Am I sure that a balance transfer would qualify for the statement credit? Yes, I am, because I just checked the terms & conditions for this card. Here's a clip:

"...To qualify for this offer, your new account must be used to make any purchase, balance transfer or cash advance transaction totaling $25 excluding any transaction fees, if applicable within 45 days of the account open date. Limit one (1) statement credit per new account...."

We also have confirmation of this from the BofA representative (see transcript above.)

Ok, so I'm guessing that your next question is, "Why would you recommend the Discover More card before recommending the BofA Visa Signature with WorldPoints Rewards card? Seems that the BofA card offers more value with the 15 month holiday from paying interest on transferred balances."

The answer: because with the BofA cards, the balance transfer fee is subject to finance charges. Here is a clip from the term & conditions associated with the BofA Visa Signature with WorldPoints Rewards card:

"...We include Transaction Fees when computing finance charges. Incurring Transaction Fees results in an APR exceeding 0% for the billing statement on which those fees appear. The Daily Periodic Rate (DPR) will remain 0% as disclosed..."

We also like the Discover More card because its cash back rewards package is the most generous in the American consumer credit card market.

Where Did The "No Fee Balance Transfer"
Pulaski Bank Credit Cards Go?

A little FYI to end this blog entry: The two "no fee balance transfer" cards from Pulaski bank are still available here. The reason we removed them from the "No Fee Balance Transfer" page was because these cards are very difficult to get. Approvals are few and far between. However, if you feel that your credit profile is stellar -- and I mean super perfect -- then by all means give one of these cards a try.

The reason these two Pulaski Bank cards are so hard to get?

• 0% intro APR on introductory balance transfers for 6 months
  
  
• No balance transfer fee
  
  
• For the regular Pulaski Bank MasterCard® or VISA® Card, the APR on purchases and cash advances is 6.50%. For the Pulaski Bank Visa Gold Card, the APR on purchases and cash advances is 8.00% (you will have a hard time finding credit cards on offer from other American banks with APR's that low, especially for cash advances!)
  
  

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Yes: BofA Pet Rewards Is Still A No Fee Balance Transfer Credit Card

Every month, I take a tour of the terms and conditions associated with the credit cards we recommend at the www.BalanceTransfer.cc website. I do this to make sure that the cards we are recommending still deserve to be recommended by us. This time around, I found something that would have been a real downer for those looking to transfer credit card balances to a 0% offer that doesn't charge a balance transfer fee. The most popular "no fee balance transfer" 0% credit card right now is the Bank of America Pet Rewards Visa® card, no doubt because it's now the only 0% intro APR balance transfer credit card from a big-name bank to which you can transfer balances and pay no transaction fee.

When I checked this card's terms and conditions, I wasn't able to find any language stipulating that balances can be transferred to this card during the introductory period without incurring a fee. So I visited the Bank of America (BofA) site and clicked a link that initiated a real-time, online conversation with a BofA customer service representative (CSR). Here is how that online conversation went (I've copied and pasted the transcript below):

"Thank you for choosing Bank of America. An operator will be with you shortly. You are now chatting with MarLon.

MarLon: Hello, I specialize in assisting with new personal credit card applications. How may I assist you today?

you: hello

MarLon: How are you today?

you: i thought the Pet Rewards card had no balance transfer fee. This card has a transaction fee on balance transfers now??

MarLon: It does.

you: a fee on balance transfers, even the introductory balance transfers?

you: OK, well that's all I wanted to clarify

MarLon: Introductory 0%† APR for Balance Transfers*, Check Cash Advances, and Direct Deposits through your first 6 billing cycles. (These transactions are subject to a 3% transaction fee, no less than $10. Intro APR will end if late or over limit. Payments are applied to lower rate balances first.)

you: does BofA have any cards that don't charge a transaction fee on transferred balances????

MarLon: Not for the 0% offers.

you: ok....thanks

MarLon: Actually the Pet Rewards card have no transaction fee during the intro period.

MarLon: It does thereafter.

MarLon: Click here.

you: oh....ok....so no fee on introductory balance transfers????

MarLon: Right.

you: OK...thanks...I need to be sure, not just for me but for others. I recommend cards on certain websites and forums

MarLon: Thank you.

you: ok...thanks

you: have a great evening

Last text message received MarLon: You're welcome! Have a great evening as well!"

FYI: Ever since the BofA Pet Rewards card stole the #1 spot as the most popular card at www.BalanceTransfer.cc, the second most popular card on this site has been the Discover More American Flag card. Discover More still offers 0% intro APR on both new purchases and introductory balance transfers, and it also has the most consumer-friendly rewards program in the American market. You just can't beat 5% cash back! Enjoy!

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Bad Credit, No Credit - Big Problem

“Bad credit, no credit - NO PROBLEM”. Have you ever heard that catch phrase on a TV commercial or seen it on a billboard? Used car salesmen and sub-prime mortgage lenders have practically burned that slogan into the psyche of working class and young America. Of course, we know that potential financiers use such tactics to woo customers into signing for what many would call bad loans, but the reality is that bad credit really is a problem. It can be extremely hard to make ends meet without any credit cushion at all, and the current state of the economy is only making matters worse. Although Congress agreed to a $700 billion bailout plan for America’s largest commercial banks, these lending institutions are actually lending less, not more. The reins have been pulled in tighter, and it is nearly impossible to get a decent loan these days, even for applicants with good credit.

So what do those with bad credit and no credit do?

If you search diligently enough, you can find credit cards designed for people with bad credit. The idea is to approve you for a very low credit limit to help you rebuild your credit. As you pay off your balances on time and develop a positive history, you can qualify for credit increases. It sounds like a good option for starting over - until you read the fine print. The following video highlights the terms and conditions on one of these cards and it will shock you to learn just how terrible a deal this is!



If that kind of card was your only credit option, you would be in pretty bad shape.

The good news is that such a poor deal isn’t your only option. If you have bad credit or no credit at all, consider applying for the Discover More credit card. Discover More offers 0% intro APR on balance transfers and new purchases, and a 5% cash back reward that tops just about all competitors. Because the credit card industry has trained consumers to believe that exclusivity is a sign of quality, many people have been led to believe that Discover is somehow a sub par credit option. The hit prime-time cartoon series Family Guy has even poked fun at Discover.


What’s not funny, however, is applying for credit from one of the more “exclusive” companies and being rejected. Rejection doesn’t just hurt your ego; it hurts your credit rating, too. So, although Peter Griffin had a good time delivering the bad news to that potential patron, it’s actually good news for you. If your credit rating declares you to be just “anybody”, then you may actually have a good way to help rebuild your credit with the Discover More card.

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And Then There Were Four...

0% credit cards that don't charge a fee for transferring balances are consistently the most popular cards we recommend on this website. It is quite difficult, therefore, to see 3 great "no fee balance transfer" cards disappear from the market.

The American Express IN cards (IN:NYC, IN:Chicago & IN:LA) are no more. These cards offered 0% intro APR on balance transfers for 6 months, with no balance transfer fee. The really sad part is that American Express is one of the best banks out there when it comes to credit cards. Most other banks play "follow the leader" with their terms and conditions. American Express, on the other hand, always plays fair with their customers (based on anecdotal evidence.) Must have something to do with the fact that the company has along history of catering to wealthy, discerning consumers who actually read the terms and conditions before they signup for a card.

So now there are 4 cards left offering 0% intro APR and that don't charge a fee for transferring balances. Check them out here.

Of course, the hunt for the best 0% cards continues. Stay tuned.

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No Balance Transfer Fee Credit Cards Still Obtainable Despite Credit Crunch

The credit crunch that's been causing problems in American credit markets has been affecting all classes of Americans, from billionaire Wall Street insiders trying to finance huge corporate takeover deals to middle-class consumers looking for attractive deals on loans and credit cards. With the housing market still languishing and many seasoned economists declaring that the American economy is already in a recession, it seems that 2008 is not going to be a good year for many Americans, from a money and finance perspective. The Federal Reserve has been responding to turmoil in domestic financial markets and the slumping economy by cutting short-term interest rates, but there is no way to tell when or if these Fed actions will jumpstart the economy. Slowly but progressively, banks have been approving fewer and fewer credit card applications since the subprime debacle began at the end of last summer. Thankfully, however, applicants with strong credit profiles can still get approved for high quality credit products. Moreover, in the American market today, financially secure individuals can still find 0% introductory annual percentage rate (APR) balance transfer credit cards that don't charge a balance transfer fee, even with certain small business credit cards.

On the consumer side, feeless, 0% balance transfer deals are still being offered by some of America's most reputable financial institutions, including the Bank of America® (BofA), American Express® and the Pulaski Bank & Trust Company. Web surfers looking for business credit cards which combine 0% intro APR on transferred balances with no balance transfer fee can choose from a healthy selection on offer from Citi®. According to Steve Brown, content manager at BusinessCreditCards.cc and BalanceTransfer.cc, the most popular consumer card at BalanceTransfer.cc is the BofA Platinum Plus® Visa® Card, while the most popular business credit card at BusinessCreditCards.cc is the Capital One Business Platinum Card.

"We've been getting emails from consumers who have been writing us about manifestations of the liquidity crunch that have been causing considerable pain for both American banks and individuals trying to find favorable credit deals. Cardholders have been complaining most about seemingly random credit line decreases, ever for customers with perfect or near-perfect credit. A cardholder who has an excellent credit history but who also has a high debt-to-credit ratio may be targeted by their bank for a credit limit decrease or an interest rate increase, since banks are worried about consumers who may be relying too heavily on revolving credit. It's never a good idea to have a high balance on a credit card. Consumers should use credit cards to take advantage of rewards programs and zero APR offers, and for emergencies. The consumer who tends to carry a balance from month to month may be headed from trouble in this economy," said Brown.

"The only positive consequence of this sagging economy is that the Fed has been responding to it by lowering short-term interest rates. These moves by the Federal Reserve have made obtaining and paying off loans and credit cards easier," Brown added.

Since mid-September of 2007, the U.S. Prime Rate has been lowered from 8.25% to the current 5.25%, thanks to interest-rate cuts by the U.S. Federal Reserve. Since most variable-rate credit cards -- and many other types of loans -- are indexed to Prime, most consumers and business owners who have been making payments on these loans and credit cards have been enjoying reduced APR's. Any consumer with a variable-rate credit card indexed to Prime who hasn't seen a decrease in their APR over the last 6 months should contact their bank and ask for a lower rate, Brown advises.

Some credit cards and loans are indexed to the London Interbank Offered Rate (LIBOR). Since LIBOR tracks very closely with America's benchmark, short-term interest rate -- the Fed Funds Target Rate -- individuals and business owners with loans or credit cards indexed to LIBOR should be enjoying lower payments as well.

The Federal Reserve is expected to cut short-term rates again when the Federal Open Market Committee (FOMC) meets for its next monetary policy meeting on April 30, 2008.

0% intro APR credit card offers are ever-evolving. Brown urges consumers to visit the blogs at the BusinessCreditCards.cc and BalanceTransfer.cc websites to stay informed about the latest news and tips from the credit card industry and to read reviews of newly released credit cards. Brown welcomes any and all questions and comments, which can be emailed from either site's email form.

"The banks make a lot of money with credit cards, so they still want to fill consumers' wallets with their plastic despite ongoing troubles in the credit markets. Individuals who are interested in getting the best possible deal with a consumer card, business card or any other type of loan should be sure to keep their credit score high, pay all their bills on time and try to keep their debt-to-credit ratio at around 30%. Consumers who plan on spending money on a major purchase should try their best to pay cash. If an all-cash payment isn't possible, consumers should apply as much cash as possible to the purchase, and put the rest on a credit card that has a high credit limit, a zero or low APR and a generous rewards program," Brown concluded.

Source

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Import News About The Bank Of America Money Return® Visa® Platinum Plus® Credit Card

The terms and conditions of the Bank Of America Money Return® Visa® Platinum Plus® credit card have been modified; this card now charges a fee for any type of balance transfer: 3% of each transfer, with a minimum charge of $10.

The good news: Bank of America (BofA) still has 5 (five) credit cards to which you can transfer your non-BofA credit card balances at 0% intro APR, and pay no transaction fee on introductory balance transfers. On our feeless balance transfer page, you will also find cards from American Express and Pulaski Bank (you should only consider applying for a Pulaski Bank credit card if your credit history is spotless.)

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Important News Regarding The Citi® Home Rebate® Platinum Select MasterCard®

If you're looking for a 0% balance transfer credit card, and you don't want to pay a transaction fee for transferring credit card balances, then the good news is that there are still plenty available. The bad news, however, is that the Citi® Home Rebate® Platinum Select MasterCard®, while still available, now charges a balance transfer fee for all balance transfers. This news is significant because the Home Rebate card was the last 0% "no fee balance transfer" card that offered an interest-free period of 12 months; currently, the all other cards offering free, 0% balance transfer deals have an interest-free of no more than 6 months.

Now don't get the wrong idea. The Citi Home Rebate card is still an excellent credit product offering great value, and you can apply for this card right now if you want to. You can still transfer a balance at 0% intro APR for 12 months, but you'll be charged a balance transfer transaction fee: 3% of each balance transfer with a minimum fee of $5. This card has been the #1 ranked credit product (based on both applications and approvals) at this website since the fall of last year.

I like the Home Rebate card because it has a very attractive rewards program that helps cardholders pay down their mortgage balance faster and build home equity. The American housing market probably won't improve until late 2009, so, for many, any help with getting ahead can make a real difference.

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A Fond Farewell to A Great 0% Credit Card from Citi®

A moment of silence, please...

The good folks at Citi® have decided to suspend the Driver's Edge Platinum Select credit card. This is very disappointing for us, because this card offered one of the best 0% deals around, which was:

• 0% intro APR on the initial balance transfer for 12 months
  
• No balance transfer transaction fee
  
• No annual fee
  

There is now only one 0% balance transfer credit card that has the same excellent features listed above: the Citi Home Rebate Platinum Select Card. According to our research, all other 0% credit cards that are also "no fee balance transfer" cards have an interest-free period of 6 months or less.

The Fed is likely to cut short-term interest rates again next month in an effort to grease the wheels of America's financial markets and ward off a recession. While this is great news for anyone with a variable-rate credit card that's tied to the Prime Rate, overall credit market conditions may get worse before they get better. Was the Citi Driver's Edge card a casualty of the credit crunch? Maybe. Is the Citi Home Rebate card the next to go? Let's hope not!

Sometimes banks resurrect cards that have been suspended, so there is hope for the Driver's Edge card. Keep your fingers crossed. If the card makes a comeback, we'll blog about it here.

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Credit Card Rankings for September, 2007

Here are the popularity rankings for the cards we recommend here at www.BalanceTransfer.cc for September, 2007:

The above-listed rankings are based on both applications and approvals that originated from this website.

The top 4 cards in the list offered 0% intro APR on introductory balance transfers, in conjunction with the option to make your first balance transfer for free (no balance transfer transaction fee.) All are great cards, but be warned that the Citi® AT&T Universal Saving and Rewards card now charges a fee for the initial balance transfer. Click here for a regularly update list of no fee balance transfer 0% intro APR credit cards.

The American Express® Blue card, number 5 on the list, is still quite popular, as the card still offers 0% intro APR on new credit card purchases for the first 15 months.

That's it for now. Stay tuned for the latest news.

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Credit Card Rankings for July, 2007

Here are the popularity rankings for the cards we recommend here at www.BalanceTransfer.cc for July, 2007:

The above-listed rankings are based on both applications and approvals that originated from this website.

As predicted here last month, the Citi® Upromise® Platinum Select® MasterCard® has snatched the #1 position. Citi also has the #2 position this month, with the AT&T Universal Rewards card. Both cards offered 0% intro APR on balance transfers for 12 months, with no fee charged for the initial balance transfer, during the month of July. But the Citi Upromise card just started charging a fee for transferring balances, so the card may not be as popular next month. I'm thinking that one of the following will be #1 next month:

• The Citi Home Rebate Platinum Select Card (click here)
  
  
• The Citi AT&T Universal Rewards Card (click here)
  
  
• The Citi Driver's Edge Platinum Select MasterCard (click here)

All 3 cards have a great rewards, and, currently, all 3 offer 0% intro APR on balance transfers for one year, with no fee charged for the initial balance transfer.

That's it for now. Thanks for stopping by.

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"No Fee Balance Transfer" 0% Intro APR Credit Cards from Bank of America

If you like doing business with the Bank of America, and you like "no fee balance transfer" 0% intro APR deals, then you are going to like today's news.

In order to keep all the information and recommendations on this website current and accurate, I regularly surf through the terms and conditions of the many credit cards offers listed on this website's pages. During my most recent rounds, I discovered that the Bank of America Platinum Plus Visa® card now offers a 0% introductory annual percentage rate (APR) on purchases and balance transfers for 6 months, with no balance transfer fee. A handsome offer -- no doubt -- so I immediately added this card to the site's No Fee Balance Transfer page.

I continued to poke around the Bank of America offers and found more credit cards with reconfigured terms and conditions, many of which now offer the same six-month 0% intro APR on purchases and balance transfers, with no fee charged for transferring balances. The cards are:

The Financial Rewards Visa® Platinum Plus® card

The Money Return Visa Platinum card

Efectiva™ Visa Platinum Plus card

MilesEdge™ Visa card

PetRewards® Visa card


I'll keep poking around and update this list if I find any more. Enjoy!

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New Offer Added: The Pulaski Bank Visa Gold Card

0% Intro APR balance transfer deals are great, but feeless (as in no transaction fee for transferring credit card balances) zero percent deals are even better -- much better! If you are partial to no-fee, zero percent intro APR offers, then we have some great news for you: we've researched and reviewed the Pulaski Bank Visa Gold Card, and added it as a recommended credit card here www.BalanceTransfer.cc. Key benefits:

• 0% Intro APR on transferred balances for 6 billing periods
  
  
• No balance transfer fee
  
  
• No annual membership fee
  
  
• A very competitive "go to" rate (FYI: the go to rate is the credit card's annual percentage rate that takes effect once the interest-free period ends.)

It would nice if the zero percent intro APR feature associated with the Pulaski Bank Visa Gold Card included new purchases (à la the Discover Platinum card and the American Express INSIDE Rewards cards, et al.), but it doesn't.

However, it's important to note that the current "go to" rate with this card is highly competitive at 9.5% -- that's a mere 1.25% above the current U.S. Prime Rate. Compare the Pulaski Visa Gold's go to rate to this website's #1 choice: the Discover Platinum card, which has a go to rate as low as 10.99%.

If you decide to signup for the Pulaski Bank Visa Gold Card -- or if you already have one in your purse / wallet -- please feel free to post a review of the card by clicking the "comments" link below. Thanks!

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New Offer Added: The GM Flexible Earnings Card

We recently examined the terms and conditions associated with the GM Flexible Earnings Card, and decided that -- with the card's current features and benefits -- it deserves to be recommended here at www.BalanceTransfer.cc.

You'll have to pay a fee for transferring balances to the GM Flexible Earnings Card (also known as the GM Flex Card):

...3% ($15 minimum/$75 maximum) for advances by Balance Transfer Checks included in your Welcome Package; thereafter, 3% ($15 minimum) will apply, unless otherwise disclosed...

but on the positive side, it has some great benefits, including:

• 0% Intro APR on new purchases and transferred balances for 12 billing cycles
  
  
• No annual membership fee
  
  
• Attractive rewards:
  
  

  ...earn 1% cash back on every single credit card purchase, 1% toward any vehicle or a full 3% toward a brand new, eligible GM car, truck or SUV...

Click here for the GM Flexible Earnings Card.

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0% Intro APR Balance Transfer Credit Cards from American Express -- and You Won't Have to Pay A Balance Transfer Fee

Here at www.BalanceTransfer.cc, we are constantly on the lookout for the best 0% credit card deals. We live and breath credit card balance transfers, for the simple reason that 0% introductory annual percentage rate (APR) credit cards are, quite easily, the most consumer-friendly financial tools available today.

Allow me to present the anatomy of the perfect 0% intro APR credit card offer -- in my humble opinion, of course. Here are the attributes:

• 0% Intro APR on both transferred balances and new credit card purchases for at least 6 months
  
  
• No balance transfer fee for the initial balance transfer(s).
  
  
• No annual membership fee
  
  
• A competitive "go to" rate (FYI: the go to rate is the credit card's annual percentage rate that kicks in once the interest-free period ends.)
  
  

Right now, the best 0% credit card is the Discover Platinum card, a card that -- believe it or not -- meets all of the above-listed requirements! Citibank (Citi) also has 2 excellent credit cards that meet all of the above, except that they don't offer a 0% intro APR on new credit card purchases (click here for more info.)


American Express® Now Has Three, 0% Credit Cards That Are..."Perfect"

Some exciting news for credit card balance transfer fans all across the country: American Express has a new set of consumer credit cards that qualify as "perfect 0% credit cards" -- perfect by my definition anyway -- and these cards offer rewards to boot. They are the American Express INSIDE Rewards cards. Details below:

• IN:LA Card from American Express
  
  
  • 0% Intro APR on transferred balances AND new credit card purchases for 6 months
    
    
  • no balance transfer fee for the initial balance transfer(s).
    
    
  • no annual membership fee
    
    
  • competitive "go to" rate (factors including your credit rating will determine how low your go to APR will be)
  
  
• IN:CHICAGO Card from American Express
  
  
  • same benefits as the IN:LA card above
  
  
• IN:NYC Card from American Express
  
  
  • same benefits as the IN:LA card above

Of course, it's always important to remember that the terms, conditions, features and benefits of the credit cards we recommend at this website and blog are not set in stone, and therefore can change at any time. So if you plan on taking advantage of any credit card offer recommended here, try not to procrastinate.

Looks like the competition among the major credit card companies is heating up. Let's hope the trend continues!

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The Reason Why The Discover Platinum Credit Card Is Very Popular for Transferring Balances

Lately, I've been getting emails from folks asking why the Discover Platinum credit cards are so popular for balance transfers. Why do savvy consumers chose Discover over the competitors?

Well, folks, it's really quite simple: Discover offers the best value.

The Discover Platinum Card offers an interest-free period of 12 months for both transferred balances and new credit card purchases. Generally speaking, other credit cards typically only offer an interest-free period for balance transfers, and charge interest on new purchases.

Discover Platinum is also a rewards credit card: icing on the cake!

Last, but certainly not least: there's no annual membership fee with the Discover Platinum card.

NB: The Discover Platinum Card used to be a "no balance transfer fee" card, but you'll have to pay a fee for transferring balances now: 3% for each balance transfer, with a minimum of $10 and a maximum of $75.

We like the following 3 flavors of the Discover Platinum Card (Update: "Discover Platinum" has been renamed to "Discover More"):

• Discover® More Card- American Flag
  
  
• Discover® More Card
  
  
• Discover® More Card - Wildlife Collection
  

OK, now I know that for some of you, the next question is:

"What if I've already transferred my credit card balance(s) to a Discover account? I know I can't transfer from one Discover credit card to another, so what to do? I want a first-class, fee-free balance transfer offer, and I won't settle for anything less!"

If the above describes your situation, then we have good news for you: Right now, there are two Citibank credit cards that offer a 12 month, interest-free period on transferred balances with no balance transfer fee. The tw0 cards are:

• Citi® Driver's Edge® Platinum Select ® Card
  -- 0% APR on transferred balances for 1 year
  -- no balance transfer fee
  -- no annual membership fee
  
  
• Citi® Home Rebate Platinum Select® MasterCard®
  -- 0% APR on transferred balances for 1 year
  -- no balance transfer fee
  -- no annual membership fee
  

Remember: the interest-free period for the above-listed Citibank credit cards is for transferred balances only, not for new purchases, so you'll have to stay disciplined if you signup for one of these offers.

It's also important to remember that credit card offers can change at any time, so if you plan on taking advantage of any offer recommended here today, you shouldn't procrastinate.


Free Balance Transfer Update #1: Click here for more free (no-fee) 0% Intro APR Balance Transfer Offers.

Free Balance Transfer Update #2: Free (as in no fee) for transferring balances to the Pulaski Bank Visa Gold Card.


Before you go, please vote in the credit card balance transfer online poll. Thanks!

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