Needless to say, most of us are looking for credit card companies offering no fee transfers in 2012. This is the time to review our credit card offers and find out which out of them have the power to transfer our mounting balances to them with low interest rate and that too at no fee. This is one of the smartest things we can do as we start the new year.
The zero percent interest transfer has been limited since 2009 following the Credit Card Accountability, Responsibility and Disclosure (CARD) Act in 2009. This move stipulated that all credit card companies which promote low interest during the promotional period have to keep the introductory period in place for a minimum of 6 months. The credit card companies found that they were actually offsetting their profits, so in order to earn some revenue out of the deal, charged balance transfer fee as a way to compensate for the increased promotional period.
At the way things are going, the scenario is changing again. In order to get more customers, credit card companies have begun offer no fee transfers at low or zero percent interest rate. Let us look at some of the credit card companies offering limited time no free transfers in 2012
1. Discover More Card– This card offers balance transfer at no fee. Also, the 0 percent balance transfer is for an introductory period of 12 months after which the APR can be between 10.99 % to 19.99 %
2. Chase Slate – This card has no balance transfer fee. There is zero percent interest rate for the balance transfer which stays on for 12 months after which the APR can increase from 11.99 % to 21.99%. Please note that if you transfer your balance from your high interest card to this one within the first 30 days of opening your account, there is no balance transfer fee. After this, the balance transfer is 3 percent of the amount transferred or $ minimum.
3. Simmons First Visa Platinum – The card contains a low variable APR for just 7.5 percent on credit purchases plus many platinum benefits. There is no charge for balance transfer and there is no annual fee. However the prerequisite is that the card holder must have excellent credit and the approval is based on the review of the application and the credit rating of the applicant.
4. Simmons First Visa Platinum Rewards – This card is also for those who have excellent credit and approval is based on the application review and credit rating. This is a travelers’ card where cardholders who enroll in the program can get 1 point per net dollar spent. There are no blackout dates or seating limits and the cardholder can choose any US based airline or ticket class.