SOURCE: Smart Balance Transfers

balance transfers, 0 balance transfer credit cards, no balance transfer fee, balance transfer offers

November 30, 2010 06:00 ET

Balance Transfer Credit Card Rate and Fee Report From

NORWALK, CT--(Marketwire - November 30, 2010) - According to the monthly survey of 0% balance transfer credit card offers, both the average length of 0% introductory rates offered by major U.S. credit card companies and the average balance transfer fees fell slightly in November. The key factors behind these changes were term adjustments from Citibank and Discover.

Citibank increased the length of their Citi Platinum Select Card's balance transfer offer from 18 months to 21 months while the 0% introductory rate on the Citi Diamond Preferred Card was increased from 12 months to 21 months. Presently, 21 months is the longest 0% introductory rate on the market. Discover also increased the length of their Discover More Card's balance transfer offer from 15 months to 18 months, making it the second longest 0% introductory APR available.

Overall, the average length of 0% balance transfer credit cards surveyed in November was 11.18 months, just slightly down from the October average of 11.6 months. The average introductory rate duration was dragged down by U.S. Bank and Bank of America. U.S. Bank's online 0% balance transfers currently last only six months, while many of Bank of America's online offers only last either seven or nine months, based on credit quality.

Average balance transfer fees charged by major credit card companies dropped to 3.63% in November from an average of 3.65% in October. The primary reason for the drop in balance transfer fees can again be attributed to Citi, which decreased transfer fees from 5% to 3% on both credit cards that come with a 0% APR for 21 months on balance transfers. 0% APR no balance transfer fee offers continue to be absent from the market.

Due to the fact that most major credit card companies have been tweaking balance transfer offers on a monthly basis, it is possible that increases in transfer fees or decreases in introductory periods may take place at the beginning of 2011. However, for the time being, credit card companies are offering up the best balance transfer deals since the credit crisis began.

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