For the time being, credit card companies are offering up the best balance transfer deals since the credit crisis began.
Norwalk, CT (PRWEB) October 25, 2010
According to the SmartBalanceTransfers.com monthly survey of 0% balance transfer credit card offers, the average length of 0% introductory rates offered by major U.S. credit card companies increased significantly in October while average balance transfer fees fell slightly. They key factors behind the increase in 0% balance transfer lengths were changes in offers from Citibank and Discover.
Citibank increased the length of the 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 the Discover More Card's balance transfer offer from 15 months to 18 months. This is the second longest 0% introductory APR on the market.
Overall, the average length of 0% APR balance transfer credit cards surveyed in October was 11.6 months, nearly an entire month longer than the September average of 10.7 months. The average introductory rate duration was dragged down by U.S. Bank and Bank of America. U.S. Bank's online 0% balance transfer offers currently last only six months, while Bank of America's online offers last either seven or ten months, based on credit quality.
Along with the substantial increase in average balance transfer length, average balance transfer fees charged by major credit card companies took a surprising drop to 3.65% in October from an average of 3.89% in September. Once again, the primary reason for the drop in balance transfer fees can 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.
Due to the fact that most major credit card companies have been tweaking balance transfer offers on a monthly basis, it is highly likely that increases in transfer fees or decreases in introductory periods may take place at the beginning of November. However, for the time being, credit card companies are offering up the best balance transfer deals since the credit crisis began.
SmartBalanceTransfers.com has been providing its visitors with detailed information on credit card offers since 2007. For more information on current offers, please visit http://www.smartbalancetransfers.com
# # #