If you’re going to play in the credit card arbitrage game, first, make sure you’re a Type B credit card user. This means you avoid fees and interest, and use credit cards as a tool without letting the issuers use you to make money for the corporations. Next, you have to find cards with no annual fees, no balance transfer fees, and a long enough 0% offer to make it worthwhile.
Fewer and fewer companies are offering credit cards with favorable terms. Here are a few cards you can apply for today with the intent of transferring a balance to make some money in your a high-interest savings account. As of January 16, there are no fees that will get in your way.
Discover offers a number of cards that are perfect for 0% balance transfers. Best of all, there are no fees associated with transferring a balance. Try the Discover Platinum Card or one of its variants, the Discover Platinum Wildlife Card, Discover Platinum Clear Card, Discover Platinum American Flag Card, or Discover Platinum Sea Life Card. All of the Discover cards provide a 0% deal for balance transfers for 12 months.
Citi is also offering no-fee 0% balance transfer deals. The flagship card is the Citi Dividend Platinum Select Card. This card offers 0% balance transfers with a life of 12 months. You can also apply for the Citi Diamond Preferred Card or the CitiBusiness Card (no business necessary).
Similar to the Citi cards, AT&T also offers no-fee 0% balance transfers for up to 12 months. Try the AT&T Universal Platinum Card.
These cards should provide more than enough options. If you apply for any of these cards with the intention of completing a transfer, be careful. Taking advantage of these offers can be tricky. The credit card companies want to make money off of you, so they will do anything in their power to help you slip along the way. It’s best to transfer your balance to another credit card. In some cases, transfers to a bank account will be considered a “cash advance” and will be charged a fee, defeating the purpose of making as much money as possible. Good luck!
If you’re more interested in cash back instead of balance transfers, take a look at these credit cards.
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