Updated May 14 to reflect additional removal of the no-fee offers.
There was a time when credit card companies offered nice balance transfer offers, so savvy manipulators could earn interest on savings obtained from credit. While being charged a 0% introductory rate by the credit card, they’d be earning 5% or so in their savings account.
With savings interest rates lowering and credit card companies losing money as some customers default and backing banks lost money on subprime investments, good balance transfer offers are harder to find.
I’ve been working on assembling a list of all the balance transfer fees offered by credit cards. It’s a large project, considering the fee is often not disclosed on the application itself. I’ll begin with the CitiBank credit cards.
CitiBank Offer: 3% of the amount of each balance transfer, minimum $5.
• mtvU™ Platinum Select® Visa® Card for College Students
• PremierPassSM Card – Elite Level
• Dividend Platinum Select® Card
Balance transfer offers are not for the faint of heart. They can be used to earn interest on a credit balance transfered to a bank account, but credit card issuers build traps into this process.
* Don’t send a payment late. If you do, you will owe back interest and late payment fees.
* Pay your entire transfered balance off before the term of the introductory offer has ended, otherwise you will owe back interest.
* Don’t use the card for purchases; payments you make will go to your balance with the lowest interest rate first, increasing the amount of interest you’ll owe.
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