In my review of the best credit cards for 2012, I lamented the fact that for the most part, no credit cards waive balance transfer fees in their introductory offers. In years gone by, some cards offered no-fee 0% APR introductory offers on balance transfers, and offers like these can, if used properly, go a long way to save customers lots of money while climbing out of debt. Savvy financial mavens also used these opportunities for free money. They transferred a balance to a credit card with the offer, but the other side of the transfer was a bank account. With savings interest rates as high 5 percent, they borrowed money at a 0 percent interest rate, kept the 5 percent interest, and paid back the balance to the credit card.
The balance transfer fees all but stopped that practice. Even with a 3 percent fee, however, people getting out of debt could still save money compared with the 10 percent or 15 percent they were paying on another card.
Last year, card issuers began competing diligently to attract new customers, and, although it was rare, a few cards offered relief from the balance transfer fee coinciding with 0% APR introductory offers. Early last year, Discover was the first card brand to eliminate the balance transfer fee in a special offer, but it was only for a limited time. Until recently, the only card continuing a reprieve from the balance transfer fee was Slate from Chase, but now Discover’s offer is back.
The Discover® More Card – No Balance Transfer Fee offer provides consumers with a 0% introductory APR on both purchases and balance transfers for 12 months. While that introductory period may not be as long as other offers available today, this card does not charge a balance transfer fee. If you have $5,000 to transfer, that’s exactly what you will pay to Discover over time. You will have 12 months to make interest-free payments, potentially saving thousands of dollars.
This free balance transfer offer is scheduled to end on January 31, 2012. It could be extended if it proves to be successful for Discover, but it’s too early to say.
This card comes with a rewards program, available during and after this limited-time offer. Discover includes a great rewards program, with 5% cash back on several expense categories that change throughout the year. This type of offer, with rotating categories, is currently standard practice. In addition to the 5% cash back you’ll earn on spending within those categories, you will earn 1% cash back on all purchases after spending $3,000 annually. If you don’t meet the $3,000 threshold, you will earn 0.25% cash back rather than 1%.
The standard APR on this card after the introductory period has expired is a variable rate between 10.99% and 19.99%, depending on the applicant’s credit history.
Additionally, there is no annual fee on any version of the Discover More Card, making this brand one of the best around today. This deal is scheduled to expire January 31, 2012, so take advantage of the Discover More Card – No Balance Transfer Fee offer now.
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