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Card Comparison: Low/No Fee 0% Balance Transfer Credit Cards – December 2008

brady — Mon, 08 Dec 2008 03:51:46 +0000

As credit crunch continues, credit card companies are shrinking their credit exposure. Legendary financial analyst, Meredith Whitney claimed that $2T of credit line, or 45% of US consumer’s liquidity is going to disappear in 2009 as a result of credit card companies’ effort of reducing their exposure to credit card debt.

At such time, it’s even more important for consumers to find good credit cards that offer low/no fee balance transfer, here is the December list:

Card Name	BT APR, credit needed and credit limit	Transaction Fee
IberiaBank Visa® Platinum Rewards Card	0% for 6 mths, requires Good Credit	None
IberiaBank Visa® Gold Cash Back Rewards Card	0% for 6 mths, requires Good Credit	None

Card Comparison: Best and Worst Credit Cards, according to BusinessWeek

brady — Mon, 27 Oct 2008 00:23:15 +0000

Recently, BusinessWeek ran an interview with Greg Doherty, editor with Consumer Reports, a prominent consumer products rating agency. When asked about his pick of a credit card best for all situations, Greg pointed out the fact that there is virtually no such credit card which is best for every one under every circumstances. Greg also pointed out that even for a relatively good card, “it may not stay a good card forever“. The rankings of credit cards always are dynamic.

He broke down best credit cards to two categories that serve people with different needs best. For those who regularly run a balance/debt, they should consider low rate/low fee credit cards, for those who don’t run a balance/debt, best cash back rewards credit card makes more sense. As of now these are his picks of best low rate/low fee credit cards:

Card Name	Regular APR and Credit Needed	Fee and Intro APR
Capital One Platinum Prestige	8.9%, requires excellent credit	No annual fee, 0% intro APR until Oct. 2009
Capital One Platinum Prestige – Visa	8.9%, requires excellent credit	No annual fee, 0% intro APR until Oct. 2009
Clear from American Express	as low as 10.99%, requires good credit	No fee of any kind, 0% intro APR for 12 mths
IberiaBank Visa® Platinum Rewards Card	9 – 11% depends on creditworthiness, requires good credit	No annual fee, 0% intro APR for 6 mths, earn 1 bonus point for every $1 in qualifying net retail purchases

As for best cash back credit cards, Greg picked these:

Card Name	Reward on each $1 spent	Fee and Regular APR
Capital One No Hassle Cash Rewards	2% on purchases at gas stations and major grocery and drug stores, 1% cash back on others. Requires good credit	No annual fee, 13.9% regular APR
Capital One No Hassle Cash Rewards – Young Adults	2% on purchases at gas stations and major grocery and drug stores, 1% cash back on others. Requires good credit	$29 annual fee, 16.9% regular APR
Chase Freedom Visa	3% in Your Top 3 Everyday Spending Categories, 1% in others. Requires good credit	No annual fee, 14.99% regular APR
Discover® More Card	5% Cashback Bonus® in categories like travel, home improvement stores, gas, groceries, restaurants, movies… 1% on others. Requires good credit	No annual fee, 10.99% regular APR

And here are his picks of the “worst” credit cards, the reason I am listing them out is in case you are holding a contrarian view…

Card Name	Regular APR, Credit Needed and Fee	Grace period
HSBC American Dream Card	14.99% or 21.99%, requires fair credit, no annual fee	20 days after the previous billing cycle provided you paid bal in full.
New Millennium Bank Secured Platinum Visa®	19.5%, bad credit OK, $59 annual fee, $99 application fee	NO grace period
New Millennium Bank Secured Platinum MasterCard®	19.5%, bad credit OK, $59 annual fee, $99 application fee	NO grace period

Card Comparison: Low/No Fee 0% Balance Transfer Credit Cards – October 2008

brady — Sun, 12 Oct 2008 20:14:40 +0000

In the past few months, people are seeing a declining volume of 0% balance transfer offers. By 0% balance transfer offers, I am referring to not only 0% introductory rate, but also with low balance transfer transaction fee. For this reason, Clear from American Express Card doesn’t fall into our list, although it charges no balance transfer fee, it does charge a fixed 5.99% BT rate.

In my August post, I promised to follow up with updated listing of good balance transfer offers. Here is our October list:

Card Name	BT APR, credit needed and credit limit	Transaction Fee
Bank of America PetRewards® Platinum Plus® Visa®	0% for 6 mths, requires Good credit	None
Discover® Miles Card	0% until the last day of the billing period ending during October 2009. Balance transfers must be made before Jan. 1, 2009, requires Excellent credit	3% with a $75 cap
Discover® More Card	0% until the last day of the billing period ending during October 2009. Balance transfers must be made before Jan. 1, 2009, requires Excellent credit	3% with a $75 cap
Discover® Open Road Card	0% until the last day of the billing period ending during October 2009. Balance transfers must be made before Jan. 1, 2009, requires Excellent credit	3% with a $75 cap
Advanta Platinum with Unlimited Rewards	0% for 15 mths, requires Good credit, max credit limit: $50,000	3% balance transfer fee with a minimum $10 and maximum $90
The Kiva BusinessCard from Advanta	0% for 15 mths, requires Excellent credit	3% balance transfer fee with a minimum $10 and maximum $90
BP Rewards Visa®	0% fixed APR for 12 months (Elite and Premium pricing) or three months for Standard pricing), requires Good credit	3% with a $99 cap
Chase Business Rebate Visa®	0% for up to 12 mths, requires Good Credit	3% with a $99 cap
Chase Free Cash Rewards Platinum Visa®	0% fixed APR for 12 months (Elite and Premium pricing) or three months for Standard pricing), requires Good Credit	3% with a $99 cap
Chase Business Platinum Visa®	0% for up to 12 months (only those balances that are business expenses may be transferred), requires Excellent Credit	3% with a $99 cap