I don’t know if the credit environment is improving for consumers (I tend to think not; most of the targeted offers we’ve seen lately are directed at those with excellent credit, ignoring those with average or flawed credit histories), but one silver lining is that large U.S. banks appear to be jumping back into the fray with tempting “no-fee” balance transfer credit card offers.
These were easy to find before the financial meltdown, but the carousel of no-fee transfer offers slowly dried up — I think banks wised up to the fact that many consumers were endlessly revolving their card balances, with no intention of ever paying more than the monthly minimums.
I’m pleased that Outlaw‘s card deals portal now features the Chase Slate No-Fee Balance Transfer card. Here are the details: “Transfer your higher rate balances during the first 30 days your account is open and you will pay no balance transfer fee!”
The card offers 0% Intro APR on balance transfers and purchases for the first 15 months. Click here to see this offer and compare with other balance transfer cards. (Scroll down; the Chase Slate deal is toward the bottom.)
Citigroup Inc recently launched a tempting 18 month 0% Intro APR deal, although that one does have a balance transfer fee. Similarly, Discover has an 18 month 0% Intro APR offer, also with a fee. See it and compare with other cards here.
I would guess that over the next few months, the Chase Slate no-fee offer might put enough competitive pressure on other large credit card issuers to make similar offers. Keep in mind, the Chase Slate promo is targeted to those with “excellent” or “good” credit. If you have subpar credit, it is unlikely you will be approved.
(Although I’m no longer as closely involved with Outlaw, I still play an advisory role there. Every month I post an updated list of recommended card deals and bank sign-up promotions.)
Disclosures: We’re a credit card promotions site, so obviously we maintain financial relationships with numerous banks and financial institutions, including Citi, AmEx, Discover and other cards mentioned herein. This article originally appeared in slightly different form on Credit Card Outlaw.
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