The 12 month 0% interest balance transfer credit card is back!
So much has changed over the past few years in the credit card industry, what with new regulations, the disappearance of easy credit, the reduction of credit card offers and advertisements through the mail, and not to mention, the expiration of long term and lifetime balance transfer programs (and awesome card terms). Those sweet terms we used to enjoy that allowed a lot of people to make money off their credit cards or to afford so much on plastic seem to have evaporated.
But through it all, there have been balance transfer credit cards that stayed in the market, albeit with shortened intro periods and higher transfer fees. While I’m not predicting that we’re seeing the light at the end of the tunnel for the card industry, some card issuers are showing signs of life by reintroducing the 12 month 0% balance transfer credit card.
0% Interest Credit Card With 12 Months Balance Transfer Terms
Here’s the good news for those of you who are looking for a 0% APR credit card either to transfer your balance over to, or to simply enjoy for the 0% rates on new purchases. Check out the Discover More American Flag card.
This rewards credit card is one of the Discover More card variants, except with different balance transfer terms from the rest. The Discover More American Flag credit card is available with the following great benefits and top rewards card features:
- 0% APR for 12 months upon balance transfer. After 12 months, the standard rates will apply. The balance transfer fee is 5%.
- 0% APR for 6 months for new purchases, with the standard APR becoming effective after the intro period.
- Full 5% cash back bonus in top spending and shopping categories such as restaurants, groceries, travel, gas and more.
- 5% to 20% cash back bonus when you shop at top retailers.
- Up to 1% cash back bonus will be automatically applied for all other purchases.
- No annual fee.
Discover More Credit Cards And Other 0% Balance Transfer Offers
Discover More credit cards also come in other types and carry with it other terms. For instance, this table shows the Discover More cards that are available.
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Most other balance transfer credit cards offer the term of 0% APR for 6 months, along with the 3% balance transfer fee feature. You’ll have to decide which card will be cheaper for you in the long run: the shorter term (6 months) with lower balance transfer fee (3%) or the longer term (12 months) with higher balance transfer fee (5%). For those who only care about new purchases, then the Discover More cards have identical terms.
0% APR Credit Cards For New Purchases
Now if you have good credit and are looking for a cash back rewards credit card that can offer you 0% APR for a limited time, albeit for new purchases only, then check out the Chase Freedom Credit Card. This card offers a variable rate: cardholders with the best credit will receive a 0% APR for 12 months, while others may receive a standard rate of 0% for 6 months based on credit history (for new purchases). The card itself is a decent cash back credit card that yields 3% to 20% cash back on select spending categories and rewards you with a 1% cash rebate on everything else. Plus, you’ll get a $50 cash bonus after you make your first purchase.
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- Earn top returns: FNBO Direct [1.90%], HSBC Direct [1.65%], WTDirect [1.76%], E*Trade Bank [0.95%], ING Direct [.25% to 1.65%]
- Cash bonus: Discover More [$50], American Express [$25], Lending Club [$25]
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{ 10 comments… read them below or add one }
Sweeet! Let me know how it all goes guys. Spend spend spend and use the money for free.
I remember doing this when I first graduated, and made some money in the stock markets. No more!
It doesn’t matter if your card is 0%, because you are paying off your debt every month anyway. If you can’t pay it off every month, you can’t afford it.
Stand strong folks!
I pay off my credit card in full each month, so 0% may not matter to me (and consumers like me) as much. But I do like Discover More’s rewards!
At any rate, balance transfer credit cards can help people retire their debt faster, if they’ve got the discipline to do it quickly and aggressively!
Be careful with those offers, things can get ugly real fast at the term’s end!
No matter what you think of credit cards, DO NOT use a Chase credit card! I’ve had this card since 1998 and never missed a payment (oops – I was TWO HOURS late in 2006 when I made my payment online and forgot the time difference between Colorado and Delaware!
So my rate increased from 12.99% which I felt was high, to a whopping 24.99%) and then reduced my credit limit from $2500 to $1900. NOW they have decided not to renew my card, since I had “too many late payments”. First I have NO late payments on anything and have 93% of my credit available, since I’m trying to pay down everything to buy a home and only owe $245 on this card. I can’t believe this! ONE time, two hours late in 11 1/2 years and I’m a bad credit risk? My TOTAL debt is less than $2,000 including my vehicle! I’m so mad I’m spitting nails. Then today I found my boss didn’t get a renewal on HIS Chase card either and he’s got GREAT credit. This will probably lower my credit score and I’m taking the info to the Consumer Protection Agency and my Senator. DO NOT USE CHASE CREDIT CARDS!!!!!!!!!!! EVER!!!!!!!
Wow, 25% on the Chase Card? Yikes. They are banned!
I’ve never missed a payment on my Citi Home Rebate Card, and they jacked my rate up arbitrarly from 7% to 14% this past year, even though rates remain at all time lows. Awesome! Love banks!
Hmmm… that’s interesting to learn about Chase. I actually have a Chase credit card but haven’t had any problems with them. Both my husband and I use Chase cards and we use them for spares. Our main cards were Citibank cards which somehow ended up as Bank of America cards (transfer of issuer here, I guess). I actually heard rumors that our particular Bank of America Upromise cards are going to be getting annual fees in the near future.
I’m hoping it’s a bad rumor, or I’ll have to move my business elsewhere. Not too happy about this because if this turns out to be true, it’ll be the second time this year that I’ll have to be picking up new credit cards (the first was when Advanta kicked me out as a customer when they folded). In the meantime, we’d have to use our Chase cards to tide us over.
Interesting post with a very handy Discover More Credit Cards comparison table. Thanks.
One thing that you need to know is that the 0 percent interest rate credit cards will not always continue at zero percent. This is what is known as in the card trade as an introductory rate. So basically you may be able to get 0 percent on your card buys for the first 6 months to a year. When this opening offer is through then you will be using a higher interest rate.
Actually, I was looking for a CC to put Solar Panels on. This should work. Just need a short term loan to carry the debt rather than applying for a line of credit through the bank or financing it onto the house. Should be paid off – just need to decide if it’s 6 or 12 months. Obviously, the 6 months is better…
If you are carrying an interest-bearing balance, you can consider transferring the balance to a 0% introductory offer card. 0% credit cards include a wide range of balance transfer cards, and many also offer cash back, rebates, reward points, and high credit limits for qualified applicants.
i used to have a card and got into big problems with it. I ended up owing them money then I finally settled with them and paid it all over. I’m trying to stay away from credit cards but %0 sounds good