Posted on October - 01 - 2010
The Best Balance Transfer Credit Card Got Better
Starting October 1st, Discover has increased the length of the 0% APR balance transfer term on the Discover More card to 18 months. This is an increase of 3 months and, along with the Citi Platinum Select card, the Discover More card now shares the title of longest 0% balance transfer offer. However, while the length of these balance transfer offers is the same, Discover More is hands down the best balance transfer credit card available, especially for consumers who can benefit from the extraordinarily long length of this deal.
Why is this the Best Balance Transfer Credit Card
The reason I heavily favor the Discover More card over the Citi Platinum Select card stems from my experience during the credit crunch. From late 2008 until the CARD Act kicked in this February, hundreds of people posted credit card complaints on Smart Balance Transfers or sent me personal emails. Of those complaints, about .005% Discover. 99.55% were about the major banks. It was during this period of turmoil that I developed the highest respect for Discover. They are a company that values customers over a quick buck.
While my personal preference for Discover was shaped by the respect they demonstrated towards their card holders during the credit crisis, both the Brand Keys Customer Loyalty Survey and J.D. Power’s annual credit card satisfaction survey back up my position that Discover offers the best balance transfer credit card offers.
Since the inception of the J.D. Power annual credit card satisfactionsurvey four years ago, Discover has ranked second every year (American Express is the perennial winner.) However, American Express stopped offering 0% balance transfer credit cards after the credit crunch, making Discover the best ranked credit card company that has 0% balance transfer deals.
While Discover has failed to oust American Express on J.D. Power’s survey, it has ranked first on the Brand Keys Customer Loyalty survey for a very impressive 13 years. Discover’s strong standing in these two surveys highlight what I learned during the credit crunch: Discover takes care of its customers.
About Discover’s Best Balance Transfer Offer
Consumers who take advantage of the 0% APR on balance transfers for 18 months from Discover stand to reap significant savings. While factors such as how quickly you repay your credit card debt can impact how much you save, here are some startling examples of how much money this offer can put in your pocket.
Example 1: A $3,000 balance transfer from a credit card with a 15% interest rate.
A person with $3,000 of credit card debt would spend $750 in interest over the next 18 months. After fees, this person can save as much as $600 by doing a balance transfer.
Example 2: A $3,000 balance transfer from a credit card with an 18% interest rate.
A person in this situation would spend over $900 in interest over the next 18 months. After balance transfer fees, the Discover More card could save someone in this situation more than $700.
The money that can be saved by taking advantage of this balance transfer offer is not only significant, but it can be used to reduce credit card debt substantially. Without compound interest working against you, you can use the money you save to reduce your overall debt by 20% or more with this balance transfer credit card.
Balance Transfer Offer Details Discover More Card – The Discover More card offers a 0% intro APR on balance transfers for a FULL 18 Months as well as a 0% APR on purchases for 6 months. This card carries a 5% balance transfer fee, which is slightly above the overall average of 4%. However, many cards with 4% and 5% balance transfer fees only offer 0% interest rates for as little as 7 months, so this fee is low relative to the quality and duration of the offer. For additional rate and fee information, please see the Discover balance transfer section of Smart Balance Transfers.
Final Thoughts
Now that the Discover More Card offers a 0% APR on balance transfers for 18 months, it is without question the best balance transfer credit card available. Not only does it offer the greatest money saving opportunity for people who can benefit from balance transfers, it comes from a credit card company that will treat you fairly.
To learn more about this and other balance transfer offers, please see the 0% APR balance transfer section of Smart Balance Transfers where you can compare credit cards and apply online to start saving money on interest. If you are curious about how much a balance transfer can save you, try out our balance transfer calculator.
Author’s Note: All credit card details are accurate as of the date of publication. Please closely review the terms and conditions of any credit card application before applying online as credit card terms change frequently.
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