Promotional Balance Transfer Offers Remain Steady, According To the June 2012 SBT Monthly Index
NORWALK, Conn., June 21, 2012 /PRNewswire/ -- After the year began with several changes to the balance transfer market, the trend in June continues to follow the stability seen in the first two months of Q2, according to the SmartBalanceTransfers.com monthly 0% balance transfer index.
The average duration of promotional balance transfer offers was unchanged from May at 12.68 months. Balance transfer fees also remained steady at an average of 3%.
According to Jeffrey Weber, founder of www.smartbalancetransfers.com, "The balance transfer market remains very favorable to consumers with many promotional financing offers extending beyond one year."
Chase remains the only major bank offering a 0% balance transfer credit card with no fees via the Slate card (though other Chase credit cards do carry standard balance transfer fees). Meanwhile, most major companies continue to levy 3% fees regardless of whether the 0% promotion lasts a mere 6 months or, as is the case with certain Citi and Discover credit cards, 18 months.
"Consumers who don't need to transfer balances from a Chase credit card should really begin and end their searches with Chase Slate. Those who have debt on Chase cards and need to look elsewhere will find that Citi offers the longest balance transfer promotions while charging very reasonable 3% fees," said Mr. Weber.
About the SBT 0% Balance Transfer Offer Index
Updated monthly since 2010, the SBT 0% Balance Transfer index reflects the average fees and 0% APR promotional periods for a basket of 22 credit card offers. These offers represent all banks with pertinent offers included in the J.D. Power annual credit card satisfaction survey, including Citibank, Chase, Discover, Capital One, Bank of America, Barclay's, Wells Fargo and U.S. Bank.
For additional commentary on June's survey, please see http://www.smartbalancetransfers.com/blog/2012/06/june-2012-sbt-balance-transfer-index-823/
To learn more about current offers, please see SBT's ranking of the top balance transfer credit cards of 2012 at http://www.smartbalancetransfers.com/blog/the-10-best-balance-transfer-credit-card-offers-of-2012/
Founded in 2007, SmartBalanceTransfers.com (http://www.smartbalancetransfers.com/) is a leading destination for consumers conducting research on balance transfer credit cards.
CONTACT: Jeffrey Weber, +1-203-651-9739
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