Balance Transfer Fees at Lowest Level in Two Years According to the SBT Monthly 0% Balance Transfer Credit Card Index

NORWALK, Conn., Feb. 23, 2012 /PRNewswire/ -- In February, balance transfer fees on 0% credit card offers declined from 3.25% to 2.95%, the first drop below 3% since the SmartBalanceTransfers.com monthly survey of online balance transfer offers began in September of 2010. Fees are now 12% lower than last year.  Average 0% APR balance transfer durations also declined slightly in February.

The decline in average balance transfer durations largely resulted from a reduction in the length of 0% introductory rates by Citibank. This tightening impacted three offers in the survey and dragged down average 0% balance transfer durations to an even 12 months, the lowest level recorded since May of 2011 and a 2% decrease from the prior month.

At present, Citibank's three 18 month 0% balance transfer offers along with an 18 month offer from Discover are the longest available; Wells Fargo and U.S. Bank offer the shortest offers surveyed with 6 month durations.

According to Jeffrey Weber, Editor & Chief Card Analyst at Smart Balance Transfers, "In terms of offer quality, February is by far the best month for consumers in the market for balance transfers since the credit crisis. However, the shortening of 0% promotional periods by Citibank this month may mark the beginning of a downward move in introductory periods amongst all major issuers."

Additionally, Mr. Weber points out that because no fee balance transfer offers from Chase and Discover are being offered as limited time promotions, "the window for consumers to obtain what are essentially the best balance transfer offers available since 2008 may be closing shortly."

About the SBT 0% Balance Transfer Offer Index

Updated monthly, the SBT 0% Balance Transfer Offer index reflects the average fee and promotional period for a basket of 22 credit card offers. These offers represent all banks 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 February's survey, please see http://www.smartbalancetransfers.com/blog/2012/02/february-2012-balance-transfer-credit-card-report-804/.

About SmartBalanceTransfers.com

Founded in 2007, SmartBalanceTransfers.com (http://www.smartbalancetransfers.com/) is a leading destination for consumers seeking targeted information on balance transfer credit cards. SmartBalanceTransfers.com provides visitors with in depth analysis of credit card offers as well as expert advice and tools to help consumers make wise choices when transferring credit card balances.

CONTACT: Jeffrey Weber, +1-203-651-9739, [email protected]

SOURCE SmartBalanceTransfers.com