January Balance Transfer Credit Card Rate and Fee Report From SmartBalanceTransfers.com

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Jan 26, 2011, 12:47 ET

NORWALK, Conn., Jan. 26, 2011 /PRNewswire/ -- 2011 is starting off on a positive note for consumers looking to pay down their credit card debt in the new year. According to SmartBalanceTransfers.com, a website that tracks 0% balance transfer offers, the length of balance transfer offers slightly increased in January while balance transfer fees slightly decreased.

"The best balance transfer offers of January definitely go to Discover, which has a special limited time 0% APR no fee balance transfer and a 24-month 0% balance transfer," said Jeff Weber, CEO of Smart Balance Transfers. "Discover's no fee offer is good for 12 months and is ideal for consumers who can repay their debt within that timeframe. The 24-month offer carries a 5% balance transfer fee, so that offer is best for consumers who need more time to pay down credit card debt."

The 0% APR no fee balance transfer from Discover is the first fee-free balance transfer deal marketed online in over two years, and no doubt contributed to a decrease in average balance transfer fees charged by major credit card companies. Average balance transfer fees dropped from 3.5% in December to 3.36% in January. While this may seem like a miniscule decline, it's part of a positive long-term trend, with balance transfer fees now at a full 1/2% less than they were in September of 2010.

Overall, the average length of 0% balance transfer credit cards surveyed in January was 11.61 months, an increase from December's average of 11.47 months. After three months of consistent increases in the length of balance transfer offers, January is the first month since September where some credit card companies have shown signs of pulling back on long term 0% APR balance transfer offers.

Once Discover's no fee and 24-month balance transfer offers expire on February 28th, a return to 12-month balance transfer offers may be in store. "If you want to pay down your credit card debt there may be no better time to transfer your balances," concluded Weber.

For additional information on the credit cards mentioned here, or to apply for a credit card offer, please visit www.SmartBalanceTransfers.com.

About Smart Balance Transfers:

At SmartBalanceTransfers.com, consumers can learn about balance transfers and compare offers from a variety of leading credit card providers.

SOURCE SmartBalanceTransfers.com