All posts by Leonard Kreicas

Best Balance Transfer Offers January 2021

December 29, 2020NewsIntro APRLeonard Kreicas

No interest on balance transfers until 2022 with special introductory rates for new accounts

When you transfer your high-interest balance to a credit card offering an introductory 0% APR (Annual Percentage Rate) you could reduce your monthly credit card bills by a significant amount.

A fixed interest rate of zero financing for a year or more allows you to make affordable payment on only the balance you owe. Note that minimum monthly payments are still due until the intro period ends. Once the special 0% rate expires regular rates will apply to the remaining balances.

CHECKLIST

Most major banks charge upfront balance transfer fees that are added to the balance. Usually the fees are less than interest you’re currently paying, but check with a professional financial advisor before proceeding with a balance transfer. Fees such as balance transfer, annual, late payment, etc. could swallow up any savings on interest.

See if credit line with the new card covers the amounts you want to transfer. For instance if you have a $10,000 balance to transfer and only get a $2,500 credit line with the new card, that may not be enough to save a meaningful amount. You’ll also be complicating life by having more credit card payments to keep track of.

Never charge anything on the card since purchases often are mixed in with transfers. When that happens the entire balance may be due way before the expiration of the introductory period. If not paid in full you might even pay regular interest rates on the amounts transferred.

Normally you cannot transfer balances between cards from the same bank or issuer. Inquire whether funds from the new card can be sent to the original card. Otherwise an excess of “hard” inquiries could damage your credit score.

Allow a lag time between transfer request and its posting to the old card. A month might pass before balance is erased from the high-interest account. That delay might result in an unexpectedly large amount due for the first card.

THE CARDS

The credit cards below feature longer 0% APR periods so you can pay bills in a planned manner under the guidance of trusted financial mentor.

20 MONTH INTRO 0% APR

U.S. Bank Visa® Platinum Card

20 month 0% intro APR
Balance transfer fee: 3%
No annual fee
Regular APR is 13.99% to 23.99% once intro period expires

Elan Financial Services issues 20-month 0% APR credit cards for several banks. Its cards usually have the following terms:

0% APR financing for first 20 months after opening account
Balance transfer fee: 3%
No annual fee
Regular APR of 13.49% to 23.49% once intro period expires

A small sampling of places offering 20-month 0% APR cards, issued by Elan Financial, are:

BOK Financial Platinum Visa® Card
Chesapeake Bank of Maryland Platinum Visa® Card
Community Banks of Colorado Platinum Visa® Card
Exchange Bank Platinum Visa® Card
Fulton Bank Platinum Visa® Card
People’s United Bank Mastercard® Platinum Card
Suncrest Bank Platinum Visa® Card
The Bank of Missouri Platinum Visa® Card

18 MONTH INTRO 0% APR

Citi Double Cash Mastercard®

18 month zero-interest intro APR
Balance transfer fee: 3%
No annual fee
Regular APR is 13.99% to 23.99% after intro period expires

Citi Diamond Preferred Mastercard®

18 month zero-interest intro APR
Balance transfer fee: 3%
No annual fee
Regular APR is 14.74% to 24.74% once intro period expires

Citi Simplicity

No interest intro APR for 18 first months
Transfers must be completed during initial 120 days
Balance transfer fee: 3%
No annual fee
Regular APR is 14.74% to 24.74% once intro period expires

Wells Fargo Platinum Visa®

0% APR for 18 months on balance transfers
Introductory rate applies only on transfers made within first 120 days
Balance transfer fee: 3%
No annual fee
Regular APR is 16.49% to 24.49% once intro period expires

HSBC Gold Mastercard®

0% APR for 18 months on transfers
Introductory period on transfers lasts only 60 days
Balance transfer fee: 4%
No annual fee
Regular APR is 13.99% to 23.99% after intro offer expires

Citizens Bank Clear Value Mastercard®

No interest APR for first 18 months on balance transfers
No cut-off date during balance transfer introductory period
Balance transfer fee: 3%
No annual fee
Regular APR is 13.99% to 21.99% after intro offer expires

15 MONTH INTRO 0% APR

Citi Rewards+ Mastercard®

15 month introductory 0% APR on balance transfers
They must be completed within first 120 days
Balance transfer fee: 3%
No annual fee
Regular APR is 13.49% to 23.49% after intro offer expires

Wells Fargo Cash Wise Visa®

15 month introductory 0% APR on transfers
Balance transfer request must be made within first 120 days
Balance transfer fee: 3%
No annual fee
Regular APR is 14.49% to 24.99% after intro offer expires

SunTrust Cash Rewards World Mastercard®

15 month introductory no interest APR
No cut-off date for special introductory rate
Balance transfer fee: 3%
No annual fee
Regular APR is 11.24% to 21.24% after intro offer expires

Key Bank Latitude Credit Card

15 month introductory 0% APR for purchases and balance transfers
Balance transfers must be completed within first 60 days of account opening
Balance transfer fee: 3%
No annual fee
Regular APR is 9.99% to 19.99% after intro offer expires

PNC Core Visa

15 month introductory no interest APR
Balance transfer fee: 3%
No annual fee
Regular APR is 9.99% to 19.99% after intro offer expires

Fifth Third Bank Truly Simple Mastercard®

15 month introductory no interest APR
Balance transfer fee: 4%
No annual fee
Regular APR is 11.99% to 22.99% after intro offer expires

TD Cash Visa Card

15 month introductory no interest APR
Balance transfer fee: 3%
No annual fee
Regular APR is 12.99% to 22.99% after intro offer expires

NO BALANCE TRANSFER FEE & INTRO 0% APR

Union Bank Platinum Visa Credit Card

15 month introductory no interest APR
Balance transfer fee: $0 for transfers made within 60 days; 3% after that (terms)
No annual fee
Regular APR is 8.49% to 19.99% after intro offer expires

Navy Federal Credit Union®Credit Card (members only)

12 month introductory 0% APR
Balance transfer fee: 0%
No annual fee
Regular APR is 5.99% to 18.00% after intro offer expires

Purdue Federal Visa Signature (members only)

12 month introductory 0% APR
Balance transfer fee: 0%
No annual fee
Regular APR is 11.50% to 17.50% after intro offer expires
General membership via one-time $50 fee to join Purdue University Alumni Association as a Friend of the University

La Capitol FCU Prime Plus or Rewards Visa Card

12 month introductory 0% APR on transfers within 90 days of account opening
Balance transfer fee: 0%
No annual fee
General membership via one-time $20 fee to join the Louisian Association for Personal Financial Achievement

First Tech FCU Platinum Mastercard (members only)

12 month introductory 0% APR
Balance transfer fee: 0%
No annual fee
Regular APR is 6.99% to 18.00% after intro offer expires
General membership via one-time fee to join Computer History Museum or the Financial Fitness Association

Best Credit Card Sign-Up Offers January 2021

December 28, 2020RewardsSign-up offersLeonard Kreicas

When making a purchase or payment $500 or larger, consider opening a new credit card account with a cash back sign-up offer of $200 or more.

You could earn hundreds of tax-free dollars a year by planning your credit card applications the smart way.

Since the sign-up offers usually require spending a certain minimum amount on the card, plan your larger purchases by getting a new credit card account.

Many of card’s bonus can only be redeemed for travel or store purchases. The offers below give the cardholder account holder actual cash in the form of a tax-free rebate, i.e. statement credit.

Chase Sapphire Preferred® Card

$600 cash back (60,000 points) after you spend $4,000 on purchases on your new card within the first 3 months.
Bonus points on travel and dining, includes delivery and takeout
Bonus points at grocery stores until April 30, 2021
1% other eligible purchases
Cash back is received in the form of Ultimate Rewards points (100 points = $1) redeemable as a statement credit.
$95 annual fee (waived for first year)

Bank of America Premium Rewards Credit Card

$500 cash back (50,000 points) after you spend $3,000 on purchases on your new card within the first 3 months.
2 points per dollar spent on travel and dining
1.5 points on other eligible purchases
Preferred Rewards members earn 25% to 75% more points per purchase
Get cash back when you redeem the points you earned (100 points = $1).
$95 annual fee

BBVA Select Credit Card (limited availability)

$500 cash back (50,000 points) after you spend $4,000 on purchases on your new card within the first 3 months.
4x points on entertainment purchases
3x points on dining purchases
2x points on travel purchases
1 point on all other eligible purchases
Get cash back when you redeem your points (100 points = $1).
$99 annual fee (waived the first year)

Blue Cash Preferred® Card from American Express

$300 cash back after you spend $3,000 in purchases on your new card within the first 3 months.
0% intro APR on purchases and balance transfers for 12 months.
Everyday Cash Back: 6% at U.S supermarkets (superstores like Walmart or Target don’t qualify) on up to $6,000 per year in purchases
6% Cash Back on select U.S. streaming subscriptions
3% at U.S gas stations and on transit (includes rideshares, parking, tolls, buses, trains, and more)
1% other eligible purchases
Cash back is received in the form of Reward Dollars redeemed as a statement credit.
$95 annual fee (waived for first year)

Capital One® Savor® Rewards Credit Card

$300 cash back after you spend $3,000 in purchases on your new card within the first 3 months.
4% cash back on dining and entertainment
2% cash back at grocery stores
1% other eligible purchases
$95 annual fee

Star Trek Credit Card from NASA FCU

$300 cash back after you spend $2,000 in purchases on your new card within the first 3 months.
2X rewards at gas stations
1X reward for other eligible purchases on card
$39 annual fee
Credit union membership required

U.S. Bank Altitude® Go Visa Signature® Card

Get $250 back (25,000 bonus points) with minimum spend $1,000 on purchases with new card within first 3 months
0% intro APR on purchases for first 12 months
4x points on dining, takeout, food delivery
2x points at grocery stores (including delivery)
2x points at gas stations
2x points on streaming service subscriptions
1 point on all other eligible charges
Rewards do not expire as long as your account is open
No annual fee

BMO Harris Bank Cash Back Mastercard®

Earn a $200 Bonus after you spend $2,000 on purchases in your first 3 months from account opening
0% intro APR on balance transfers (made within first 90 days) for first 12 months (3% fee)
2% on eligible gas and grocery purchases (maximum $2,500 combined, then 1%)
1% cash back on all other purchases
No annual fee

Chase Freedom Unlimited®

Earn a $200 Bonus after you spend $500 on purchases in your first 3 months from account opening
0% Intro APR on purchases for first 15 months after account opening
Earn 5% cash back on grocery store purchases up $12,000 (excludes Target® and Walmart®)
Earn 5% cash back for travel purchased through Chase Ultimate Rewards®
Get 3% cash back at restaurants (includes takeout and delivery)
Get 3% cash back on drug store purchases
1.5% cash back on all other eligible purchases
No minimum amount when redeeming for cash back
No annual fee

Wells Fargo Propel American Express Card

Earn 20,000 bonus rewards points (redeemable for $200 cash back) after you spend $1,000 on purchases in your first 3 months from account opening
0% Intro APR for 12 months from account opening on purchases and balance transfers. Balance transfer fee is 3% of the amount transferred, $5 minimum
3% cash back on dining purchases, such as delis, fast food, coffee shops, casual restaurants and fine dining
3% cash back at gas stations, rideshares, and transit
3% cash back on popular streaming service subscriptions
3% cash back on airlines, hotels, homestays, car rentals
1% cash back on all other eligible purchases
Rewards do not expire as long as your account is open
No annual fee

U.S. Bank Cash+™ Visa Signature® Card

Get $200 back with minimum spend $500 on purchases with new card within first 3 months
0% intro APR on purchases for first 12 months
5% cash back on first $2,000 on combined purchases each quarter in two categories of choice (worth up to $400 a year)
2% cash back on one every day category of choice such as groceries, gas stations, dining
1% on all other eligible charges
No minimum to redeem rewards
No annual fee

Disney® Premier Visa® Card From Chase

Get $200 cash back with minimum spend $500 on purchases with new card within first 3 months
2% in Disney Reward Dollars on select purchases
1% in Disney Reward Dollars on all other eligible charges
$49 annual fee

American Express Cash Magnet® Card

Get $200 back after you spend $1,000 on purchases with new card within first 3 months
0% intro APR on purchases for first 15 months
1.5% cash back on all eligible purchases
Cash back rewards do not expire as long as your account is open
No annual fee

MLB™ World Mastercard® from Bank of America

Get $200 online cash rewards after a spend of $1,000 with new card
Introductory 0% APR on purchases or balance transfers for first 12 billing cycles
3% cash back on category of your choice
2% cash back at grocery stores and wholesale clubs
1% rewards on all other eligible purchased items
Get the logo of your favorite Major League Baseball team on the card
No annual fee

Elements Financial CU Signature Rewards Visa® Card

Get $200 cash back after you spend $1,000 on 10 or more purchases with new card within first 3 months
Introductory 0% APR offer on purchases and balance transfers for 6 months
1.5% cash back and rewards on eligible everyday purchases
No balance transfer or foreign transaction fees
No annual fee
Credit union membership required

Rotary International Cash Rewards Visa Signature® credit card from Bank of America

Get $200 cash back after you spend $1,000 on purchases with new card within first 3 months
Introductory 0% APR for 12 months for purchases and balance transfers
3% cash back on category of choice, such as gas, online shopping, drug stores, home improvement & furnishings, dining or travel
2% cash back at eligible grocery stores and wholesale clubs
1% rewards on all other eligible purchased items
No annual fee

Use Credit Card Bonuses Wisely

Apply these common sense rules before applying for too many credit cards at once.

Use the signup bonuses with a definite purpose.
Before you pick a program, explore each one in depth.

Apply for a maximum of two cards per year.
You may earn more rewards by signing up for more, but that could limit your ability to earn bonuses in the future.

Pay your balance in full every billing period.
Banks rely on the fact that they earn more in interest and fees than what they give back in bonuses or rewards.

Avoid cards with annual fees.
They cost more than the services they provide and closing an account limits your buying power.

PenFed Credit Union Credit Cards

December 21, 2020Credit UnionIntro APR, No annual fee, Rewards, Sign-up offersLeonard Kreicas

PenFed Credit Union office building — Photo credit: PenFed Credit Union

PenFed Credit Union offers members four great credit card choices to fit their budgets.

PenFed Pathfinder® Rewards Visa Signature® Card features

50,000 bonus points credit after charging $3,000 on your new card within 90 days of account opening
4 times the points on all travel categories for members of the PenFed Honors Advantage program
Earn 3 points on all travel category purchases
All other eligible purchases earn 1.5 points per dollar spent
$95 annual fee

Power Cash Rewards Visa Signature® Card features

Generous 2% cash back on all eligible purchases for PenFed Honors Advantage Members
1.5% cash back on all eligible purchases for non-members
$100 bonus statement credit when you spend $1,500 with new card within first 90 days
No Annual Fee

Platinum Rewards Visa Signature® Card features

5 times the points on gas purchases paid at the pump
3 times the points on supermarket purchases
1 point per dollar charged on all other eligible purchases
$100 bonus statement credit when you spend $1,500 with new card within first 90 days
No Annual Fee

Gold Visa® Card features

0% introductory APR on balance transfers for the first 12 months
APR as low as 7.49% for qualified applicants
$100 bonus statement credit when you spend $1,500 with new card within first 90 days
No Annual Fee

Credit card users had numerous benefits cash purchases did not provide, such as:

Careful tracking of dates and prices paid
Zero liability on fraudulent charges
Identity theft protection
EMV Chip Technology
Contactless tap to pay on enabled terminals
Online banking from the convenience of your residence
Click to pay online (where available) with Visa’s smart and secure online checkout
Mobile banking from wherever you’re located
No need to worry about carrying or losing cash
Instant alerts on suspicious transactions
Paperless statements which cannot be lost
Secure Apple Pay feature

Credit Union membership is required.

A little-known additional feature is available to active duty members of the United States Military. They may be eligible for SCRA benefits, such as a 6% APR cap on credit cards. Note though, SCRA does NOT relieve cardholders from making credit card payments on time!

For more information on qualifying and features of SCRA visit saveandinvest.org

Chase Freedom Flex Credit Card

December 21, 2020BankChase, Intro APR, No annual fee, Rewards, Sign-up offersLeonard Kreicas

Chase Freedom Flex Credit Card offers a $200 signup bonus plus 5% cash back for rotating categories.

Sign up bonus

Get receive a $200 bonus after charging only $500 or more on Freedom Flex Card within three months of opening the account.

Zero percent interest introductory offer

Pay no interest on purchases during the first 15 months, although a minimum monthly payment needs to be made.

Extra rewards with 5% on rotating categories

Jan.1 to March 31
Wholesale clubs such as BJ’s and Sam’s Club (Costco does NOT accept Mastercard in-store), internet, cable and phone services, select streaming services ($1,500 maximum per quarter – then 1% rewards)
April 1 to June 30
Grocery stores, gym memberships and fitness clubs, select streaming services
July 1 to Sept. 30
Amazon.com, Whole Foods Market
Oct. 1 to Dec. 31
Walmart, PayPal

Other bonus categories

5% on travel purchased through Chase Ultimate Rewards
3% on dining, which includes fast food, takeout and delivery
3% on drugstore purchases

Other great features

No annual fee
No minimum to redeem cash back rewards
Rewards never expire as long as account remains open

Free benefits and services

Zero liability protection
24/7 Fraud monitoring never sleeps
Free cell phone theft or damage insurance
Purchase protection for 120 days (up to $500 per claim)
Extended warranty program
Trip cancellation/interruption insurance
Free credit score and identity restoration service

CREDIT CARDS

Choose the right credit card for you