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Valuable credit card promotions in August

Credit card companies continue to offer some of the most lucrative credit card promotions in years as they attempt to lure in new customers after chasing many away with interest rate and fee increases in the months leading up to the CARD Act.

Perhaps the most valuable promotions available in August are 0% APR credit card offers as a number of credit card companies have extended 0% interest rate deals. Some Citibank credit cards currently offer 0% interest rates on balance transfers for 15 to 18 months. With one of these deals, a person with a 16% interest rate can save well over $100 for every $1000 they transfer from a high interest credit card.

While not quite as generous as balance transfer deals, a number of credit cards are also offering 0% interest rates on purchases for a full year as well.

Consumers who don't currently have or plan to take credit card debt can benefit from a number of cash back bonus incentives. Of the major credit card companies offering these deals, Chase provides the best offer with its Chase Freedom Visa.  This card currently offers a $100 cash back bonus to new applicants. To obtain the advertised cash back reward, cardholders need to spend $799 within 3 months.

Like Chase, Discover is also offering a cash back bonus promotion.  The Discover credit card deal provides a $75 cash back bonus to new customers that spend $500 within the first three months of card membership.

In order to reap the most benefits from these special credit card promotions, it is important to choose a card that not only offers an alluring reward, but one that also offers good long term benefits. For consumers with credit card debt, this is likely a card that offers a long 0% APR on balance transfers.  For those without debt, cash back promotions such as the ones offered by Chase and Discover provide good value. However, if you would need to spend more money than you ordinarily would to obtain the bonuses, you may be better off choosing a different credit card.

For more information: To learn more about current credit card offers and to review credit card applications online, please see the author's website at All information is accurate as of the date of publication.  However, credit card offers change frequently. Thus, please see terms and conditions of any offer before you apply.


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