optionsXpress Platinum Visa Card Offers 12-month 0% Balance Transfer

Nowadays, you won’t find many credit card issuers who are willing to give you 12 months of free loans (0% APR for 12 months) and even if there are card companies can give you 0% APR for 12 months, they usually charge at least 3% if you use the card to make balance transfer (the fee charged is 3% of the total amount transferred). In the environment that most banks only pay 2-% APY for their savings account, it doesn’t make too much sense if you do a balance transfer and put the money in a savings account.

optionsXpress, one of the brokers that I have an account with and have talked about a few time in the past, is currently offering 12-month 0% APR balance transfer for its optionsXpress Platinum Visa Card. Even though the card also charges 3% balance transfer fee, but the fee is caped at $75 ($5 minimum), which is good if you want to transfer a large amount.

The card has no annual membership fee and it basically rewards cardholders 1% for shopping with the card. Rewards are given as optionsXpress points (1 optionsXpress point for every dollar spent) and once you accumulate 1,500 points, you can redeem them for $15 that will credited to your optionsXpress account. Therefore, you must have an optionsXpress brokerage account in order to receive the rewards points. If you don’t have an optionsXpress investment account, then all your points will be forfeited. In addition, points will expire after 24 months if not redeemed.

While optionsXpress Visa is a good card for balance transfer if you want to move balances from high-rate cards to this card, it seems that it isn’t an attractive choice if you want to invest your rewards. If investing credit card cash back rewards is what you are thinking about, then there are better options out there.

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