By now, you’ve probably heard about Bank Transfer Day, which was an initiative that called for consumers to move their money from large commercial banks to non-profit credit unions.

Call it the 99% using their numbers to do one over on the 1%, if you catch my drift.

The event took place on November 5, 2011, and at this point it’s unclear how much of an impact it has actually made.

However, what we do now is that it has created a “spin-off” called “Balance Transfer Day,” according to a piece in the Huffington Post.

What is Balance Transfer Day?

In short, Balance Transfer Day, set for December 11, 2011, is a movement (pun intended) of credit card debt from high-APR credit cards to low or 0% APR balance transfer credit cards.

In other words, it’s a call to arms to execute credit card balance transfers to avoid paying costly finance charges.

What makes it, ahem, special, is that we’re all supposed to do it on the same day.

And then repeat it on one specific day of the month each month thereafter until banks take notice and lower credit card APRs and stop with their misleading introductory offers.

The big question mark, of course, is how it will actually impact the banks.

You see, big commercial banks constantly pitch balance transfer offers to customers (it’s good business for them), so it’s a bit confusing as to how this will give customers a “voice” and let them “speak out?”

Additionally, credit card balance transfers merely shift credit card debt from one major bank to another, so the money may go from say Citi to Chase, or from Chase to Discover.

It likely won’t land in the accounts of non-profit, local banks, as they aren’t the ones who offer the most lucrative balance transfer offers.

So no big change, just the shuffling of money from one major bank to another.

Balance Transfer Day a Marketing Ploy?

I did a little digging and discovered the group’s Facebook page, which had a link to a Google search results page for “0% Intro APR on Balance Transfers.”

Interestingly, the author of the Huffington Post article represents a website called Credit-Land.com, which happens to appear in these same Google search results on the first page.

Call it a coincidence, but it almost makes you wonder if it’s all just a marketing ploy to get more sales.

You see, the Credit-Land.com website is merely a page where you fill out applications for credit card balance transfers and the site is presumably paid a commission if a sale or something else positive occurs.

So it makes you wonder if it’s all just a gimmick to increase the volume of balance transfers, especially for the sites that appear on the Google search results page referenced.

Now it’s not to say that there’s anything wrong with balance transfers. In fact, I’m the first to promote their numerous benefits.

But it just seems a bit of a stretch to liken applying for a balance transfer to a form of protest, especially if all the “enemies” are profiting as a result.

Discover is lowering the balance transfer fee again on its popular 0% 18 month balance transfer offer.

Beginning June 1, the fee will drop from 4% to 3%, which can equate to some serious savings if you’re in the market to transfer a credit card balance.

It was 5% several months back, so the deal keeps getting more and more enticing, though this is probably the floor.

Don’t expect a no fee balance transfer for more than 12 months, if it all.

So how much can you save?

Well, if you plan on transferring say $2,000, the balance transfer fee would drop from $80 to $60.

We know – fees are no fun, but neither is paying interest on your credit card debt each and every month…

And it still comes with 0% APR for a full 18 months on balance transfers (6 months on purchases), making it one of the best balance transfer offers out there at the moment.

There’s no annual fee with the Discover® More Card – 18 Month Promotional Balance Transfer, and you can earn cash back in popular rotating categories such as gas, groceries, restaurants, and more.

But obviously the draw with this credit card is the extended 0% APR period, which is one of the longest available aside from Citi‘s 21 month offer.

So if you don’t currently have a Discover card, and a balance with a rival credit card issuer, this could save you some cash by avoiding pesky credit card finance charges for a year and a half.

If it interests you, apply here.

A new Federal Reserve rule will protect credit card holders taking part in promotional programs that waive interest charges for a certain period of time.

As far as I can tell, this will apply to credit card balance transfers, such was 0% balance transfer credit cards and others that allow card holders to avoid paying finance charges for a specified time period.

The Fed announced this week on its website that such programs will be afforded the same Credit Card Act protections as promotional programs that apply a reduced rate for a specified period of time.

For example, a credit card issuer that offers to waive interest charges for 12 months will be prohibited from revoking the waiver and charging interest during the 12-month period, unless the account becomes more than 60 days delinquent.

This is great news for those who elect to take up balance transfer offers from credit card issuers, as there will be less worry of winding up with the default rate (balance transfer pitfalls).

Typically, balance transfers have conditions in place that say the promotional rate, such as 0% APR, will be rescinded if the card holder doesn’t make on-time payments.

So if you were to miss just one payment, the card issuer could revoke your 0% APR and slap you with the default rate, which may be 20% or higher.

That would certainly make it very difficult to pay off credit card debt, which is the main purpose of a balance transfer.

This new rule gives card holders a little more leeway so they won’t automatically be punished for missing a single payment.

A recent report from credit bureau Experian revealed that American consumers are utilizing more of their credit.

While this may sound like good news, it’s not. Credit utilization should be low – if it creeps too high, your credit score will suffer.

So why is it up?

Well, partially because Americans continue to rack up debt (the average consumer had $4,200 in bank card debt at the close of 2010), and also because credit card issuers have slashed credit lines and closed credit card accounts.

As a result, the average bank card holder now has 30% credit utilization, nearly 10% more than they did back in 2007.

This isn’t welcome news, as both Fico and VantageScore see credit utilization and balances owed as the most important metrics in credit scoring.

Essentially, the higher the balances and utilization, the lower the credit score. And the lower your credit score, the more you’ll pay in interest on various types of loans.

What’s the solution?

If you’re having trouble paying off credit card debt, consider the many balance transfer offers available online.

As mentioned earlier, credit card issuers got tough on consumers a few years back, but have since eased up.

In fact, Discover is offering a 0% balance transfer for a staggering 24 months, which is sure to save a debt-riddled consumer some serious cash by avoiding nagging finance charges.

At the same time, you can reduce your overall credit utilization and boost your credit score.

Read more: How a balance transfer can increase your credit score.

In just a few days, the Discover No Fee Balance Transfer offer will expire…

If you’re in the market for a 0% APR balance transfer with no fee, this is probably your one and only ticket.

Come February 28, there will likely be no other similar offers available.

Note that there are plenty of 0% balance transfer credit cards out there, but all of them carry a balance transfer fee ranging from 3-5%.

This effectively makes the APR higher than 0%, so it’s not truly an interest free credit card.

At the same time, card issuers that offer no fee balance transfer credit cards typically only offer APR above 0%, such as 4.99% or higher.

So this is the only truly free balance transfer credit card out there at the moment, meaning take advantage now if you haven’t done so already.

Quick example:

Credit card balance: $5,000
Credit card APR: 19.99%
Balance transfer fee: 5%, no cap

If you were to transfer $5,000 to a balance transfer credit card with a 5% fee, you’d be hit with a $250 fee!  Not the best way to start getting out of debt.

Of course, it still beats paying 19.99% APR each month, but why not avoid the fee altogether.

You’ve got the next week to transfer balances without that pesky fee, so act quickly if the above situation applies to you.