So 2011 is officially behind us, and it feels like 2012 is already fleeting. After all, it’s already the 4th of January!

Okay, I’m just being dramatic, but the days can get away from you pretty quickly if you don’t take action every on in the year.

I learn this every year when I find myself scurrying to do my taxes in late April.

All that aside, the beginning of the year is a perfect time to assess your financial standing and make moves to improve it.

If you’re like most people, you likely charged up quite a bit of credit card debt during the holiday season.

And if you’re unable to actually pay it all off, you’re likely facing a bit of dilemma. Well, not really a dilemma, but more a harsh reality of credit card finance charges, otherwise known as interest.

Don’t Pay Interest!

But not all hope is lost. There is a simple way to avoid paying interest on your credit card while also continuing to carry a credit card balance.

I’m talking about credit card balance transfers, which put simply, allow you to shift the debt from one credit card company to another.

So if you’ve got a $2,500 credit card balance with Chase (thanks to all those presents you had to buy for family, friends and co-workers), you can transfer it to Discover and pay nothing in finance charges for a certain period of time.

If you have a credit card balance with Chase, you can shift the balance to Discover or Citi or whatever other company allows balance transfers.

The point I’m trying to make is that you can’t transfer balances within the same bank.

Okay, so we’ve got an idea of how balance transfers work and some of the rules. Let’s talk about specific offers for 2012, shall we.

2012 Balance Transfer Offers Are Aggressive

Right now is actually a really great time to transfer a credit card balance thanks to some aggressive offers currently on the table.

Discover just re-launched its no fee balance transfer for a limited period of time. It comes with 0% APR on both balance transfers and purchases with a $0 fee.

In other words, you can transfer a balance and pay nothing to do so. It doesn’t get much better than this folks.

Chase Slate also has a no fee balance transfer on offer. It comes with 0% APR for up to 12 months as well with a $0 fee.

Both these offers have no annual fee, making them truly free balance transfer credit cards, and the only two of their kind currently.

You can learn more about each offer by clicking on the associated links above. These are by far the best offers available, though there are longer 0% APR balance transfers available on the right-hand panel of this site.

Even so, you could always transfer you balances to these cards first for free, then transfer your balance again to a longer-term 0% APR balance transfer card after, assuming you need more time to pay down the balances.

This would effectively reduce any subsequent balance transfer fee, as your balance would likely be smaller because it was paid down during the first transfer.

Strategy: Transfer your balance(s) to one of the mentioned no fee balance transfer credit cards for $0. Pay it down as you prefer.

If there is a significant balance remaining around the 12-month mark, execute another balance transfer to a different 0% APR balance transfer credit card and pay down accordingly. This will be the cheapest way to rid yourself of credit card debt.

(photo: stockerre)

Finally, an out-and-out no fee balance transfer offer folks!

That’s right, for a limited time, the Chase Slate credit card is a 0% APR no fee balance transfer!!

This is the only such offer currently available, so act fast if you have high-APR credit card debt that needs to be transferred.

With this deal, you won’t pay a balance transfer fee, and you can enjoy 0% APR for a lengthy 15 months.

After those 15 months are up, the APR will vary between 11.99-21.99%.

Let’s look at an example of the savings with Chase Slate’s No Fee Balance Transfer:

Credit card debt: $4,000 @21.99%
Balance transfer offer: 0% APR for up to 12 months
Balance transfer fee: $0 (zero)

If you were to leave the debt on your existing credit card, you’d be paying roughly $73 a month and $880 annually in credit card finance charges.

Moving it for free to Chase Slate would save you all that money and allow you to actually get out of debt, as those interest charges wouldn’t be piling up on top of existing debt.

This is why balance transfers are so worthwhile. Not only do they help you save on credit card interest, but they also allow you pay down your debts, which can also improve your credit score!

There is a caveat, although not a significant one. You must transfer your higher rate balances during the first 30 days your account is opened.

So don’t wait…in fact, it’s probably best to transfer the balance at the same time you open the card.

After those 30 days are up, the standard 3% balance transfer fee will apply.

Oh, and the last of all, Chase Slate has no annual fee, making it the only truly free balance transfer credit card out there at the moment.

If this offer interests you, see all the details below:

Read more: How long do balance transfers take?

I always write about any possible no fee balance transfer I see. It’s probably the most exciting news that ever comes out of the otherwise dull balance transfer world.

And so here we go again (you’d think we aren’t in a recession).

Earlier this week, Chase revealed a new bonus related to their Slate credit card, which comes with 0% APR on both purchases and balance transfers for up to 15 months.

For a limited time, they’re offering a $75 statement credit if you spend $300 in the first three months from account opening.

As always, “spending” means qualifying transactions, which include both standard purchases and balance transfers.

$75 Bonus Offsets 3% Balance Transfer Fee

So with this offer, you can balance transfer up to $2,500 to the Chase Slate credit card and completely offset the 3% balance transfer fee.

Sure, it’s not the traditional no fee balance transfer offer of a few years ago that is now essentially extinct.

But it’s pretty much the same deal in the end.

And you could even argue that it’s better, given the fact that any transferred amount below $2,500 will net you some positive gains.

If you’re interested, you can apply here (offer expired).

Chase Freedom Maybe Sweeter

Keep in mind that Chase has a slightly sweeter deal in its Chase Freedom credit card.

You get $100 cash back after spending (transferring) $500 within the first three months.

So you get another $25, or the ability to transfer $3,333 while offsetting the entire 3% fee.

The only downside to this offer is the promotional 0% APR period is just 12 months.

In summary, there are still a ton of great balance transfer offers available, despite all the economic woes that continue to rattle our economy.

So now could be one of the best times to transfer a high-APR credit card balance. And doing so could save you thousands in credit card finance charges.

I recently noted that Discover was offering 0% no fee balance transfers to select customers via snail mail.

Well, Chase seems to be doing a similar promotion.

The company currently has an offer for certain lucky customers (some with Amazon branded credit cards) that comes with two special balance transfer options:

- 0% APR for 12 months with a 1% balance transfer fee
– 0% APR for 18 months with a 2% balance transfer fee

While these aren’t no fee balance transfer offers, they are reduced from the standard 3% balance transfer fee Chase typically charges.

Let’s take a look at the potential savings, assuming you’ve got a credit card balance of $5,000 @20.99% APR.

With the standard 3% balance transfer fee, you’d pay $150 for the privilege of transferring your balance.

With the 2% balance transfer fee, you’d pay just $100, and you’d get an additional six months to pay down your balance to zero before incurring any finance charges.

Finally, if you took the 1% balance transfer fee offer, you’d pay just $50, thereby saving $100 over the standard rate.

So you can save some decent money if you happen to receive one of these offers in your physical mailbox (not your e-mail inbox).

You can also log in to your existing Chase credit card account online and click on the balance transfer tab to see if the offer is there.

If not, there’s still a way to get a Chase no fee balance transfer, thanks to a cash back offer that will offset the standard 3% fee.

Chase will give you $100 cash back for transferring at least $500, so a $3,000 balance transfer would actually net you $10.

And smaller transfers would make you even more money.

For example, if you transferred the $500 minimum, you’d pay a $15 balance transfer fee but get $100 cash back, or $85 net profit.

Not a bad deal if you aren’t one of the select few picked by Chase to receive these new special offers.

Tip: What credit score is needed for a balance transfer?

In my never-ending quest to keep track of any and all no fee balance transfer offers, I’ve received word that Discover is still offering its no fee balance transfer to select customers.

It’s the same aggressive offer that was open to all customers up until earlier this year.

Unfortunately, it’s more a they come to you, rather than you go to them type of offer, meaning you’ve got to be one of the lucky ones who receives a “golden ticket.”

By golden ticket, I mean a letter in the mail that offers you 0% APR for 12 months on balance transfers with no balance transfer fee.

I’ve seen them, and heard of people receiving them, but they’re few and far between, and probably only going to their best existing customers with solid credit scores.

Doesn’t Hurt to Ask

That said, it doesn’t hurt to ask Discover for this offer or to waive the balance transfer fee if you take them up one of their similar offers with a balance transfer fee.

You can use those mailers to your advantage to make your argument. Hey, it’s no skin off your back, regardless of what they may say.

Tell them you’ve got good credit, are a good customer, etc., etc. Plead your case.

You’ve Got Options

Assuming that doesn’t work, there are other similar options still available.

For example, Chase Freedom will give you 10,000 bonus points, redeemable for a $100 check, if you transfer $500 or more during the first three months from account opening.

So if you balance transfer $500 or more to their Freedom card, that $100 could completely offset the 3% balance transfer fee.

Assuming you transfer say $1,500, you’d pay $45 in balance transfer fees, but net $55 thanks to that $100 cash back bonus.

And you could actually transfer more than $3,300 and still keep it a no fee balance transfer, so it works in a variety of situations.

As you can see, there are more ways than one to get your hands on a no fee balance transfer. You’ve just got to be a bit more creative these days, assuming you’re not one of the lucky ones referred to earlier.

Heck, even if you do have to a pay a balance transfer fee, there’s a good chance you’ll save a ton of money by avoiding credit card finance charges.

Remember, if and when any no fee balance transfer offers appear, you’ll hear about them here.

Read more: How does a balance transfer work?

(photo: AnsyDuPiton)