The name Pulaski Bank has been on the posts of all the hot deals forums as all sorts of deal finders are discovering that Pulaski is offering two credit cards with no fee 6 month 0% balance transfers. The six month isn’t really appealing but the fact that it’s 0% and has no fee means it’s basically a six month breather from whatever it is you’re trying to pay back. If you want to do the whole arbitrage game, that’s up to you as to whether six months is worth your trouble (the high yield savings accounts aren’t giving up that much these days).

But who is Pulaski Bank? They’re a bank located in Little Rock, AR that has been FDIC insured since 1991 with certificate #33538. They’re a legitimate bank with a legitimate credit offering a no fee 6 month 0% balance transfer.

Five Cent Nickel did some digging and unearthed seven cards that offer no fee 0% balance transfers. The real gem in the list is the Citi Driver’s Edge Card for College Students because it normally has a 3% fee but it’s waived.

Is it worth it to get a 0% balance transfer for only six months? I think that any time you can get a breather, you take it if you need it. These give you six months more time to catch up on your debt. If you’re thinking about balance transfer arbitrage, I’d skip them and wait until a longer offer comes around.

While 0% balance transfers aren’t difficult to find, no fee 0% balance transfer offers are essentially non-existent. So many people have asked me where they can find a card that offers a no fee transfer and the reality is that there are probably none. The credit crisis has really put a dampener on the liquidity of many companies, including credit card companies, and so they’ve responded by reducing the aggressiveness of their credit campaigns.

The result is that it is now standard for every credit card with a balance transfer offer to have an associated 3% fee. Citi used to have no fee balance transfers out the wazoo, but now there are 3% fees with no maximum.

The best option now for someone looking for a quick cheap loan is by applying for a Discover card. For the most part, and you’ll have to double check the terms & conditions of the card you’d apply for, the fee is 3% with a maximum of $75. The sweet spot on that deal is thus $2500. If you get a transfer of over $2500, then your actual percentage fee starts to dwindle (3% of $2500 is $75). If you have a $5,000 credit limit and get a balance transfer for that amount, you’re really talking a 1.5% fee. If you have a $10,000 credit limit, you’re only talking a 0.75% fee.

No fee 0% balance transfer credit card offers are getting much harder and harder to find. What is someone looking to reduce their debt debt supposed to do? What is someone looking to plan a big financial expense (such as a home improvement or other large capital project) go for some quick financing? Fortunately, 0% balance transfer offers aren’t going away. Companies have simply added one-time transfer fees that make the offer less lucrative but still valuable if you’re in need of a quick credit infusion.

First, why have the best offers becoming harder to find? It’s because the tightening credit market has caused many issues to pull back their best offers. Credit is not as free flowing as is used to be and those battling debt, or looking for some other edge on their balances, are noticing. As recently as a year ago, you could find three dozen no fee 0% balance transfer offers out there… now it’s getting much harder and harder.

Second, what’s the best way to take advantage of these 0% offers? Many credit cards still offer a 0% balance transfer but now have an associated fee with them but they are still a great way for you to take a quick interest breather, to get more caught up, if you’re carrying debt or they’re valuable for financial planning reasons.

If you are saddled with debt, taking out a 0% balance transfer may be a good decision under certain circumstances. First, compare the interest rate of your debt to the one offered by the credit card after your 0% APR promotional period. If the old debt is higher than the new one, it’s a no brainer – apply for a 0% balance transfer credit card and move the debt. If the interest rate of your debt is lower or the same, how much can you pay off during the 0% period? If the answer is “not a lot,” then you may not want to move it. If the answer is “the whole thing,” and you must be certain of this, then it makes sense to move it.