While every individuals situation is different, we often receive questions from consumers that are strikingly similar. Below is an actual email we recently received and our advice on how best to deal with the situation.
Question: I am needing to transfer my balance of about $3000.00 and have questions on all my card options..for Citibank and American Express and Discover I hope some can answer my four questions ….
Here are my needs and what I am looking for …Thank you so much !
1.no fee for balance
2.no annual fee
3.low A.P.R.
4.one year no interest
Answer: Right now, as a result of the credit crunch, all the major credit card companies not only stopped offering no fee balance transfers with a 0% APR for a full year. This happened last March, and it is now necessary to pay balance transfer fees in order to get a 0% APR for a full year.
That said, your total fees for a $3,000 balance transfer will be about $90. However, if you currently have a 15% interest rate, you will save about $360 after fees if you can get approved.
For no annual fee and no interest for 1 year, I suggest you consider the Discover More card (see www.smartbalancetransfers.com to learn more and apply). With this card, we have a special promotion that provides a 0% APR on purchases and balance transfers for a full year. After that year, your interest rate can be as low as 10.99%.
The Citi Platinum card, even though it offers a 0% APR for up to 1 year and an APR as low as 8.74% is not the best deal because they offer tiered rates. For example, people with superior 800 credit scores may get the 0% APR for a full year. However, most people may only get the 0% rate for 6 or 9 months. This is a little trick hidden in the fine print.
I hope this is helpful and please feel free to contact me should you have any further questions. Should you choose to apply, please do so from www.smartbalancetransfers.com
If you have a question, please feel free to contact us. We are happy to assist our visitors in any way we can.
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