Consumers worried that their credit card companies are going to raise their interest rates who are also scared that a company they do a 0% balance transfer with will also raise their rates are justifiably concerned. However, these concerns are generally unfounded, as credit card companies must honor 0% introductory rates as long as consumers don’t violate the terms of their agreements by going over the limit or paying late.
That said, 0% interest rate periods only last so long, and choosing a good credit card company is more important today than ever. That is why even I am surprised to write that Citibank’s 0% balance transfer deals are probably the safest balance transfer offers around. I recently outlined my thesis on Citi in the article, “Is Citi Becoming a Good Credit Card Company?.”
According to my logic, if you do a 0% balance transfer with Citi, you’re doing a 0% balance transfer with the government. While all the major banks have been generating headlines for raising interest rates and imposing cruel fees, Citi has remained clean. Because Citi is sure to be having the same issues as these other banks, it is surpring that they aren’t taking the same draconian measures. However, since we all own Citibank, it makes sense for them to be the only bank engaging in fair credit card practices.
Aside from being one of the only major banks to stay clean during the past few months, Citi also does offer some of the best balance transfer deals. The Citi Platinum Card, for example, offers a 0% APR for up to 12 months and a go-to interest rate as low as 8.74% (as of today). This is by far the best low rate being offered by any major bank.
A new card introduced by Citi, the Forward Card, offers a 0% rate for 6 months, but also offers some nice rewards incentives, including the ability to earn interest rate reductions by simply paying your bill on time.
For more information on these offers, you can review the Citi balance transfer section of this website where you can compare current offers and apply online for approval.
If you have any information you’d like to share about these offers, please leave a comment below.
