Editor’s Note: Please see the Balance Transfer Reports section of this website for information on the most recent 0% deals.
Just a few months ago, most credit card companies had cut 0% APR credit card offer durations to as little as 6 months. However, Citibank recently began offering a 0% APR for 15 months deal on its Citi Platinum card. Unfortunately, this particular 0% for 15 months offer is not all its cracked up to be.
Like many advertised 0% introductory offers, this credit card advertises a 0% APR for up to 15 months on balance transfers and purchases. In the fine print, however, one quickly learns that only some applicants will qualify for the 15 month 0% interest rate.
Many applicants will likely receive a 0% APR for as little as 7 months. While it is unclear what type of credit score and credit history is needed to attain a 0% for 15 months, the fine print makes it clear that applicants will be broken into three groups. The first group, presumably those with superior credit, will qualify for the full advertised rate. However, the second and third group will only get a 0% for 7 months.
Citi is not the only credit card company that advertises the longest available rate and only grants it to people with the highest credit quality. Many credit card companies currently advertise 0% rates for “up to 12 months,” but may only grant an approved applicant a 0% rate for as little as 6 months.
The key to getting the longest 0% rate on balance transfers and purchases is to find credit cards that offer 0% rates for a full 12 months to approved applicants. Not only are these offers more transparent, they’ll also save you from having to apply for multiple credit cards in the event you do not get the best advertised rate.
-Jennifer Davide
For more information on 0% credit cards, please see the main section of Smart Balance Transfers where you can compare credit card offers and apply online for approval.
*Important Disclaimer: All information is presented as is and without warranty. Information is believed to be accurate as of the date of publication. Because credit card offers change frequently, please see the terms and conditions of any offer before applying.
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