Credit card companies are becoming increasingly generous with 0% balance transfer offers. A year ago, the longest 0% balance transfer offers lasted between 6 and 12 months. Today, it is possible to get a 0% APR for 18 months on balance transfers and purchases. While only one major credit card company is offering these long 0% introductory periods, it is quite possible other credit card companies might follow suit.
Currently, the longest 0% balance transfer deals come from Citibank. At 18 months, these deals are 30% longer than most competing offers. A person who transfers $5,000 from a credit card with a 14% interest rate and qualifies for a 0% for 18 months can expect to save over $1,000 during the introductory period. This is nearly $400 more than could be saved with a 0% for 12 months.
Unfortunately, not every applicant will qualify for the longest 0% interest rates. In the fine print, Citi states that the lengthof 0% rates is based on a review of the applicants credit history and application. Applicants that do not meet certain criteria may be approved, but offered a 0% rate for 12 months or even 7 months. People with excellent credit should have no problem getting a 0% rate for 18 months, while those with good credit will likely be able to get a 0% rate for 12 months.
Citi has two credit cards that offer a 0% APR for 18 months. Essentially, the only difference between these offers is the color of the credit cards. Below are the details for these offers as of April 30th, 2010:
Citi® Platinum Select® MasterCard®: Offers a 0% APR on purchases and balance transfers for up to 18 months*, based on a review of your application and credit history. After the 0% rate expires, offers interest rates as low as 9.99% variable*. Plus, approved applicants receive a $30 statement credit*.
Citi® Diamond Preferred® Card: Offers essentially the same deal. A 0% APR on purchases and balance transfers for up to 18 months*, a long term APR as low as 9.99%* and a $30 statement credit*.
Because this offer is new and credit card offers change regularly, it is probably best to apply for one of these cards sooner rather than later. A month ago, the longest 0% balance transfer offers lasted 12 months. The same could be true a month from now.
You May Be Interested In
- November 2011 Report on Balance Transfer Credit Cards
- December 2011′s Best Credit Card Balance Transfer Offers
- November 2011′s Best 0% APR Balance Transfer Credit Card Offers
- December 2011 – 0% APR Balance Transfer Credit Card Report
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