Editor’s Note: Please see 0% Balance Transfer Credit Card Offers in July for the most recent update on balance transfer offers.
Consumers looking for low rate balance transfer deals this month will find that Citibank is offering the longest 0% balance transfer offers, with three cards that provide 0% rates for 18 months. Most other credit card companies continue to offer balance transfers that last between 6 and 12 months.
With the Citi Platinum Select Card and the Citi Diamond Preferred Card, consumers seeking low rate balance transfers can get 0% rates for 7, 12 or 18 months, based on a review of their credit history and application. Applicants with the strongest credit profiles will likely get the best offers, while those with merely good credit may get 0% rates for 12 months. Applicants that qualify, but don’t meet higher credit requirements may only get 0% rates for 7 months. For more information, please see the Citibank balance transfer section of Smart Balance Transfers.
While Citibank is currently offering the longest 0% balance transfer deals, a number of other companies continue to offer 0% rates that last a full year. One such company is Discover, which currently offers a 0% APR on balance transfers for a full 12 months to all approved applicants. This deal is offered on most Discover Cards, including the Discover Open Road card, which provides up to 5% cashback on gas, and a promotional Discover More Card that offers $50 cashback when you spend $599 during the first three months of card membership. For more information on Discover balance transfers, please see their section on Smart Balance Transfers.
Chase is another major credit card company that offers a 0% APR on balance transfers for 12 months with some cards. However, as with Citibank offers, the length of your 0% APR period can be shorter if you do not meet certain application criteria.
Capital One, like Discover, offers straightforward pricing on balance transfer deals. With their Platinum and Platinum Prestige cards, consumers get a 0% APR on balance transfers until May of 2011, or eleven months. While these offers are slightly shorter than some competitors, approved applicants get the full advertised 0% rate.
Bank of America currently advertises the shortest 0% rates of the major credit card companies. On most of their cards, the longest rate reserved for applicants with the best credit is 10 months, while other applicants will only get 0% rates for 7 months.
For more information on current offers, please see the 0% APR balance transfer section of Smart Balance Transfers.
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July 6th, 2010 at 11:19 am
Looking for a credit card with a 0% balance transfer and low balance transfer fee. Any suggestions?
July 6th, 2010 at 5:47 pm
Right now, a 3 to 4% balance transfer fee is likely the lowest you can get on a 0% balance transfer. But you can get a 0% rate for up to 18 months, so the fee is very much worth paying. For the most current information, please see the 0% APR balance transfer section of Smart Balance Transfers, as offers change frequently.