Credit card companies are not only continuing to offer 0% APR balance transfer credit card deals lasting as long as 18 months, but many companies actually improved balance transfer offers at the start of the month. Compared to the same period last year, the length of 0% deals is nearly 3 times longer.
Citibank continues to offer the longest 0% balance transfer deal, a 0% APR for 18 months with the Citi Platinum Select Mastercard. While they advertised this rate last month, a key change to the terms and conditions substantially improves this offer. In June, this card offered a 0% APR for 18, 12, or 7 months, based on a review of an applicant’s creditworthiness. Thus, a person could end up with a 0% APR for only 7 months if they failed to meet the highest criteria. This offer provides a 0% APR for 18 months to approved applicants. View offer details.
The only negative change in Citi balance transfer offers is an increase in balance transfer fees. Citi had been among the last major banks to charge 3% fees. They recently raised the rate on most of their cards to 4%, bringing their fees in line with other competitors. Nevertheless, paying a 4% fee to get a 0% APR balance transfer that lasts a year and a half is a remarkable deal.
Perhaps in an effort to keep pace with Citi, Discover increased the 0% APR balance transfer length to 15 months on its flagship Discover More Card. This is the longest 0% offer Discover has advertised online in years and probably the best balance transfer offer available, as Discover is the most customer friendly credit card company. The Discover offer charges a 4% balance transfer fee for transfers submitted online and a 5% fee for transfers submitted offline. View offer details.
Apart from Citi and Discover, the remaining credit card companies held offers steady this month. Chase continues to offer balance transfers lasting between 6 and 12 months, with 3-5% balance transfer fees. Capital One offers balance transfers that last about 1 year and charges 3% fees. Bank of America brings up the rear with offers that last 7 to 10 months and carry 4% fees.
For more information on current offers, please see the 0% APR balance transfer section of Smart Balance Transfers.
Important Disclaimer: All information is accurate as of date of publication and is presented “as is” and without warranty. Because offers change frequently, the rates cited in this article may change at any time. Please review the terms and conditions of any credit card offer before applying.
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September 5th, 2010 at 11:03 am
i dont see anything 18months with 3% fee?
September 7th, 2010 at 9:14 am
The only 0% for 18 months offer comes with a 5% balance transfer fee.