The quality of 0% APR balance transfer offers in September remains strong. Most major credit card companies have help 0% interest rate periods at exceptionally long lengths and getting a 0% balance transfer for 15 or 18 months is still within reach for most consumers with good credit.
Citibank continues to offer the longest balance transfer offer, a 0% APR for 18 months with the Citi Platinum Select Card. This offer, which also carries a 0% interest rate on purchase for 12 months, is a full 3 months longer than the next closest offer and 6 months longer than the best offers from many credit card companies.
The Citi Platinum Select Card does carry a 5% balance transfer fee. However, 4-5% fees are common on many cards that only offer a 0% for 12 months, so anyone who could use a full year and a half to get out of credit card debt with the help of a 0% APR should gladly fork over the fee in exchange for the savings this card can provide. For example, a person with $5,000 of credit card debt currently at a 15% interest rate can save close to $1,000 after balance transfer fees with this offer. If the same person used a credit card with a 0% rate for 12 months and a 3% fee, the savings would be closer to $600.
A second Citibank credit card, the Citi Dividend Platinum Select, offers a 0% APR on balance transfers for 15 months and carries a 4% balance transfer fee. With this card, the savings on a $5,000 balance transfer from a 15% rate approaches $800, so this is a viable option for consumers who don’t need a full 18 months but do need more than 12.
Discover, which recently came in second in J.D. Power’s 2010 credit card satisfaction survey, also offers a 0% APR on balance transfers for 15 months with its Discover More Card. As with the Citi Dividend card, savings on a $5,000 balance transfer hoover around $800. However, Discover is a much more consumer friendly company than Citibank or any of the other major credit card companies for that matter. This makes Discover an ideal choice for a person who not only wants a balance transfer, but also, a credit card for the long run.
Chase offers a mixed bag of balance transfer offers that range from mediocre to somewhat poor. The Chase Freedom® Visa – $50 Bonus Cash Back Offer offers a 0% APR on balance transfers for 12 months, but carries a 5% balance transfer fee. The $50 cash back offer offsets the fee on the first $1,000 transferred, but you can definitely get more bang out of a longer balance transfer offer from Citi or Discover.
Slate(SM) from Chase charges a 3% balance transfer fee, but offers a balance transfer deal that can last 12 or 6 months, based on your credit. These types of deals are not the best, as you can end up with a shorter 0% rate than you desire and you won’t find out until after you have applied.
Capital One offers two platinum cards with 0% rates that last a little over 11 months and carry 3% fees. These are viable options if you know you can repay your balances in this time, but for an extra 1% fee, you can get 4 extra months of 0% protection from Citi or Discover.
Lastly, Bank of America continues to offer the worst balance transfer deals of the major credit card companies. With their longest offers clocking in at 7 or 10 months and carrying a 4% balance transfer fee, there really is no reason to give these deals a second look.
For additional information on a wide range of balance transfer credit cards, including long term rates, fees, terms and conditions, please see the main section of Smart Balance Transfers where you can compare offers and apply online.
You May Be Interested In
- November 2011 Report on Balance Transfer Credit Cards
- September 2011 Report On 0% APR Balance Transfer Credit Cards
- December 2011′s Best Credit Card Balance Transfer Offers
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