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.  Continue Reading »

With provisions of the new credit card laws due to go into effect on February 22, 2010, credit card companies are adjusting their offers accordingly.  Long term interest rates have already increased across the board and 0% credit card rates are likely to increase, and thus disappear.

With congress passing and President Obama signing the CARD act of 2009, provisions of which have been enacted already with the remainder to be implemented in 2010, credit card issuers are preparing for the most sweeping changes to hit the industry in decades. This, along with the uncertainty around consumers’ ability to pay their debts, has credit card companies closely examining their rates and incentives. Continue Reading »

Around this time last year, credit card companies began tinkering with 0% interest rates.  First, they stopped offering fixed APR credit cards with low interest rates.  Then, slowly at first, they began reducing 0% interest offers from as much as 15 months to around 6 months.  Today, 0% interest credit cards have managed to hang in there, though many deals are not what they once were.  Here’s a round-up of what you can expect to find in the credit card market today.

1.)  0% Interest on Purchases:  Credit card companies use 0% interest rates on purchases to lure in new customers who will use their cards, spend (and earn then fees every time you use the card) and then carry a balance once the 0% interest period expires.  Continue Reading »

As 2009 nears its close, many people start thinking about their New Year’s resolutions.  My recommendation:  get out of credit card debt.  Many consumers today are paying significantly higher interest rates than they were a year ago.  And, according to the Wall Street Journal, the average household is currently carrying $8,083 in credit card debt, up from $7,489 three months ago.  One of the reasons credit card debt is up close to 8% in this short period lay in the fact that some consumers are paying 20% or more in interest.  However, even a consumer with an average interest rate of about 15% can save close to $1,000 in a single year by taking advantage of a 0% balance transfer.

How Balance Transfers Work:  If you are not familiar with balance transfers, this section will cover the very basics.  Essentially, a balance transfer transaction involves moving the debt from a high interest card to one with a low introductory rate that is usually 0% for 6 months to 1 year.  During this period, you pay no interest on your credit card debt, which allows you to pay down your principle quicker.  Continue Reading »

A few years back, getting approved for a credit card online took less than a minute.  Such is not the case today.  Credit card companies are spending more time reviewing credit card applications and instant credit card decisions are essentially a thing of the past.  For last minute credit card shoppers, this could prove to be a problem.

On the average, consumers looking to get a 0% credit card in time for the holidays should allow at least 10 business days for their card to arrive in the mail.  This unfortunately means that a person who applies for a credit card today is unlikely to get the plastic in hand until the beginning of December.  In a best case scenario. Continue Reading »

Since 2007, Smart Balance Transfers has been providing information on balance transfer offers to tens of thousands of visitors every month.  Many visitors have been utilizing 0% balance transfers on a yearly basis to defer interest costs.  For much of the past decade, this was a relatively simple task.  When one 0% offer ended, you could easily find a new offer for balance transfers.  Such is not the case today.

As experienced credit card users may have noticed, there just aren’t that many 0% balance transfer offers available today, and most of them only provide 0% rates for 6 months.  This is not ideal, as these offers now carry higher balance transfer fees ranging from 3-5%.  Gone are the days of 0% for 15 month balance transfers, not to mention no fee balance transfers and fixed APR for life balance transfers.  Today, balance transfer options are relatively limited. Continue Reading »

Update 3/10/2010:  A credit card offering a 0% for 15 months has recently become available.  Although the offer advertises a 0% for up to 15 months, applicants that do not meet certain credit requirements wil be given a 0% rate for 7 months.  For more info, see the article 0% APR for 15 Months or Not.

Original Aritcle:  A little over year ago, I researched the almost mythical 0% balance transfer for life.  Despite the fact this incredible offer seemed to be an impossibility, I ultimately learned that Discover had been offering this deal to select customers via direct mail invitation.  However, the trail of evidence dried up after 2006, and that offer disappeared.  At this time last year, 0% balance transfers for 15 months existed.  Sure, only one such offer remained (down from a half dozen), but getting a 0% APR for 15 months was a possibility.  Such is not the case today.

Unfortunately, I’ve come across some deceptive ads promoting phantom 0% for 15 month balance transfer deals, however, the ads lead to pages with 0% offers lasting 6 months.  Continue Reading »