Balance Transfer with 0% APR for 24 Months!

December 2, 2010 No Comments »

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File this one under aggressive balance transfer offer!

Citibank is currently offering 0% APR on balance transfers for 24 months on its Citi® Platinum Select® MasterCard®.

I’ve never seen 0% APR on a balance transfer for a period this long (0% APR for 18 months was the previous high), so if you’ve got a lot of high-interest credit card debt, you may want to consider this card.

After all, you’ll have plenty of time to pay it off without incurring any finance charges.

Once the two years are up, the APR will be variable, ranging from 11.99% to 19.99%, based on your creditworthiness.

Of course, your goal for those initial 24 months will be to pay off all the credit card debt before the balance transfer APR adjusts much higher.

The balance transfer credit card also comes with 0% intro APR on purchases for 12 months, making it a good all-around deal for those who want to actively use the card as well, though it’s never recommended to mix up your new credit card purchases and your existing debt.

There is a balance transfer fee with this offer – $5 or 3% of the amount of each transfer, whichever is greater.

That’s pretty low, considering many balance transfer fees are as high as 5% of the transfer amount with no cap.

Although, credit card issuer Discover recently lowered its balance transfer fees to stay competitive.

Last but not least, the card comes with no annual fee, so get on it!

Update: The 24-month 0% APR balance transfer offer has been downgraded to a 21 month 0% APR balance transfer offer, and now to just an 18-month offer. Boo!

While this is still a relatively long amount of time, you may be better served with a no fee balance transfer, such as the Chase Slate No Fee Balance Transfer, which comes with 0% APR for 15 months.

It’s a better alternative now that the max 0% APR period differs by just three months. Might as well save money by avoiding balance transfer fees and paying down the debt a little quicker.

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