Are you looking for a 0% balance transfer credit card or a credit card that features 0% APR on purchases? The Citi® Platinum Select® Card may be the card for you!
Citi just announced they are offering an increased balance transfer period for their premier balance transfer credit card. Intro APR Period: 18 months on Balance Transfers*, 12 months on Purchases*, based on your application on the Citi® Platinum Select® Card. This tiered balance transfer offer is a great opportunity to take advantage of 0% interest rates.
Those who qualify for the longest transfer period of 18 months are in for a real treat – an 18 month 0% balance transfer offer hasn’t been available from most cardholders for almost 2 years now due to the effects of the economic crisis on the credit industry. But now that the dust is settling on the Credit CARD Act (big changes went into effect on Feb 22), it looks like some of the credit card companies are getting more competitive with their credit card offers – which means better offers for consumers!
How good an offer is a 18 month 0% balance transfer? The last 18 month 0% balance transfers went off the market in 2008. Since then the majority of balance transfer offers were 6 months, and it was only until the last few months that issuers even offered 9 or 12 month balance transfer offers. I’m not sure how long this one will last, but hopefully it is a sign of good things to come!
0% APR Balance Transfer Credit Card
The Citi® Platinum Select® Card has the following offer: Intro APR Period: 18 months on Balance Transfers*, 12 months on Purchases*. This credit card offer is one of the best cards on the market for people looking to make a balance transfer or avoid paying interest on their credit card for the duration of the 0% interest introduction period. A balance transfer is a great way to help people get out of debt and the 0% APR on purchases can help people with cash flow problems get over a difficult period (or help people who simply want to keep their money in the bank earning interest!).
Competition in the credit card marketplace
The Citibank announcement came just a few days after Discover dropped the balance transfer fee on the Discover® More Card, which features a0% intro APR on balance transfers for a full 15 months, then the Regular APR.
There are still some advantages to the Discover® More Card – it is a cash back credit card which offers up to 5% cash back in select categories and 1% cash back on everything else.
Which card is better – Discover® More Card or Citi Platinum Select? The decision comes down to what you are looking for. The key is to run the numbers and determine which benefits are most important to you – a longer 0% intro, cash back, rewards program, or other perks.
With the credit card market opening up and becoming more competitive, it makes sense to get a card that will give you more benefits as a consumer. Find the credit card that meets your needs.
{ 2 comments… read them below or add one }
Wow that’s a great deal, 0% on transfers too is huge in my opinion. It’s rather ironic that you posted this topic, I just posted a topic about the exact opposite: Negative new policies and terms Credit Card companies are doing due to the Credit CARD Act. I got the information from MarketWatch (http://www.marketwatch.com/story/credit-card-offers-abound-but-terms-have-changed-2010-02-22).
Nonetheless, this is still this is great news! Hopefully more companies follow!
MFO, There are a lot of card companies that are using variable terms and other unfavorable conditions for new card holders. However, I only linked to cards in this article that are upfront about the conditions. When you apply you know more or less what you will be getting, and how much it will cost in terms of fees. For example, the card featured in this article has a 3% balance transfer fee, but no annual fees.