Noteworthy Balance Transfer Credit Card Offers
One of the tactics that a credit card holder can relieve the burden of debt is a balance transfer. So popular is this feature that banks are aggressively competing with each other to offer cards with the most favorable introductory terms. Consumers who have not done balance transfers in recent years will be pleasantly surprised by the current crop of offers, many of which offer 0% introductory periods for more than 15 months. And, while all of these cards carry 3% balance transfer fees, this nuisance fee is a pittance relative to the 15% annual interest rates most are paying.
Citibank credit cards dominate the balance transfer market.† Citi’s Platinum Select MasterCard and Diamond Preferred cards offer a 0% introductory APR on both purchases and balance transfers for 21 months. These offers are three months longer than the competition in the balance transfer department and in the purchase intro department, a full six months longer than what is available elsewhere.
Discover comes in a close second to Citi with two balance transfer credit cards of note. The Discover More Long Duration Balance Transfer card offers an 18 month 0% period on transfer. However, the intro period on purchases is a mere 6 months.
The standard Discover® More® Card offers up a 0% intro APR for 15 months on both purchases and balance transfers. While three months shorter on the balance transfer side, the extra nine months of cushioning on purchase rate makes this card a better fit for consumers who will be using the card for both transfers and purchases.
Rounding out the list of noteworthy offers is the Capital One Platinum Prestige card. The length of the introductory period is based on calendar months, as opposed to a set number of months, so depending on when a consumer applies the length of the introductory rate for purchases and balance transfers ranges at about 14 to 15 months. This card also differs with most other offers in that it charges no international transaction fees. That makes Capital One’s offer a good fit for international travelers who don’t currently possess a Capital One card.
Other than these cards, most major credit card companies are promoting at least one card with 0% rates lasting 12 months, though many banks are charging higher balance transfer fees on these shorter offers. For additional information and to compare current promotions, please see the balance transfer section.
Additional information and application details for credit cards mentioned in this article are listed below.
