The Best 0% Balance Transfer Credit Card
Important Update: Discover has just launched a 12-month 0% balance transfer offer for the Discover More Card--American Flag Edition. You can get more details and apply online at Discover by clicking here.
When it comes to picking the best balance transfer savings offer, the two key factors are the length of the 0% APR introductory rate and any balance transfer fee. Today, one of the best 0% balance transfer deal comes from Citi's Platinum Select MasterCard. The Platinum Select offers a 0% transfer for 6 months, which is one of the longest balance transfer offers currently available, and a 3% balance transfer fee.
If we were awarding a second place, it would go to the Discover More Card. It's balance transfer is just 6-months, but it also offers 5% cash back, making it the top cash back credit card available. Here are details for each card:
 Citi Platinum Select 0% Balance Transfers and 0% on purchases for 6 months |
 Discover More Card 0% BT and purchases for up to 6 months + Up to 5% Cash Back! |
 |
|
Longest 0% Balance Transfer Currently Available
The Citi Platinum Select, with up to 12-months 0% balance transfer, is the longest 0% deal currently available. Until recently, Advanta offered several 15-month transfers, and even capped the balance transfer fee. But in part due to the credit crisis, Advanta is no longer issuing credit cards. As a result, the Citi Platinum Select has taken the top spot for the longest balance transfer offer.
Balance Transfer Fees
Any fees charged for a 0% balance transfer should be considered before selecting a card. The vast majority of credit cards charge 3% of the amount transferred, and Citi and Discover are no exceptions. With a 12-month offer, however, a 3% transfer fee is the only cost of the transfer for a full year. As a result, the Citi card makes a great choice to transfer higher interest rate debt.
{ 5 comments… read them below or add one }
Hi, I applied online on sunday, how long does it take to hear back whether I will be accepted for a card??
Heather, you should hear this week. But you can always call them to get the status of your application.
How do you get the card with a 12 mo. 0% interest on balance transfer card with 0 to 3% transfer fee max? Thank you.
Sue, first off, there are no 0% balance transfer offers with no transfer fee. Those deals simply do not exist any more. And it is now even difficult to find a 12-month balance transfer deal at all. Some will “offer” the deal, but you’ll only qualify if you have truly spectacular credit. If you don’t, you’ll end up with a card with a transfer period much shorter than 12 months. And the problem is you won’t know until you get a decision on your credit card application. The one offer that recently came out worth considering is on the Discover More Card–American Flag Edition. It is a 12-month offer at 0%, but it does have a 5% transfer fee. Still a good deal when compared to high rate credit cards and other debt.
I just got a notice from Citi that their rate were going up to 18.99% effective 12/09. I have had their card and been a perfect customer for almost 20 years!! I will not be using Citi anymore.