Credit Card Introductory Offers: Zero Interest on Balance Transfers
When it comes to saving or spending money, a credit card is a common choice. Zero interest balance transfers provide a potential way to save on the interest charges that plague consumers. But how useful are these offers? And which credit cards are best for this? Follow along for more on zero interest offers with credit cards.
Current Credit Card Offers
At the time of this article, there are a number of credit cards that offer attractive zero interest offers on balance transfers. You might decide to take advantage of these introductory balance transfer rates if you need to manage your credit card debt.
Currently, the best choice for zero interest offers are those that have a period of 21 months. This includes the Citi Platinum Select Visa/Mastercard, Citi Simplicity Card, Citi Diamond Preferred Card, and others that are available. Note that these all require excellent credit, which is what one would expect when approaching the best introductory offers, in this case concerning balance transfers specifically.
Otherwise, 18 months may be the best alternative, as seen with the Discover More Card. The Capital One Platinum Prestige Credit Card is also not a bad option, with the period ending in January of 2013. 12 months on balance transfers is quite common and still reasonable, as you will find with many credit cards.
Of course, these offers are subject to change and this selection does not represent all competitive options. You may certainly find something comparable or better than what is listed.
Usefulness
You may be considering some of these balance transfer offers. Are they worth it? How do you use them effectively?
The big questions can be generally answered, but you must put weight on what matters to you. For instance, if you are worried about saving money on overwhelming interest charges on your existing balance, you might be focused on the interest free period, and not too worried about the interest rate on purchases if you don’t intend to make many.
If you are chipping away at debt, a credit card with a good interest free balance transfer period is worth considering. You might be able to do this with high-interest cards whose balances you are trying to reduce. After all, the difference in interest costs may be quite noticeable if you have thousands of dollars in balances.
A zero interest balance transfer credit card may help you to save on interest charges while you work on your debt. You will need to have a goal, and a plan to meet it, for example a budget and an idea of how much you can pay off that transferred balance during the zero interest period. Be aware that if your transferred balance is still not paid off by the end of the introductory period, you will be obliged to pay the interest rate stated in your credit agreement for the outstanding amount transferred until you have finished repaying it.
Overall, balance transfer offers can be a powerful tool in combating high interest rates. However, be careful in using these offers – don’t let that small minimum payment relax you into prolonging your overall debt.
Image by Robert Scoble
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You didn’t mention Chase Slate.
Thanks Sun! Yet another option with credit cards…