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Obtain the longest balance transfer offers at 0% interest for 21 months

[Monday, December 27th, 2010]

Generally balance transfers offers are for a much lesser period of about 12 months at 0% interest rates. However, this is the first time in six years that balance transfer offers for a period of 21 months at 0% interest has been on offer. This is a wonderful opportunity for those with huge balances and this would help save a lot of precious dollars and would help in getting out of debt at a much easier pace.

During the recession period card companies had even reduced the length of balance transfers from 12 months to 6 months. However, as things started looking up with regard to the economy the balance transfer offers have increased steadily from 0% for a 15-month period to an 18-month period and now to a 21-month period. By the end of the 0% period one would have not only cleared the balance but also end up richer by at least $420.

The cards that offer 0% balance transfers for 21 months at the moment are the Citi Platinum Select Card as well as the Citi Diamond Preferred Card. Both of these cards are available to individuals who have a good credit rating and they carry a low 3% fee on balance transfers. This fee is actually really low when compared to the other standard cards which offer shorter balance transfer periods with 0% interest and they also charge around 4% to 5% as balance transfer fees. For example, by paying twice the minimum amount due (around $120 per month) will bring down the debt of $3,000 to $1,022. But if the same is transferred to a card for a 21-month period with 0% rate then the card debt could be reduced to $630. This way around $400 could be saved with the balance transfer. In addition to that, if one can pay another $30 extra each month then one can be free of debt within the 21-month period.

The only catch with these cards is that the balance transfers cannot be done from Citi Credit Cards onto these cards. Hence, if one owns a Citi Card balance transfers have to be done from a card from another company.

In conclusion, balance transfers if done wisely can help money and time. However, these offers on balance transfers are not very easy to come by and might last for a very limited period of time. In order to take maximum advantage one must avail the offers as soon as possible.

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