Bank card issuers have been utilizing zero% introductory charges as a advertising and marketing incentive for years. These curiosity free provides can apply to purchases, stability transfers, or each. A number of years in the past my spouse and I used zero% stability switch provides to get out of debt. We saved transferring the stability to a different card providing no curiosity till our debt was paid off.
It seems that we weren’t alone. In response to one study revealed by the Finance Division of The Wharton Faculty of the College of Pennsylvania, “within the early 2000s, as a lot as 17% of bank card balances had been transferred yearly by customers in search of higher phrases.”
But not all stability switch provides are created equal. Some playing cards provide the zero% introductory charge for an extended time frame than others. And in uncommon circumstances, you may discover a card that does not cost a stability switch price. To that finish, on this article we’ll have a look at 5 of the very best provides presently out there.
Notice that the rates of interest and different phrases listed beneath are as of April 25, 2015. These phrases can and do change regularly, so be sure you verify the phrases on the bank card issuer’s web site earlier than making use of. You may also discover a repeatedly up to date checklist of stability switch choices here.
The Chase Slate makes this checklist as the one possibility and not using a stability switch price. The introductory charge does not final so long as the playing cards supplied by Citi, however zero% for 15 months with no stability switch price is a stable provide. To get the no price deal, nevertheless, the switch should be accomplished inside the first 60 days of account opening. After 60 days, Chase does cost a three% switch price ($5 minimal).
After the zero% introductory interval, the curiosity charge will go to a variable charge of between 12.99% and 22.99% primarily based on creditworthiness. Just like the Citi playing cards, there isn’t any annual price. Chase Slate additionally gives members with their free month-to-month FICO rating, in addition to zero legal responsibility safety, fraud safety and fraud alerts, and buy safety.
Citi will get the highest slot as a result of it provides zero% for 21 months. That is the longest zero% provide presently out there. The stability switch should be accomplished inside 4 months and there’s a switch price of three% of the stability transferred (minimal $5). The 21-month deal is obtainable on two Citi playing cards, the Citi Simplicity card and the Citi Diamond Preferred card.
Citi Simplicity Card: This card provides zero% on each stability transfers and purchases. It prices no annual price, late charges or penalty charges. As soon as the 21-month interval expires, the curiosity charge will go to a variable charge of between 12.99% and 22.99%, relying on creditworthiness.
The Citi Simplicity card additionally provides $zero legal responsibility on unauthorized prices, Citi Id Theft Options, an prolonged guarantee of as much as 5 years and as much as $10,000 per 12 months on sure purchases, worldwide automobile rental insurance coverage for theft or damages as much as $50,000, and journey and emergency help earlier than or throughout a visit. Citi playing cards additionally work with Apple Pay – pay in-app or at over 200,000 shops with the iPhone 6, or in-app with the iPad Air 2 and iPad mini three.