One of the best balance transfer offers out there at the moment for U.S. consumers is the Citi Platinum Select Visa, which you can see in greater detail and apply for within Outlaw‘s deals portal right here.
What makes this such a great balance transfer? For starters, it provides the longest duration of 0% Intro APR I have ever seen — 12 to 18 months is more typical of this card category right now, but the Citi Platinum Select Visa (along with several other Citi cards, including the newer Citi Simplicity Card) provides 21 months of 0% introductory APR, and has no annual fee.
That’s nearly two years of interest-free, which can lead to thousands of dollars in savings for the average credit card user with a decent-sized balance.
Here’s a quick example: let’s say you have $20,000 of outstanding debt that is on an old credit card, which long ago lost its introductory APR and now charges 15.99% APR.
You are paying more than $3,000 per year in interest charges on such a card!
Moving the debt onto a 0% intro balance transfer offer at another bank relieves you of that high-interest burden, saving you $3K the first year alone.
Of course, you still need to make minimum payments each month on the new credit card account and eventually pay off the entire outstanding balance, but it gives you some valuable time to chop away at that balance without paying unnecessary interest.
For this reason, I often steer Outlaw‘s readers away from offers that give you $100 or $150 in cash back, yet have no 0% intro APR. The cash back option certainly seems attractive and makes sense if it’s your first credit card, perhaps, but if you want to transfer an existing balance, you will undoubtedly reap far more over time by taking advantage of an introductory rate.
— provided by Outlaw; compare more deals in our offers portal.
Disclosures: We’re a credit card offers site, so obviously we maintain financial relationships with numerous banks and financial institutions, including Citi.
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