A while back, lots of credit card issuers offered consumers 0% APR teaser deals for balance transfers. The hoped that once consumers switched cards, it would be hard to leave. But they found out that consumers were savvy and changed cards to did the balance transfer hoping around! What made matters worse was that they waived any balance transfer fee and offered 0% deals for 12 months.

Slowly, credit card issuers stopped waiving the balance transfer fee. They would cap it at $50 or $75. Then some like Citicards raised the cap on some cards to $250! Next, issuers like Citicards and Bank of America actually removed the caps on balance transfer fees. Presently, there is only one consumer credit card from the major issuer that still offers a 12 month 0% balance transfer deal with no balance transfer fee for the introductory offer.

That card is the Citi® Home Rebate Platinum Select® MasterCard®

However, this cozy deal will soon end. Citi will impose a balance transfer fee on this card from 15th February 2008 onwards – yes just a few more days. So if you are thinking of getting a 0% APR deal for 12 months without having to pay for any balance transfer fees, this may be your last chance in a while!

I will soon be putting up a list of the “best” balance transfer credit cards. Watch this space.

This entry was posted on Tuesday, February 12th, 2008 at 02:33 and is filed under News. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.