What can you save in 21 months on a 0% APR balance transfer card?

Monday, December 27th, 2010
Updated: December 27th, 2010
The content is accurate at the time of publication and is subject to change.

If you are new to the concept of balance transfers, a 0% APR credit card, with an introductory period of 21 months might not sound a big deal for you. But in reality, it is the best balance transfer deal that has been offered in the last 6 months, allowing you to save a lot on your interest, and helps you getting out of debt much faster. Normally, most credit card balance transfer offers have an introductory period that last about 12 months. In the middle of the credit crisis, though, credit card companies reduced this term to just 6 months. However, in 2010, this time period is steadily increasing, first to touch 15 months and later 18 months. But none of them are anything in comparison to the 21 months introductory period, which is 3 months short of 2 years, without any interest on your credit card.

If you have 3000 dollars of credit card balance, with a decent interest rate of 15%, and you make minimum payments, in the next 21 months, you would be paying around 510 dollars on interest charges. However, you would still find yourself in debt which is about 2252 dollars. However, if you take a balance transfer to the 21 month 0% APR card, you will owe the lender only 1832 dollars when the introductory period expires. Even if you pay a balance transfer fee of 90 dollars, you would save about 420 dollars. If you pay twice the minimum payment every month, you would bring down the credit card debt to just over 1000 dollars. But a balance transfer will reduce your card debt to as low as 630 dollars, once again saving you 400 dollars. Lastly, if you can manage your finances well and pay back 30 dollars extra over the double of minimum monthly payments, then you would out of credit card debt in the 21 months time period.

Two cards, the Citi Diamond Preferred Card and the Citi Platinum Select Card are offering 0% balance transfers for 21 months time period. These are cards available to customers with good credit and have a 3% balance transfer fees. The fee is on the lower side if one compares it to various other cards that offer smaller periods but charge 4-5% balance transfer fees. Another catch in this card though is that you cannot transfer balances from a Citi card.

All rates and fees, and other terms and conditions of the products mentioned in this article/post are actual as of the last update date but are subject to change. See the current products' Terms & Conditions on the issuing banks' websites.

Latest Balance Transfer Card News

Thursday, March 12th, 2020

According to the 2019 Balance Transfer Credit Card Report from CompareCards, more than 75% of cardmembers in the U.S. fail to understand properly how balance transfers actually work. Despite the fact that most of the respondents already had experience of using balance transfer credit cards, 76% of them are still confident that if they fail […]

Thursday, January 2nd, 2020

Balance transfer is the process of transmitting the balances between two credit cards, where the outstanding dues are migrated from a card with high APR to a ZERO interest credit card. Several renowned banks in addition to offering debt transfers from the existing cards to the new ones also include transfers of bank loan amount […]

Wednesday, December 5th, 2018

More people may find themselves on Santa’s “nice” list this year, getting all the things they wished for on their holiday list. At least, if spending forecasts are right, they will.

Wednesday, June 20th, 2018

A new co-branded card from Chase and United Airlines is offering an array of benefits, including 40,000 bonus miles when cardholders spend $2,000 in the first three months of having the card and a $100 bonus when they make their first purchase.

Wednesday, December 20th, 2017

The holidays are supposed to be a joyful time, but for many, that joy is dimmed by concerns about money. Credit card debt, in particular, can cast a shadow over holiday cheer, according to a survey by one of the United States’ leading mortgage servicer.

Best Credit Offer
Best Credit Cards from Credit-Land.com
Check off the cards you want to compare. Then click the Compare link to go to the comparison table.
Consumer Rating: 4 / 5
Horizon Card Services Group One Freedom Card
Copyright © 2001-2024 BestCreditOffers.com All Rights Reserved.

See the credit card's terms and conditions on the online application page. Note that this website may be compensated by credit card issuers when the visitor applies for a card through the links on this website. We do our best to maintain all information accurate and up to date. However, we do not warrant the credit card information won't change. Click the "Apply Online" button and review the current info on the secure credit card terms page.

Information in these articles is brought to you by BestCreditOffers.com. Banks, issuers, and credit card companies mentioned in the articles do not endorse or guarantee, and are not responsible for, the contents of the articles.

The BestCreditOffers.com webpage is a free service and an information resource for credit cards and financial products and services available to eligible United States consumers. BestCreditOffers.com does not offer any warranties and is not a direct service. There are no guarantees for approval or offers when applying for a credit card. Please refer to the application if you would like more information on each credit card. When you click "Apply" for a particular credit card, please take the time to review the terms and conditions of the product/service at the issuer's website. All logos on the BestCreditOffers.com website are property of their respective owners.

Disclaimer: This editorial content is not provided or commissioned by the credit card issuer. Opinions expressed here are the author's alone, not those of the credit card issuer, and have not been reviewed, approved or otherwise endorsed by the credit card issuer. Reasonable efforts are made to present accurate info, however all info is presented without warranty. Consult a card's issuing bank for terms & conditions.

BestCreditOffers.com makes every effort to keep information up to date and accurate. However, the information regularly changes and is presented without warranty. Therefore, we strongly recommend all our readers to visit the credit card application page by clicking "Apply Online!" button to review the detailed credit card's terms and conditions. Note that BestCreditOffers.com may be compensated by the credit card issuers when the readers apply for a credit card through this site.

BestCreditOffers.com is an independent, advertising-supported website which receives compensation from the credit card issuers and companies whose offers appear on the site. Compensation may impact how and where products appear on our site, including, for example, the order in which they may appear on the site pages. BestCreditOffers.com does not review or list all available financial or credit offers.

You've successfully subscribed!

Please specify the following:All these fields are optional

Thank you for providing this information! We will make sure our letters are useful for You.

User Generated Content Disclaimer: These responses are not provided or commissioned by the bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser's responsibility to ensure all posts and/or questions are answered.