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The Best Deal

When you are looking at balance transfers you want to know what the best deal is going to be and of course what is going to be less hassle for you.  Here is the thing about credit cards, if you can continue to move cards and not make a mistake you may be very successful at this whole credit card tart option, but most of us make costly mistakes by taking one misstep and this means that we end up worse than we were before.  If you have decided that you don’t want to try the moving of credit cards as deals end you can find the cheapest longest term deal that exists.  In other words you want the credit card that offers the longest balance transfer period that is available.  In this case you are going to put the card in a safe, don’t use it, and just pay it off as fast as you can afford.  This is going to be a stable relationship with the credit card company and help you avoid errors.

At the moment Citibank is the best deal if you want a credit card for life.  Citibank is offering 5.8% APR for the life of the card.  This is a fixed rate and offers you a way to pay of the card without incurring too much interest.  How this card works is that you open the account for the Citibank life of balance transfer card.  You then place your balance transfer within ninety days of opening the card and you will have the 5.8% for the life of the card.  This is a pretty great deal considering most cards are going to offer you a variable rate and change it as you pay the card.  Of course to take advantage of the deal you do have to have a pretty great credit score; usually something in the top portion of good to excellent, which can be difficult for some. 

Barclay also has a pretty great deal out there as well for 6.3% that will remain the same for the duration of the card.  You will find that with Barclay you have to be on your toes.  They are going to offer what is called rate for risk.  This means that they look at your scores and then determine if you are going to be worth the risk for the 6.3% or if they will offer you a different card.  It is also based on the credit score you have.  If you do get the 6.3% card you have to make a balance transfer in sixty days.

You can also choose the HSBC if you believe you will pay off the card in two years or less.  They are offering a 2.9% APR for debts you take two years to pay off.  You also get a balance transfer fee of 2.5% rather than their usual rate.  This is of course a great option if you can manage to pay off the debts in two years.

You can also choose the Citibank card for Platinum iTunes MasterCard if you can repay the debt in five years.  You will have a 4.9% interest rate for the life of the card, and you have to transfer the balance within ninety days.

Return To Financial News February 2008
A Poorer Credit Card Score Deal
Balance Transfer Explained
Finding a Balance Transfer Deal
Finding the Best Credit Cards
How to Use a Balance Transfer Card
Questions on Balance Transfers
The Best Deal
Top 0% Deals
What Are National Savings and Investments

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