In 2009, most credit card companies reduced the length of 0% APR credit card offers. This time last year, the longest 0% credit card offers lasted 12 months, although many companies only offered 0% interest rates for as little as 6 to 9 months. Today, the longest 0% balance transfer offers last 18 months, though the longest 0% rates on purchases only last 12 months.

Citibank credit cards currently have the longest 0% rates for balance transfers.  The Citi Platinum card carries a 0% APR for 18 months on balance transfers and the Citi Dividend card carries a 0% APR for 15 months on balance transfers. Some Citibank credit cards carry 0% rates on purchases for 12 months, though not all cards carry intro rates on balance transfers.

Discover also offers a long 0% interest rate period on balance transfers that lasts for 15 months. However, the longest 0% APR on purchases offered by Discover is only 9 months. (more…)

Finding the best 0% APR credit card offer has gotten a little easier lately. In the past, credit card companies would advertise a 0% APR for up to 12 months, but only grant some consumers 0% rates for as little as 3 months. This 0% APR bait and switch could easily go unnoticed by consumers who failed to read the fine print of a credit card application.

Today, most 0% credit card offers either last the full advertised amount or are advertised with multiple 0% rates.  For example, you may now see credit card advertise a 0% APR on balance transfers for 6 or 12 months, based on a review of your credit.  These are not the best 0% credit card offers, as the rate you receive may not be the longest advertised rate.

However, because credit card companies are more clearly disclosing how long 0% APR periods last, it has become easier to spot the best credit card applications with 0% interest rates: simply stick to cards that offer the same promotional interest rate to all approved applicants. (more…)

Despite new credit card laws designed to make credit card offers more transparent, many credit card companies still advertise 0% interest rates that may not last as long as advertised.  The main example is the 0% APR  for “up to 12 months.”  With these offers, credit card companies provide 0% rates for 12 months to consumers who meet their highest credit standards.  Applicants with good, but not great credit may only get a 0% rate for 6 or sometimes even 3 months.

When you apply for a 0% credit card that advertises a 0% rate for up to X months, special caution must be taken if you intend to use that card for balance transfers.  Specifically, if you are planning to transfer a balance, do not do it online.  Simply wait until your credit card arrives in the mail and transfer the balance when you can review the terms granted to you.  If you were lucky enough to get a 0% for 12 months, then go ahead and transfer your balance.  However, if you only got a 0% APR for 6 months, you may want to consider applying for a new credit card. (more…)

Do you remember when credit card companies offered 0% APR for 15 month deals?  It wasn’t too long ago, but those days are already a distant memory.  And the return of 0% for 15 months is unlikely.  During the past year, credit card companies have cut back on the length of 0% APR offers, with many companies now offering 0% for 6 months on balance transfer or purchases, and some cutting 0% introductory rates altogether.

During this summer, credit card companies not only cut the length of 0% APR credit card offers, but also increased long term interest rates.  The latter increases occurred despite a stabilization in the Prime Rate, which hoovers near all-time lows.  Recently, credit card companies have begun offering 0% for 12 month deals, though these special introductory rates are generally reserved for customers with the best credit.  Customers who don’t meet new, stricter approval standards are likely to only receive 0% APRs lasting about 6 months, if they can get approved for new credit cards at all. (more…)

0% APR credit card offers are back.  For a while, it looked like credit card companies might stop these deals altogether, as the average 0% interest rate period dropped from 1 year to 6 months.  However, and for the time being, credit card companies have brought these money saving credit card offers back to the market.

During the summer, when getting a 0% APR for 1 year was a near impossibility, it appeared as if these types of credit card offers were doomed.  Banks were raising interest rates, cutting credit limits, and closing accounts at breakneck speed.  However, now that some of the dust has settled, credit card companies are looking to lure in new customers again.  And the most effective method in their playbook is the 0% APR credit card. (more…)