Discovery More Credit Cards Offer 0% APR Balance Transfers
Discovery launched their new Discovery More Credit Card. This allow you to transfer your balances from higher interest cards with 0% APR for 24 months. Discover also offers 0% APR for new purchases for 6 months. These terms can help you save more money.
They said that in 2010, consumers will be seeing more credit card offers and that credit companies will be compelled to update their offers. Lenders must be more creative in offering much better products for consumer’s sake and this is a win-win situation for them. Last year was not a very good year because consumers were devastated about the dropped in rapid rewards program, the frequent flyer points and motivating the issuers to come out with all new products that will attract all potential account holders.
This new program consists of other unique benefits. In 2011, credit industry will be launching new products. Before accepting these offers you should learn and read about it first. A year ago, many lenders lost a lot of money due to Card Act because of that, credit card companies are finding ways to fill in the lost revenue and trying to raise new account openings. On the other hand, holders will need to pay for a transfer fee of 5% which means for every $100.00 they will pay $5.00 maximum. Even with the transfer fee they can still save money in a 24 month period.
Citi(R) Platinum Select(R) MasterCard(R) Now Offering 0% APR for ...
Over the past 6 months or so, we’ve witnessed a battle in the world of no interest credit cards. Citibank lobbed the first grenade when they introduced a limited offer of 0% on balance transfers for up to 21 months with the Platinum Select. Soon thereafter, they hiked it to 24 months, while also offering no interest on purchases for up to 12 months.
The 24-month promo didn’t last very long however, and they stepped down their transfer offer to 18 months, giving Discover the opportunity to step in and offer 0% on balance transfers for 24 months with the More rewards card. Since then, Citibank moved their offer back to 21 months. But the battle until now has taken place almost entirely in balance transfers.
Now, however, Citibank has pulled out the big guns with the most enticing no-interest credit card deal available. Not only can users move high-interest balances over to the Platinum Select and avoid paying interest for nearly two years, but they can also avoid paying interest on any new purchases. The new version of Citi’s premier low interest credit card is offering new cardholders a 0% APR for 21 months on both balance transfers and purchases.
Time to make that big-ticket purchase (or pay your taxes)We don’t ever advocate that people should take advantage of deals like this in order to accumulate credit card debt. Once the promotion runs out, you’ll get dinged with high interest rates, or have to run off and find another 0% APR credit card to take its place. Neither is really optimal.
But, if you have a big-ticket purchase coming up, this could be a great money saver. For example, if you know you need to make some serious repairs to your car, or if you have a substantial tax bill looming over the next month, you can finance these purchases for nearly two years without interest. This is better than any financing deal you’ll get from a retailer, or even with any other credit card.
Another tactic that some credit card hackers like to employ (which we also won’t advocate, but it’s worth mentioning) is using a no-interest credit card to make investments. For example, if you can fund an online bank account with your credit card, this would allow you to earn interest on the money you invest, without paying interest to your card company for 21 months. Interest rates are pretty low right now, so it’s tough to make much money doing this, but I’ve heard stories of many people who do it anyway.