Reddit0% Intro APR on Balance Transfers for 24 Months
In January 2011, Discover Card introduced Discover More Card with a groundbreaking promotional balance transfer offer, providing new members with a remarkable 0% introductory APR on balance transfers for an astounding 24 months. This offer, initially available for over three months, set a historical record for the longest 0% balance transfer offer period. However, by late April 2011, the offer was modified to an 18-month 0% APR promotion. Despite subsequent developments in the credit card industry, the Discover More Card’s initial promotion still stands as a record holder for its extended 24-month period. While no other credit card has surpassed this record to date, several cards continue to offer appealing deals for individuals seeking to transfer high-interest balances.
How a Balance Transfer Works
Executing a balance transfer is a relatively straightforward procedure. When applying for a new credit card, you’ll need to furnish the account number and the sum you wish to transfer from your existing balance. Upon approval of your application, the new credit card issuer will initiate a payment to the other credit card company for the specified transferred amount. This process allows flexibility as you can choose to transfer the entirety or a portion of your balance. Moreover, it’s possible to consolidate balances from multiple cards in a single transfer. Opting for a card with a 0% APR on transfers means you won’t incur any interest charges on the transferred amount until the promotional period concludes.
When a Balance Transfer Makes Sense
Balance transfers can be a smart strategy to cut down on interest expenses, especially when dealing with a substantial balance carrying a high interest rate or if you’re unable to pay off your credit card in full each month. When contemplating a balance transfer, it’s crucial to assess various factors, such as the prevailing interest rate on your current card, the interest rate offered by the new card, annual fees associated with both cards, and the balance transfer fee.
Typically ranging from three to five percent of the transferred balance, balance transfer fees may have a cap once a certain limit is reached. For instance, transferring a $1,000 balance with a 3% transfer fee would incur a $30 cost to move the balance to another card. It’s important to note that even if the new card provides a 0% interest rate, the savings in interest might be partially offset by the transfer fee. Therefore, a comprehensive evaluation of these factors is essential to determine the overall financial benefit of a balance transfer.
Best 0% Balance Transfer Offers
As of the latest available information, the longest 0% balance transfer period currently offered is 21 months. Balance transfer credit cards with 0% APR introductory periods generally range between 12 and 21 months. Several cards are currently featuring top 0% balance transfer promotions along with additional attractive benefits.
0% Interest on Transfers for 21 Months
| Credit Card | Bonus, 0% Introductory Interest | Annual Fee | |
|---|---|---|---|
 | Wells Fargo Reflect® Card | 0% on purchases and qualifying balance transfers for 21 months from account opening (rates & fees) | $0 |
 | Citi® Diamond Preferred® Card | 0% on purchases for 12 months and on qualifying balance transfers for 21 months (rates & fees) | $0 |
0% Interest on Transfers for 18 Months
| Credit Card | Bonus, 0% Introductory Interest | Annual Fee | |
|---|---|---|---|
 | Citi Double Cash® Card | (rates & fees) | $0 |
0% Interest on Transfers for 15 Months
| Credit Card | Bonus, 0% Introductory Interest | Annual Fee | |
|---|---|---|---|
 | Bank of America® Travel Rewards credit card | $0 | |
 | Wells Fargo Active Cash® Card | (rates & fees) | $0 |
 | Bank of America® Unlimited Cash Rewards credit card | $0 | |
 | Bank of America® Customized Cash Rewards credit card | $0 | |
 | Citi Custom Cash® Card | (rates & fees) | $0 |
 | Citi Rewards+® Card | (rates & fees) | $0 |
 | Chase Freedom Unlimited® | $0 | |
 | Blue Cash Everyday® Card from American Express | (rates & fees) | $0 (fees) |
 | USAA Rate Advantage Credit Card | 0% on balance transfers for 15 months (rates & fees) | $0 (fees) |
 | Mastercard® Titanium Card™ | 0% on balance transfers made in the first 45 days for 15 billing cycles | $195 ($95 for each authorized user added to the account) |
 | Mastercard® Black Card™ | 0% on balance transfers made in the first 45 days for 15 billing cycles | $495 ($195 for each authorized user added to the account) |
 | TD Double Up℠ Credit Card | $0 | |
Conclusion
Discover set the bar for other credit card issuers with their 24-month 0% balance transfer promotion. While it remains to be seen if another card will do the same, you can still save on interest when you take advantage of the great 0% APR balance transfer deals that are are out there.
