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theYman · 10-21-2009, 10:25 AM

Does anyone know of a deal on low interest credit cards? I am looking to transfer some debt with little or no interest. The card wont be used for purchases.

Txbobcat · 10-21-2009, 10:48 AM

Just punch in visa or mastercard and the offers will pop up.

John V. · 10-21-2009, 02:45 PM

About 2-3 years ago, everybody was getting offers in the mail like non-stop.

My mother kept accepting offers, would tranfer her balance time after time with no fee and no interest for 6-12 months at a time. As long as it was free use of money, why not? She kept that going for quite awhile.

I did it once for a large purchase that was made with one of those in store free financing deals. When that expired, transferred the balance to a new credit card and extended the free use of money about 10 months, then simply paid it off.

I will recommend AGAINST CITI Bank. I tried to take advantage of their mailed offer for the balance transfer, all they did was give me a runaround. I went elsewhere, got a card quickly, did the Balance Transfer, no hassles. CITI ticked me off, I would never do business with them, ever.

You generally do have to have excellent credit, probably even more so today. Also, be careful, the best upfront offers are usually only a good deal if you can pay the debt in full at the end of the no interest period.

I don't see mailed offers anymore, but lots of cards still offering 0% for 6-12 months on balance transfers. Saw at least one offering cash back on the balance transfer. If you expect to carry the balance beyond the free period, make sure you are getting a low fixed rate.

My own preferred card is Discover.

No annual fee, 0% on balance transfers for 12 months, cash back on purchases. Unfortunately, not accepted in many places, so I use a Visa that also has a cash back. But for a balance transfer only, the 12 months free money will be hard to beat if you qualify for the card.

http://www.discovercard.com/more/

If you already have a credit card and the debt is on some other account, you can check with your current card issuer to see what kind of deal they will give you to transfer the balance to your existing card account.

Regardless of what you do, make sure you understand the repayment rules. The "gotcha" fees can wipe out any possible savings if you are late with a payment or screw up in some way.

theYman · 10-21-2009, 03:33 PM

Quote:

Originally Posted by John V.

About 2-3 years ago, everybody was getting offers in the mail like non-stop.

My mother kept accepting offers, would tranfer her balance time after time with no fee and no interest for 6-12 months at a time. As long as it was free use of money, why not? She kept that going for quite awhile.

I did it once for a large purchase that was made with one of those in store free financing deals. When that expired, transferred the balance to a new credit card and extended the free use of money about 10 months, then simply paid it off.

I will recommend AGAINST CITI Bank. I tried to take advantage of their mailed offer for the balance transfer, all they did was give me a runaround. I went elsewhere, got a card quickly, did the Balance Transfer, no hassles. CITI ticked me off, I would never do business with them, ever.

You generally do have to have excellent credit, probably even more so today. Also, be careful, the best upfront offers are usually only a good deal if you can pay the debt in full at the end of the no interest period.

I don't see mailed offers anymore, but lots of cards still offering 0% for 6-12 months on balance transfers. Saw at least one offering cash back on the balance transfer. If you expect to carry the balance beyond the free period, make sure you are getting a low fixed rate.

My own preferred card is Discover.

No annual fee, 0% on balance transfers for 12 months, cash back on purchases. Unfortunately, not accepted in many places, so I use a Visa that also has a cash back. But for a balance transfer only, the 12 months free money will be hard to beat if you qualify for the card.

http://www.discovercard.com/more/

If you already have a credit card and the debt is on some other account, you can check with your current card issuer to see what kind of deal they will give you to transfer the balance to your existing card account.

Regardless of what you do, make sure you understand the repayment rules. The "gotcha" fees can wipe out any possible savings if you are late with a payment or screw up in some way.

Its funny you mentioned Citibank. THEY are the reason I am looking. I along with almost every Citibank card holder got a letter yesterday. They are raising all rates in 45 days to a variable rate as high as 29%!!!

PonchoV8 · 10-21-2009, 03:53 PM

But you have the op to not agree to the changes. You just can't charge anything on it again or you will be popped to the new rate. Maybe I'm wrong, but my BIL was just talking about this yesterday.

theYman · 10-21-2009, 04:17 PM

Quote:

Originally Posted by PonchoV8

But you have the op to not agree to the changes. You just can't charge anything on it again or you will be popped to the new rate. Maybe I'm wrong, but my BIL was just talking about this yesterday.

You may be correct. The letter is a bit misleading (imagine that). It says you can opt out and continue to pay down the balance....but it makes it appear that they can still raise the rate on the balance. Ill read it closer.

YVEYANT · 10-21-2009, 04:45 PM

Be carefull with Citibank on any level. They entice you with strong deals, then they sell that portion of their business to another company with different rates to get out of their obligation. This is their intentions to begin with. It's often in the fine print ans states there is a possibility they may sell and the rates do NOT carry over..This has happened to many of my clients and myself personally with one of our mortgages originally financed by Citibank. Can be a real nightmare..

John V. · 10-21-2009, 05:32 PM

The way I read it, you have until January to opt out of the rate increase. If you opt out, you can CONTINUE to use the card under the old rates until your Card expires. Then you have to find a new card. I would guess that if you still have a balance at the expiration of your Card, THEN you will be subject to the increased rates.

So essentially you can opt out now and you then have until your Card expiration date to get the balance transferred. If your current rate is VERY low and your Card is good for a few more years, I suppose you can stick with them.

Otherwise, start applying for a new Card now and take the free financing for 12 months.

If you can't qualify for a new card and/or the free balance transfer deal, you may be screwed, especially if your CITI card expires soon. If that is the case, work off that balance ASAP.

Txbobcat · 10-24-2009, 07:07 PM

Citibank nailed me for a late fee when I send my payments in the day I recieve them in the mail so it got there like 20 days before it was due. I called and the gal said we are going to forgive you for this one. That pissed me off Forgive hell lady I know you recieved it 3 weeks ago so forgiveness on your part is not necessary. 4 months later same trick I cancelled it that day and called them a bunch of lying thieving bustards.

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