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Q: I am looking for a balance transfer card with the longest 0% APR intro period. Any recommendations?
A: The longest 0% introductory period you’re going to find right now (and possibly ever) is on the Discover More card with 0% APR for 24 months. Two whole years of no interest on balance transfers. You can pay down thousands of dollars of debt in that time without having to worry about it growing. [Ed’s Note: The Discover More card is not available. But the Discover it card currently offers you a choice of either 14 month or 18 months 0% APR for the intro period.]
Discover does charge a fee of 5% of whatever you transfer. That’s probably a lot less interest than you would pay in that two years with your current card, though (assuming you don’t already have a card with 0% APR). If you’re interested in this offer, hurry up, because it’s only available until February 28, 2011.
If you’re reading this and the offer has already expired, you may want to try Slate from Chase or the Citi Platinum Select MasterCard. Both cards are currently offering an 18 month 0% introductory period. Chase’s card also charges a 5% balance transfer fee and Citi’s fee is 4%.
A word of caution to those trying to pay down balances: if you miss a payment or send one in late, the credit card company has the right to raise your rates. Pay diligently every month if you want to keep your low rate for the entire introductory period. You can help yourself stick to the payments by setting reminders for yourself on your phone or computer, or by setting up an automatic payment.