Citi Platinum Select Card: 0% APR Balance Transfer for 18 months

What credit crisis? Citibank is now offering 0% APR interest on balance transfers for 18 months on its Citi Platinum Select MasterCard. Not only is it longer, but notice they are not allowed to say “up to” anymore with new credit card laws. If you get approved – this card requires good to excellent credit – then you’ll get the 18 months. No annual fee. If you have higher interest debt elsewhere, this is a long and flexible offer.

As an opportunity to arbitrage some profit by borrowing at the low rate and investing it elsewhere, it would probably be unlikely even you really tried with a bank CD, and maybe a little better chance with one of those 4% rewards checking accounts.

Comments

  1. I’m afraid the 4% reward checking accounts have become rare. Danversbank just recently cut its top rate to 3%.

  2. I’m with a local credit union, Endura Financial FCU in Minnesota. They also recently lowered their rewards checking product (which I use as a savings account) from 4.5% to 4.0%. Still decent but not a good sign :)

  3. My local credit union also went from 4.0% to 3.0% (4.0% with HELOC). At least the applicable balance is up to $50k.

  4. Ive got a local credit union RCA still hanging onto to 4% (25k cap). I have a feeling it’s gonna change soon though. Just a hunch
    I did open an account about a month ago at South Division CU with a hunch it would change. It did :)

    I may take a stab at this 0% offer for some investing though, for sure.

  5. You cannot make a profit off this, unless your income is VERY low. That transfer fee is not a tax deduction, yet you have to pay taxes on anything you’ll earn in an interest bearing checking/savings account…

  6. americanet, evantage etc dropping from 4 to 3.75

  7. All interest rates are dropping like crazy. It’ll probably stay low for at least 5 more years.

  8. Good luck making any real money doing the ‘ole credit card cash advance trick. It worked fairly well back in the days of high interest rates and zero cash advance fees. Now it’s a waste of time and will lower your credit score.

  9. i already have this card. I wonder i am eligible to get another one

  10. Yeah, the credit card industry seems sufficiently ‘loose’ again. I’m getting balance transfer offers in the mail all the time now, including the one mentioned in this post.

    Like the commenter said above, interest rates are as low as they’ve ever been right now, and with the economy in the midst of a modest recovery, the financial system is beginning to behave in familiar ways.

    What’s interesting is that this time around, I believe most of the competition is being tightly focused on the customers who escaped the Great Recession with a great credit score.

    The mortgage and credit card companies have a lot of liquidity to play around with, but they are STILL getting burned by charge-offs and defaults from the less-than-prime crowd.

  11. @naresh,

    I have this card too (it was the first credit card that I’ve ever had), and the balance transfer offers I get from my original card are not the same ones I get in the mail for the same card. The ones I receive in the mail are better offers, similar to the ones posted in this blog post.

  12. i got the offer for this card, applied and got approved /w 14,000 CL and after 3 weeks i received the same offer with different application code. im looking to apply again since my bank of america credit card CL was cut by 70% out of nowhere.

    i closed and payed the rest of my Bank of America balance and only have this Citi platinum and Discover with 1500 CL (this one i use often for daily small purchase). I plan to use this Platinum CC for a big purchase and take advantage of the 0% but im still short 7-10grand.

    im a self-employed day trader and keep most of my funds in my trading account and only take big sums out monthly to pay the credit card bills and other expenses.

    do you think citi will approve me another CC from the pre-selected offer they sent me? with good Credit Line? it would be better to utilize the 0% from a new credit card other than fronting cash funds from my trading (which i could use to purchase stocks/options for a trade/profit) account to make the big purchase.

    thanks for any advice.

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