Consumer Payment Card News

Feb Mailbox

Zero percent credit card offers are still alive and well so far this year, but they may become scarce once the Feds start jacking up short-term interest rates later this year. The nation’s largest issuer is currently offering the longest term 0% interest rate. In the latest offer, Citibank’s “AT&T Universal Platinum MasterCard” carries a 0% interest rate on balance transfers that stays in effect through May 1, 2005. If the cardholder does not make their first balance transfer, or charge at least $100 in purchases, during the first three months of opening the account, the 0% rate will expire February 1, 2005. Citibank is also waiving its 3% balance transfer fee during the special promotion. The Citibank card caries a prime +5.99% purchase interest rate. Bank One is offering a 0% interest rate on purchases and balance transfers through January 2005 on its “Platinum VISA” card. The rate is prime +3.99% afterwards. You do not have to make a balance transfer to get the 0% rate at Bank One. However, Bank One charges a 3% balance transfer fee. FleetBoston is also offering a 0% rate on purchases through December 2004 on its “Titanium VISA” card. The rate for purchase is based on the LIBOR rate and is currently 10.99%. Finally, Capital One is offering a 0% APR on its “Platinum MasterCard” that applies to purchases and balance transfers through July 2004. Thereafter the rate is 12.9%, and there is no balance transfer fee. However, Capital One primarily issues cards with lower credit limits than most major banks.

Leave A Reply