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One main selling point for credit cards is an interest rate deal. These often consist of an introductory period where some reduced annual percentage rate is advertised. These special intro rates are usually applicable to balance transfer and regular transaction APRs.
These rates can be attractive especially if it means no interest payments for over a year. Here are several different credit cards that currently have some of the longest introductory APR periods for balance transfers and regular transactions.
The Simplicity Credit Card offered by Citi Bank has possibly one of the best introductory interest rates deals on the credit card market. Both regular purchases and balance transfers are never charged interest for the first twenty-one months of card holding. After this period is over, these rates increase to some value between 13.24% and 23.24%. In terms of benefits, this credit card is lacking considerably which shows that this card is focused on introductory APR bonuses. On a positive note, there are no late fees and annual fees.
Citi Diamond Preferred
For those who have good to excellent credit, the Citi Diamond Preferred Card is definitely a solid choice especially if you do not want to pay interest throughout the next year. Like many other Citi Credit Cards, there is an introductory period with 0% APR on purchases and balance transfers that lasts twenty-one months. There are a couple of special benefits with this card such as VIP access to entertainment opportunities. On top of all this, there is no annual fee which makes this a solid choice.
Chase Slate Credit Card
The Chase Slate Card is a product meant for people in need of a “clean slate” when it comes to credit history and credit score. This means it is awarded to those who do not have very good credit; with this in mind, the Chase Slate Card does not have a big benefits package. Despite lacking these benefits, the card comes with an introductory APR on regular purchases and balance transfers of 0% for fifteen months. These rates upgrade to 13.24%-23.24% after this introductory period. There is no annual fee for this card which is always a positive.
Citi Double Cash Card
Citi takes three out of four spots on this list with the Citi Double Cash Card which is the only card here with cash benefits. Similar to the other Citi Card, the Double Cash Card has an eighteen month balance transfer APR of 0%; afterwards, this rate is increased to a range of 13.24% to 23.24%. The cash back benefit is essentially 2% back on all purchases. The original purchase earns 1%, and another 1% is awarded for paying off the balance later. There are no annual fees with this card which makes it another great choice when considering balance transfer APR.
Author: Jeff Gitlen
Jeff Gitlen writes about a wide range of finance topics including everything from student loans to credit cards to small business financing. Jeff's work has been featured on a number of sites including Bloomberg, CNBC, Forbes, Market Watch, and more.