Catch a transfer by the toe, lest it catches me...
November 17, 2010 4:00 PM Subscribe
Is this balance transfer offer Citibank sent me a good idea? There's always a catch, right? What's the catch?
posted by andrewcilento to Work & Money (24 answers total)
I have some credit card debt I'd like to be rid of. I've been paying it off, getting ahead of it, but I'd like to be rid of it as quickly and as cheaply as I can.
I got an offer in the mail for a Citi Divided World MasterCard, and one of its perks is a 0% APR on balance transfers until February 2012 (and 12.99 after that).
The two balances I've been paying down are the following:
$4072 on an eBay MasterCard with a 23.99% APR (yeah, I know. It seemed like a good idea at the time, and then I ran it up.)
$3850 on a Discover card with a 12.99% APR (it varies a little each month, but that's what it was last billing cycle)
0% from now until February of 2012 sounds very attractive in theory (I imagine that's the idea), but I know that no one is doing any favors for me; I know there's a benefit to Citibank if I take them up on this. I've read through the fine print that came in the envelope--there's a 3% fee on transferred balances, for instance--but I know it can't possibly be that easy. I figure one or two of you have done things like this before, so before I either mail in the application or run this through my shredder, I wanted to see if this was a good idea or not.
Related: what happens if they decide they don't want to transfer all of my current balance? Is there any way to find out what they'll transfer before I get stuck with a card I don't particularly want?