With the economy hitting new lows, Americans are descending further and further into debt. Although sometimes this can be mitigated by tightening up the belt and saving better, sometimes this is not enough. For these people, balance transfers have become a very common way for people to help slow down growing debt for long enough to pay it off. As balance transfer cards are a great way for credit card companies to pick up new customers, the market for these cards has become very competitive. Citi and Chase in particular have very good deals for people with excellent credit ratings.
The Citi Simplicity Card offered by Citi Bank is one of the top choices for balance transfer credit cards. It offers a 0% introductory APR on not only all transferred debt, but on new purchases as well. This rate lasts for a remarkable 18 month period, at which point it will increase to something in the range of about 13-22% depending on how good your credit is. The better your credit is, the lower of an interest rate you will get. They also do not charge any late fees, annual fees or penalty fees. For each balance transfer, there is a fee of 3% at a five dollar minimum.