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Best Zero Percent Balance Transfers (Updated May 2011)

As the economy improves, I expect to see a lot more activity in the balance transfer space. For the moment, there hasn’t been much change from April to May. Citi ended the Citi Dividend Platinum Select MasterCard’s promotion they launched last month (0% Intro APR on Balance Transfers for 18 months and 0% Intro APR on Purchases for 12 months) but extended the limited time offer that included $100 cash back after $500 in purchases within the first 3 months of account opening. This matches compares very favorably to the Chase Freedom offer, which offers the same bonus and similar introductory periods.

Here are this month’s best 0% balance transfer offers [3]:

0% Intro APR and $100 Bonus Cash Back

The Chase Freedom® MasterCard [4] that we explained last month is still available:

Citi’s has a similar offer that has a similar introductory period, at 12 months for both balance transfers and purchases. Whereas the Chase Freedom card offers cashback, Citi offers points that you can spend in their Thank You Network [5].

Longest 0% Balance Transfer Period

The 18 month balance transfer period Discover More offer retains the crown as the longest balance transfer introductory period. The balance transfer fee is at an average 3% but that should be expected given the longer introductory period. As discussed last month, this card features all the perks of the Discover More card, including cash back bonuses.