Back in November, I posted a story about Citibank offering a MasterCard with a 0% balance transfer. The offer is a great way to get the bank to loan you some free money. Well, it seems Citibank is doing it again! Please note; this offer is only available in Canada. There is a US version of this offer but it carries a “setup” fee, which will offset the 0% interest.
To get the 0% Citibank MasterCard promotion, go to the Citibank website and enter access code P6N, then fill out the application. Make sure you don’t get the credit protection or you’ll lose money on this deal. There is a field for you to fill out the balance you wish to transfer from other credit cards. You can fill that out now or wait until they send you the credit card and balance transfer checks.
I originally asked Citibank to transfer $10,000 of Visa balance but they only give me a $5,000 limit. Still, $5,000 to use interest free for a year is a great deal! To find out exactly how to take advantage of this deal, check out my Making Money off Citibank MasterCard post.
While 0% credit card offers are great, banks are not in the business of losing money and have many tricks up their sleeves to charge interest on you. I covered some of those tricks in my How Banks Use 0% Balance Transfer To Trap You post.
Source: Stephen Fung