Dear Creditnet: It looks like the longest 0% interest credit card promotion available right now is for 18 months. Are there any credit cards out there offering something longer? I have some old credit card debt I want to pay off at 0% interest, but I'll probably need about 24 months to get it paid off completely and I don't want to deal with transferring the balance twice. What do you recommend? - Leslie H. from WA
Answer: Unfortunately, I don't know of any 0% interest promotions on the market that are longer than 18 months. There have been a few cards offering 0% interest promotions for 21 months within the past year, but none of those deals are active right now. 18 months is the best you're going to find, and I frankly doubt you'll ever see a 24-month promotion in the near future.
I'm not sure how large of a balance you want to transfer to the new card, but you may also want to consider looking at a card option which waives the balance transfer fee but has a shorter 0% interest period. For example, the Slate from Chase Card is the only credit card on the market which offers a 0% interest promotional period and also waives the balance transfer fee for new cardholders who request their balance transfer within the first 60 days. While the 0% interest promotion only lasts for 15 months, compared to the Citi Simplicity Card's 18-month 0% interest period, the absence of a balance transfer fee is quite attractive and will save you a 3-5% fee on your total balance transferred.
On a $5,000 balance transfer, that could save you anywhere from $150 to $250, which can then be used to directly pay down your debt even faster. So cut a few more expenses out of your budget, sell some junk from your closet or garage for extra cash, and make the numbers work so you can plan on getting your debt paid off within 15 months instead of 24.
If you can make the numbers for your payoff strategy work, I think the Slate from Chase- No Balance Transfer Fee might be the perfect card for your needs.