NEW YORK—Are the big banks’ credit card balance transfer deals beginning to get less attractive?
Citi has just trimmed its 0% introductory APR on its Citi Simplicity Card by three months. The deal had been considered one of the best on the market, NerdWallet explained.
The card now offers 0% on purchases and balance transfers for 18 months, and then the ongoing APR of 15.24% - 25.24% variable APR.
As CUToday.info reported, analysts recently stated that rising costs for big bank card programs, spurred by rising delinquencies, would lead to reductions in offers. Experts predicted that balance transfer deals, mainly their duration, would be the first target for cutbacks.