12 Month Balance Transfer Credit Cards

At one point I was in quite serious credit card debt, I had multiple cards and found myself struggling to make all the repayments. If you do not pay over the minimum amount due, your credit card debt will just never end. It was at this point that I realised I would need to consolidate these debts onto a card that offered a 12 month balance transfer at minimum, with a rate that was easier to handle.

0% Balance transfers are great don’t get me wrong, but the reality is that they tend to only be for 3-6 month intervals at which point you will revert back to the 10% or more interest rate.

After jumping from card to card for a while, I realised that the best way forward was to actively hunt for a credit card or loan that would offer an extended period of time at a very low interest rate – ideally 12 – 18 months at a rate as low as possible.

Hunting for a 12 month balance transfer wasn’t easy

I looked everywhere, I searched Google, I visited just about every banks homepage – yet I struggled to find anything. In my despair, I sat down and decided to watch TV – I was over the internet for the day and wanted to do something that required little to no energy.

When the ads came on, BANG – a company nailed exactly what I was looking for via a TV only promotion and I couldn’t believe what I was seeing. Was someone out there actually offering me the chance to consolidate my debts onto one card at a low interest rate of 2-3%? They were indeed, and the bank of all people was one that I wasn’t as familiar with – Citibank

CitiBank 12 month balance transfer

This TV only promotion was offering me the chance to consolidate my debts at a rate of 2.9% for the term of 12 months. Finally I had found a provider that would allow me to get organised and start paying off my credit cards as fast as possible while still giving me a very low rate.

So how has it benefited me?

With my previous card(s) sitting at around 11% p.a in interest charges, bring my debts over to CitiBank has reduced the amount of time it has taken to pay back the debts by at least 5 years. That is a saving of well over $5000 or more. The 12 months after I got the card allow me to make higher repayments and really get stuck into paying off my debt.

If you are also in the same position, with multiple credit card debts – it can’t hurt to try and apply for a CitiBank Gold Card – you do not need to be earning much and they take all applications seriously. The one thing to be careful of, as with all credit card balance transfer offers is the rate it will revert to after 12 months.

That is why I only transfered a sum of money that I knew I could actively pay off within a year – at the end of the 12 months I intend to just shut the account.

Check it our for youself.

Click here to view the offer they currently have running, it may just help get you back on track with your debts.

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