How long the introductory rate lasts can have more of an impact that how low the rate is, Best says.
“Transferring a large balance to another card, while providing temporary interest rate relief, can be problematic if the period is too short because you will find yourself holding high interest rate debt if you can’t pay it off in time,” he said.
Typically, credit card companies offer a standard, six-month period, but some of the more aggressive offers go up to 12 months.
“Recently, we’re seeing an increasing number of 15- to 18-month offers from Citi, Chase, Discover, and Capital One,” Best said. “But, again, the length of your introductory period will be contingent on your credit standing.”