One would never have imagined that the 0% credit card offers would make a comeback and that too so quickly. Due to the credit crunch interest-free balance transfer offers were withdrawn a couple of years ago. But as delinquency rates are down credit card issuers are getting bolder by the day and making hard-to-resist offers for their customers with the hope that they will be able to win the market share. Marketing has become more aggressive and the 0% offers have come back in full swing. Experts were of the opinion that 0% balance transfers were pass and didn`t think that it would rebound so quickly.

Citibank Platinum Select MasterCard started by offering 0% balance transfers for 12 months then the term was extended to 15 months, then subsequently for 18 months, and now it is 0% for 21 months with 0% on purchases made for 12 months. The balance transfer fee has dropped from 5% of the balance to 3% now.

These impressive offers have made a comeback in a big way. Earlier when things got bad the offers had been cut down to 3 or 6 months. Capital One Platinum Prestige, Chase Freedom, and Discover More all offer 0% on balance transfers.

Offers are coming in a big way and especially a select few get much better deals. However, as the offers continue to improve the rules have changed quite a bit and one needs to qualify in order to avail the offers. There has been a substantial change with regard to who gets these offers and the way they work.

The basic criterion is a good to excellent credit score. In spite of the aggressive promotions and marketing the issuers are choosy about who gets to avail the benefits and the FICO score cut off have been raised from 720 to 750. However, this might vary between issuers says Ben Woolsey, Director, Marketing & Consumer Research, CreditCards.com. Most of these offers are made for a select few only but the advertising is going on in full swing. But the catch is that most people would end up making enquiries and a majority will not make it through the eligibility criteria.

The days of the fee-free, 0% offers on balance transfers are over. The fees nowadays range from anywhere between 3% to 5% and there are no caps. If the offers are too tempting one should do a thorough check for any of those hidden costs and traps before taking a step forward.