What to Look for in a Balance Transfer Credit Card
When searching for the best balance transfer credit card, several key factors come into play. Introductory periods, transfer fees, and ongoing APRs are essential considerations. Look for cards with lengthy 0% intro periods, low or no transfer fees, and competitive regular interest rates. Additionally, credit score requirements, foreign transaction fees, and rewards programs may also impact your decision.
Understanding 0% Interest Offers
A 0% interest offer is a promotional period where you won’t be charged interest on your balance transfer. These offers can be categorized into two types: 0% intro APR and 0% regular APR. The intro APR is a temporary promotional rate, usually ranging from 6 to 21 months, while the regular APR is the standard interest rate that applies after the promo period ends. Be aware of the expiration date and the regular APR that will be applied once the promotional period ends. Also, note that some cards may charge balance transfer fees, typically 3-5% of the transferred amount, even during the 0% interest period.
Top Balance Transfer Credit Cards with 0% Interest Offers
Here are some of the top balance transfer credit cards with 0% interest offers:
- Citi Simplicity Card: 21-month 0% intro APR, no balance transfer fee for the first 4 months, and a regular APR of 15.74% ‒ 25.74% (Variable).
- Citi Diamond Preferred Card: 21-month 0% intro APR, no annual fee, and a regular APR of 15.74% ‒ 25.74% (Variable).
- Bank of America Cash Rewards credit card: 12-month 0% intro APR, 3% balance transfer fee, and a regular APR of 15.49% ⎯ 25.49% (Variable).
- Discover it Balance Transfer: 18-month 0% intro APR, 3% balance transfer fee, and a regular APR of 14.24% ⎯ 25.24% (Variable).
These cards offer some of the longest 0% intro APR periods and competitive fees, making them ideal for balance transfers.
How to Choose the Best Balance Transfer Credit Card for You
To find the best balance transfer credit card, assess your financial situation and identify your needs. Consider your credit score, debt amount, and desired payoff period. Then, compare cards based on their 0% intro APR periods, transfer fees, and regular APRs to find the one that aligns with your goals.
Considering Your Financial Situation and Needs
Evaluate your credit score, as it affects the cards you’ll qualify for. If you have excellent credit, you may access more competitive offers. Calculate your debt and determine how much you need to transfer. Consider your income and monthly expenses to determine a realistic payoff period. Do you need a card with a long 0% intro period or one with a lower transfer fee? Identify your priorities to find the best fit.
