But not all balance transfer cards are created equal. Some come with balance transfer fees, while others have high-interest rates after the intro period ends. That’s why it’s important to compare balance transfer credit cards before applying.
To help you find the best balance transfer card for your needs, we’ve compiled a list of the 15 Best Balance Transfer Credit Cards with 0% Interest Rates.
What is a balance transfer, and how does it work?
A balance transfer is a credit card manoeuvre in which the cardholder moves the debt from one credit card to another. This is usually done to take advantage of a 0% interest rate introductory offer from the new credit card company.
The introductory offer can last anywhere from six months to a year, sometimes longer. After that, the interest rate will usually jump to the regular APR, which can be much higher.
To do a balance transfer, the cardholder must first find a new credit card with an introductory offer that meets their needs. They then need to contact their current credit card company and request a balance transfer.
The new credit card company will pay off the old debt and transfer the balance to the new card. The cardholder will then need to make monthly payments on the latest balance and any new charges they make on the card.
It’s important to remember that balance transfers can be costly, so it’s important to do your research and make sure that you are getting the best deal possible.
Who should get a balance transfer credit card, and why?
A balance transfer credit card can be a great option for people struggling to pay off high-interest debt. By transferring the balance to a new card with a lower interest rate, cardholders can save money on interest charges and pay down their debt more quickly.
Here is the reason you may want to get a balance transfer credit card:
- You have high-interest debt that you’re struggling to pay off.
- You want to save money on interest charges.
- You want to pay down your debt more quickly.
- You don’t mind paying a balance transfer fee.
How much money could you save with a balance transfer?
If you transfer a balance of $5,000 to a card with a 0% interest rate for 12 months, you could save $500 in interest.
If you have a balance of $20,000 on a card with an APR of 20%, you could save $4000 in interest by doing a balance transfer.
Of course, the amount of money you’ll save depends on the interest rate on your current card and the interest rate on the new card. It also depends on how much debt you’re transferring and how long you have to pay it off.
What are the best balance transfer credit cards?
The best balance transfer credit card will depend on your financial situation.
To help you find the best card for your needs, we’ve compiled a list of the 15 Best Balance Transfer Credit Cards with 0%
Let’s take a look at the list of 15 Best Balance Transfer Credit Cards with 0% Interest Rates :
#1. Wells Fargo Reflect℠ Card
The Wells Fargo Reflect℠ Card is one of the market’s best balance transfer credit cards. It offers a 0% intro APR for up to 21 months from account opening on qualifying balance transfers.
Plus, balance transfers made within 120 days qualify for the intro rate and fee of 3%, then a B.T. fee of up to 5%, min $5. That means you can save significant money on interest charges if you transfer a balance from another card.
In addition, the Wells Fargo Reflect℠ Card has a very competitive APR, ranging from 13.74% – to 25.74% Variable. And there is no annual fee to keep more of your hard-earned money in your pocket.
If you are looking for a balance transfer credit card with great perks and low fees, the Wells Fargo Reflect℠ Card is a great option.
Advantages of Wells Fargo Reflect Card
- No annual fee
- 0% intro APR on balance transfers for up to 21 months from account opening
- Competitive APR
- $600 in cell phone protection
The disadvantage of this card:
- A balance not transferred within 120 days of account opening may be subject to a fee of 5 percent of the balance or $5, whichever is greater.
- No rewards
- No welcome bonus
- 3% fee charged on foreign transactions
Why I recommend this card:
The Wells Fargo Reflect℠ Card is my top pick for a balance transfer card because it offers an unbeatable 0% intro APR period on both purchases and qualifying balance transfers.
With this card, you can enjoy peace of mind knowing that you have plenty of time to pay down your debt without accruing interest. And if you need to make a large purchase, you can do so without worrying about interest charges.
Although the Reflect Card doesn’t offer rewards or other benefits, its low APR makes it a great choice for anyone working to pay down debt.
#2. Citi® Diamond Preferred Card
The Citi Diamond Preferred Card is a good option for those looking to transfer balances from other cards. It offers 0% Intro APR for 21 months on balance transfers from the date of the first transfer.
There is also no annual fee. After the intro period, the variable APR will be 14.49% – 24.49%, based on creditworthiness. Balance transfers must be completed within 4 months of account opening, with a balance transfer fee of either $5 or 5% of the amount transferred (whichever is greater).
Additionally, cardholders get free access to their FICO® Score online. The Citi Diamond Preferred Card also comes with Citi Entertainment®, which gives special access to concert tickets, VIP experiences, and more.
Advantages of Citi Diamond Preferred Card
- No annual fee
- 0% Intro APR on balance transfers for 21 months
- Free online access to your FICO® Score
- Citi Entertainment® – special access to concert tickets, VIP experiences, and more.
The disadvantages of this card:
- After the intro period, the balance transfer APR will be 14.49% – 24.49%.
- No annual fee
- Balance transfers must be completed within four months of account opening to qualify for the 0% Intro APR.
- A balance transfer fee of either $5 or 5%, whichever is greater, applies to each balance transfer you make
- This credit card has no rewards program, which hurts its long-term value.
Why I recommend this card:
I recommend the Citi Diamond Preferred Credit Card for a few reasons. First, it has a 0% APR for 21 months on balance transfers and 12 months on purchases, which is helpful for people looking to pay down their debt.
Second, there is no annual fee, so you can keep using the card without worrying about paying an additional fee.
Finally, the card offers purchase protection against unauthorized charges, so you can feel confident using your card, knowing that your purchases are protected.
#3. U.S. Bank Visa Platinum Card
If you’re looking for a balance transfer card with a long intro APR period and no annual fee, the U.S. Bank Visa Platinum Card is a good option. The intro APR is 0% for 24 billing cycles on purchases and balance transfers, which gives you plenty of time to pay down your debt.
There’s no rewards program or welcome bonus, but there are some helpful benefits like cell phone protection and a flexible payment due date.
One downside is that there is a balance transfer fee and a foreign transaction fee if you use the card outside the U.S.
However, suppose you’re looking for a card with no annual fee and a long intro APR period. In that case, the U.S. Bank Visa Platinum Card is worth considering.
Advantages of U.S. Bank Visa Platinum Card
- No annual fee
- No penalty APR
- 0% intro APR on purchases and balance transfers for 24 billing cycles
- Cell phone protection
- Flexible payment due date
Disadvantages of this card:
- The balance transfer fee applies
- No rewards program
- No welcome bonus
- Foreign transaction fee
- After the intro period ends, there is a limited value.
Why I recommend this card:
I recommend the U.S. Bank Platinum Card because it offers a long introductory APR period for balance transfers. This card has a 0% APR on purchases and transfers for 24 billing cycles.
To qualify for the 0% APR promotion, balance transfers must be made within the first 60 days of account opening.
The card also offers $1,200 cell phone protection (up to $600 per claim) every 12 months. There is a small $25 deductible for each claim. Cardholders also receive free credit score access, credit alerts, and Score Simulator through TransUnion’s CreditView.T.
The only downside of this card is that there is a standard balance transfer fee of 3% ($5 min.), but there is no annual fee.
This card is a great option for those looking for a balance transfer card with a long introductory APR period.
#4. Discover it® Balance Transfer
If you’re looking for a balance transfer credit card with great rewards and features, the Discover it® Balance Transfer card is a great option.
With no annual fees and a 0% intro APR on purchases and balance transfers for 18 months, this card can help you save on interest and pay down debt more quickly.
You’ll also earn 5% cash back on everyday purchases at different places each quarter, plus unlimited 1% cash back on all other purchases.
And if you’re worried about your credit score, this card is a good choice for people with a 630 to 850 credit score.
So if you’re looking for a balance transfer credit card that offers great rewards and features, the Discover it® Balance Transfer card is a great option.
Advantages of this card:
- No annual fee
- 0% intro APR on purchases and balance transfers for 18 months
- Earns cash back rewards
- Good for people with a 630 to 850 credit score
Disadvantages of this card:
- The 0% period on purchases is shorter than that of the Competitor.
- The rewards program is a bit complex.
Why I recommend this card:
I recommend the Discover it® Balance Transfer for two reasons: its balance-transfer benefits and its rewards program.
As someone who carries a balance on my credit card from month to month, I appreciate the 0% APR on balance transfers for 18 months (then 13.99% – 24.99% Variable).
This card also offers a cash-back rewards program, which is rare for a balance-transfer card. I earn 5% cash back in rotating quarterly categories like gas stations, grocery stores, restaurants, Amazon.com, and more, up to the quarterly maximum each time I activate. Plus, there’s no annual fee.
Another great perk of this card is that it will consider applications from people with fair or average credit. So if your credit score isn’t stellar, you may still be able to qualify for this card.
The Discover it® Balance Transfer is a great choice for anyone looking for balance-transfer benefits and cashback rewards.
#5. BankAmericard® credit card
BankAmericard® credit card is the best choice for those looking to save on interest with a 0% intro APR on Purchases and Balance Transfers for 18 billing cycles.
New cardholders can earn a $100 statement credit online bonus after making at least $1,000 purchases in the first 90 days of account opening.
There is no penalty APR, so you won’t have to worry about accruing debt if you cannot pay your balance in full for one month. The annual fee is $0, making it a great choice for budget-minded consumers.
Finally, this card has a regular APR of 13.74%-23.74% Variable APR, so you’ll want to ensure you have good credit before applying.
Advantages of this card:
- No penalty APR
- No annual fee
- 0% intro APR on Purchases and Balance Transfers for 18 billing cycles
- $100 statement credit online bonus after making at least $1000 in purchases in the first 90 days of the account.
Disadvantages of this card:
- The 0% APR period is shorter than some of the Competitors.
- You need good credit to qualify for this card.
- No rewards program
- Foreign transaction fee
- Fee on balance transfers
Why I recommend this card:
I recommend the BankAmericard® credit card because it has a 0% intro APR on Purchases and Balance Transfers for 18 billing cycles.
This card is also a good choice for those looking to save on interest because it has no penalty APR.
Furthermore, this card has no annual fee, making it a great choice for budget-minded consumers.
#6.Citi® Double Cash Card
The Citi Double Cash card is one of the market’s best balance transfer credit cards. It features a 0% intro APR on balance transfers for 18 months and a low variable APR after that.
Additionally, there is no annual fee and a balance transfer fee of just 3% (with a minimum of $5).
Best of all, cardholders earn 2% cash back on every purchase – 1% when you buy and an additional 1% as you pay off your balance.
This makes it an ideal card for users looking to save money on interest payments, earn cash back rewards, and avoid an annual fee.
Advantages of this card:
- No annual fee
- 0% intro APR on balance transfers for 18 months
- Low variable APR after that
- Cardholders earn cash back on every purchase – when you buy and an additional as you pay off your balance.
- No cash back cap—no limit.
Disadvantages of this card:
- Foreign transaction fee
- Balance transfer fee
- Lack of benefits seen in other no annual fee cards
Why I recommend this card:
I recommend the Citi Double Cash Card because it features a 0% intro APR on balance transfers for 18 months and a low variable APR after that. Additionally, there is no annual fee, and cardholders earn cash back on every purchase.
This makes it an ideal card for users looking to save money on interest payments, earn cash back rewards, and avoid an annual fee.
#7. Citi Simplicity® Card
If you’re looking for a balance transfer credit card with no annual fee, late fees, or penalty rate, the Citi Simplicity® Card is the card for you. For 21 months, you’ll enjoy a 0% APR on balance transfers.
You’ll also get 0% APR on purchases for 12 months. After that, your APR will be 15.49% – 25.49% (Variable). There is a balance transfer fee of either $5 or 5% of the amount of each transfer, whichever is greater.
This is a great card for people who want to avoid paying interest on their credit card balance and save money on fees.
Advantages of this card:
- No annual fee
- No late fees
- No penalty rate
- 0% APR on balance transfers for 21 months
- 0% APR on purchases for 12 months
Disadvantages of this card:
- Balance transfer fee
- Foreign transaction fee
- No rewards program or welcome bonus
Why I recommend this card:
I recommend the Citi Simplicity card to anyone looking for a balance transfer credit card. The 0% introductory APR for 21 months is one of the longest terms available, and it comes with no annual fee, late fees, or penalty rates.
These features make it an ideal choice for anyone who wants to pay down their debt without worrying about additional costs.
In addition, Citi recently lowered its balance transfer fee to $5 or 5% of the amount of each transfer (whichever is greater), making it more in line with industry standards.
This makes the Citi Simplicity card even more attractive for those looking to consolidate their debt onto one card.
#8. Wells Fargo Active Cash Card
The Wells Fargo Active Cash Card is one of the market’s best balance transfer credit cards. It offers 0% intro APR on Purchases for 15 months, and 0% intro APR on Balance Transfers 15 months from account opening.
This offer is available on qualifying balance transfers. There is no annual fee, and the regular APR is 15.74%, 20.74%, or 25.74% Variable APR.
The recommended credit score for this card is Good – Excellent. If you are looking for a balance transfer credit card with great benefits, the Wells Fargo Active Cash® Card is the perfect choice for you.
Advantages of this card:
- 0% intro APR on Purchases for 15 months
- 0% intro APR on Balance Transfers 15 months from account opening.
- No annual fee
- Unlimited 2% cash back on all purchases.
Disadvantages of this card:
- Foreign transaction fee.
- To avoid a fee, transfer your balance within the first 120 days of opening your account.
Why I recommend this card:
I recommend this card because of balance transfers’ 0% intro APR period. The Wells Fargo Active Cash® Card has a 0% intro APR period for balance transfers that lasts for over a year, which is great for people looking to pay off their debt.
Additionally, the card has 5-star cashback benefits, another great perk for people looking to save money.
Overall, the Wells Fargo Active Cash® Card is a great option for people looking for a card with great perks and benefits.
#9. Citi Custom Cash℠ Card
The Citi Custom Cash℠ Card is one of the market’s best balance transfer credit cards. It offers 15 months of 0% APR on both balance transfers and purchases, and it also features a generous cashback program.
Cardholders earn 5% cash back on their top spending category each billing cycle, up to $500 spent, and 1% cash back on all other purchases.
Plus, new cardholders can earn a $200 cash back bonus after spending just $750 in the first 3 months.
With no annual fee and a relatively low regular APR, the Citi Custom Cash℠ Card is a great option for anyone looking to save money on interest charges.
Advantages of this card:
- 0% for 15 months on balance transfers
- 0% for 15 months on purchases
- Generous cash back program
- No annual fee
- Low regular APR
Disadvantages of this card:
- A low rate outside bonus categories
- Requires good/excellent credit for approval
Why I recommend this card:
This great all-around balance transfer credit card with a 0% APR period. It also has the potential to save you a lot of money with its cashback program.
If you’re looking for a balance transfer credit card with no fee, the Citi Custom Cash℠ Card is a great option. With 15 months of 0% APR on balance transfers and purchases, it’s a great choice for anyone looking to save money on interest charges.
Plus, the card’s generous cashback program can help you save even more money. New cardholders can earn a $200 cash back bonus after spending just $750 in the first three months.
#10. Bank of America Customized Cash Rewards credit card
For consumers looking for a great value on a balance transfer credit card, the Bank of America® Customized Cash Rewards credit card is hard to beat. With a 0% intro APR for 15 billing cycles on B.T.s made 1st 60 days and a 3% fee, min $10, this card offers a great way to save on interest while still earning cash back rewards.
Additionally, the cardholder earns 3% cash back in the category of their choice, an automatic 2% at grocery stores and wholesale clubs (up to $2,500 in combined choice category/grocery store/wholesale club quarterly purchases), and an unlimited 1% on all other purchases.
With its competitive intro, APR, and flexible rewards structure, the Bank of America® Customized Cash Rewards credit card is a great option for consumers looking to get the most out of their balance transfer.
Advantages of this card:
- 0% intro APR for 15 billing cycles on balance transfers made within 60 days of account opening
- Flexible cash back rewards structure
- No annual fee
Disadvantages of this card:
- High balance transfer fee
- Foreign transaction fee
Why I recommend this card:
I recommend this card because of the 0% intro APR for balance transfers. The Bank of America® Customized Cash Rewards credit card has a 0% intro APR for 15 billing cycles on balance transfers made within 60 days of account opening, which is great for people looking to pay off their debt.
#11. Capital One Quicksilver Cash Rewards Credit Card
If you’re looking for a credit card with a great intro APR on balance transfers and purchases, the Capital One Quicksilver Cash Rewards Credit Card is a great option.
With 0% intro APR on balance transfers for 15 months and 0% intro APR on purchases for 15 months, you can save big on interest charges. Plus, you’ll earn unlimited 1.5% cash back on every purchase daily.
There are also no annual and foreign transaction fees, so you can use your card overseas without worrying about extra charges.
Plus, you’ll get a one-time $200 cash bonus after spending $500 on purchases within 3 months from account opening.
So if you’re looking for a great all-around credit card, the Capital One Quicksilver Cash Rewards Credit Card is a great choice.
Advantages of this card:
- 0% intro APR on balance transfers and purchases for 15 months
- Unlimited cash back rewards
- No annual fee or foreign transaction fees
- Generous sign-up bonus
Disadvantages of this card:
- Requires good/excellent credit for approval
Why I recommend this card:
I recommend this card because of the 0% intro APR on balance transfers and purchases. The Capital One Quicksilver Cash Rewards Credit Card is a great choice for anyone looking to save money on interest charges.
Plus, you’ll earn unlimited cash back rewards that can be redeemed for statement credits, gift cards, or merchandise.
#12. Capital One VentureOne Rewards Credit Card
With the Capital One VentureOne Rewards Credit Card, you’ll enjoy a 0% intro on balance transfers and purchases for 15 months.
You can also take advantage of the card’s regular APR of 15.24% – 25.24% (Variable), its $0 annual fee and no foreign transaction fees.
Plus, you’ll earn a bonus of 20,000 miles once you spend $500 on purchases within 3 months from account opening, equal to $200 in travel.
And with unlimited 1.25X miles on every purchase, every day, you’ll be racking up the rewards in no time!
Advantages of this card:
- 0% intro APR on balance transfers and purchases for 15 months
- 20,000-mile sign-up bonus (equal to $200 in travel)
- Unlimited rewards miles
- No annual fee or foreign transaction fees
Disadvantages of this card:
- Rewards have limited flexibility
- Requires good/excellent credit
Why I recommend this card:
I recommend this card because of the 0% intro APR on balance transfers and purchases and the 20,000-mile sign-up bonus. The Capital One VentureOne Rewards Credit Card is a great choice for anyone looking to save money on interest charges or earn travel rewards.
Plus, there are no annual or foreign transaction fees, so that you can use your card overseas without worry.
If you’re looking for a credit card with a great intro APR on balance transfers and purchases, the Capital One Quicksilver Cash Rewards Credit Card is a great option.
#13. Chase Slate Edge
Out of all the best balance transfer credit cards, the Chase Slate Edge shines for its 0% intro APR on purchases and balance transfers for 18 months.
After that, your regular APR will range from 15.74%-24.49% Variable, but you could be automatically considered for an APR reduction each year when you pay on time and spend at least $1000 on your card by your next account anniversary.
You’ll also be able to lower your interest rate by 2% each year.
Additionally, this card comes with no annual fee, and you could get an automatic, one-time review for a higher credit limit when you pay on time and spend $500 in your first six months.
These great features make the Chase Slate Edge one of the best balance transfer credit cards available today.
Advantages of this card:
- 0% intro APR on balance transfers and purchases for 18 months
- No annual fee
- Automatic, one-time review for a higher credit limit after paying on time and spending $500 in your first six months
Disadvantages of this card:
- No rewards Program
- $5 or 5% of the amount of each balance transfer
Why I recommend this card:
I recommend this card because of the 0% intro APR on balance transfers and purchases for 18 months. The Chase Slate Edge is a great choice for anyone looking to save money on interest charges or earn travel rewards.
Plus, there are no annual or foreign transaction fees so you can use your card overseas without worry.
#14. Discover it® Miles
Discover it® Miles may be the best balance transfer credit card for you if you are looking for 0% APR for 15 months on purchases and balance transfers.
You will also find that there is no annual fee with this card. It’s a great choice for individuals looking to earn unlimited 1.5x Miles on every dollar of every purchase. With this card, you can also enjoy a regular APR of 12.74%-23.74% Variable APR.
Advantages of this card:
- 0% intro APR on balance transfers and purchases for 15 months
- No annual fee
- Unlimited rewards miles
Disadvantages of this card:
- Rewards have limited flexibility
- Requires good/excellent credit
- The intro period is short.
Why I recommend this card:
I recommend the Discover it® Miles not just for its 0% balance transfer APR offer but also because it’s a rare travel reward credit card that includes this perk.
Having a 0% balance transfer APR period means you can save on interest charges as you pay down your debt, and this can be a valuable tool if you’re trying to get out of credit card debt.
The Discover it® Miles is a dedicated travel reward credit card that is also significant. This means you can earn miles on all purchases, which can add up quickly if you use the card regularly.
The miles can be redeemed for travel expenses, so if you frequently fly or take trips, this card can help you save on your travel costs.
#15. Chase Freedom Flex
If you’re looking for a balance transfer credit card with a 0% intro APR and no annual fee, the Chase Freedom Flex is a great option. You’ll enjoy 0% intro APR on purchases and balance transfers for 15 months, and there’s no annual fee.
Plus, you can earn 5% cash back on up to $1,500 in combined purchases in bonus categories each quarter you activate. The regular APR is 15.74%-24.49% Variable APR, so you’ll want to be sure to pay off your balance before the intro period ends to avoid paying interest.
All in all, the Chase Freedom Flex is a great option for those who are looking for a balance transfer credit card with no annual fee.
Advantages of this card:
- 0% intro APR on balance transfers and purchases for 15 months
- No annual fee
- Rewards program
Disadvantages of this card:
- Balance transfer fee
- Must activate bonus categories each quarter
Why I recommend this card:
I recommend the Chase Freedom Flex℠ for some reasons. First, it has excellent bonus categories that can help you earn rewards quickly.
Second, it comes with a generous sign-up offer that can give you a nice start on earning rewards.
Finally, it has a great 0% intro offer for balance transfers, which can help you save money on interest charges.
The Chase Freedom Flex℠ is a great choice for anyone who wants to earn rewards quickly and easily.
Alternatives to a balance transfer credit card
If you’re not interested in a balance transfer credit card, or if your credit score isn’t quite high enough to qualify for the best offers, there are still a few alternatives that can help you save money on interest charges.
A. Find out if you can qualify for a lower interest rate.
If you have good credit, you may be able to qualify for a lower interest rate on your existing credit card. This can help you save money on interest charges and may even help you pay off your debt faster.
B. Consider a personal loan.
Another option is to take out a personal loan and use the funds to pay off your credit card debt. Personal loans typically have lower interest rates than credit cards, which can be a good way to save money on interest.
Plus, you’ll have a fixed monthly payment, which can help you stay on track with your debt repayment goals.
C. Refinance your home mortgage.
If you own your home, you may be able to refinance your mortgage and use the extra cash to pay off your credit card debt. This can be a good way to save money on interest and help you pay off your debt faster.
What are the advantages of a balance transfer?
Here are a few advantages of balance transfers:
A. You can save money on interest charges.
One of the biggest advantages of a balance transfer is that you can save money on interest charges. If you have a high-interest rate on your credit card, transferring your balance to a card with a lower rate can help you save money.
B. Another advantage is that it can help you pay off your debt faster.
By transferring your balance to a card with a lower interest rate, you can pay more of your monthly payment towards the actual balance rather than interest charges.
C. You can consolidate your debt into one monthly payment.
By consolidating your debt into one monthly payment, you can focus on paying off the debt instead of making multiple payments to multiple cards.
D. You can improve your credit score.
By consolidating your debt and making on-time monthly payments, you can improve your credit score over time.
Balance transfers can be a great way to consolidate your debt and save money on interest. If you are considering a balance transfer, be sure to understand the transfer’s terms and conditions before you move.
What are the disadvantages of a balance transfer?
Here are a few disadvantages of balance transfers:
E. You may have to pay a balance transfer fee.
Another disadvantage of balance transfers is that you may have to pay a balance transfer fee. This fee is usually a percentage of the amount you transferred, and it can be a substantial amount of money.
Be sure to factor this into your calculations when deciding whether or not a balance transfer is right for you.
F. Your credit score may take a temporary hit.
If you’re considering applying for a balance transfer card, it’s important to understand that your credit score may take a temporary hit. This is because you’ll be opening a new credit card account, which will negatively impact your credit score.
But don’t worry – as long as you make timely monthly payments and keep your balance low, your credit score will rebound.
E. You may only be able to transfer a portion of your debt.
If you’re looking to transfer a large chunk of your debt, you may find that you’re limited to how much you can transfer. Many balance transfer cards limit the amount of debt you can transfer. So, if you have a large debt, you may need to take out multiple balance transfers to get it all moved.
F. You may need to have good credit to qualify for the best offers.
Another thing to remember is that you may need good credit to qualify for the best balance transfer offers. If you don’t have good credit, you may not be able to get a 0% interest rate on your balance transfer.
G. Balance transfers can be tricky.
If you’re considering transferring your balance to a new credit card, read the terms and conditions carefully. Sometimes, the 0% interest rate only applies to the transferred balance for a certain time. And sometimes, the 0% interest rate only applies to new purchases made on the card.
Be sure to understand the terms and conditions of the balance transfer before you make a move.
How can I do a balance transfer?
Balance transfers are a great way to save on interest, pay down debt faster, and consolidate monthly payments. But before you do a balance transfer, there are a few things you need to know.
Here are the steps you need to follow to do a balance transfer:
1. Check your credit score. You’ll need a good to excellent credit score to qualify for a balance transfer. If your Score exceeds 600, you may not be eligible for the best offers.
2. Research balance transfer offers. Once you know your credit score, you can look for balance transfer offers. A few things to look for in an offer: 0% introductory APR, no balance transfer fee, and a low ongoing APR.
3. Compare offers and choose the best one. Once you’ve found a few offers that meet your criteria, it’s time to compare them and choose the best one. Be sure to read the fine print to understand all the terms and conditions before applying.
4. Apply for the balance transfer. Once you’ve chosen the best offer, it’s time to apply for the balance transfer. You’ll need to provide some personal information and financial information.
5. Make your first payment. Once approved for the balance transfer, you’ll need to make your first payment. Be sure to pay at least the minimum amount due each month, so you don’t incur any late fees.
If you’re thinking about doing a balance transfer, follow these steps. With a little research and planning, you can save a lot of money on interest payments.
What is the typical time for a balance transfer to post to my credit card account?
The typical time it takes for a balance transfer to post to your credit card account is two to four business days. However, the balance transfer can take up to 10 days to post to your account. If you’re making a balance transfer from one credit card to another, check with your issuer to see how long it will take for the balance transfer to post.
How to Make the Most of Your Balance Transfer Card
If you’re thinking about doing a balance transfer, there are a few things you need to know to make the most of your balance transfer card. Here are a few tips:
- Do your research. Be sure to compare offers and read the fine print before applying for a balance transfer card.
- Make your payments on time: Make at least the minimum payment each month. If you don’t, you may be charged a late fee.
- Pay off your balance: Once you’ve transferred it, be sure to pay it off as quickly as possible. The longer you carry a balance, the more interest you’ll accrue.
By following these tips, you can make the most of your balance transfer card and save a lot of money in interest payments.
How to Choose the Right Balance Transfer Credit Card?
When looking for a balance transfer credit card, it’s important to choose the right one.
Consider the following financial situation:
You have a balance of $5000 on a credit card with an APR of 18%.
You make a monthly payment of $150, the minimum payment due.
It will take you 33 months to pay off the debt if you make only the minimum payments.
During that time, you will pay $2400 in interest.
Let’s say you transfer your balance to a credit card with a 0% APR for 18 months.
You will still have to pay the $5000 balance, but you will save on interest.
In this case, you would pay off the debt in 18 months and save $2400 in interest.
There are a few things to consider when choosing a balance transfer credit card.
- First, you’ll need to consider the interest rate: If you have a balance of $5000 and an APR of 18%, it will take you 33 months to pay off the debt if you make only the minimum payments. However, if you transfer your balance to a credit card with a 0% APR for 18 months, you will pay off the debt in 18 months and save $2400 in interest.
- Second, you’ll need to consider the balance transfer fee: Most balance transfer credit cards charge a fee of around $100. You’ll need to factor this into your decision when choosing a balance transfer credit card.
- Third, you’ll need to consider the length of the 0% APR period: Most balance transfer credit cards offer a 0% APR period of 12-18 months. You’ll need to choose a card that offers a 0% APR period that is long enough for you to pay off your debt.
- Considering these three factors, you can choose the right balance transfer credit card for your needs.
Best credit card for a bad credit balance transfer
If you have a bad credit score, you may have a hard time finding a balance transfer credit card that offers a 0% APR. However, there are a few options available to you.
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What is the longest 0% balance transfer offer?
Which 0% balance transfer offer is the longest? Right now, Citi Diamond Preferred Card and Citi Simplicity Card offer 21 months of 0% APR on balance transfers.
Wells Fargo Reflect Card offers up to 21 months (18 months, plus up to 3 months if you make on-time monthly payments while the intro offer is active), and the intro period lasts at least until November 2023.
So if you’re looking for a lengthy 0% APR period on a balance transfer, these are some cards to consider.
Just read the fine print and ensure you understand all the terms and conditions before applying.
What happens to your old credit card after completing a balance transfer?
Credit card companies are always looking for new customers and are willing to offer attractive introductory rates to get your business.
However, once you’ve transferred your balance to a new card, your old card is no longer useful to the credit card company. As a result, the credit card company will likely close your account and send you a notice stating that your account has been closed.
While it’s possible to reopen a closed account, it’s generally not worth the effort. Once an account is closed, getting approved for new credit cards is much more difficult.
Therefore, it’s important to be strategic about balance transfers and only transfer balances when you’re sure you can pay off the debt within the introductory period.
Otherwise, you may end up damaging your credit score and making it difficult to obtain new lines of credit.
About Author
- As a personal finance and credit cards expert, I provide valuable insights and advice on budgeting, saving, investing, and debt management. I am also an expert on credit card rewards programs and help readers make informed decisions about which cards are right for them. My goal is to help people improve their financial literacy and make better financial choices.
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