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Credit-Land.com is an independent, advertising-supported web site. Credit-Land.com receives compensation from most issuers whose offers appear on our site. Compensation fromour advertising partners may impact how and where their products appear on our site, including, for example, the order in which they may appear within review lists. Credit-Land.com has not reviewed all available credit card offers in the marketplace.
Choose a 0% Intro APR Balance Transfer credit card in 3 easy steps!
Balance transfers are the best way to save money if you have good or excellent credit history but carry a balance on your card. With a high interest rate, it can take decades to pay off your debt, but with an intro 0% interest rate on balance transfer offer from a reputable bank, you'll pay off your balance much faster.
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5 TIPS FOR A SUCCESSFUL BALANCE TRANSFER
To make a success of a balance transfer, you should understand how it works before you jump to it. Debt consolidation is not that easy. It is important to know what you should do and what to avoid when transferring a balance. Ignorance may result in an expensive mistake. Below are some tips that will help you prepare for and deal with balance transfers.
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UNDERSTAND YOUR DEBT
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FACTOR IN BALANCE TRANSFER FEES
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AVOID SPENDING ON YOUR BALANCE TRANSFER CARD
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SHOP AROUND FOR THE BEST TERMS AND RATES
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MAKE YOUR PAYMENTS ON TIME
When you're considering a balance transfer, it is already a sign that you have too much debt. To better understand your current situation, request a copy of your credit reports from each of the three major credit bureaus. Review your reports to see what drags your credit score down. If you can deal with some debt before you apply for a balance transfer credit card, do it. You will increase your chances to qualify for a balance transfer credit card with a higher line of credit by removing some negative marks from your reports. Plus, you will understand what accounts you'd better pay off first to boost your credit. Once you decide what accounts you want to transfer from, see who issues them. Remember, you won't be able transfer balances between accounts issued by one bank.
Intro APR on Balance Transfer
0% intro APR for 21 months from account opening on qualifying balance transfers
Regular APR
18.24%, 24.74%, or 29.99% Variable APR
Annual Fee
$0
Balance Transfer Fee
5%, min: $5
Excellent/Good Credit
OUR CHOICE FOR May 2024
As a rule, a balance transfer is not a free benefit. Most cards will charge you a fee that ranges between 3 to 5 percent of the amount transferred. For example, all Discover it cards charge a 3% introductory balance transfer fee, while the Citi Simplicity card will charge you a balance transfer fee of 5% of the amount of each transfer. Knowing this will help you calculate your potential savings and see if moving your debt is worthwhile.
Since your goal is to pay off your debt, not to make it even bigger, avoid charging anything to your new balance transfer credit card while you are paying off the transferred debt. When transferring a balance, you may use all or almost all available credit limit of your new balance transfer credit card. Therefore, adding new purchases to this card may max it out and as a result your score may drop even further. Put new purchases onto another card and also avoid cash advances.
Compare balance transfer CREDIT CARDS
Note that these offers are for GOOD & EXCELLENT credit only. For lower credit score offers click here
CHOOSE YOUR CREDIT HISTORY:
0% Intro APR on Balance Transfer
0% Intro APR on Balance Transfer
15 months
0% Intro APR on Purchases
18 months
Regular APR
15 months
Balance Transfer Fee
15 months from account opening on qualifying balance transfers
Annual Fee
18 months
21 months from account opening on qualifying balance transfers
The minimum zero introductory period is 6 months. Most cards offer a 0% intro APR for 12 months, 15 months or 18 months, but there are a few cards that give 21 months of no interest on balance transfers. Different cards have different promo rates, so you may want to compare offers to find the best option for you. Remember that the introductory rate will eventually end and a go-to APR will apply. Therefore, we would suggest considering ongoing interest rates as well, especially if you have a habit of carrying balances on your credit cards.
Balance transfer is a great way to pay off your debts, but only if you know the rules of the balance transfer game. The most important rule is to make all monthly payments on time to keep your 0% intro APR till the end of the introductory period. Make a payment late or skip it and you may lose your zero rate. Another important rule is to pay more than just a minimum required. Your goal is to pay the card balance off and save on it. Therefore, you will need to make some calculations to make sure you do not lose on balance transfer.
What is the best balance transfer credit card?
Once you know what to look out for in balance transfer credit cards, it will be easier for you to find the best balance transfer credit card for you. Keep in mind that your financial situation is unique. Therefore, you better make some calculations first to be sure you will actually save on a balance transfer and not lose.
First, you need to decide how long it will take you to pay off the balance you are going to transfer. Ideally, your transferred balance should be paid off before the end of a 0% introductory APR period.
Then, don't forget about fees. A balance transfer fee may not worth it if the amount you are going to transfer is rather small. So factor this fee in when making your calculations.
Since you are going to open a new balance transfer credit card, you may want to keep it after the transferred balance is paid off. If so, see if your new card provides rewards or useful perks. Balance transfer cards often come with cash back or point rewards that can be used toward purchases, including travel expenses.
First, you need to decide how long it will take you to pay off the balance you are going to transfer. Ideally, your transferred balance should be paid off before the end of a 0% introductory APR period.
Then, don't forget about fees. A balance transfer fee may not worth it if the amount you are going to transfer is rather small. So factor this fee in when making your calculations.
Since you are going to open a new balance transfer credit card, you may want to keep it after the transferred balance is paid off. If so, see if your new card provides rewards or useful perks. Balance transfer cards often come with cash back or point rewards that can be used toward purchases, including travel expenses.
Bottom Line
The balance transfer is not only about moving the balance of one card onto another with lower interest rate. It is also about reducing your debt and overall cost of what you owe. Transferring your high interest balances onto a credit card with low or promotional interest rate may save you money on interest payments. And as you pay off the transferred balance, you can reduce your overall debt and potentially boost your credit score. Compare credit cards to find the one that charges less interest or offers a promotional 0% APR on balance transfers and stay on top of your finances.
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