If you’re looking to consolidate debt or take advantage of0% APR periods, then you’ll need a great balance transfer credit card. Checkout our picks for the best balance transfer cards. The best balance transfer credit cards will offer you a 0%APR period on balance transfers, so you can save on interest and get your debt under control. Look for cards with long intro periods and low (or no) balance transfer fees.
Here are our top picks for the best balance transfer credit cards:
1. Citi Simplicity® Card – No Late Fees Ever
2. Chase Slate® Credit Card
3. Wells Fargo Platinum Visa® Card
4. Capital One® Venture One® Rewards Credit Card
5. Discover it® Balance Transfer
6. Bank of America® Platinum Plus® Mastercard® Credit Card
7. Citi Diamond Preferred® Card – 21 Month No Interest Period
8. Barclaycard Ring™ Mastercard®
9. U.S. Bank Visa® Platinum Card
10. HSBC Gold Mastercard® credit card
How Much Can You Expect To Save?
Balance transfer cards can be a great way to save money on interest payments, particularly if you have a large balance on your existing credit card. By transferring your balance to a new card with a lower interest rate, you can reduce the amount of interest you pay each month. This can help free up more of your money to pay down your principal balance. In order to get the most out of a balance transfer, it’s important to understand how much you can save. The amount you save will depend on several factors, including the interest rate on your new card, the interest rate on your old card, and the balance transfer fee.
The interest rate on your new card is the most important factor in determining how much you can save. A lower interest rate will result in more of your payment going toward your principal balance rather than interest charges. The interest rate on your old card is also important. If you have a high-interest rate on your old card, you could potentially save a significant amount of money by transferring your balance to a new card with a lower interest rate. However, if you have a low-interest rate on your old card, you may not save as much money by transferring your balance.
The balance transfer fee is another important factor to consider. Most balance transfer cards charge a fee for the privilege of transferring your balance, and this fee can eat into your savings. Be sure to compare the balance transfer fees charged by different cards before choosing one to transfer your balance to.
By taking the time to understand how much you can save with a balance transfer, you can make sure you’re getting the most bang for your buck. With a little bit of research, you can find a balance transfer card that offers a low-interest rate and minimal fees, helping you save money on your credit card debt.
How To Choose A Balance Transfer Credit Card
If you’re looking to transfer your balance from one credit card to another, there are a few things you’ll need to consider. Here’s how to choose the right balance transfer credit card for your needs. First, you’ll need to consider the interest rate. The lower the interest rate, the less you’ll pay in interest over time. Look for a card with 0% APR for 12 months or more. Next, you’ll need to think about the fees associated with balance transfers. Some cards charge a flat fee per transfer, while others charge a percentage of the total amount transferred. Make sure you know what fees you’ll be responsible for before making a transfer. Finally, you’ll want to consider the credit limit on the new card. If you have a high balance to transfer, you’ll need a card with a high credit limit. Otherwise, you may end up maxing out your new card and incur additional fees. By considering these factors, you can be sure to choose the right balance transfer credit card for your needs.