What are the Best Credit Cards for Balance Transfers?

What are the Best Credit Cards for Balance Transfers?

As a credit card expert, I often get asked about the bestcredit cards for balance transfers. While there are many options available, there are a few key factors to consider when choosing the right card for your needs. In this article, I will break down the top credit cards for balance transfers and provide insights on what to look for when making your decision.

Factors to Consider When Choosing a Balance Transfer Credit Card

Before we dive into the best balance transfer credit cards, it’s important to understand the factors you should consider when making your decision. Here are a few key things to keep in mind:

1. Balance Transfer Fee: Many balance transfer credit cards charge a fee for transferring your balance. This fee is typically a percentage of the amount you transfer, and can range from 3% to 5%. Make sure you understand the fee before applying for a card.

2. Introductory APR: Most balance transfer credit cards offer an introductory APR, which is a low or 0% interest rate for a certain period of time. This period can range from 6 months to 21 months, so it’s important to choose a card with an introductory period that will give you enough time to pay off your balance.

3. Ongoing APR: After the introductory period ends, the card’s ongoing APR will kick in. Make sure you understand what this rate is, as it can vary widely among cards.

4. Credit Score: In order to qualify for a balance transfer credit card, you typically need a good or excellentcredit score. Make sure you check your credit score before applying for a card.

Top Balance Transfer Credit Cards

1. Chase Slate: The Chase Slate card is a great option for those looking for a no-frills balance transfer credit card. It offers a 0% introductory APR for 15 months, with no balance transfer fee for transfers made within the first 60 days of account opening. After the introductory period, the ongoing APR is 14.99% - 23.74%.

2. Citi Simplicity: The Citi Simplicity card is another great option for balance transfers. It offers a 0% introductory APR for 18 months, with a balance transfer fee of either $5 or 3% of the amount of each transfer, whichever is greater. After the introductory period, the ongoing APR is 14.74% - 24.74%.

3. Discover it Balance Transfer: The Discover it Balance Transfer card offers a 0% introductory APR for 18 months, with a balance transfer fee of 3% of the amount of each transfer. After the introductory period, the ongoing APR is 11.99% - 22.99%. In addition, the card offers cash back rewards on purchases, making it a great option for those who want to earn rewards while paying off their balance.

Tips for Using Balance Transfer Credit Cards

While balance transfer credit cards can be a great way to save money on interest, there are a few things to keep in mind when using them:

1. Pay off your balance before the introductory period ends: Once the introductory period ends, the card’s ongoing APR will kick in. Make sure you pay off your balance before this happens to avoid paying interest.

2. Don’t use the card for new purchases: Many balance transfer credit cards offer a 0% introductory APR on balance transfers, but not on new purchases. Avoid using the card for new purchases, as you will be charged interest on those purchases.

3. Don’t close your old credit card account: Closing an old credit card account can negatively impact your credit score. Instead, keep the account open and use it sparingly.

In conclusion, there are many great balance transfer credit cards available, but it’s important to choose the right one for your needs. Consider the factors listed above and choose a card with an introductory period that will give you enough time to pay off your balance. By following these tips, you can save money on interest and get out of debt faster.