What are the Top Balance Transfer Cards?

Top Balance Transfer Cards: What You Need to Know

If you're carrying a balance on a high-interest credit card, a balance transfer card can be a great option to save money on interest charges. But with so many options out there, how do you know which one is right for you? In this article, we'll break down the top balance transfer cards and what you need to know before applying.

1. Chase Slate

The Chase Slate card is a popular choice for balance transfers because it offers a 0% APR for the first 15 months on balance transfers and purchases. Plus, there is no balance transfer fee for the first 60 days after opening the account. However, after the introductory period ends, the APR jumps to a variable rate of 14.99%-23.74%, so it's important to pay off the balance before then.

2. Citi Simplicity

The Citi Simplicity card also offers a 0% APR for the first 18 months on balance transfers and purchases, but there is a 5% balance transfer fee. However, there are no late fees or penalty APRs, making it a good option for those who may miss a payment or need some flexibility.

3. Discover it Balance Transfer

The Discover it Balance Transfer card offers a 0% APR for the first 18 months on balance transfers, but there is a 3% balance transfer fee. However, the card also offers cash back rewards on purchases, which can help offset the fee. Plus, there is no penalty APR and no annual fee.

4. Wells Fargo Platinum

The Wells Fargo Platinum card offers a 0% APR for the first 18 months on balance transfers and purchases, with a 3% balance transfer fee. Additionally, the card offers cell phone protection and no annual fee.

When applying for a balance transfer card, it's important to consider the balance transfer fee, the length of the introductory APR period, and the APR after the introductory period ends. It's also important to make a plan to pay off the balance before the introductory period ends, as the APR can jump significantly.

Additionally, it's important to use the card responsibly and avoid overspending, as carrying a balance can negatively impact your credit score. It's also important to pay the balance on time and in full to avoid late fees and penalty APRs.

In conclusion, a balance transfer card can be a great way to save money on interest charges, but it's important to choose the right card and use it responsibly. By understanding the terms and fees associated with each card, you can make an informed decision and take control of your finances.