Balance transfer credit cards can be useful for consolidating and paying off high-interest debt. They typically offer an introductory period with low or 0% interest rates on balance transfers, allowing you to save on interest charges. Here are some popular balance transfer credit cards that are often considered among the best:
- Citi Simplicity® Card: This card offers an extended introductory period with 0% APR on balance transfers for a significant number of months (usually over a year). It has no annual fee and no late payment fees, making it a straightforward option for balance transfers.
- Chase Slate®: This card is specifically designed for balance transfers. It offers a 0% APR introductory period on balance transfers for a certain period of time. It has no balance transfer fees for transfers made within a specific timeframe.
- Discover it® Balance Transfer: This card offers a 0% APR introductory period on balance transfers, along with cash back rewards on purchases. It often provides a cash back match for the first year and has no annual fee.
- Wells Fargo Platinum Card: This card offers a long introductory period with 0% APR on balance transfers. It also provides additional benefits, such as cell phone protection and access to Wells Fargo’s My Money Map budgeting tool.
- BankAmericard® Credit Card: This card offers an introductory period with 0% APR on balance transfers for a specified timeframe. It has no annual fee and often provides a competitive balance transfer fee.
When choosing a balance transfer credit card, consider factors such as the length of the introductory period, the balance transfer fee (if applicable), the regular APR after the introductory period, and any additional fees or benefits. It’s important to read the terms and conditions carefully to understand the specific details of the balance transfer offer. Additionally, keep in mind that balance transfers may be subject to credit approval, and it’s crucial to use the opportunity to pay down your debt during the low or 0% interest period.