0 APR Balance Transfer Credit Cards: 24 Months of Savings
Are you tired of paying high interest rates on your credit card debt? Do you want to save money and pay off your balance faster? If so, a 0 APR balance transfer credit card with a 24-month promotional period may be the solution you've been looking for.
What is a 0 APR Balance Transfer Credit Card?
A 0 APR balance transfer credit card is a type of credit card that offers a 0% introductory APR for a specific period, usually ranging from 6 to 24 months, on balance transfers. This means that you won't be charged any interest on your transferred balance during the promotional period. This can be a great opportunity to save money on interest charges and pay off your debt faster.
Benefits of 0 APR Balance Transfer Credit Cards
Save Money on Interest Charges
The most significant benefit of a 0 APR balance transfer credit card is the potential to save money on interest charges. By not having to pay interest on your transferred balance, you can allocate more funds towards paying off the principal amount.
Pay Off Debt Faster
With a 0 APR balance transfer credit card, you can focus on paying off the principal amount without worrying about interest charges. This can help you pay off your debt faster and improve your credit score.
Consolidate Debt
If you have multiple credit cards with high balances and high interest rates, a 0 APR balance transfer credit card can help you consolidate your debt into a single card with a lower or no interest rate.
Best 0 APR Balance Transfer Credit Cards with 24 Months
Here are some of the best 0 APR balance transfer credit cards with a 24-month promotional period:
Citi Simplicity Card
- 0% intro APR for 24 months on balance transfers
- No balance transfer fee for the first 4 months
- No annual fee
Citi Diamond Preferred Card
- 0% intro APR for 24 months on balance transfers
- No balance transfer fee for the first 4 months
- No annual fee
Bank of America Cash Rewards credit card
- 0% intro APR for 24 months on balance transfers
- 3% balance transfer fee, or $10, whichever is greater
- $0 annual fee
Discover it Balance Transfer
- 0% intro APR for 24 months on balance transfers
- 3% balance transfer fee, or $10, whichever is greater
- No annual fee
Things to Consider
Balance Transfer Fee
While a 0 APR balance transfer credit card can save you money on interest charges, you may still be charged a balance transfer fee, which can range from 3% to 5% of the transferred amount.
Regular APR
After the promotional period ends, the regular APR will apply to your remaining balance. Make sure you understand the regular APR and plan to pay off your balance before it kicks in.
Credit Score
To qualify for a 0 APR balance transfer credit card, you typically need a good or excellent credit score. If you have a poor credit score, you may not be eligible for these cards.
Conclusion
A 0 APR balance transfer credit card with a 24-month promotional period can be a great way to save money on interest charges and pay off your debt faster. However, make sure you understand the terms and conditions, including the balance transfer fee and regular APR, and plan to pay off your balance before the promotional period ends.
