0 APR on Balance Transfers for 24 Months: What You Need to Know
Are you tired of paying high interest rates on your credit card debt? If so, you may want to consider a credit card that offers 0 APR on balance transfers for 24 months. This type of credit card can help you save money on interest charges and pay off your debt faster. But before you apply, here's what you need to know.
What is 0 APR on Balance Transfers?
0 APR on balance transfers means that you won't be charged any interest on the amount you transfer from another credit card to your new credit card. This can be a huge saving, especially if you have a large balance on your current credit card.
How Does it Work?
When you apply for a credit card with 0 APR on balance transfers, you'll typically need to transfer your balance within a certain timeframe, such as 60 or 90 days. During the promotional period, which in this case is 24 months, you won't be charged any interest on the transferred balance. This means you can focus on paying off the principal amount without worrying about accruing interest charges.
Benefits of 0 APR on Balance Transfers
Save Money on Interest
The most significant benefit of 0 APR on balance transfers is the savings on interest charges. By avoiding interest charges for 24 months, you can put more money towards paying off the principal balance.
Pay Off Debt Faster
With 0 APR on balance transfers, you can focus on paying off the principal balance without worrying about interest accruing. This can help you pay off your debt faster and get back on track financially.
Consolidate Debt
If you have multiple credit cards with high balances and high interest rates, a credit card with 0 APR on balance transfers can help you consolidate your debt into one lower-interest or no-interest loan.
Things to Consider
** Balance Transfer Fee**
While you won't be charged interest on the transferred balance, you may 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 balance. Make sure you know what the regular APR is and plan to pay off your balance before the promotional period ends.
Credit Score
To qualify for a credit card with 0 APR on balance transfers, you'll typically need a good credit score.
Best Credit Cards with 0 APR on Balance Transfers for 24 Months
Here are some of the best credit cards that offer 0 APR on balance transfers for 24 months:
Citi Simplicity Card
- 0% APR on balance transfers for 24 months
- No late fees or penalty APR
- $0 annual fee
Bank of America Cash Rewards credit card
- 0% APR on balance transfers for 24 months
- $200 cash rewards bonus after spending $1,000 in the first 90 days
- $0 annual fee
Discover it Balance Transfer
- 0% APR on balance transfers for 24 months
- 5% cashback on various categories throughout the year
- $0 annual fee
Conclusion
A credit card with 0 APR on balance transfers for 24 months can be a great way to save money on interest charges and pay off your debt faster. However, it's essential to consider the balance transfer fee, regular APR, and credit score requirements before applying. By doing your research and choosing the right credit card for your needs, you can make the most of this promotional offer.
