21 Month Balance Transfer: A Comprehensive Guide
Are you tired of paying high interest rates on your credit card debt? Do you want to pay off your debt quickly and efficiently? If so, a 21 month balance transfer may be the perfect solution for you.
What is a 21 Month Balance Transfer?
A 21 month balance transfer is a type of credit card offer that allows you to transfer your existing credit card debt to a new credit card with a 0% introductory APR for 21 months. This means that you won't have to pay any interest on your debt for nearly two years, giving you a significant amount of time to pay off your debt without accumulating additional interest charges.
How Does a 21 Month Balance Transfer Work?
Here's how a 21 month balance transfer typically works:
- Apply for a balance transfer credit card: You apply for a credit card that offers a 21 month balance transfer promotion.
- Get approved: If you're approved, the credit card issuer will provide you with a balance transfer offer.
- Transfer your debt: You transfer your existing credit card debt to the new credit card.
- Enjoy 0% APR: You won't have to pay any interest on your debt for 21 months.
- Pay off your debt: You pay off your debt over the 21 month period, avoiding any interest charges.
Benefits of a 21 Month Balance Transfer
A 21 month balance transfer offers several benefits, including:
Save money on interest
By transferring your debt to a credit card with a 0% introductory APR, you can save hundreds or even thousands of dollars on interest charges.
Pay off your debt quickly
With 21 months of 0% interest, you can focus on paying off your debt without accumulating additional interest charges.
Consolidate your debt
If you have multiple credit cards with high balances and high interest rates, a 21 month balance transfer can help you consolidate your debt into one loan with a lower interest rate.
Things to Consider
While a 21 month balance transfer can be a great way to pay off your debt, there are some things to consider:
Balance transfer fee
Most credit cards charge a balance transfer fee, which can range from 3-5% of the transferred amount.
Regular APR
After the 21 month introductory period ends, the regular APR will apply to your remaining balance.
Credit score
To qualify for a 21 month balance transfer, you'll typically need a good to excellent credit score.
Best 21 Month Balance Transfer Credit Cards
Here are some of the best 21 month balance transfer credit cards available:
Citi Simplicity Card
- 21 month 0% introductory APR on balance transfers
- No late fees or penalty APR
- $0 annual fee
Bank of America Cash Rewards credit card
- 21 month 0% introductory APR on balance transfers
- $200 online cash rewards bonus
- $0 annual fee
Discover it Balance Transfer
- 21 month 0% introductory APR on balance transfers
- 5% cashback on various categories
- $0 annual fee
Conclusion
A 21 month balance transfer can be a great way to pay off your credit card debt quickly and efficiently. By transferring your debt to a credit card with a 0% introductory APR, you can save money on interest charges and focus on paying off your debt. Just be sure to read the fine print and consider the balance transfer fee, regular APR, and credit score requirements before applying.
