Best 0 APR Balance Transfer Credit Cards
Transferring your credit card balances to a new card with a 0% APR can be a great way to save money on interest charges and pay off your debt faster. However, it's important to choose the right card and understand the terms and conditions.
Here are some of the best 0% APR balance transfer credit cards available in the market:
1. Citi Simplicity® Card
- 0% intro APR on balance transfers for 21 months.
- No annual fee.
- Balance transfer fee: 3% of the amount transferred (minimum $5).
Pros:
- Long introductory period: 21 months is one of the longest introductory periods available.
- No annual fee: This makes it a good option for budget-conscious consumers.
Cons:
- High balance transfer fee: The 3% fee can be significant for large balances.
2. Chase Slate
- 0% intro APR on purchases and balance transfers for 15 months.
- No annual fee.
- Balance transfer fee: 5% of the amount transferred (minimum $5).
Pros:
- 0% APR on both purchases and balance transfers: This allows you to consolidate your debt and make new purchases without accruing interest.
- No annual fee: Another great option for those who want to avoid annual fees.
Cons:
- Shorter introductory period: The 15-month introductory period is shorter than some other cards.
- High balance transfer fee: The 5% fee is higher than some other cards.
3. Discover it® Balance Transfer
- 0% intro APR on balance transfers for 18 months.
- No annual fee.
- Balance transfer fee: 3% of the amount transferred (minimum $5).
Pros:
- 18-month introductory period: This is a good option for those who need a little more time to pay off their debt.
- No annual fee: A great option for those who want to avoid annual fees.
- Cashback rewards: Earn 5% cash back on purchases in rotating categories (up to $1,500 per quarter) and 1% cash back on all other purchases.
Cons:
- Balance transfer fee: The 3% fee can be significant for large balances.
4. U.S. Bank Visa® Platinum Card
- 0% intro APR on balance transfers for 15 months.
- No annual fee.
- Balance transfer fee: 3% of the amount transferred (minimum $5).
Pros:
- No annual fee: A great option for those who want to avoid annual fees.
- Balance transfer fee: The 3% fee is lower than some other cards.
Cons:
- Shorter introductory period: The 15-month introductory period is shorter than some other cards.
5. Capital One QuicksilverOne® Cash Rewards Credit Card
- 0% intro APR on balance transfers for 15 months.
- No annual fee.
- Balance transfer fee: 5% of the amount transferred (minimum $5).
Pros:
- Cashback rewards: Earn 1.5% cash back on all purchases.
- No annual fee: A great option for those who want to avoid annual fees.
Cons:
- Shorter introductory period: The 15-month introductory period is shorter than some other cards.
- High balance transfer fee: The 5% fee is higher than some other cards.
Important Factors to Consider
- APR after the introductory period: Make sure to check the standard APR after the introductory period. You don't want to get stuck with a high APR if you don't pay off your balance before the introductory period ends.
- Balance transfer fee: This fee can be significant, so make sure to factor it into your calculations.
- Minimum payments: Make sure you can afford the minimum payments on your new card.
- Credit score requirements: Make sure you meet the minimum credit score requirements for the card you're applying for.
Tips for Using a 0% APR Balance Transfer Card
- Transfer your entire balance: If you're planning to use a 0% APR balance transfer card, it's best to transfer your entire balance to the new card. This will give you the most time to pay off your debt at 0% interest.
- Make more than the minimum payment: If you make only the minimum payment, you may not be able to pay off your balance before the introductory period ends.
- Don't make any new purchases on the card: If you make new purchases on the card, you'll start accruing interest on those purchases at the standard APR.
By carefully considering your options and following these tips, you can use a 0% APR balance transfer credit card to save money on interest charges and pay off your debt faster.
