Are you looking for a new balance transfer interest free credit card? If so, you’re not alone. Many people are searching for the best balance transfer interest free credit card out there. The reason for this is simple: a balance transfer can save you a lot of money on interest payments. If you have a high-interest credit card, you can transfer your balance to a new card with a 0% introductory APR period. This means that you will not have to pay any interest on your balance for a set period of time, usually 12-21 months. In this blog post, we will explore the best balance transfer interest free credit cards out there. We will also provide tips on how to make the most of your balance transfer and how to avoid traps that many people fall into.
How to pick the best interest free credit card for you
There are a few things to consider when looking for the best interest free credit card for you. The first is what type of card you are looking for. There are two main types of cards: those with an introductory period and those without. If you plan on carrying a balance from month to month, you’ll want to look for a card with an intro APR. This will allow you to pay off your debt without accruing any interest.
The second thing to consider is what type of rewards program you’re looking for. Some cards offer cash back or points that can be redeemed for travel or merchandise. Others offer no rewards at all. It’s important to figure out what type of spending you’ll be doing most often and choose a card that offers rewards that fit your lifestyle.
Finally, make sure to read the fine print before signing up for any credit card. Some cards come with annual fees, balance transfer fees, or foreign transaction fees. These can add up quickly, so it’s important to know what you’re getting into before signing up.
By following these simple tips, you can find the best interest free credit card for your needs and avoid paying any unnecessary fees.
Introducing the Best Balance Transfer Interest Free Credit Card
The best balance transfer interest free credit card is the Citi Simplicity Card. This card offers 0% intro APR on balance transfers and purchases for 18 months. After that, the variable APR will be 13.49% – 23.49%. There is no annual fee and no late fees. This card also offers 24/7 customer service.
What to expect from the Best Balance Transfer Interest Free Credit Card
The best balance transfer interest free credit cards will offer you a 0% APR for a certain period of time. This means that you will not be charged any interest on your balance for that period of time. This can be a great way to save money on interest charges, and it can also help you pay off your debt faster.
There are a few things to keep in mind when you are looking for the best balance transfer interest free credit card. First, make sure that the card has a 0% APR. Many cards will have an introductory rate that is lower than the standard APR, but it will eventually go up. Make sure that you know how long the introductory rate lasts so that you can be prepared for when it expires.
Second, look for a card with no balance transfer fee. Some cards will charge a fee for transferring your balance, and this can add up over time. Look for a card with no balance transfer fee so that you can save money in the long run.
Finally, make sure that the card has a good rewards program. Many cards will offer cash back or points for every dollar you spend. These rewards can be used to offset the cost of your balance transfer, or they can be used to help you save money on future purchases. Look for a card with a good rewards program so that you can get the most out of your balance transfer.
How the Best Balance Transfer Interest Free Credit Card works
A balance transfer interest free credit card can save you a lot of money on interest payments, but how does it work?
When you transfer your balance from one credit card to another, you usually have to pay a fee. This fee is typically 3% of the balance you’re transferring. So, if you’re transferring a $5,000 balance, you’ll have to pay a $150 fee.
However, some credit cards will offer 0% APR on balance transfers for a certain period of time. This means that you won’t have to pay any interest on the balance that you transfer for the length of the intro period.
For example, let’s say you have a credit card with an APR of 15%. You also have a balance of $5,000 on this card. If you were to transfer your balance to a new credit card with a 0% APR intro period for 18 months, you would save yourself $750 in interest payments over those 18 months.
To get the most out of a balance transfer interest free credit card, make sure to pay off your transferred balance before the intro period ends. Otherwise, you’ll be stuck paying interest at the regular APR rate, which could negated any savings you gained from the intro period.
Benefits of balance transfer credit cards
Balance transfer credit cards can provide many benefits for consumers. Perhaps the most obvious benefit is the ability to save money on interest payments. If you are carrying a balance on a high interest credit card, you can save money by transferring the balance to a card with a lower interest rate. This can help you pay off your debt more quickly and save money in the long run.
In addition to saving money on interest, balance transfer credit cards can also help you improve your credit score. When you transfer a balance from a high interest credit card to a lower interest card, it can help reduce your overall debt-to-credit ratio. This, in turn, can help improve your credit score over time.
Finally, balance transfer credit cards can offer other perks and rewards that can be valuable for consumers. Many cards offer cash back or other rewards for making balance transfers, which can make them even more beneficial. Be sure to compare offers from different issuers to find the card that best suits your needs.
Which balance transfer credit card is the best?
Choosing the best balance transfer credit card can be tricky. There are a lot of factors to consider, such as interest rates, fees, and features. However, by doing some research and comparing your options, you can find the best balance transfer credit card for your needs.
Transferring your balance to a new credit card can help you save money on interest and pay down your debt faster. But not all balance transfer credit cards are created equal. Some have high interest rates, while others come with hefty fees. So how do you choose the best balance transfer credit card?
Here are some things to consider:
-Interest rate: The lower the better. Look for a balance transfer credit card with 0% APR for 12 months or more. This will give you time to pay off your debt without accruing any interest.
-Fees: Many balance transfer credit cards come with a 3% – 5% fee. While this may seem like a lot, it’s important to compare this fee to the interest you would accrue on your current credit card. In some cases, the fee may be worth it if it means you’ll save money in the long run.
-Length of intro period: The intro period is the amount of time you have to pay off your debt without accruing any interest. Once again, the longer the better. A good intro period is 12 months or more.
How do I apply for the Best Balance Transfer Interest Free Credit Card?
Most balance transfer interest free credit card offers will require you to complete an application. Some issuers may allow you to apply online, while others may require you to complete a paper application.
When applying for a balance transfer interest free credit card, you will need to provide some personal information, such as your name, address, date of birth, and Social Security number. You will also need to provide financial information, such as your income and assets.
Once you have submitted your application, the issuer will review it and make a decision. If you are approved for the card, you will receive a credit card number and instructions on how to activate it.
What are the best cards to transfer a Balance?
There are a few things to consider when looking for the best balance transfer card. The first is the interest rate. You’ll want to find a card with a 0% introductory APR on balance transfers. This will help you save money on interest charges while you’re working on paying down your debt.
Another thing to consider is the balance transfer fee. Some cards charge a fee for transferring a balance, and this can add up quickly if you’re transferring a large balance. Look for a card that doesn’t charge a balance transfer fee, or one that charges a low fee, to save yourself some money.
Finally, you’ll want to consider the length of the intro period. This is the amount of time you have to pay off your transferred balance before the regular APR kicks in. A longer intro period gives you more time to pay off your debt without accruing any interest charges.
So, what are the best cards for balance transfers? Here are our top picks:
1. Citi Simplicity Card: This card offers an intro APR of 0% on balance transfers for 21 months (then 16.74% – 25.49% Variable). There is no balance transfer fee, so you can save money on fees while you’re working on paying down your debt.
2. Chase Slate Card: This card offers an intro APR of 0% on balance transfers for 15 months (then 16.74% – 25.49% Variable).
3. U.S. Bank Visa® Platinum Card: If you’re looking for a long introductory period to pay off a big purchase or shed existing debt, the U.S. Bank Visa® Platinum Card is a top choice. Its lengthy offer on both balance transfers and purchases can give you the breathing room you’re seeking.
4. Citi® Double Cash Card: The Citi® Double Cash Card’s 2% cash back on all purchases—1% when purchases are made and another 1% when they’re paid off—provides generous and simple cash-back rewards on every purchase.
5. BankAmericard® credit card: The BankAmericard® credit card offers a generous intro APR period on both purchases and balance transfers and comes with an option to opt-in to overdraft protection too.
6. Chase Slate Edge℠: The Chase Slate Edge is the replacement to the original Chase Slate Card which was one of the best balance transfer cards available. The Slate Edge isn’t as good due to its introductory balance transfer fee, but it’s still worth considering especially for those who are already in or want to join the Chase ecosystem.
What are the benefits of a 0% interest credit card?
A 0% interest credit card is a type of credit card that offers a low-interest rate and a zero percent interest promotion. It is better suited for people who are carrying a high debt load or those who are unable to pay off the credit card in full. It is also used for people who want to build credit as well as for people who want to pay off their balance as quickly as possible. Most 0% interest cards are open only for a limited time, which means you should be sure to commit to a long-term plan before applying for one.
How long does a balance transfer take?
It typically takes anywhere from two to seven days for your transfer request to be completed, but it depends on the issuer of the card you’re seeking to transfer a balance to.
For instance, American Express claims that while transfers from other banks normally take between five and seven days to complete, they may take up to six weeks. Both Citibank and Chase claim on their websites that the average transfer takes two to 21 days to complete.
The exact time for your transfer will likely depend on both the bank you’re transferring the debt to and the bank you’re transferring the debt from.
How To Do a Balance Transfer
First, choose the card you want to transfer a balance to. If you’re applying for a new balance transfer card online, you’ll have the option to choose to transfer a balance to the new card during the application process. Otherwise, you can speak to an agent at the issuing bank for your new card to make the transfer.
Be sure to read the card’s fine print and understand the terms and conditions of the card you’re transferring a balance to. Things to look for include:
- Is there a balance transfer fee?
- How long are the terms of any introductory low or zero-APR offer?
- What’s the card’s ongoing interest rate after the intro period expires?
Be aware that it won’t be until after you apply for the new card that you will actually learn how much of a credit limit you have. This is crucial since you could not be granted a line of credit with a limit as high as the sum you want to transfer.
How To Do a 0% Balance Transfer
A 0% balance transfer works the same way as any other balance transfer. After you choose the card with an introductory 0% APR balance transfer offer, you can opt to make the transfer during the application process, or reach out to someone at the issuing bank to shift a balance to the new card.
How to Choose a Balance Transfer Credit Card
When looking for the right balance transfer card for your circumstances, ideally you’ll search for a balance transfer card with low or no balance transfer fees to minimize the cost when you do a transfer. Remember that since banks won’t permit you to transfer debt from one of their cards to another, you’ll also need to select a card from an issuing bank other than the one you’re wanting to transfer debt from. Finally, think about how long your balance transfer will take. The more time you have to pay off your debt before interest accrues, the better, but the longest 0% APR offers could also come with larger balance transfer fees.
Other considerations include:
- Credit score. If you have less-than-stellar credit you may not qualify for some cards.
- Zero-interest or low-interest. A card with an ongoing low-interest offer might be a better option even if it can be tempting to only choose a card with a zero-interest balance transfer offer if you need more time to pay off debt or if you expect frequently carrying a balance.
- Longest introductory offer. If you only need a temporary break from paying off a bill, think about which credit cards have the longest introductory offer and figure out whether using that card or one with a shorter 0% time period but a lower balance transfer charge will result in the lowest cost debt repayment.
- Credit card long-term value. Consider whether you’ll need a balance transfer card after you’ve paid off the debt if that makes sense. Some cards with balance transfer offers come with rewards and other perks, while some offer little beyond an intro APR offer.
You can use balance transfer calculator to help determine which balance transfer card makes the most sense for your needs.
How To Apply for a Balance Transfer Credit Card
Similar to applying for any other kind of credit card, the balance transfer credit card application process is straightforward. Choose the card that might be the best suit for your objectives first. Then, if applicable, you can apply either online or in person at the issuing bank. Your name, a U.S. address, and your Social Security or ITIN number must be provided. Your income and housing expenses may also be requested. The credit limit you’ll be given on a new card will depend on this information and a hard credit pull.
Alternatives to a 0% Balance Transfer
There are other options to help you get some breathing room on high-interest debt outside of a balance transfer card. Here are some to consider:
Pay the Minimum Payment
Consider paying just the minimum payment each month to prevent damaging your credit or defaulting on your card if you’re feeling overwhelmed by the size of your monthly credit card bill or if you are unable to afford to make the payment at the levels you once could. It might not speed up your debt relief, but it can stop any negative consequences on your credit record as a whole.
Use a Credit Card Payoff Calculator
If you aren’t eligible for a balance transfer card or you don’t want to apply for a new line of credit, it may make sense to calculate various repayment scenarios using a credit card payoff calculator. This may help you feel more in control of your financial situation and can help you prioritize your spending.
Improve Your Credit Score
If you’re stuck with high-interest credit card debt, but don’t qualify for a better offer on a balance transfer card, it may make sense to work on improving your credit score. This takes time, but there are tools, like Experian Boost, that may help you nudge your score up enough within a few months that you become eligible for a better offer on a balance transfer card.
Consider a Personal Loan
You might be able to get a personal loan or debt consolidation loan at a cheaper interest rate than what you’re now paying on your credit cards. You might have a greater chance of securing a loan with a cosigner if a weak or improving credit record prevents you from qualifying for the top deals.