(Updated 4/28/2015) Would you believe me if I told you one of the easiest ways to eliminate your credit card debt is to open a new credit card? It sounds a little crazy, but it’s true. Using 0% balance transfer credit cards to move your credit card balance from your current interest rate to a 0% interest rate can save you hundreds, or even thousands, of dollars in interest over the duration of the zero percent balance transfer offer. But there is a catch – you have to stop using your old credit card and commit to paying off your balance. Do this, and you can cut months off your journey to eliminating your credit card debt.
Let’s take a look at some of the balance transfer credit card options available on the market, some of the things to look for to help you choose the best card for your needs, and some pitfalls to avoid.
Featured 0% Balance Transfer Credit Cards
The following list represents some of the best consumer offers for transferring your credit card balance to a 0 percent credit card. You can click on each respective card for more details or see the following list for more balance transfer offers. We have the a Citibank card rated number 1, since they offer by far, the longest balance transfer offer in the industry. However, Chase currently offers a 15 month balance transfer card without a transfer fee. If you need the longer time to pay off your debt, then Citi is a great opportunity. If you can pay off your debt within 15 months, then the Chase may be a better card for you. All of these cards are solid options, and have no annual fees. Be sure to click through and visit the credit card issuer’s site for more details and current terms and conditions.
(21 months). The Citi Simplicity® Card features a 0% Intro APR on Balance Transfers and Purchases for 21 months. After that, the variable APR will be 12.99% – 22.99% based on your creditworthiness. There is a a balance transfer fee of either $5 or 3% of the amount of each transfer, whichever is greater. However, there is no annual fee. Perhaps the most unique feature with this card is the lack of late fees or penalty rate hikes if you miss a payment. The Intro APR period of 21 months is among the longest balance transfer offers around, which makes this an attractive card for consolidating credit card accounts. Apply Now for the Citi Simplicity® Card.
(21 months). The Citi® Diamond Preferred® Card card also features a 0% Intro APR on Balance Transfers and Purchases for 21 months. After that, the APR will be 11.99%-21.99% based upon your creditworthiness.* There is a balance transfer fee of either $5 or 3% of the amount of each transfer. This card also comes with Citi Easy Deals(SM) Get what you want for less. This card features a rewards program – Earn Citi Easy Deals Points for the purchases you make with your card. Redeem your points for great online deals on name-brand merchandise, gift cards and even local deals. The Citi Diamond Preferred Card also gives cardholders access to a 24/7 concierge service to help book your hotel rooms, flights and more. There is $0 liability on unauthorized purchases and Citi® Identity Theft Solutions. No annual fee* Apply Now for the Citi® Diamond Preferred® Card.
(15 Months). The Citi® Double Cash Card is a unique cash back credit card that also features a generous 0% balance transfer offer. To start with, the Citi Double Cash Card offers a 0% Intro APR on Balance Transfers and Purchases for 15 months. After that, the variable APR will be 12.99%-22.99%, based on your creditworthiness. There is a balance transfer fee of either $5 or 3% of the amount of each transfer, whichever is greater. This is the only card that earns you cash back TWICE on every purchase with: 1% cash back when you make a purchase, and another 1% cash back when you pay for the purchase, whether you pay in full, or over time*. There are No Category Restrictions, No Caps, No Enrollments in Rotating Categories, and there is No Annual Fee. Apply Now for the Citi® Double Cash Card.
How to evaluate 0% balance transfer credit card offers
0% balance transfer credit cards are a great way to save a lot of money on interest and repay your credit card debt more quickly. When used correctly, you can save hundreds, or even thousands of dollars in interest payment. However, not all offers are created equally, as you will see below. You will want to evaluate each card individually and make sure you understand the credit card offer before applying for a balance transfer card. Some important things to look out for include:
- Duration of balance transfer offer. Most cards offer 12-18 months at 0%.
- Balance transfer fees. Most fees range from 0% – 3%, or a fixed price, such as $75. There is usually a minimum fee as well.
- Interest rate. This only matters if you plan on using the card after you pay off your balance, but it is something to keep in mind.
- Rewards and cash back. Depending on your needs, you may want to consider credit cards with sign up bonuses, rewards bonuses, cash back cards, points cards, or special features, such as travel cards or gas rebates.
Compare all features before applying. Just because one card has a longer balance transfer duration doesn’t automatically make it the best card. You should first evaluate how much debt you have,the interest rate, how much it will cost for you to transfer your balance, how much you will save with a particular card (including balance transfer fees), and an estimate of how much you will save over the duration of the balance transfer offer. Then consider additional benefits of the card, such as cash back, sign up bonuses, rewards programs, etc. As you can see, most of these cards offer some form of cash back or rewards, which makes them a nice option to use after you pay off your balance transfer.
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