Best balance transfer credit cards offer 0% introductory APR on balance transfers. Just like the intro APR credit cards, the introductory APR is only applied to the qualifying balance transfer. It can last for a few months, or as long as 20 billing cycles. After the intro APR period ends, the card issuer will begin charging the regular variable APR on the remaining balance. To avoid paying interest when the introductory period ends, make sure you pay off the balance as quickly as possible.
Best 0% APR Credit Cards for Those Who Qualify
The best 0% APR balance transfer credit cards for you may come with fees, so you should be prepared for them. Balance transfer fees typically range from 3% to 5% of the transferred balance. If you want to avoid paying interest on your balance, make sure you understand how long the promotional period is. Some cards offer different 0% APR windows. For example, the Citi Simplicity(r) Card has no annual fee, while others have an annual fee that eats into the savings from the introductory APR.
Before you apply for the best 0% APR balance transfer credit card, make sure you meet the following requirements: a good credit score is essential to get approved. A FICO score of 670 or higher will boost your approval chances. In addition to your credit score, you should also check your debt-to-income ratio (DTI), which measures how much your monthly debt obligations exceed your monthly income. The DTI should be no higher than 36%, though this number varies among lenders. In addition, if you have delinquent accounts or have filed bankruptcy within the last seven to ten years, you may not be approved for any balance transfer credit card.
Wells Fargo Reflect℠ Card
When it comes to choosing the best balance transfer credit cards, Wells Fargo ReflectSM Card stands out in many ways. For one, it offers an attractive interest-free period. The fee, typically 3% to 5% of the total balance, can be worth the benefit of paying off a large balance on a high-interest card. After all, Americans spend hundreds of billions of dollars on credit card interest every year, so keeping a card you’re satisfied with can only help your overall credit score.
In addition to offering a zero-interest introductory period, the Wells Fargo ReflectSM Card offers other benefits, such as roadside assistance and cell phone protection. This card is great for transferring balances because it offers rewards like $250 reward nights after spending $1,000 in the first three months. During the intro period, you can enjoy the 0%-APR rate for up to 21 months. After the introductory period, however, you will have to pay a higher interest rate.
U.S. Bank Visa® Platinum Card
The U.S. Bank Visa Platinum Card is a solid option for balance transfers, but it lacks average benefits and rewards. While it’s not the best choice for everyday use, it’s still worth checking out if you’re looking to lower your interest rate and save money on your credit card bills. Despite the lack of specialized rewards programs, the U.S. Bank Visa Platinum Card does offer a two-year intro 0% APR offer, which gives you plenty of time to close your credit card debt.
The U.S. Bank Visa® Platinum Card offers 0% APR on purchases and balance transfers, as well as cell phone insurance, which covers up to $600 per incident, with a $25 deductible. The U.S. Bank Visa Platinum Card is also a good choice for building credit since it reports your activity to the three major credit bureaus, which then determine your credit score.
Citi® Double Cash Card
For balance transfers, the Citi® Double Cash Card is one of the most affordable options. Its 18-month 0% APR introductory offer makes it a great choice for people with high-interest debt. With a $5 minimum monthly payment, the card gives you plenty of time to pay off the balance. In addition, you’ll have 18 months to pay off the balance before it starts accruing interest. However, you must make the balance transfer within four months of opening your card, so be sure to calculate the number of months before the interest starts to accumulate.
This card offers great value in its rewards program. It allows cardholders to redeem cash back rewards for statement credits, direct deposit, or a check in the mail. Additionally, the Citi Double Cash Card comes with other benefits that add value to the cardholder’s financial life. For example, it offers free access to the FICO(r) Score, which is used by most lenders. You can also access the FICO score directly through MyFICO, but it costs money.
BankAmericard® credit card
If you want to pay off debt while getting a great introductory APR, consider the BankAmericard® credit card. This credit card comes with an introductory APR of 0% for the first 18 months, and you can transfer your balance from other cards to it during that time. The only downfall is that you won’t receive any rewards for paying off your balance. While this is a reasonable deal for people who need to pay off debt fast, it isn’t ideal for those who want to improve their credit scores.
The BankAmericard is one of the few balance transfer cards that offer a traditional sign-up bonus. This card is worth $100 after making $1,000 in purchases within 90 days. That’s half the value of a $200 no-annual-fee rewards card, but the bonus is the same as the minimum spending requirement on a rewards card from Bank of America. While the introductory bonus is not very high, it can cover the 3% balance transfer fee and the $10 minimum balance.
Citi® Diamond Preferred® Card
If you’re looking for the best balance transfer credit card with no annual fee, you may want to look at the Citi® Diamond Preferred® Card. The card offers a low introductory APR of 0% for 12 months and a 21-month 0% APR if you make the balance transfer within four months of account opening. After that, you’ll have to pay a $5 balance transfer fee and a 5% balance transfer fee. It’s important to know what those costs and fees are before making a decision.
This card isn’t for everyone. It’s not the best balance transfer card, and it’s not the cheapest. It has an annual fee, and the introductory APR isn’t very long. But, it is great if you’re considering a balance transfer and need to pay off a large amount of debt quickly. Because it comes with an introductory APR of 0%, this card is one of the best options for debt repayment.
Citi Simplicity® Card
If you’re considering balance transfer credit cards but don’t want to spend a lot of money, you may want to consider a credit card that offers 0% interest on balance transfers for 21 months. The 0% APR offer is valid for purchases for the first 12 months, and you can pay off your balance completely interest-free if you want to. However, you need to pay a $5 fee to transfer a balance to the Simplicity Card. This fee is well worth the low interest rate.
While this card does not have rewards or a reward program, it is a good option for balance transfers, and offers many valuable account protections. Its free credit score also provides an easy-to-read graph of your personal credit history. If you’re planning on using this card for balance transfers, be sure to compare all credit cards before applying. There are some that are better than others, so make sure to compare all of them before deciding on the Citi Simplicity® Card.
Navy Federal Credit Union Platinum Credit Card
A credit card from Navy Federal Credit Union can be a good option if you have average to excellent credit. This card comes with no annual fee and rewards that will help you build your credit score. Additionally, you will not have to worry about fraud because your card is secured. In addition, you can lock your card and enjoy other benefits like roadside assistance and a 25% discount on car rental. However, it is important to note that your credit score may be affected if you apply for multiple cards.
To be eligible for this card, you must be a member of the Navy Federal Credit Union. You must also be a member of the Department of Defense, or have ties to the military to qualify. This card is available for people who have military ties, as well as civilian employees of the department. If you don’t fall into one of those categories, you will need to look for another credit card. However, you can also apply for the Navy Federal Platinum Credit Card if you are a current or former member of the military.
