Balance Transfer Cards of February 2025
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Update 16.02.2023
Balance Transfer Cards of February 2025 -  offers.

What is a Balance Transfer Card?

Balance transfers involve moving debts from one credit card to another, usually a newly issued one. In most cases, consumers use balance transfer credit cards to move their existing credit card debt to a credit card with a remarkably lower promotional interest rate and rewards program to earn cash back or points.

Some credit card companies waive balance transfer fees (typically between 3% and 5% of the transfer amount) to entice cardholders. There is also often a promotional period of six to about 18 months, during which no interest is charged on the transferred amount.

Transferring a credit card balance involves carrying a monthly balance. And a monthly balance (even one with a 0% interest rate) still consists of making payments on time of at least the minimum due to the transfer and any new purchases. If you fail to comply with these terms, you may end up losing the credit card's intro APR on balance transfers and any grace period - and incurring high-interest charges (and potentially penalty APR) on new purchases.

Types of Balance Transfer Cards

The purpose of this is to help cardholders save money on interest charges and pay off their debt more quickly. There are several types of balance transfer credit cards, including:

  • Low APR balance transfer cards. These cards offer a low intro balance transfer fee, which is often 0% for a promotional period, allowing cardholders to pay off their debt interest-free during that time.
  • No fee balance transfer cards. These cards do not charge a balance transfer fee, which is often a percentage of the amount transferred.
  • Rewards balance transfer cards. These cards offer rewards, such as cash back or points, on eligible purchases in addition to the ability to transfer a balance with a low APR.
  • Long-term balance transfer cards. These cards offer a low APR on balance transfers for an extended period, allowing cardholders to pay off their debt over a longer time frame.
  • Bad credit balance transfer cards. These cards are designed for people with less-than-perfect credit and may have higher APRs or other fees compared to other balance transfer cards.

Pros and Cons of a 0% Balance Transfer Card

Pros

  • For a limited time, you can pay no interest. If you choose the right balance transfer credit card, you can save money on interest for up to 21 months. You might save hundreds or even thousands of dollars as you pay off your debt.
  • Make repayment easier. When you transfer a balance between two or more credit cards, you can pay one large bill each month rather than several smaller ones.
  • Streamline the debt repayment process. Without interest charges, every cent of your payment applies toward your principal balance each month. By accomplishing so, you can pay off debt faster and more efficiently.
  • Enjoy other perks as a cardholder. Besides consumer protections, some balance cards also offer rewards.
  • Get a better credit score. Balance transfer credit cards could boost your credit score. When you open a new line of credit, your credit utilization ratio will improve. While you make regular monthly payments on your transferred balances without adding debt, your credit utilization ratio will continue to decrease. And your credit score should rise.

Cons

  • There is a limit to how long an introductory offer remains valid. Most extended transfer offers last for 18 or 21 months, while others only last for 12 months. Once your initial APR period ends, you will be subject to the regular variable APR of your credit card.
  • The transfer of balances can be viewed as a temporary solution to a more complex situation. A balance transfer credit card may be more harmful than helpful if you overuse credit cards. Balance transfer credit cards only move debt around, and you won't improve your situation without changing your spending habits.

The Best Balance Transfer Credit Cards

Citi Simplicity Card

Discover it Balance Transfer

Chase Freedom Unlimited

BankAmericard credit card

Wells Fargo Reflect Card

Citi Diamond Preferred Card

Citi Double Cash Card

U.S. Bank Visa Platinum Card

Choosing the Best Balance Transfer Card

To minimize the expense of a transfer, search for a balance transfer card with low or no balance transfer fees when searching for the best card for your circumstances. Remember that you will also need to select a card from a different issuing bank than the one from which you wish to transfer debt, as banks will not permit you to move debt from one of their cards to another. Consider the duration of your transfer, as well.

The longer the 0% APR period, the longer you will have to pay off your debt before interest accrues. However, cards with the most extended 0% APR deals may also have higher transfer costs.

In addition, consider:

  • Credit score. You may not qualify for some credit cards if you have poor credit.
  • Credit card long-term value. Consider if you will have any use for a balance transfer card after the loan has been paid off. Some cards with transfer offers include incentives and other perks, while others provide little more than an introductory APR deal.
  • The longest introductory offer. Consider which cards come with the most extended introductory offer and do the arithmetic to determine if that card with a shorter 0% duration but a cheaper transfer charge is the most cost-effective approach to pay down your debt.
  • Zero-interest or low-interest. A card with an enduring low-interest offer may be preferable to a zero-interest transfer offer if you need a more extended time to pay down debt or expect to carry a balance.

How to Get a 0% Balance Transfer?

The application process for a balance credit card is comparable to any other credit card. Determine which card may be the best suited for your objectives. You can then usually apply online or in person at the issuing bank. You must enter your name, a U.S. address, and a Social Security number or ITIN. You may be requested to provide your income and housing expenses. This information, together with a hard credit inquiry, will be used when determining the credit limit for a new card.

A 0% transfer operates identically to conventional balance transfers. After selecting a card with an intro apr on balance, you can transfer credit to the new card either during the application process or by contacting the issuing bank.

FAQ

Do balance transfers hurt your credit?

Is it worth paying for a balance transfer?

Is it better to do a balance transfer or pay off?

Is a 0% balance transfer a good idea?

19.05.2021
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Update 16.02.2023

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