Credit card debt is never fun, and developing a plan to get yourself out of the debt can be exhausting. Credit cards commonly charge interest rates of 20% or more, and if you miss a few payments the default rate can be even worse. Fortunately, if your credit is still decent, there is a way to make payments on your credit card with paying low interest or without any interest. That’s through a solid low or zero percent balance transfer offer.
Low and zero percent APR balance transfer offers are commonly provided by credit card issuers to attract new customers. Credit card issuers rightfully assume that if they can attract you to their product by offering to house your debt for no interest, you’re likely to generate new debt after you’ve paid off the old debt. The trick in taking advantage of a balance transfer offer is to pay off the entire debt during the 0% introductory offer, then pledging never again to get deep into credit card debt. It’s easier said than done for many.
Many top credit cards offers now have balance transfer fees, but even with a fee, you could save thousands of dollars of interest charges by taking advantage of low or zero percent APR balance transfer offers. Below you will find excellent choices for credit cards available for balance transfers. If you have a favorite balance transfer offer not included on this list, let me know and I’ll add it. We’ll start with the only 0% balance transfer card available today that does not charge a balance transfer fee.
List of Balance Transfer Offers
Chase Slate: If you have good to excellent credit, the Chase Slate card can help you save with a $0 introductory balance transfer fee, a 0% introductory APR for 15 months on both purchases and balance transfers, and a $0 annual fee. (Plus, receive your monthly FICO® score for free.)
Specifically, the $0 introductory fee is for balance transfers made within 60 days of account-opening. All other transfers will be charged either $5 or 5% of the amount of each transfer, whichever is greater. After the introductory period, purchase and balance transfer APRs are variable between 13.24% – 23.24%. Of course, this is all based on your creditworthiness.
If you can avoid the 5% surcharge by making a balance transfer within 60 days of account-opening and you can pay off your credit card balance in the 15-month time frame, the total cost of fees and interest is potentially zero. Add to that the fact that, with Chase Slate®, you can also save with the benefit of a $0 annual fee and this card could represent the highest amount of savings for you (depending on what your needs are).
Discover it®: The originators of the cash back credit card have overhauled their cash back rewards card and re-emerged with a fair and simple credit card. With no annual fee, no foreign transaction fee, no over limit fee and no APR hike for paying late, it would be hard to find a card that offers more consumer-friendly terms. Signing up for this card can nab you a 0 percent introductory APR on balance transfers for 18 months with a 3 percent balance transfer fee for each balance transferred. After the introductory period the variable purchase APR applies, which your excellent credit could earn you one of the better APRs on a rewards card currently at 10.99 percent – 22.99 percent. This rewards program offers cardholders a straight 1 percent cash back on purchases, with the opportunity to earn 5 percent cash back on purchases in rotating categories subject to quarterly enrollment and spend cap. Plus, free FICO® Credit Score on your monthly statements, online and in the mobile app. Discover® also offers other versions of their game-changing credit cards to suit your needs here are a couple for example: Discover it® for Students and Discover it® card.
Chase Freedom Unlimited: This offer from Chase comes with a 0% APR on purchases and balance transfers for 15 months. In addition, it offers 1.5% cash back on all purchases. There’s no need to worry about rotating categories that change every three months. There is no annual fee.
Citi Simplicity: This card comes with a 0% APR on balance transfers for 21 months. It’s the longest available 0% balance transfer, although it does come with a transfer fee of 3% (minimum $5). The card offers no rewards, so it’s best suited for those wanting a long balance transfer. There’s no annual fee. Get more details here.
Citi Double Cash: This card from Citi offers a shorter balance transfer period, although at 18 months it’s still solid. It makes the list because it also offers up to 2% cash back on all purchases. You get 1% on every purchase, plus another 1% when you pay your credit card bill. There is no annual fee. Get more details here.
Bankamericard Credit Card: B of A has also entered the balance transfer market. This card offers 0% on transfers for 18 billing cycles. Notice it’s not 18 months. Some issuers describe the length of the 0% offer in months, others in billing cycles. I guess a billing cycle may be a bit longer or short than a month.
The Amex EveryDay® Credit Card from American Express: Amex is not know for 0% offers. Given the rewards available on many American Express cards, they don’t need the best introductory rate offers to get new card members. Still, this card does offer a 0% balance transfer for 12 months. Get more details here.
Wells Fargo Platinum Visa® Credit Card: For those fans of Wells Fargo, this card offers a 0% balance transfer for 15 months. There is no annual fee.
If you still haven’t found what you are looking for, check out this list of balance transfer cards.
For diligent credit card users, balance transfer cards can be efficient tools for keeping your bank account balance intact, making better use of your cash than spending your own money for a large purchase. In great economic environments, you could earn interest on your money while paying off your expenses with a low or zero percent interest rate. The proliferation of balance transfer fees makes this type of arbitrage more difficult, but with a few fee-free offers being available today, you might be able to earn interest on your card issuer’s money if you don’t fall into any traps.
Important Note! The information in this article is believed to be accurate as of the date it was written. Please keep in mind that credit card offers change frequently. Therefore, we can not guarantee the accuracy of the information in this article. Please verify all terms and conditions of any credit or charge card prior to applying.
Updated August 16, 2016 and originally published March 15, 2012. If you enjoyed this article, subscribe to the RSS feed or receive daily emails. Follow @ConsumerismComm on Twitter and visit our Facebook page for more updates.