 |
Balance Transfer Credit Cards |
During 2009, it looked like 0% balance transfer credit cards were going to become a thing of the past. Many credit card companies shortened the length of 0% balance transfer offers to as little as 6 months, while others increased balance transfer card fees.
Fortunately, balance transfer credit cards have made a huge comeback in 2010. Many credit card companies increased the length of 0% deals from 6 months to as much as 18 months. Unfortunately, not all 0% balance transfer offers are straightforward. Some companies advertise 0% interest rates for up to 15 or 18 months, but may only grant these rates to applicants with the highest credit quality. Any balance transfer credit card that advertises a 0% rate for more than one period likely offers more than one balance transfer length, based on a review of your application and credit history.
Ultimately, however, balance transfer cards provide a huge savings opportunity. If you transfer $6,000 from a credit card with a 15% interest rate to a balance transfer card that offers a 0% APR for 12 months, you can save close to $900 during the 0% period. Consequently, doing a 0% balance transfer is one of the easiest ways to save money.
Below you can compare the details of current balance transfer credit cards. Once you’ve found the right 0% deal, click apply to access the online application and start saving money on interest.
|
Best Balance Transfer Credit Cards |
 |
 |
 |
||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||
|
Other Balance Transfer Credit Cards |
|
About 0% Balance Transfer Credit Cards |
As I mentioned above, balance transfer credit card offers are one of the easiest ways to save a substantial amount of money. With average interest rates in the mid-teens, and many credit card companies charging 20% interest rates, doing a 0% APR balance transfer can easily cut your yearly interest expense by 75% or more. The one catch that comes with balance transfer cards is the transfer fee. Most credit card companies charge balance transfer transaction fees that range from 3% to 5%.
While paying a $150 balance transfer fee on a $5,000 balance transfer may seem expensive, it is really nothing more than a nuisance charge. Essentially, the fee you pay should be looked at as your interest rate for the zero percent balance transfer period. Thus, instead of paying 15% interest in a year, you pay 3%. When viewed this way, the fees associated with balance transfer credit cards look tiny.
Best Balance Transfer Offer: Learn which credit card I think is best for balance transfers due to the company’s history of treating its customers well.
Citibank Balance Transfers: Learn about current Citibank balance transfer credit card offers. Compare 0% introductory rates and apply online.
MasterCard Balance Transfers: Compare MasterCard balance transfer credit cards that offer 0% introductory rates.
*Important Disclaimer: See credit card applications for complete terms and conditions. While Smart Balance Transfers makes reasonable efforts to maintain accurate information, all credit card information is presented without warranty. When you click an “Apply” button, you can review the credit card terms and conditions on the issuing company’s website.