Top Picks for 0% Balance Transfer Credit Cards

In search of financial freedom, many people turn to credit cards to manage their expenses. However, managing multiple cards can be challenging, especially when you’re dealing with high-interest rates. If you’re in this situation, it’s worth considering a balance transfer credit card. These cards allow you to transfer your existing debt from one or more credit cards to a new card with a lower interest rate. One of the best types of balance transfer credit cards is the 0 percent balance transfer card. With this type of card, you can pay off your debt without accumulating interest charges. If you’re looking for a way to manage your credit card debt, keep reading to learn more about the best 0 percent balance transfer credit cards.

Top 10 Best 0 Percent Balance Transfer Credit Cards

If you’re looking to transfer your balance from a high-interest credit card to a 0 percent balance transfer credit card, you’re in luck. We’ve researched and compiled a list of the top 10 best 0 percent balance transfer credit cards available in 2021.

1. Citi® Diamond Preferred® Card – This credit card offers a 0 percent APR for balance transfers for 18 months, which is one of the longest introductory periods currently available. There are no annual fees, and the card also has additional benefits such as trip cancellation insurance and travel accident insurance.

2. Chase Freedom Unlimited® – This card offers a 0 percent APR for balance transfers for the first 15 months, as well as a rewards program that gives cashback for purchases. There are no annual fees, and the cashback rewards can be redeemed for statement credit, products, or travel.

3. Bank of America® Cash Rewards Credit Card – This card offers a 0 percent APR balance transfer for 15 months, and also has a rewards program that offers cashback for purchases. The rewards can be redeemed as cash in a Bank of America account, statement credits, or gift cards.

4. Wells Fargo Platinum Card – This credit card offers a 0 percent APR for balance transfers for 18 months, and has no annual fees. It also has additional benefits such as travel accident insurance, roadside dispatch, and cell phone protection.

5. Discover it® Cash Back – This credit card offers a 0 percent APR balance transfer for 14 months, and also offers a reward program that gives cashback for purchases. The rewards can be redeemed for statement credits or as a direct deposit into your bank account.

6. Capital One® Quicksilver® Cash Rewards Credit Card – This credit card offers a 0 percent APR balance transfer for 15 months, and also has a rewards program that offers cashback for purchases. The cashback rewards can be redeemed for statement credits or as a check.

7. Barclaycard Ring® Mastercard® – This credit card offers a 0 percent APR balance transfer for 15 months, and has no annual fees. It also offers a low variable interest rate after the introductory period, making it beneficial if you don’t pay off your balance in full.

8. U.S. Bank Visa® Platinum Card – This credit card offers a 0 percent APR balance transfer for 20 billing cycles, making it one of the longest introductory periods currently available. There are no annual fees, and the card also offers additional benefits such as fraud protection and online banking.

9. TD Ameritrade Client Rewards Card – This credit card offers a 0 percent APR balance transfer introductory period of 12 months, and also has a rewards program that gives cashback for purchases. The cashback rewards can be redeemed as a statement credit or as a deposit into a TD Ameritrade account.

10. Chase Slate® – This credit card offers a 0 percent APR balance transfer for the first 15 months, with no balance transfer fees if you transfer your balance within the first 60 days of account opening. There are also no annual fees, making it a great budget-friendly option.

Overall, each of these credit cards offers a 0 percent balance transfer introductory period with additional benefits depending on the specific card. It’s essential to read the terms and disclosures for each credit card to ensure that it aligns with your specific needs and budget.

Top 10 Best 0 Percent Balance Transfer Credit Cards

If you are looking for a way to manage your credit card debt, balance transfer credit cards are a great option. These credit cards allow you to transfer your high-interest credit card debt to a new card with a lower or 0 percent interest rate for a certain period of time. This will help you save money on interest and pay off your debt faster.

When it comes to balance transfer credit cards, there are plenty of options available in the market. To make things easier for you, we have compiled a list of the top 10 best 0 percent balance transfer credit cards. Let’s take a look at their features, benefits, and drawbacks.

1. Chase Slate

Chase Slate is one of the most popular and widely used 0 percent balance transfer credit cards. This card offers a 0 percent intro APR for the first 15 months on balance transfers and purchases. Additionally, there is no balance transfer fee for transfers made within the first 60 days of account opening. However, after the introductory period, the APR jumps up to a higher rate, so make sure to pay off your balance before the intro period ends.

2. Discover it Balance Transfer

Discover it Balance Transfer is another great option if you are looking for a 0 percent balance transfer credit card. This card offers a 0 percent intro APR for the first 18 months on balance transfers and purchases. Moreover, there is no annual fee and no foreign transaction fees. However, keep in mind that there is a balance transfer fee of 3 percent.

3. Citi Simplicity

The Citi Simplicity card is ideal for those who want to simplify their finances. This card offers a 0 percent intro APR for the first 21 months on balance transfers and purchases. In addition, there are no late fees, penalty fees, or annual fees. But, there is a balance transfer fee of 5 percent or $5, whichever is greater.

4. Wells Fargo Platinum

Wells Fargo Platinum is a good option for those who want a longer introductory period. This card offers a 0 percent intro APR for the first 18 months on balance transfers and purchases. Furthermore, there is no annual fee. However, there is a balance transfer fee of 3 percent.

5. Bank of America Cash Rewards

Bank of America Cash Rewards card is a balance transfer credit card that also offers cashback rewards. This card offers a 0 percent intro APR for the first 15 billing cycles on balance transfers and purchases. Additionally, you can earn 3 percent cash back in a category of your choice, 2 percent cash back at grocery stores and wholesale clubs, and 1 percent cashback on all other purchases. However, there is a balance transfer fee of 3 percent.

6. US Bank Visa Platinum

US Bank Visa Platinum card is a simple balance transfer card with a long intro period. This card offers a 0 percent intro APR for the first 20 billing cycles on balance transfers and purchases. Additionally, there is no annual fee. However, there is a balance transfer fee of 3 percent.

7. Capital One Quicksilver Cash Rewards

Capital One Quicksilver Cash Rewards is another balance transfer card that also offers cashback rewards. This card offers a 0 percent intro APR for the first 15 months on balance transfers and purchases. Moreover, you can earn 1.5 percent cashback on all purchases. However, there is a balance transfer fee of 3 percent.

8. Barclaycard Ring Mastercard

Barclaycard Ring Mastercard is a good option for those who want a low-cost balance transfer credit card. This card offers a 0 percent intro APR for the first 15 months on balance transfers and purchases. Additionally, there is no balance transfer fee. However, keep in mind that this card is geared towards those who want a low-cost option rather than rewards.

9. HSBC Gold Mastercard

HSBC Gold Mastercard is a good option for those who want a long intro period on balance transfers. This card offers a 0 percent intro APR for the first 18 months on balance transfers and purchases. Furthermore, there is no annual fee. However, there is a balance transfer fee of 4 percent.

10. SunTrust Prime Rewards Credit Card

SunTrust Prime Rewards Credit Card is a great option if you have excellent credit. This card offers a low variable APR based on the prime rate, which can be as low as 10.24 percent. Moreover, there is no balance transfer fee for transfers made within the first 60 days of account opening. However, keep in mind that the APR can fluctuate with the prime rate.

Factors to Consider for Choosing the Best 0 Percent Balance Transfer Credit Card

When searching for the best 0 percent balance transfer credit card, several factors must be taken into consideration. Below are some of the most important factors to guide your decision-making process.

Introductory Period Length

The introductory period length is the duration within which you can enjoy the 0 percent balance transfer offer. The longer the introductory period, the more time you have to pay off your debt with no interest. In this section, we have compiled a table of some of the best 0 percent balance transfer credit cards in terms of their introductory period length.

Credit Card Introductory Period Length
Citi Simplicity Card 21 months
Chase Freedom Unlimited 15 months
Discover it Balance Transfer 18 months

Balance Transfer Fee

Most 0 percent balance transfer credit cards charge a fee for transferring your debt from another card. The fee usually ranges from 3 to 5 percent of the transferred amount. It’s important to consider the balance transfer fee when choosing a credit card. Some cards offer a waived balance transfer fee within the first few months of account opening or a lower than average balance transfer fee.

Interest Rate After Introductory Period

Once the introductory period is over, the interest rate will revert to the card’s regular APR, which is usually higher than the 0 percent introductory rate. Therefore, it’s essential to consider the card’s interest rate after the introductory period to ensure that it’s still reasonable and manageable for you.

Credit Score Requirements

Most balance transfer credit cards require a good to excellent credit score for approval. Ensure you meet the card’s credit score requirements before applying to avoid a hard inquiry on your credit report, which could negatively affect your credit score.

Rewards and Benefits

Although the primary purpose of a balance transfer credit card is to pay off debt, it’s also essential to consider the rewards and benefits it offers. Determine whether the benefits that come with the credit card align with your spending habits and overall financial goals.

Here are some relevant links for the given topic:

– Find out which credit cards offer the best 0 percent balance transfers by visiting our comprehensive balance transfer guide.
– Interested in learning more about balance transfer credit cards with no interest fees? Check out this list of the best 0 percent balance transfer credit cards from NerdWallet.
– Choosing the right balance transfer credit card can be overwhelming. That’s why we suggest reading this Bankrate article, which breaks down everything you need to know about these types of cards.

Pros and Cons of Best 0 Percent Balance Transfer Credit Cards

When it comes to managing credit card debt, balance transfer credit cards can be a lifesaver. These credit cards offer a 0% APR introductory rate on balance transfers, which means you won’t have to pay any interest on your transferred balance for the designated period. But while the benefits of a 0% balance transfer credit card are undeniable, there are also downsides that you should consider before choosing one. Here are some of the pros and cons of these cards:

Pros:

1. Lower interest rates

One of the most significant benefits of a 0% balance transfer credit card is that you can reduce the amount of interest you pay. Given that the average credit card interest rate is around 16%, a single 0% balance transfer can save you hundreds or even thousands of dollars in interest charges.

2. Debt consolidation

Transferring your balance to a 0% balance transfer credit card means you can consolidate your debt and make only one monthly payment. This can help you stay on top of your payments while reducing the amount of stress you feel about your debt load.

3. Financial freedom

With a 0% balance transfer, you can give yourself the financial freedom to pay off your debt without worrying about interest payments… at least for a time. This can make it easier to pay down your balances and improve your credit score.

4. Reward programs

Many balance transfer credit cards have generous reward programs that allow you to earn points, miles, or cashback on your purchases. If you use your balance transfer card for everyday expenses and pay off the balance in full each month, you can reap the benefits of these rewards.

5. No annual fees

Most balance transfer credit cards do not come with annual fees. This means you can avoid paying unnecessary costs while still taking advantage of the benefits of your card.

Cons:

1. Balance transfer fees

While the interest charges may be waived for a time, most balance transfer credit cards charge a fee for transferring your balance from one card to another. This fee is typically around 3% to 5% of the transfer amount.

2. Temporary interest rate

The 0% introductory APR is only temporary and usually lasts for around 6-18 months. After the introductory period, the interest rate on your transferred balance will increase, which can result in higher monthly payments.

3. Bad credit impact

Opening a new credit card account can negatively impact your credit score, especially if you already have a lot of outstanding debt. Applying for too many credit cards in a short amount of time is a red flag for lenders and can cause your credit score to drop.

4. High-interest rates on cash advances

If you need to take out a cash advance using your balance transfer credit card, you’ll typically pay a higher interest rate than you would for your transferred balance. The interest rate on cash advances can range from 20% to 25%, making it an expensive option for borrowing money.

5. Late payment fees

Missing a payment or making a payment after the due date can result in late payment fees. These fees can be expensive and can also hurt your credit score. It’s important to stay on top of your payments to avoid late fees and negative marks on your credit history.

In summary, a 0% balance transfer credit card can be a useful tool for managing credit card debt. However, it’s important to weigh the pros and cons before choosing a card and to use it responsibly to avoid unnecessary fees and negative impacts on your credit score.

Thanks for reading and happy savings! We hope you found this article about the best 0 percent balance transfer credit cards helpful in your search for a better deal. Remember, always read the fine print and make sure to weigh all the pros and cons before choosing a credit card that works best for you. Check back with us regularly for more personal finance tips and advice.

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