When it comes to credit card debt, balance transfer cards can be an effective tool to help you save money and pay off your balances faster.
With so many options available, it can be overwhelming to choose the right card for you. In this article, we will guide you through the process of selecting the best balance transfer card that suits your needs.
What is a balance transfer card?
A balance transfer card is a credit card that allows you to transfer existing balances from one or more credit cards to a new card. The new card typically offers a low or 0% interest rate for a limited time, allowing you to save money on interest and pay off your balances faster.
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How to choose the right balance transfer card?
Consider the balance transfer fee
Most balance transfer cards charge a fee, usually around 3-5% of the amount transferred. While this fee may seem small, it can add up quickly if you are transferring a large balance. Look for cards with lower balance transfer fees or those that offer a promotional period with no balance transfer fees.
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Look for a low introductory APR
The introductory APR, or annual percentage rate, is the interest rate you will pay on your balance during the promotional period. The lower the APR, the less interest you will pay on your balance. Look for cards with a 0% APR or a low introductory APR that lasts at least 12 months.
Check the ongoing APR
After the promotional period ends, the ongoing APR will apply to any remaining balance on the card. Look for cards with a low ongoing APR to ensure that you can continue to save money on interest.
Consider the credit limit
The credit limit is the maximum amount of credit that you can use on the card. Look for cards with a high enough credit limit to accommodate your balances without maxing out the card.
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Look for additional benefits
Some balance transfer cards offer additional benefits, such as rewards programs, cashback, or other perks. Consider these benefits when selecting a card, but make sure that they do not come at the cost of higher fees or interest rates.
What are the best balance transfer cards?
Here are some of the best balance transfer cards available in the market:
Chase Slate
The Chase Slate card offers a 0% APR on balance transfers for the first 15 months with no balance transfer fees. After the promotional period ends, the ongoing APR ranges from 14.99% to 23.74%.
Citi Simplicity
The Citi Simplicity card offers a 0% APR on balance transfers for the first 18 months with no balance transfer fees. After the promotional period ends, the ongoing APR ranges from 14.74% to 24.74%.
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Discover it
The Discover it card offers a 0% APR on balance transfers for the first 14 months with a 3% balance transfer fee. After the promotional period ends, the ongoing APR ranges from 11.99% to 22.99%. The card also offers cashback rewards on purchases.
Wells Fargo Platinum
The Wells Fargo Platinum card offers a 0% APR on balance transfers for the first 18 months with a 3% balance transfer fee. After the promotional period ends, the ongoing APR ranges from 16.49% to 24.49%.
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U.S. Bank Visa Platinum
The U.S. Bank Visa Platinum card offers a 0% APR on balance transfers for the first 20 billing cycles with a 3% balance transfer fee. After the promotional period ends, the ongoing APR ranges from 14.49% to 24.49%.
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Conclusion – Best Balance Transfer Cards
Balance transfer cards can be a great way to manage credit card debt and get on the path to financial stability. The above-listed cards are some of the best balance transfer cards available in the market today, each with their own unique features and benefits.
It’s essential to research and compare different cards to find the one that best suits your needs and financial goals.