Top 0% Balance Transfer Credit Cards

An updated list of the top zero percent balance transfer credit cards is below.

I recently shared my experience with effectively using zero percent credit cards to help in my debt reduction plan. That was back in the day. These days it’s become a bit harder to find a good deal on a 0% interest rate credit card. The new credit card rules, the economy, and credit card companies wising up have all had a big effect on the kind of deal you can expect to get from one of these cards.

But, the cards aren’t completely off the market. Some cards are still available and may make sense for someone trying to transfer some debt while paying it off. That’s why I’m presenting some of the top zero percent balance transfer credit cards available today.

Be careful though, there are plenty of dangers with completing a zero percent interest rate balance transfer. You need to be aware of those before you get going with one of these cards. If you’ve read and understand the risks, keep reading.

What Makes a Good 0% Balance Transfer Credit Card?

Deciding which credit card is best depends on your particular situation and the involves examining the following five factors (the first two are by far the most key though):

1. The Promotional Period – This is the length of time that the 0% promotion lasts. In other words, once you transfer your debt balances, how long will you have before you are charged interest on the debt. The longer the period the promotional zero percent interest rate lasts, the better the deal you’re getting. Most promotions are around 6 months these days. It’s important to remember that the promotion doesn’t exclude you from making regular payments. It only helps you to avoid the interest charges associated with the debt.
2. The Transfer Fee – This is the amount you will pay to make the transfer. You used to be able to make the transfer without a fee. But these days it will cost you 3%-5% of the balance transferred. If you’re lucky, there will be a cap of $75 or $90 on the fee.
3. Interest Rate on Purchases – In the event that you’re going to use the card to make additional purchases, you’ll need to consider the initial purchase interest rate. Some cards come with an initial zero percent interest rate on purchases. I recommend not using this card for new purchases though. After all, you’re trying to get out of debt.
4. Extras Before and After the Promotion – Some cards come with instant bonuses. And some have nice cash back credit card rewards that could be used after you pay off the transferred balance. This is just something extra to consider.
5. Interest Rate After the Promotion – If you don’t think you’ll be able to pay off your debt by the time the promotional period is over, this is what you’ll have to start paying on the remaining balance. Something to consider if you think the debt will still be around and you can’t make a second transfer.

An Example: Lower the Interest Payments on Your Debt

Let’s say you currently have $10,000 in credit card debt on a single credit card with an interest rate of 20%. You’ve decided to pay off this debt and you’ve established a plan to pay it off in 1 year. Your payments will need to be $926.35 each month to completely pay off the balance. Over that time period, you will pay $1,116.13 in interest payments alone. In effect, you had to pay 11,116.13 to pay off the 10,000 you borrowed. Yikes!

But, if you transferred your balance to a zero percent interest rate credit card (12 month promotional period and a 5% balance transfer fee), you’ll pay just $500 extra over the 12 months. That’s a savings of over half your interest payments. That’s a smart move if you’re committed to getting rid of the debt. If you’re in this situation, here’s some cards that might help you out:

Top Zero Percent Balance Transfer Credit Cards

All of these cards offer 0% balance transfers for at least 12 months with no annual fees. Click through to see the latest balance transfer fees.

Related Posts:

• New Up to 18 Month Balance Transfer Credit Card Available: Citi CashReturns Card
• Upromise Credit Card Review: $25 Bonus and 10 Month Balance Transfer
• How to Effectively Use 0% Balance Transfer Credit Cards