If you’ve checked your FICO credit score recently and haven’t been happy with the results, one of the factors that could be bringing your credit score down is your used to available credit percentage. When creditors see that your credit cards have been maxed out, it implies that you’re in need of more credit and that you’re having trouble meeting your financial needs. One way to alleviate the burden is to apply for a 0% balance transfer credit card, and reduce the amount in interest being paid every month.
Choosing which 0% balance transfer credit card best suits your needs can be tricky. Some offer a low balance transfer fee while others have extended 0% intro offers beyond 12 months. Whether it’s a long balance transfer term or cash up front to help you out, we’ve compiled a list of the best 0% balance transfer credit cards. They come from a variety of issuers and if you have any experience with these cards, we’d love to hear about it in the comments section below. [Advertiser Disclosure]
PT’s Pick for Best 0% Balance Transfer Credit Card
Citi Simplicity® Card – In my opinion, the best balance transfer credit card continues to come from our partner Citi; the Citi Simplicity MasterCard as it has the longest intro offer of 0% intro APR during the first 21 months, after that the variable APR will be 12.99%, 15.99%, 18.99%, 20.99%, and 22.99% (based on credit worthiness).
The balance transfer fee for this card is at 3% ($5 minimum). That’s just straight up awesome for anyone new to credit who needs almost two years to make interest free payments! Unfortunately, the rewards program on this card is almost non-existent (as it only provides discounts on special purchases) but the Citi Simplicity Card has no late fees or over limit fees, and does not carry an annual fee.
Slate from Chase – If you’re looking for the cheapest balance transfer method available, then the Slate from Chase is your go to credit card. For a limited time, new cardholders will be given a 0% intro APR on both purchases and balance transfers for 15 months, with NO balance transfer fee.
Imagine you had $10,000 to transfer … you would end up paying an additional $300 immediately by using any of the other cards on this list. However with the Slate from Chase, the balance transferred would only be the initial $10,000 and 15 months would be given to pay it down (interest free).
The standard APR after the intro period expires is 12.99%, 17.99% or 22.99% variable and there is no annual fee. However, just like the Citi Simplicity Card above, there is no rewards package included, so the card should be used for balance transfers or emergencies only.
Discover it® – A very close second, the Discover it Card includes a wide ranging amount of benefits the Citi Simplicity does not. The Discover it Card opens up with a 0% into APR on balance transfers for 12 months, (and on purchases for 14 months) and also includes 5% cash back on rotating categories each year.
The standard cash back rate on all other purchases is 1% and a recently new perk added; every monthly statement will include a free FICO credit score. You must make at least 1 purchase each month to receive a statement (and your FICO credit score) and if you take Discover up on it’s balance transfer offer; the fee is 3%. There is no annual fee on the Discover it Card, as well as no late fees or over-limit fees.
Barclaycard Ring MasterCard® – Another credit card that offers no balance transfer fee, the Barclaycard Ring MasterCard® doesn’t have a lot of bells and whistles, just two very good ones.
This card comes with a low, everyday APR of 8% and carries no BT fee. So while you won’t find a 0% introductory APR like other cards on this list, your balance also won’t be inflated when you transfer money over, and the 8% APR is most likely lower than any current rate on another card.
There is no annual fee to own the Barclaycard Ring MasterCard® and no foreign transaction fees when it’s used abroad.
BankAmericard® Credit Card – The BankAmericard Credit Card starts off with a 0% intro APR on balance transfers for a full 18 billing cycles. Once that expires, the everyday APR on both purchases and balance transfers is 10.99% – 22.99% and there is no annual fee.
The balance transfer fee on the BankAmericard Credit Card is 3%, which you’ll find to be pretty standard in today’s card market. Like all other (sans the Discover it) BT cards, there is no rewards program associated with this card, so the smart play would be keep this card for emergencies after you’ve paid off your balance transfer.
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