Top Balance Transfer Credit Card Promotions
Balance transfer credit cards allow you transfer all your credit card debts and consolidate them into a single payment. If you manage to repay the credit card debts you transfer within the intro period, you will be able to cut down your debt because you don’t have to pay the interest rates. The following are the top 5 balance transfer credit cards .
1. Chase Slate Credit Card
Chase Slate credit card offers a zero percent intro period that lasts for 18 months. To be eligible for the 18 months zero percent intro period offer, you have to perform the balance transfer within 60 days. The balance transfer fee still applies when you transfer the balance and it is about 5% or $5 minimum. The normal APR rate that ranges from 13.24% – 23.24% will apply at the end of the intro period. Chase Slate features a zero dollar annual fee.
2. Citi Simplicity Card
Citi Simplicity Card offers a 21 months zero percent APR intro period where you won’t get charge a single APR fee no matter if it is balance transfer or purchases for 21 months. It will charge a normal balance transfer fee of 13.49% – 23.49% after the 21 months zero percent APR offer comes to an end. The balance transfer fee that you will be charged each time you initiate a balance transfer is 3% or $5 minimum. All kinds of loans can be transferred to City Simplicity card for example vehicle and college loans. It requires that the debt account numbers where you transfer the balances from do not contain any alphabetical letters and has 5 figures.
3. Discover it
Discover it is offering 18 months zero percent APR intro period for balance transfers. The zero percent intro free period for purchases only lasts for 6 months. When the 18 intro period expires, the regular APR of 11.24% – 23.24% will automatically be applied onto your balance. It charges a 3% balance transfer fee on the amount that is transferred to the card. Credit cards debts as well as non credit card debts like loans can be transferred to the Discover it card.
4. Citi Double Cash Card
Citi Double Cash card is providing a zero percent intro period offer for balance transfer for 18 months. It also offers zero percent intro period for purchases but it lasts for only 6 months. The regular variable APR for Citi Double Cash card is 11.24% – 23.24%. It can be used to transfer credit card debts and the majority of the non credit card debts. You must transfer the balance to the card within a period of 4 months in order to be eligible for the intro period offer. Balance transfers are not entitled for any cash back rewards.
How Can You Reduce Your Interest Expenses During The Holidays With A Balance Transfer Card Offer
The credit card interest fees is the main reason why many people struggle to pay off their credit card debt and have to keep on carrying the burden from month to month. Lots of credit cards have interest fees that are in the range of 13% – 24% and interest charges add up the amount that you have to pay back. Many credit card companies now offer balance transfer cards for the purpose of making credit card repayment easier. Most balance transfer cards offer an introductory period, a period when no interest fee is charged on the card balance.
You must first transfer the balances of all your existing credit cards to the zero interest balance transfer card. Once your balance is transferred to the balance transfer card, you will see that the total amount that you need to pay to clear up the debt is reduced because the interest fees has been waived. Therefore, you are only making payment for the principal amount that you originally borrow from the credit card.
Comparing balance transfer card offers is easy. You simply perform a search for balance transfer cards at an online credit card comparison site and it will show you all the existing balance transfer card offers in the market. You can also visit blog reviews on the best balance transfer credit cards. These sites give you a quick overview of the most important information on the balance transfer cards including length of the 0% APR period, cash back on bonus categories, annual fee, and minimum credit score.
If your credit score is excellent or good, you will be able to qualify a balance transfer card with long 0% APR period. There are cards that offer a 0% APR period that is as long as 21 months. Many of these cards also do not have penalty and annual fees. Using a balance transfer card to clear up your debt is a great option if you believe you will be able to set aside a sufficient amount every month and finally clear up the entire debt within the 0% APR period.
You will still save money even if the card charges a balance transfer fee. The balance transfer fee is usually 3% or $5 minimum which is just a small amount compared to the amount that you save through the waiving of interest fees. Many balance transfer cards also do not have annual fee and penalty fee.
It is important that you have a steady job, the source where you will get the funds for paying the balance transfer card. You should just use the balance transfer card for paying your credit card debt and not use it for making purchases. Buying things with the card will add up to the debt that you owe which makes it hard for you to repay the debt.