Best 0% APR Balance Transfer Credit Cards for 2020
Hello Friends! Are you tired of paying exorbitant interest rates on your credit card balances? Well, you’re not alone. Many people struggle with high-interest credit card debt that seems impossible to get out of. Fortunately, there’s a solution to this problem – 0% APR balance transfer credit cards.
If you’ve never heard of balance transfer credit cards, don’t worry. In this article, we’ll explain everything you need to know about these credit cards and how they can help you save money on interest charges.
What are Balance Transfer Credit Cards?
Balance transfer credit cards are credit cards that allow you to transfer your current credit card balances to the new card. This typically involves paying a balance transfer fee and transferring the balance to the new card. However, the new card offers a promotional period, usually 12 to 18 months, with 0% APR on the transferred balance. This means you won’t have to pay any interest charges during the promotional period.
This can be a great way to pay off your credit card debt faster since you won’t have to pay interest charges during the promotional period. However, it’s important to remember that the promotional period is temporary, and once it expires, you’ll start paying interest charges on the remaining balance.
Top 5 Balance Transfer Credit Cards Offering 0% APR
If you’re considering a balance transfer credit card, here are the top 5 cards that offer a 0% APR promotional period:
|Credit Card||Introductory 0% APR Period||Balance Transfer Fee|
|Chase Slate||15 months||$0 for transfers made in the first 60 days, then 5% or $5 minimum|
|Citi Simplicity||18 months||$5 or 5% of the transfer amount|
|Discover it||14 months||3% of the transfer amount|
|Barclaycard Ring Mastercard||15 months||$0|
|American Express Everyday||15 months||$0 for transfers made in the first 60 days, then 3% or $5 minimum|
These cards all offer a 0% APR promotional period, but there are some differences in the length of the promotional period and the balance transfer fee. Be sure to compare these factors and choose the card that works best for your situation.
How to Use a Balance Transfer Credit Card
Using a balance transfer credit card is fairly straightforward. Here are the steps you’ll need to take:
- Choose a balance transfer credit card with a promotional 0% APR period that works for your situation.
- Apply for the credit card and wait for approval.
- Contact the new credit card company and provide them with the information for the credit card balances you want to transfer.
- Pay the balance transfer fee. This fee is typically around 3% to 5% of the balance you want to transfer.
- Verify that the balances have been transferred to the new credit card.
- Make payments on the new credit card to pay off the transferred balance before the promotional period expires.
It’s important to remember that you shouldn’t use your old credit cards once you’ve transferred the balance. This will only add to your debt and defeat the purpose of the balance transfer.
Benefits of Balance Transfer Credit Cards
There are several benefits to using a balance transfer credit card:
- Save money on interest charges: With a 0% APR promotional period, you won’t have to pay any interest charges on the transferred balance.
- Simplify payments: Instead of making payments to multiple credit cards, you’ll only have to make payments to one card.
- Pay off debt faster: Since you won’t be paying interest charges during the promotional period, you’ll be able to pay off the transferred balance faster.
- Improve credit score: Using a balance transfer credit card can improve your credit utilization rate, which is a key factor in calculating your credit score.
However, it’s important to remember that balance transfer credit cards are not a magic solution to getting rid of credit card debt. You’ll still need to have a plan to pay off the transferred balance before the promotional period expires.
Things to Consider When Choosing a Balance Transfer Credit Card
Before you choose a balance transfer credit card, there are a few things you should consider:
- Length of the promotional period: The longer the promotional period, the more time you have to pay off the transferred balance without interest charges.
- Balance transfer fee: This fee can vary from card to card, so be sure to compare the fees to find the best deal.
- Regular APR: After the promotional period expires, you’ll start paying interest charges on the remaining balance. Be sure to compare the regular APRs of the cards you’re considering.
- Credit score requirements: Some balance transfer credit cards require a good or excellent credit score. Be sure to check the requirements before you apply.
- Rewards programs: Some balance transfer credit cards offer rewards programs, such as cash back or points. If this is important to you, be sure to choose a card with a rewards program that fits your needs.
Balance transfer credit cards can be a great tool for getting out of credit card debt. By transferring your balances to a card with a 0% APR promotional period, you can save money on interest charges and pay off your debt faster. Just be sure to choose a card with a long promotional period, low balance transfer fee, and reasonable regular APR.
If you’re ready to take control of your credit card debt, consider applying for a balance transfer credit card today.
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