Best Zero Balance Transfer Credit Cards in 2021: Everything You Need to Know
If you’re looking to eliminate high-interest credit card debt, a zero balance transfer credit card might be the solution you need. By transferring your existing balance to one of these cards, you can enjoy an interest-free period that can help you pay off your debt faster and at a lower cost. However, with so many options on the market, it can be tough to know which card is right for you. In this article, we’ll take a closer look at the best zero balance transfer credit cards in 2021 and what makes them stand out from the rest.
What Are Zero Balance Transfer Credit Cards?
Zero balance transfer credit cards are credit cards that offer a promotional period with no interest charges on balance transfers. This means that when you transfer a balance from another credit card to a zero balance transfer card, you won’t have to pay interest during the promotional period, which can range from several months to over a year. These cards can be an excellent tool for those looking to pay down high-interest debt or consolidate debt from multiple cards into one payment.
How Do Zero Balance Transfer Credit Cards Work?
When you apply for a zero balance transfer credit card, you’ll typically be asked to provide information about your current credit card balances. Once you’re approved, your new credit card company will transfer the balances from your existing credit cards to your new card. You’ll then be given a promotional period in which you won’t be charged interest on the transferred balance.
It is important to note that there are usually fees associated with balance transfers. These fees can range from 2-5% of the total amount transferred, so be sure to factor this in when deciding whether a zero balance transfer credit card is right for you.
The Best Zero Balance Transfer Credit Cards in 2021
Here are our top picks for the best zero balance transfer credit cards in 2021:
1. Citi Simplicity Card
The Citi Simplicity card offers one of the longest promotional periods on balance transfers, at 21 months. During this time, you won’t be charged any interest on transferred balances, making it an excellent choice for those with a lot of debt to pay off. The card also has no annual fee and no late fees, making it a great option for those who value simplicity.
2. Discover it Balance Transfer
The Discover it Balance Transfer card offers a promotional period of 18 months with no interest charges on balance transfers. Additionally, the card offers cash-back rewards on purchases and has no annual fee. This makes it an attractive option for those looking to earn rewards while paying off debt.
3. Amex EveryDay Credit Card
The Amex EveryDay Credit Card offers a 0% introductory APR on balance transfers for the first 15 months. Additionally, the card offers rewards on purchases and has no annual fee. This makes it a great choice for those looking to earn rewards while paying off debt.
4. Chase Slate
The Chase Slate card offers a 0% introductory APR on balance transfers for the first 15 months. Additionally, the card has no annual fee and no balance transfer fee for the first 60 days. This makes it an excellent option for those looking to save money on fees.
What Should You Look for in a Zero Balance Transfer Credit Card?
When choosing a zero balance transfer credit card, there are several factors you should consider:
The length of the promotional period can vary greatly between cards. Look for a card that offers a promotional period long enough to pay off your debt.
Interest Rate after the Promotional Period
Be sure to check what the interest rate will be after the promotional period ends. Some cards have high interest rates, which could end up costing you more in the long run.
Balance Transfer Fees
Most cards charge a fee for balance transfers, so be sure to factor this into your decision. Look for a card with a low or no balance transfer fee.
Rewards and Other Perks
Some zero balance transfer credit cards offer rewards programs or other perks, such as no annual fees or no late fees. Be sure to consider these features when choosing a card.
If you’re looking to consolidate debt or pay down high-interest credit card balances, a zero balance transfer credit card can be an excellent tool. By choosing the right card and taking advantage of the promotional period, you can save money on interest charges and pay off your debt more quickly. Be sure to consider the factors we’ve discussed when choosing a card, and remember to factor in any balance transfer fees. Good luck, and happy debt repayment!
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