Balance Transfer Credit Card

Are you looking to get some of your credit card debt down by transferring the balance of an existing credit card over to another balance transfer card? Before you do you want to make sure that the card you are transferring the debt to offers a 0% balance transfer for at least six months. A year of no interest would be even better. If you have a large credit card debt you could end up saving a significant amount of money. Even with a smaller credit card debt transferring your balance will mean more of your payments will be going to the principle. It is best not to apply for a balance transfer when you first apply for a card to increase your chance of being accepted for a balance credit transfer. Once you have your new credit card check to see how long the offer is open to transfer your balance. Be sure to check out the balance transfer fee associated with your credit card balance transfer. First off let’s go over what is meant by a 0% balance transfer really means.

What do credit card companies mean by a 0% balance transfer?

A 0% balance transfer is a marketing instrument used by credit card companies to add new credit card holders and to add new debt holders to their accounts. While this is a plus for credit card companies it can also work to the credit card holders advantage if used correctly. Even if doesn’t feel right reducing your credit card debt by opening new credit card accounts it can be very effective in whittling down your credit card debt. You want to get the longest period after transferring your debt where there is no interest. You also need to be aware of what the interest rates will be after the introductory 0% rate is over. Make sure to read all the fine print. Here are some credit card balance transfer cards to consider:

Discover® More Card. This card allows you to transfer a balance with 0% interest for up to 18 months. There is also a 0% introductory offer with no APR on anything you buy for the first six months of owning the card. The variable interest rate runs between 13.99 to 20.99%. You can earn cash back benefits of up to 5% on everything you purchase. If you make your purchases through the card shopping site you can earn up to 20% in cash back bonuses. The Discover shopping site has approximately 150 retail partners. There is no annual fee.

Citi Platinum Select MasterCard. This balance transfer credit card allows you to transfer your balance for no interest rate for up to 21 months. As part of an introductory offer you will also not be charged interest on anything you purchase for 21 months. There is no annual fee with this card. Interest rates are 11.99% to 20.99% after the introductory 21 month period. The APR rate is determined by your credit rating.

Iberiabank Visa Platinum Rewards Card. This card allows you to transfer a credit card balance for 2%. There is also an introductory rate of 1.99% APR for the first six months. The card also offers a rewards program that lets you earn one point for every dollar you spend on qualifying purchases. These rewards points can be redeemed for travel, hotel, and gifts. There is no annual fee with this card.

See also Balance Transfer Credit Card, and Best Balance Transfer Credit Cards for more information.