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Best Balance Transfer Credit Cards – Providers & What To Look For

April 22, 2012

Best Balance Transfer Credit Cards

The best balance transfer credit cards are the ones that offer you the longest introductory period in which you can pay off that balance at 0% as some last six months whereas some last over a year, which you want to find the longest promotional period that will let you pay off your debt with no interest but still have it be a long enough time that you will be able to afford paying it off before the promotional period is over.

best balance transfer credit cards

At the end of the 0% period, you interest will then revert back to the standard interest rate that you agreed upon when first obtaining the balance transer credit card. So to you get you the best deal in both the short run as well as the long run, you can follow the steps below when looking for the best balance transfer credit cards:

  1. You want to focus highly upon what the interest rate is after your 0% interest rate period is over, as if you didn’t pay off your entire debt during the promotional period, then you want to have the lowest interest rate possible that you have to pay on your debt, instead of getting stuck paying on a high interest rate which is what most of these offers equate to. At the very least, make sure the interest rate equates to what you were paying on your old card, if not a substantial amount lower.
  2. What is the balace transfer fee? The transfer fee is most always based off of a certain percentage of the acutal amount that you are wishing to transfer from your old card, so finding the lowest tranfer fee is something to keep in mind as well when looking for the best balance transfer credit cards.
  3. What are their annual fees? Often times a 0% interest rate offer can look incredible at first glance, but often times companies make up what they are losing by hitting you with high annual fees, so looking for one with a low annual fee with allow you to enjoy the promotional period as well as save you from getting dinged with a large payment each year.

Some Of The Best Balance Transfer Credit Cards

Citibank offers some of the greatest balance transfer credit cards on the market where you can get they offer no annual fee and the introductory period can last up to as long as 18 months. Obtaining a balance tranfer credit card from Citibank can allow you the opportunity to transfer up to $15,000, the number based upon what your FICO credit score is. You can expect to pay an interest rate of anywhere from 11.49 to up to 19.99 percent when the promo period has concluded.

Capitol One also offers some of the best balance transfer credit cards as they can offer you up to 15 months of interest free payments and come with a interest rate of 12.9 percent after the introductory period is over. The maximum amount that you can transfer to this card is $10,000 which is higher than most cards.

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