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Do you have high-interest credit card debt you’re struggling to pay off?
You’re not alone. In 2017, over 38% of U.S. households will have some sort of credit card debt. If you’re suffering from high interest rate charges, transfer your debt to one of these balance transfer cards with 0% intro APR and starting saving money.
Benefits: An impressive intro APR of 0%* for 21 months on Purchases* and 0%* for 21 months on Balance Transfers* with no annual fee. That’s well over a year of interest free payments, which can save you hundreds of dollars when compared to high interest charges.
For instance, let’s assume you have $5,000 in credit card debt that is accruing 20% interest and that you are able to make a $250 payment every month. At this rate, you will end up paying over $1,100 in interest charges. With the Citi® Simplicity you will enjoy an intro APR of 0%* for 21 months on Balance Transfers* which lets you pay down your balance interest free.
We’re human, we make mistakes, and sometimes we forget to pay a bill. That’s where the Citi® Simplicity shines - It is The only card with no late fees, no penalty rate, and no annual fee… EVER! If you’re one to forget about a payment or two, this card is perfect for you.
Important Note: This credit card has a balance transfer fee of 3% of each balance transfer; $5 minimum. You cannot transfer balances from any other Citi credit card.
Bottom Line: People who carry this card can transfer several types of debt onto it, not just credit card debt. If you forget a payment, this card can save you money with $0 late fees, most credit cards charge around $35 for late payment fees. This card has one of the longest intro APR period on CompareCards and is one of the easiest credit cards to use.
Benefits: This card has a sign-up bonus loaded with potential: you can turn $200 into $400 with Cashback Match. If you’re a new card member, you can automatically double your rewards within the first year of having the card. You also earn 5% cash back from rotating categories like gas stations, department stores, Amazon.com or restaurants for up to $1,500 every quarter. You’ll also get 1% cash back on everything else.
With 5% cash back from everyday spending categories and 1% cash back on everything else you can easily earn $200 cash back and turn it into $400 with Discover’s Cashback Match.
There is also no annual fee, and you will get 0% intro APR on purchases for 6 months and 0% intro APR on balance transfers for 18 months.
Drawbacks: While the Discover It - 18 month balance transfer offer has some rewarding cash back benefits, it does come with a balance transfer fee of 3%. You also need to remember to opt into the categories every quarter or you will not receive the 5% cash back rewards.
The Bottom Line: If you looking for a balance transfer credit card that teams up with a cash back rewards system, this card is right up your alley. It has a unique sign-up bonus system that doubles your cash back at the end of your first year. So if you’re in the market for a rewards card and would like to transfer your current balance, this card is perfect for you.
Benefits: If you’re looking for another long-term 0% intro APR the Citi Diamond Preferred provides just that. It offers an intro APR of 0%* for 21 months on Purchases* and 0%* for 21 months on Balance Transfers*. This means you won’t pay interest on purchases or balance transfers until 2019! There is no annual fee, and you get to choose your payment date, allowing you to choose the date that is most convenient for you. To top it off, you get free access to your FICO credit scores.
This card is helpful if you are looking to make a big purchase soon, like a large appliance or some home improvements. You can get that new fridge or fix the roof without worrying about interest for almost two years.
Important Note: This doesn’t have rewards to go along with it. The balance transfer fee is 3% of each balance transfer; $5 minimum.
The Bottom Line: This is a simple, yet very powerful credit card. It is very helpful if you’re looking to make a big purchase soon. With its long-term 0% intro APR you can save hundreds in interest charges with a cheaper monthly payment plan. Convenient payment dates and free access to your FICO credit score make this card a great choice.
Benefits: This credit card also has a 0% intro APR on balance transfers for 18 months, no annual fee and only requires good credit. That’s not even the best part. This card earns you 1% cashback on everything with no limit, and another 1% when you pay off your bills at the end of the month!
Unlimited 1% cash back when you buy, plus an additional 1% as you pay for those purchases makes this card one of the best credit cards for balance transfers and cash back rewards. It’s great for transferring high-interest debt, and getting cash back for any purchases without having to worry about rotating categories.
You can save over $800 in interest charges if you transfer $5,000 in interest accruing charges at a 20% APR. On top of that, if you spend $500 each month on common purchases you can earn $5 on purchase and another $5 when you pay it off. That’s $120 in annual rewards!
Drawbacks: The card charges a balance transfer fee of 3% of the amount transferred or $5, whichever is higher. It does not reward cash back on balance transfers. There is also a $25 minimum for redeeming cash back rewards.
The Bottom Line: The Citi Double Cash card is an industry leader for cash back rewards with unlimited 1% cash back when you buy, plus an additional 1% as you pay for those purchases. When you add in the 0% intro APR on balance transfers for 18 months you’re looking at a very powerful card that you can use to save money on high-interest debt, then use as a cash rewards card afterwards. All of this make this card one of our most popular offers.
Benefits: Take control of your finances with the Wells Fargo Platinum Visa® Card. This no-annual fee card gives you a long intro APR of 0% for 18 months on balances transfers. That gives you well over a year to pay down your balance with no new interest adding up. If you only make the minimum payments on high-interest credit card debt, it could take years to pay it off. Using a card like this means every cent you pay during the intro period will go toward paying down your balance. There is a typical balance transfer fee of 3% Intro for 18 months, then 5%.
Important note: Wells Fargo is one of the few card issuers to offer generous cell phone protection. This card offers up to $600 protection on your cell phone (subject to $25 deductible) against covered damage or theft when you pay your monthly cellular telephone bill with your Wells Fargo Platinum Visa® Card.
Drawbacks: Like most balance transfer cards, it doesn’t offer a big sign-up bonus. But, if you are focused on getting out of debt, this straight-forward no-annual fee card is a great choice.
The Bottom Line: You can save hundreds of dollars on interest on a balance transfer with the long 0% intro APR period on this simple and easy to use card. This card is gives you all the tools you need to get out of debt.
Benefits: Swimming in high-interest debt? This card is one of the most cost-effective lifelines of any offer currently available. Most cards charge a fee to transfer your debt. Not here. This card comes with a $0 Intro balance transfer fee for the first 60 days your account is open. After that, the fee for future balance transfers is 3% (min. $10). As if that's not enough, you also pay no annual fee and get a long 0% Intro APR for 15 billing cycles for balance transfers made in the first 60 days and 0% Introductory APR on purchases for 15 billing cycles. That gives you over a year to wipe out your debt without paying interest.
Drawbacks: There are balance transfer offers with longer introductory APR, but you will likely pay a balance transfer fee. For example, if you need a longer intro period to pay down your balance consider the balance transfer offers from Citibank. But, you may have to pay a balance transfer fee with those cards.
The Bottom Line: This card leads the pack in a crowded balance transfer field. It is one of the few cards that delivers three impressive debt-busting features: no intro balance transfer fee, a long 0% Intro APR for 15 billing cycles for balance transfers made in the first 60 days, and no annual fee. If you are serious about getting out of debt, this card can help you achieve your goals.
Apply now for one of these top balance transfer cards and say goodbye to high interest credit card debt. Follow our Step by Step Guide to a Balance Transfer to successfully complete the balance transfer process. Congratulations. You are on your way to becoming debt free.
*Editorial Note: This content is not provided or commissioned by the credit card issuer. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by the credit card issuer. This site may be compensated through a credit card issuer partnership.