Before you apply for a balance transfer card, it’s important to understand the key features that make a card worth considering:
- Length of 0% APR Period: The longer the introductory 0% APR period, the more time you have to pay off your debt without incurring interest. Look for cards that offer 12 to 18 months or more.
- Balance Transfer Fees: Most cards charge a fee for transferring your balance, usually around 3% to 5%. Some cards offer no-fee balance transfers, which can save you money upfront.
- Regular APR: After the introductory period, a standard interest rate will apply. Ensure you can pay off most of your balance before this kicks in.
- Credit Requirements: Balance transfer cards are typically geared toward individuals with good to excellent credit. Check your credit score before applying.
Top Balance Transfer Credit Cards for 2024
- Chase Slate Edge
- Intro APR: 0% for 18 months on balance transfers.
- Balance Transfer Fee: $0 if transferred within 60 days.
- Best for: No-fee balance transfers and long 0% period.
- Citi Diamond Preferred
- Intro APR: 0% for 21 months on balance transfers.
- Balance Transfer Fee: 5%.
- Best for: Longest 0% APR period available.
- Wells Fargo Reflect
- Intro APR: 0% for up to 21 months on balance transfers and purchases.
- Balance Transfer Fee: 3%.
- Best for: A balance transfer and purchase combination.
By choosing the right card, you can save hundreds or even thousands of dollars in interest, helping you pay down your debt more effectively