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Balance Transfer Credit Card Offers: How to Find the Best Deal
Finding the best 0% APR balance transfer credit card can be a daunting process. However, there are a few rules of thumb that you can follow to make sure you get the best deal. First off, if you intend to use your new credit card for purchases as well as balance transfers, look for a credit card that offers 0% interest for both. Why? If you get a credit card that only offers 0% on balance transfers and use your card for purchases, your payments will go towards the 0% rate while you run up interest charges at a higher rate on purchases.
Second, we advise waiting until your credit card arrives in the mail before initiating a balance transfer. The reason we suggest this is predicated on the fact that you will not know your go-to interest rate until after your application has been approved. The go-to interest rate is the APR you will be charged after your 0% balance transfer rate expires. Thus, if you will not be repaying your credit card balance during the 0% period, it is important to make sure your go-to rate is low.
Below you will find SmartCreditChoices.com’s picks for the best 0% balance transfer credit cards. You can compare all balance transfer credit cards in the balance transfers section of this website.
Compare the Best Balance Transfer Credit Card Offers
DISCOVER® MORE(SM) CARD - EDITOR'S CHOICE |
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- 0% Intro APR for 6 months on Purchases, and up to 12 months on Balance Transfers*
- No annual fee
- Customer Service in less than a minute, anytime you want
- 5% Cashback Bonus® in categories like travel, home, gas, restaurants, movies and more
- Up to 1% Cashback Bonus on all other purchases automatically
- Unlimited cash rewards
- $0 Fraud Liability Guarantee
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Intro on Purchases
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Intro APR Period
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Regular APR
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Annual Fee
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Transfers |
Credit Needed
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0% *
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12 Months *
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As Low As 11.99% *
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None *
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Yes
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Good
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DISCOVER® MOTIVA CARD |
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- Offers a 3.99% Intro APR for 12 months on Balance Transfers*
- Editor's Note: Now that many credit card companies have stopped offering 0% rates lasting more than 6 Months, this card provides one of the longest low rate periods available for balance transfers. A person with a $5,000 balance on a card with a 15% interest rate could save $200 more during the 12 month introductory period than they could with a 0% APR for only 6 months
- Also offers a 3.99% Intro APR on Puchases for 6 months
- Pay-On-Time Bonus(SM) equal to a full month’s interest
- No annual fee
- Charges a low 3% balance transfer fee
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Intro on Purchases
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Intro APR Period
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Regular APR
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Annual Fee
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Transfers |
Credit Needed
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3.99% *
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12 Months *
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As low As 11.99% *
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None *
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Yes
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Good
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CITI® PLATINUM SELECT CARD |
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- Offers a 0% APR* on balance transfers and purchases for 7 or 12 months based on a review of your credit
- Editor's Note: Only applicants with the highest credit scores may qualify for a 0% for 12 months. All others will be given a 0% for 7 months. You will not know the length of your 0% period or your long term interest rate until your credit card arrives in the mail.
- No annual fee
- Citi Identity Theft Solutions
- $0 Liability on unauthorized purchases
- Secure, free online account management
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Intro APR
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Intro APR Period
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Regular APR
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Annual Fee
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Balance Transfer
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Credit Needed
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0% *
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7 or 12 Months *
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As Low As 11.99%(V)*
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None *
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Yes
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Good
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GOLF MAGAZINE REWARDS VISA® CARD |
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- Save with an introductory 0% Annual Percentage Rate (APR) for Balance Transfers through your first 6 monthly billing cycles.
- Free 1 dozen Titleist Pro V1 golf balls after your first purchase of $50 - a $58 value!
- Earn 1% cash back. Or earn points for golf gear, access to championship courses, VIP golf experiences, plus travel, merchandise, and gift cards
- Points don't expire (as long as your account is open and you use your credit card every 24 months)
- No annual fee
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Intro on Purchases
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Intro APR Period
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Regular APR
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Annual Fee
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Transfers |
Credit Needed
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0% on Transfers *
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6 Months *
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16.24% *
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None *
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Yes
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Good
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VISA BLACK CARD |
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- Superior credit required for approval.
- Limited Membership
- 24-Hour Concierge Service
- Exclusive Rewards Program
- Patent Pending Carbon Graphite
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Intro on Purchases
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Intro APR Period
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Regular APR
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Annual Fee
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Transfers |
Credit Needed
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0% *
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6 months *
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13.24% *
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$495 *
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Yes
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Superior
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If you would like to view additional
0 APR balance transfer credit
cards, you can view over 30 current offers in the complete
balance transfers section of Smart Credit Choices.
Additional Thoughts on Balance Transfers
As a result of the ongoing (and seemingly never-ending) credit crunch, getting approved for a credit card that offers a 0% APR on balance transfers has become significantly more difficult than it was a just a few months ago. Because of this, it is extremely important to lock in a 0% rate now, as balance transfer deals may not be around much longer, especially for individuals who don’t have near-perfect credit scores.
When you find a balance transfer credit card, be sure to examine both the short term and go to interest rate. Since 0% periods do not last as long as they did just a few months ago, it is extremely important to acquire a balance transfer credit card that offers a low long term interest rate.
Finally, be sure to monitor your old credit card statements. Balance transfers can take a few weeks to process and it is important that you continue to pay any credit card bill you receive. If you end up overpaying your credit card, call and they will mail you check. When you do a balance transfer, its better to err on the side of caution. If not, you could end up with late fees of $29 and, even worse, default rates of 30% if you fail to pay off a few dollars of interest on an old balance transfer credit card.
Our Balance Transfer Picks: When it comes to choosing a balance transfer credit card, we suggest sticking with companies that have treated their customers well during the current credit crunch. Consequently, we recommend Discover cards, as Discover is one of the few credit card companies that has not dramatically raised interest rates on its customers.
*Important Disclaimer: See online credit card applications for complete details about terms and conditions. Reasonable efforts are made to maintain accurate information. However all credit card information is presented without warranty. When you click on the “Apply Now" button, you can review the credit card terms and conditions on the issuing company's website.
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