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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
BIODEGRADABLE DISCOVER® MORE CARD |
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- Offers a 0% Intro APR for 6 months on Balance Transfers
- Offers a 0% APR on purchases for 6 months
- Help protect the planet with the new biodegradable Discover Card
- Card plastic breaks down 99% within five years in landfill conditions
- Earn more cash in more ways(SM)*
- Unlimited cash rewards, automatically
- Up to 20% Cashback Bonus® when you shop online*
- Double rewards with more than 100 Cashback Bonus Partners*
- Customer Service in less than a minute, anytime you want
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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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9 Months *
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11.99% *
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None *
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Yes
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Excellent
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CITI® PLATINUM SELECT CARD |
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- Offers a 0% APR* on balance transfers and purchases for up to 12 months, based on your application and credit history.* You may be approved and offered a 0% rate for 6 or 9 months
- Editor's Note: If you transfer balances to this credit card, we recommend waiting until the card arrives in the mail instead of transferring balances online. This way, you can avoid any issues if your 0% balance transfer rate is less than 1 year.
- 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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up to 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® OPEN ROAD SM CARD |
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- Offers a 0% Intro APR for 6 months on Purchases and Balance Transfers
- Save at the pump and everywhere else.*
- 5% Cashback Bonus® on gas and auto maintenance purchases
- Double Cashback Bonus® on grocery store purchases in November and December*
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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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6 Months *
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11.99% *
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None *
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Yes
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Excellent
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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 for a full year 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 for a full year, as these balance transfer deals may not be around much longer, especially for individuals who don’t have near-perfect credit scores.
Even now, many applicants will find that the credit limits they are given with a new 0% credit card are not high enough to cover the balances they want to transfer. Unfortunately, you won’t know your credit limit until your application has been processed. If that limit is lower than the amount you attempted to transfer online, you may need to apply for a second credit card to do an additional balance transfer.
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 for failing to pay off a few dollars of interest.
Our Balance Transfer Pick: In early 2008, it was possible to get a no fee balance transfer with a 0% APR for a full year. Unfortunately, these offers are no longer available. Now that the marketplace lacks these no fee deals, the best option is to play it safe and stick with a balance transfer credit card that offers a 0% APR on balance transfers for as long as possible. Although you'll have to pay a balance transfer fee, that fee will provide peace of mind in tough economic times. | 
