Best 0% APR Credit Cards for Balance Transfers: Save on Interest with Top Offers in 2024
Looking for the best way to eliminate credit card debt faster and more affordably? The best 0% APR credit cards for balance transfers allow you to move your existing credit card balance to a new card that charges 0% interest for an introductory period—sometimes up to 18-21 months. This can save you hundreds, or even thousands, of dollars in interest while paying down your debt more efficiently.
Table of Contents
- What is a 0% APR Balance Transfer Credit Card?
- How Do Balance Transfer Cards Work?
- Best 0% APR Credit Cards for Balance Transfers in 2024
- How to Choose the Best Balance Transfer Credit Card
- FAQ:
| Credit Card | Intro 0% APR Period | Balance Transfer Fee | Annual Fee | Additional Perks |
|---|---|---|---|---|
| Wells Fargo Reflect Card | 0% intro APR for 21 months | 3% (min $5) | $0 | Longest intro period for balance transfers |
| Citi Diamond Preferred Card | 0% intro APR for 21 months | 5% (min $5) | $0 | Ideal for those prioritizing long intro APR |
| Citi Double Cash Card | 0% intro APR for 18 months | 3% | $0 | 2% cash back (1% when you buy, 1% when you pay) |
| Chase Freedom Unlimited | 0% intro APR for 15 months | 3% | $0 | 1.5% cash back on all purchases for first year |
| Blue Cash Everyday Card from American Express | 0% intro APR for 15 months | 3% | $0 | 3% cash back on U.S. supermarkets and gas stations |
| Capital One SavorOne | 0% intro APR for 15 months | 3% | $0 | 3% cash back on dining and entertainment |
What is a 0% APR Balance Transfer Credit Card?
A 0% APR balance transfer credit card allows you to transfer high-interest debt from one credit card to another. The main benefit of this type of card is the introductory 0% APR period, which typically lasts anywhere from 12 to 21 months. During this time, you won’t pay any interest on the balance you transfer, which gives you an opportunity to pay down your debt without it growing due to interest charges.
How Do Balance Transfer Cards Work?
When you open a balance transfer card, you can transfer your existing credit card balances (usually from other banks or issuers) to your new card. The balance transfer fee is typically between 3% and 5% of the total balance transferred, but the benefit is the 0% introductory APR, which means no interest charges for a set period.
To get the most out of a balance transfer card, aim to pay off your debt within the 0% APR period before interest starts to accrue again at the card’s regular APR rate.
Best 0% APR Credit Cards for Balance Transfers in 2024
Here are some of the best 0% APR credit cards for balance transfers available in 2024, based on factors such as the length of the 0% APR period, balance transfer fees, and any additional perks or benefits:
1. Citi Diamond Preferred Card
- 0% Intro APR for 21 months on balance transfers.
- Balance Transfer Fee: 5% of the amount transferred.
- Regular APR: 18.49% – 29.24% variable.
- Key Benefits: Longest 0% APR period on balance transfers, great for those needing a longer time to pay off debt.
2. Wells Fargo Reflect Card
- 0% Intro APR for up to 21 months on balance transfers.
- Balance Transfer Fee: 3% for the first 120 days, then 5%.
- Regular APR: 17.49% – 29.24% variable.
- Key Benefits: Flexible APR period, potential for an extended 0% APR based on payment behavior.
3. Chase Slate Edge
- 0% Intro APR for 18 months on balance transfers.
- Balance Transfer Fee: 3% of the transfer amount (minimum $5).
- Regular APR: 19.74% – 28.49% variable.
- Key Benefits: Low balance transfer fee, potential for APR reduction based on on-time payments.
4. Discover it Balance Transfer
- 0% Intro APR for 18 months on balance transfers.
- Balance Transfer Fee: 3% of the amount transferred.
- Regular APR: 17.24% – 28.24% variable.
- Key Benefits: Cash-back rewards on everyday purchases while offering a long 0% APR period for balance transfers.
5. BankAmerica Credit Card
- 0% Intro APR for 21 billing cycles on balance transfers.
- Balance Transfer Fee: 3% of the transfer amount.
- Regular APR: 17.99% – 27.99% variable.
- Key Benefits: No annual fee, long balance transfer period, good for users focused solely on paying down debt.
How to Choose the Best Balance Transfer Credit Card
Choosing the right balance transfer credit card depends on several factors:
1. Length of the 0% APR Period
Look for cards offering at least 15 to 21 months of 0% APR on balance transfers. This gives you more time to pay off the balance without incurring interest charges.
2. Balance Transfer Fees
Most balance transfer cards charge a fee of 3% to 5% of the amount transferred. Even though this is a one-time fee, it can add up if you’re transferring a large balance. Some cards may waive this fee for a limited time or offer a lower fee during an introductory period.
3. Regular APR After the Intro Period
After the introductory period ends, the card’s regular APR kicks in. If you don’t think you’ll be able to pay off your balance in full during the 0% APR period, make sure the regular APR is reasonable.
4. Additional Perks
Some balance transfer cards also offer cash-back rewards, travel points, or sign-up bonuses, which can provide extra value beyond just the 0% APR.
5. Consider Your Credit Score
Most 0% APR credit cards require good to excellent credit (670 or higher). If your credit score is lower, you may still qualify for some offers but may face higher regular APR rates after the promotional period ends.
FAQ:
What is a balance transfer fee?
A balance transfer fee is a one-time fee, typically 3% to 5% of the total amount you’re transferring to the new credit card. For example, if you transfer $5,000 and the fee is 3%, you’ll pay $150 upfront.
Can I transfer balances from multiple credit cards?
Yes, you can transfer balances from multiple credit cards to a single balance transfer card, as long as the total amount doesn’t exceed your new card’s credit limit.
Will a balance transfer affect my credit score?
A balance transfer can temporarily affect your credit score, especially if it results in a hard inquiry or raises your credit utilization ratio. However, if you pay down your debt, it can improve your credit score over time.
What happens if I don’t pay off my balance within the 0% APR period?
If you don’t pay off your balance before the 0% APR period ends, the remaining balance will be subject to the card’s regular APR, which can be significantly higher, potentially around 17-29%.
Are there any balance transfer cards without a fee?
While rare, some cards may offer no balance transfer fees during a promotional period. However, these offers typically come with a shorter 0% APR period or other trade-offs.
Conclusion
By understanding the different balance transfer offers available and comparing factors like the length of the 0% APR period, balance transfer fees, and regular APR, you can find the best 0% APR credit card for balance transfers that suits your financial situation. Always plan to pay off your balance before the introductory APR period ends to maximize savings.
For more details or to apply for one of these cards, visit the respective bank’s website or consult a financial advisor.
