Best Balance Transfer Credit Cards - Helping You Avoid Paying Interest
Below is a MRR and PLR article in category Finance -> subcategory Credit.
Best Balance Transfer Credit Cards: Avoid Paying Interest
Overview
Balance transfer credit cards allow you to move debt from a high-interest card to one with a lower rate, helping you save on interest payments. By taking advantage of introductory rates, you can save hundreds or even thousands annually.
Key Considerations
When evaluating balance transfer credit cards, it’s crucial to understand the terms:
- Expiration Dates: Be aware of when the promotional rates end.
- APR: Know the ongoing interest rates and fees after the introductory period.
- Introductory Rates: Confirm if they apply to transfers and purchases, and if they're only for the initial transfer or any during the trial.
- Annual Fees: Check if there are any fees during the introductory period or afterward.
- Transaction Fees: Inquire about fees for balance transfers, typically around 3-4%.
Transfer Fees
Asking the right questions can help you avoid high transfer fees. While promotional ads may boast low rates for those with good credit, ensure you qualify before proceeding.
Cash Back Rewards
Some cards, like the Chase Cash Plus Rewards Visa, offer 5% cash back at select grocery stores, drugstores, and gas stations for a limited time, plus 1% on all other purchases. This card also features no annual fees and a 0% introductory APR for up to 12 months on balance transfers and purchases.
Available Options
Online offerings such as the Citi Platinum Select provide a 0% APR for up to one year on purchases and balance transfers. These promotions expire, so acting quickly can lead to savings. Many cards maintain a low ongoing APR after the intro period and may include benefits like free online account management.
Additional Features
For added security, consider the Blue card from American Express. It offers a 0% introductory APR for up to 15 months and low ongoing rates. The card includes a Smart Chip for secure online shopping, and no annual fees, but requires excellent credit.
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In summary, balance transfer credit cards can be a powerful tool to manage debt and minimize interest. By understanding each card’s specific terms and benefits, you can make informed choices that align with your financial goals.
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