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Best Credit Cards for Balance Transfers - See How Easily You Can Pay Off Your Debt

Updated on January 5, 2011

Looking for the best credit cards for balance transfers?

Looking for the best credit cards for balance transfers? One of the best ways to pay credit card debt off fast is by taking advantage of a 0% interest balance transfer. If you need to learn how to pay off debt faster and get rid of that, "Help! I can't pay off my credit card debt" feeling, learn about the best credit cards for balance transfers.

Pay Off Credit Card Debt

Use the best balance credit cards for balance transfers and pay off your credit card debt faster.
Use the best balance credit cards for balance transfers and pay off your credit card debt faster. | Source

Understanding Balance Transfers

A balance transfer is when you transfer or move your credit card debt from one card to a new credit card that has a lower APR or "annual percentage rate".

When it comes to balance transfers, there are two types - limited duration and fixed rate balance transfers. A credit card with a limited duration balance transfer rate gives you that lower rate for a limited amount of time. This is the most common type of balance transfer available.

Fixed rate balance transfers give you a rate that doesn’t change until you pay off your balance or another specified time. Unfortunately, no credit card companies have offered cards with a fixed rate balance transfer since February of 2008. 

Help! I Can't Pay Off My Credit Card Debt!

If you have maxed out credit cards and can barely manage to pay the basic monthly payment, you're in a bad situation. It's in your best interest to transfer your credit card debt to a credit card with low fixed interest rates and 0% APR credit card.

Why?

Let's say you have $3,000 worth of credit card debt, which is a pretty modest amount in these times. At 17% interest, it will take you 35 years to pay off that debt. And you know, in the meantime, you'll add more charges to the card. This just doesn’t make good money sense.

If you have debt on a credit card with a 14% interest rate, you can expect to save about $100 in interest for every $1,000 you transfer to your new credit card. In simple terms, this means that if you have $5,000 in credit card debt, you can save at least $500 in one year.

To use credit cards with 0% balance transfer rates to their fullest extent, before your no-interest introductory period is up, transfer your credit card debt to another 0% balance transfer credit card. This way, you still have the benefits of zero interest while you finish paying off your credit card debt. If you're like most people, having 0% APR for one year can greatly help you pay off your credit card debt

If you're looking for one of the best ways to pay credit card debt off fast, consider credit cards with no balance transfer fees and 0% interest.

What If You Have Bad Credit?

Before the economy hid the skids, you could find 0% balance transfers even if you had bad credit. Unfortunately, these cards are harder, if not impossible, to find now. If you have fair credit, you can find some balance transfer credit cards with 0% interest for six months. But even people with fair credit are now being pushed into the bad credit category and can't get 0% balance transfers.

You'll also find that if you have bad credit, you'll get slapped with annual fees. So, what are the best 0% balance transfer credit card offers?

Best Credit Cards for Balance Transfers

Below, you'll find a list of the best 0% balance transfer credit card offers, but first, you need to know to what to look for.

The best cards offer up to 21 months of 0% interest on balance transfers while the average is 12 months. The better your credit rating, the better credit card you'll be able to get.

Compare Best Balance Transfer Credit Cards

Credit Card Name
Introductory APR Interest
Regular APR Interest
Credit Rating Required
Transfer Fee
Annual Fee
Chase Freedom Visa
0% APR -12 months
11.24% variable
Good Credit
3%
None
Slate from Chase
0% APR - 18 months
11.24% variable
Good Credit
3%
None
Capital One Platinum Prestige
0% APR until December 2011
10.9% to 18.9% variable
Excellent Credit
3%
None
Discover More Card
0% APR - 24 months
11.99% to 20.99%
Excellent Credit
$0
None
Citi Platinum Select Mastercard
0% APR - 24 months
11.99% to 19.99% variable
Good Credit
3%
None

Learn About 0% Balance Transfer Credit Cards

Remember - Shop Around!

Shop around for the best credit cards for balance transfers
Shop around for the best credit cards for balance transfers | Source

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