Credit card issuers are in such fierce competition these days to attract new customers that most have started offering sweetheart deals to win you over, like ultra-long 0% introductory APR interest periods. By transferring your balance onto one of these cards, you immediately stop all interest charges during the introductory period.
For example, the Chase Slate offers 15 months at 0% APR, so during that entire 15 month intro period, you pay nothing in interest on any balance transfered. That could literally result in thousands of dollars in savings, and is simply a no brainer. With these offers out there, it just makes absolutely no sense to continue to pay credit card interest on your current balances.
Well, without further ado, here are the cards offering great balance transfer specials...
The No Transfer-Fee Card
Pros: No balance transfer fee and 15 months 0% intro APR means this is essentially a 15-month free "loan". Normally you have to go to family in order to get a free loan like that! Good credit required as opposed to excellent, so it's a bit easier to get in.
Cons: There is no significant rewards program. This card is all about saving money on balance transfers.
The Verdict: If you don't need the entire 18 months offered by the BankAmericard®, this can be more efficient since it doesn't have a balance transfer fee. No transfer fee and no annual fee, combined with the 0% intro APR means that this is really free money for the 15 month term, no catches.
Most Appropriate For: Those who want a no-fee way to stop paying interest, and possibly pay off their cards during that breather. Those with good rather than excellent credit.
Least Appropriate For: Those who know they will carry their card balances for much longer than 15 months. Those who pay off their balances every month.
Credit Required: Good/Excellent
The No Interest Until 2017 Balance-Transfer Card
Pros: If you transfer your current balance onto the BankAmericard® Credit Card, you won't have to pay any further interest on that balance until well into 2017. The card features an unbelievable 18-month 0% APR period, which is the longest interest-free intro period here. If your goal is to stop paying interest for as long as possible, then this is your card.
Cons: The card does charge a 3% balance transfer fee.
The Verdict: Getting a loan this cheaply for this long is pretty amazing. If you're carrying a balance, and realistically you know you will have to carry that balance for a while, this card becomes a no-brainer. As an example, assume you have a $10,000 balance on your current cards at a 15% rate. Over the 18 month term, you would have paid $2,522 in interest.* Switching to this card would cost $300 in fees, but then nothing the rest of the way, for a net savings of $2,222. Not bad, you could do a lot with that extra cash.
Most Appropriate For: Those who have large balances and know they will have large balances for an extended time.
Least Appropriate For: Those who pay off their balances every month or every few months.
Credit Required: Good/Excellent
The Cards Which Not Only Don't Charge, But Actually PAY you.
Capital One® Quicksilver® Cash Rewards Card
0% on Balance Transfers until September 2016, 1.5% Cash Back Rewards Program. $100 Bonus. No annual fee.
Pros: Capital One's Quicksilver card makes things simple: you earn 1.5% cash back on all your purchases, with no limit and no category restrictions or games. We included the card in our balance transfer list because it offers 0% intro APR until Spetember 2016 on all balances transferred.
Cons: Does charge a 3% balance transfer fee. Requires good credit to get in.
The Verdict: If you're looking to transfer a balance and make some purchases, you can use this card to avoid paying interest during the intro period AND earn cash rewards.
Most Appropriate For: Anyone who might make some large purchases in the near future, or regularly charges a lot on their cards. Making the charges on the Quicksilver would earn cash back but not require any interest during the intro period.
Credit Required: Good
Pros: Chase is temporarily offering a fantastic deal on this card. If you charge $500 on it in the first 3 months, you'll earn a $150 bonus. Combine that with the 1% standard cash back feature, plus 5% cash back in certain rotating spending categories per quarter (at the time of this writing it includes restaurants) and this card really starts to pay. All this and you get 15 months of 0% intro APR, and it requires good, not excellent credit, making it easier to get in.
Cons: Charges a 3% balance transfer fee.
The Verdict: A great combination of 0% intro APR, solid cash-back rewards, an attractive limited-time bonus offer while only requiring good credit.
Most Appropriate For: Those with good credit seeking a daily-use card offering great cash back rewards and 0% intro APR. Best for new charges.
Least Appropriate For: Balance transfers, as it charges the 3% fee while offering no more free term than the Slate (which has no transfer fee) and not as much as the Simplicity (if you were to pay a fee, you might as well get the full 21 months of the Simplicity)
Credit Required: Good/Excellent
Summary
With so many issuers competing to offer such great introductory incentives, it seems smart to make use of them in the right way! We hope our reviews of these cards was helpful, and if you have any comments, please don't hesitate to let us at the LendingTree Credit Card Review Team know!
Disclaimer: This content is not provided or commissioned by the credit card issuer. Opinions expressed here are author's alone, not those of the credit card issuer, and have not been reviewed, approved or otherwise endorsed by the credit card issuer. This content was accurate at the time of this post, but card terms and conditions may change at any time. This site may be compensated through the credit card issuer Affiliate Program.
* Savings calculation: Credit Card Balance * (1+Average Card Rate/365)^639 days – Balance Transfer Fee - Average Household Credit Card Balance
