Top 12 Balance Transfer Credit Cards With 0% Apr – September 2023 – The US debt is growing at a record pace. Here are 9 of the best balance transfer credit cards right now, some with 0% interest for up to 21 months
Basically, the 0% balance transfer credit card helps you temporarily eliminate interest payments on your debt. Getty Images/iStockphoto
Top 12 Balance Transfer Credit Cards With 0% Apr – September 2023
A long period of high inflation has affected the US debt. So much so that credit card balances have risen 17%, which is the highest level ever, over the past year, according to the New York Fed’s Quarterly Report on Home Debt and Credit. And, with the credit card’s average annual percentage rate, or APR, hitting an all-time high of 20.33% this year, those interest payments are going to start adding up—and fast.
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This can cost you hundreds, even thousands. “We’re seeing more people carrying credit card debt too often to finance everyday essentials,” said Bankrate senior industry analyst Ted Rossman, citing a recent report on rising debt balances. “More than a third of US adults have more credit card debt than emergency savings, the highest since we started tracking this in 2011.” Enter balance transfer cards, which offer 0% interest for a fixed period of time. We will go over them in detail below, but these include:
The 0% balance transfer credit card helps you eliminate interest payments, for up to 21 months, on your debt, potentially saving you thousands of dollars.
But if you fail to repay the debt at the end of the specified 0% promotion window, this rate can increase to around 30%. In addition, most balance transfer cards charge a one-time transaction fee of 3% to 5%, said LendingTree principal credit analyst Matt Schulz. They also usually require you to make the balance transfer by a certain date (usually around 60 days) to get the 0% offer; and if you don’t pay your bill, the issuer can cancel the offer.
With the vast number of options for this type of promotion, the team at Picks have rounded up the best.
Best 0% Apr Credit Cards Of November 2023
0% APR on balance transfers for the first 18 months after account opening (then 18.99% – 28.99% variable APR).
0% APR for the first 21 months of account opening on balance transfers and 12 months on purchases (then 18.74% – 29.49% variable APR).
0% APR for the first 15 months of account opening on purchases and balance transfers (then 19.99% – 29.99% variable APR).
0% APR for the first 15 months of account opening on purchases and balance transfers (then 18.99% – 28.99% variable APR).
Best Balance Transfer 0% Interest Credit Cards
0% APR for 21 months on balance transfers and 0% introductory APR for 12 months on purchases from account opening date (then 17.99% – 28.74% variable APR).
0% APR for up to 18 months with a three-month extension available for on-time payments on eligible purchases and balance transfers (then 17.24% to 29.24% variable APR).
0% APR is available for 21 billing cycles after account opening on purchases and balance transfers made in the first 60 days.
0% APR for the first 18 statement deadlines after account opening for transactions made within 60 days.
Best Balance Transfer Credit Cards With 0% Apr Of November 2023
“Divide the balance by the number of months in the promotional period to determine the monthly payment that will help you cut debt by the time the offer ends,” says NerdWallet credit card expert Melissa Lambarena. He added “it’s important to pay on time because the publisher can cancel your promotional offer if you don’t. Also, avoid putting new purchases on the card to keep your progress on track.”
Also make sure you transfer your balance to the new card relatively quickly. Schulz added that “many cards require you to make the transfer by a certain date in order to take advantage of the 0% offer. The deadline can be 60 days or more, so it allows plenty of time, but it’s still important to know what the deadline is.”
Other key factors to keep in mind are that you can usually transfer your balance to another issuer, and only those with good credit scores, around 690 or higher, can usually qualify. “If you can qualify with good credit, look for a balance transfer credit card that has no annual fee, a low balance transfer fee of 3% or less, and an interest-free window long enough to pay off the debt, says Lambarena. “To decide if this option is worth it, you’ll need to do the maths to see if the balance transfer fee costs less than the interest fees you’ll pay on your current card over time .”
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What Is The Limit For A Balance Transfer Card?
The advice, recommendations or rankings expressed in this article are those of Picks and have not been reviewed or endorsed by our trading partners.
I have $930,000 in a fund but it’s losing money. I want to get a new financial advisor, but it could cost me 1.6%. Is it too high?
Andrew Shilling is a reporter for Picks, writing about savings, retirement, investing and other personal finance topics. Prior to that, he was associate managing editor at Financial Planning magazine and as a reporter and editor at the Queens Ledger/Brooklyn Star newspaper group.
The comments below were not provided or commissioned by any bank appearing on this page. Comments have not been reviewed, approved or otherwise endorsed by any bank. It is not the bank’s responsibility to provide answers to all mails and/or questions. Ashley has more than a decade of experience as a financial contributor and editor, and has specialized in the credit card industry since 2015. She has worked closely with the world’s largest banks and financial institutions, fintech start-ups and media outlets, the press and news to curate comprehensive content and media. Her credit card commentary is frequently featured in national media outlets including CNBC, MarketWatch, Investopedia, and Reader’s Digest, among many others.
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Lillian Guevara-Castro brings more than 30 years of editing and journalism experience to the team. She has written and edited for major news organizations, including The Atlanta Journal-Constitution and the New York Times, and previously served as an adjunct journalism instructor at the University of Florida. Today, Lillian edits all content for clarity, accuracy and reader engagement.
With the best 0% balance transfer credit cards, you can tackle existing credit card debt or make a major purchase without the burden of high finance charges and fees. This is one of the most popular promotional offers in the credit card industry because it allows users to save money and achieve specific financial goals at the same time.
If you have a big purchase in your future or you currently have credit card debt stuck on a credit card with a high interest rate, consider applying for one of the cards listed below. You can save thousands in finance charges over the life of your debt with a 0% balance transfer card.
Credit card issuers offer introductory APRs and other limited-time offers as a way to entice consumers to apply for their credit cards. History has shown that this tactic works.
Balance Transfer Calculator: Calculate How Much You Could Save
Banks regularly change their promotional offers based on competition and the current financial environment. If you find an offer you like, you might consider jumping on it as soon as you’re ready. Below are our top rated 0% balance transfer cards:
0% APR Intro for 21 months on balance transfers from the date of the first transfer and 0% APR Intro for 12 months on purchases from the date of account opening. After that, the variable APR will be 18.24% – 28.99%, based on your creditworthiness. Balance transfers must be made within 4 months of opening the account. There is a balance transfer fee of $5 or 5% of the amount of each transfer, whichever is greater. Get free access to your FICO® score online. With Citi Entertainment®, you get exclusive access to purchase tickets to thousands of events, including concerts, sporting events, dining experiences and more. No annual fee – our low introductory fees and all the benefits come with no annual fee.
No late fees, no penalty fee and no annual fee… Always 0% Intro APR for 21 months on balance transfers from date of first transfer and 0% Intro APR for 12 months on purchases from account opening date. After that, the variable APR will be 19.24% – 29.99%, based on your creditworthiness. Balance transfers must be made within 4 months of opening the account. There is an introductory balance transfer fee of $5 or 3% of the transfer amount, whichever is greater for balance transfers completed within 4 months of account opening. Stay safe with Citi® Quick Lock
INTRODUCTORY OFFER: Unlimited matching cash back – only from Discover. Discover will automatically match any money you’ve earned at the end of the first year! There is no minimum spend or maximum rewards. You can turn $150 cash back into $300. Earn 5% cash back on purchases every day at different places you shop every time