How to Choose a 0% Balance Transfer Credit Card

Posted on

If you’re struggling under the burden of a large debt or have creditors breathing down your neck and don’t know how you’re gonna pay down the debt, or if you just want to pay less interest on credit card debt that you’re carrying, it may be time to consider consolidating your debt.

Debt consolidation rolls all of your debt into one place with a lower interest rate, allowing you to pay down your debt more easily and quickly. And one of the most common ways to consolidate debt and lower your interest rate is by switching to a 0% balance transfer credit card and transferring the debt balances on your current cards to that 0% card.

today I’m giving you the best 0% balance transfer credit cards of 2022.

before I go through the list of the top 0% balance transfer cards, there are three things I want you to be aware of.

1- you typically need a credit score of 690 or higher to qualify.

2- the 0% interest is temporary. It will last for a certain amount of time, usually between six to 24 months, so make sure you understand what the interest rate will be at the end of that grace period, and make sure that it isn’t higher than your current interest rates on your current credit cards unless you think you can pay off all of the debt while you’re still in that 0% grace period.

3- the balance transfer needs to be a card from a different bank. So, for example, if you already have an American Express card, you won’t be able to transfer your balance to another American Express card, but you could transfer it to a 0% Capital One balance transfer card.

Things that you should look out for When you’re picking a 0% balance transfer credit card

1- annual fees: Avoid cards that are going to cost you money just to keep them open each year.

2- your introductory APR: This is a promotional interest rate that the credit card companies will give new customers for a set number of months after they open the account. Now we’re talking about 0% balance transfer cards, so that’s what you’re looking for a 0% APR on any balance that you transfer to the card sometimes there’ll be, a period. Like you need to transfer the balance within the first 60 days of opening the card.

3- your regular APR: So, what is the regular interest rate going to be after your grace period ends on the card?

4- the length of the 0% grace period: How long will this period last and how much debt can you pay off during that time?

5- look at any transfer fees: Some cards will charge a percentage fee to do the actual transfer from your existing credit cards. Ideally, you want this fee to be zero or as low as possible.

The best 0% balance transfer cards of 2022

1- It’s great if you can find a card with a long introductory 0% APR. For that reason, the Wells Fargo Reflect Card is a great option. It offers a 0% APR for the first 21 months, almost two years after you’ve opened the account.

2- The U.S. Bank Visa Platinum card
offers a 0% interest APR 20 billing cycles for balance transfers that are made in the first 60 days.

3- The BankAmericard Credit Card
This card offers a 0% APR for the first 18 billing cycles And it offers a nice signup bonus as well.

4- The Wells Fargo Active Cash Card
This card has a nice rewards program where it offers 2% cash rewards and the introductory 0% APR lasts for a year and a half 18 months. Unfortunately, after the APR has expired, a lot of transfer cards, don’t give you much reason to hold onto them.

5- The Discover It Balanced Transfer Card
which offers great cash back rewards even after you’ve paid down your debt.

6- The Citi Simplicity Card
has no late fees and the introductory APR lasts for 21 months, so that’s a pretty good amount of time. Another thing that’s special about this card is that you’ll never pay late fees or a penalty APR, but don’t this card to pay late. Even if your credit card company doesn’t charge you a late fee, that doesn’t mean making late payments won’t hurt your credit score.

7- The Bank of America Customized Cash Rewards Credit Card

This has flexible reward categories and a 0% introductory APR for the first 15 billing cycles for any balance transfers that are made in the first 60 days.

8- The Citi Double Cash Card
provides a simple cashback structure and an 18-month-long introductory APR, making it easy to set and forget. Plus, there are no annual fees on this card, so it’ll still make sense to keep this card, even after you’ve paid off all of your debt.

9- The HSBC Gold Mastercard
It comes with a very long 0% introductory APR period, no annual fee, and no penalty APR. However, there’s no rewards program and no welcome bonus, making it a good transfer card to help you get out of debt, but not necessarily a card that you’re gonna want to use after you’re debt-free for earning points or rewards.

10- The Citi Custom Cash Card
This Card offers a long-term value beyond just its introductory APR period on balance transfers because you can earn 5% back in a popular spending category each month up to $500 spent on that category.

Consolidating your debt can be a great option to help you pay off your debt faster and to pay less money overall so that you can enjoy greater financial security.

One thought on “How to Choose a 0% Balance Transfer Credit Card

Leave a Reply

Your email address will not be published.