7 Tips On How To Get The Best 0% Balance Transfer Credit Cards
Balance transfer credit cards offering 0% introductory APR are one of the best ways for you to reduce any existing card debts you may have, and should be used as a strategy for you to reduce your debt.
Whether you have credit card debts or store card debts, 0% balance transfer cards, which are simply credit cards that offer a 0% introductory APR on balance transfers for a promotional period of time, can help you save tons of money.
A balance transfer involves transferring your existing balance from one card to another card account so that you pay off your debts at a lower interest rate, which is preferably a 0% intro interest rate, and thus save hundreds or thousands of dollars and can get rid of your debt faster.
Here are 7 tips on how to get the best 0% balance transfer cards in the U.S., and what you should look out for in the new credit card:
1. Make sure you are transferring to a card that has a 0% introductory interest rate on both balance transfers and purchases. Remember to make timely payments every month and not to skip any or pay them late. If your payments are late, you will probably lose the benefit of the 0% intro APR and will most likely be required to pay a high interest rate that would not benefit you at all.
3. Find out what is the minimum amount you can transfer from one card to the other. If you don’t know this information, it’s wise for you to find out since many credit cards have raised their minimum balance transfer amounts, so that cardholders have a harder time paying off their balances in full before the 0% APR on balance transfers expires.
4. Plan ahead and make sure you will be able to pay off your balance in full before the 0% intro APR on balance transfers expires. This is worth knowing especially when you have a large balance that would take a long time to be paid off in full.
If you do the math and think you won’t be able to pay off your balance in full when transferring it to another credit card, then you should find a credit card that has a longer duration of 0% intro APR, ideally one that lasts 24 months, and has a lower regular APR after the promotional period.
5. Find out the fees you will have to pay If you don’t have an excellent credit score, you will most likely not be able to get the longer intro duration and will have to settle for a shorter duration that might not be what you planned for.
Balance Transfer: Can anyone recommend a good card? [chase card ...
Would also like to know what score is required for a card issued by RBS. I was handed an app at Krogers this weekend. It is for the 1-2-3- Rewards Kroger Mastercard issued by RBS. I have never heard of them until now. I checked the creditpulls database and there's no info in there. Did a search for RBS and found this thread. Anyone get approved with subprime scores? I think I saw a post that said they pull EQ exclusively, is that still accurate? Reply: Well, I decided that instead of the BT, I would go will AMEX Blue. I applied and got a limit of $10,000. They are offering 0% on new purchases for 15 months. Instead of doing a BT, I will use this card primarily for awhile and focus on paying down my $2000 debt on Citibank Advantage. Then if I need to carry a balance for awhile on the AMEX Blue, at least it will be at a 0% rate. This way, I am able to avoid BT fees. Reply:Well, I decided that instead of the BT, I would go will AMEX Blue. I applied and got a limit of $10,000. They are offering 0% on new purchases for 15 months. Instead of doing a BT, I will use this card primarily for awhile and focus on paying down my $2000 debt on Citibank Advantage. Then if I need to carry a balance for awhile on the AMEX Blue, at least it will be at a 0% rate. This way, I am able to avoid BT fees. I second that! I had a 0% no fee 12 mth BT on Citi and just moved most of the balance to a 0% no fee 12 mth on Discover. When the time comes (if you need to) as an existing Citi customer, you can probably apply for another card and move the balance from Discover BACK to the new Citi card and still be eligible for the 0%, no fee, blah blah blah.
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