Credit Card Q&A: What's the best credit card for a balance transfer?
Answer: The answer to this question depends a great deal on your credit score. If you have excellent credit—at least a 750 FICO score—you have options for credit cards with better balance transfer terms.
The Citi® Platinum Select® MasterCard® offers a zero percent introductory APR for 21 months. The balance transfer fee is 3 percent. So if you’re transferring a $5,000 balance, you’d pay $150. After the intro period ends, this card carries an 11.99 percent, 16.99 percent, or 19.99 percent (V) APR, depending on your credit history. But if you can pay off your debt within 21 months, this card could save you a lot of money. There isn’t an annual fee.
The Discover® More® Card – 24 Month Promotional Balance Transfer is another option for consumers with excellent credit. This card offers a 24-month zero percent introductory APR. However, the balance transfer fee is 5 percent, so on a $5,000 balance, this would cost you $250. Determine how much interest you’ll save (less the fee) so you can decide if this is a good deal for you. Unless you’re transferring a small amount, you’re likely to come out ahead financially with this card. But only if you pay it off in 24 months and avoid the go-to rate. By the way, the fine print says this deal is available until May 10, 2011.
If you don’t have excellent credit, but your score is at least 700, the Capital One® Platinum Prestige Credit Card might be an option. This card offers a zero percent introductory APR through June 2012. The balance transfer fee for this card is 3 percent. This card also offers a zero percent introductory APR on purchases through June 2012. After the intro period ends, this card carries a 10.9-18.9 percent (V) APR.
You can take a look at more balance transfer credit cards here . Just remember that a balance transfer gives you an opportunity to pay down your debt and avoid interest expense during the introductory period. So whatever you do, resist the urge to buy more merchandise with your new card.
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