Easy Leaps: Cards with 0% Balance Transfer

Balance transfers are leveraged by savvy credit card users with one of two goals in mind. The first of these goals is to manage the interest on their credit card, and the second is to leverage promotional offers as part of a debt reduction or elimination process. Whatever the specific reasons for a balance transfer, however, their effectiveness as part of a larger financial strategy depends greatly on the fees and interest rate associated with the new credit card.

Not all credit cards are created equal when it comes to balance transfers. The best cards offer low to no balance rate transfer fees, no annual fees and introductory interest rates as low as 0%. Having scoured offers from multiple sources, three cards stand out in these three metrics: the Chase Slate Card, the Citi Diamond Preferred Card and the Discover It Card.

Chase Slate
Though cards with no balance rate transfer fees are rare, one card was found that offered them. Other cards with no balance rate transfer fee often make up for it with a higher interest rate or something similar, and these cards often cost more in interest than could be saved in fees. The Chase Slate Card, however, offers the unique combination of no balance transfer fees for sixty days and 0% interest rate for the first fifteen months. That’s a combination that makes this card a no-brainer. The only downside with this offer is that one’s credit must already be in excellent standing to be eligible.

Citi Diamond Preferred
The major stand-out feature of the Citi Diamond Preferred Card is the length of its 0% introductory interest rate. At twenty-one months, this card has the longest promotional rate on the market today. Another great perk is that this 0% rate applies not only to purchases made on the card, but also to any balance transfers. Nearly two years of no interest could provide any card holder with the leverage they need to get out of a financial tight spot, and this period more than makes up for the 3% balance transfer fee.

Discover It
The Discover It Card offers a 0% balance transfer interest rate for fourteen months with a 3% balance transfer fee. Though neither of these stand out on their own, the Discover It Card shines when it comes to perks. As a result, it may be a good choice for those who are not eligible for the other two offers in this list or for those interested in having access to perks such as cash back on their balance transfer card. Discover It Card offers 5% cash back on purchases in quarterly changing categories, capped at $1,500. In addition, Discover It Cards offer 1% cash back on all other purchases with no cap. The cash back rewards are supplemented by smaller perks such as no late fee on your first late bill and a promise that your APR won’t go up due to late payment.

While any card on the market can be used as a balance transfer card, these three are some of the best on the market. As with any credit card offer, it is important to investigate the details before transferring the balance and to make sure you understand all of the provisions of any card before accepting the terms. Likewise, after the termination of the introductory period, your APR will go back up. For the cards listed, these rates range from 10.99% to 22.99% depending on your credit score. If your goal is debt reduction via a balance transfer, however, these interest rates could be more manageable at your new, lower balance.