List of Balance Transfer Credit Cards
Most cards today offer some sort of balance transfer teaser rate (typically zero) to entice new sign ups. For those who carry a balance and want to reduce it or completely pay it off, getting such card will save you quite a bit on interest payments. The introductory period for most cards range from 6 months to 18 months. On this page, we’ll only list those with 15 months or longer (otherwise, we’ll have hundreds of cards). We’ve added a calculator so you can see the approximate savings. Please see the end of the page for assumptions of the calculator.
There are a few assumptions to the calculator tool that is on this page.
1. Firstly, it assumes that you transfer a lump sum and do not add any more expense to the card.
2. When we calculate the interest savings, we are assuming the rate from your old card. We also assume that you do not add any more charges. The interest is calculated using a monthly compounded off the annual percentage rate (APR). Most issuer actually use daily compounding based on the actual average daily balance. The reason we use the method we choose is to simplify the calculations as it takes up a lot of resources on the servers. The savings may not be precisely what you will be charged, but pretty close.
3. The monthly payment is a fixed amount for the purposes of this calculation. Some of you may choose to pay the minimum payment required (which may vary every month). But we are assuming here you pay a flat amount.