0% Balance Transfer Credit Cards Reviews
Most cards in the market today offer some sort of balance transfer deal to tempt consumers to get their cards. If we listed every one, there'll probably be over a thousand. To whittle down the list, we'll highlight those with an introductory period of at least 12 monthts. There will be a couple of cards listed on this page with annual fees. These are typically frequent flier affinity offers (yes, even they have jumped into the BT game). Hence, the list you see here will essentially have the longest deals.
This card is more known for it's cash back rewards, it's great online shopping portal and the fact that they waive any fees if you pay late the first time. But Discover has always had a good promotion and at present the BT is good for 18 months. (See Details Here)
Citi always have had great 0% deals in their offerings and this one is one of them. This was the first card that offered to waive any late fee penalty in the event of an "accidental late payment" (which has been copied by Discover). The introductory period of 18 months is also the longest at the moment and is only matched by a couple of other cards. (See review here).
This is another one of Citi's line up with a great BT offering (18 months). The key distinguishing feature is that you get a free concierge service (which is normally reserved for "higher end" cards). It also comes with a very slick cool black design Review) .
This is a more niche affinity offering from a retailer but it does have a very good BT deal (15 months). For those who either shop there regularly or intend to buy lots of stuff there for a kitchen renovation, this might be something that is very appealing.
I mentioned earlier that even affinity cards in the frequent flyer space have gotten into the game. 0% for 15 months is a milestone for such a card. But the real interesting twist here is that you can get 10,000 bonus Dividend Miles if you transfer $10,000 to this card. On top of the 30,000 bonus miles you get on the first spend, new cardholders can potentially get a total of 40,000 bonus dividend miles. (See Review Here).
Tips When You Are Attempting BT
0% Teaser Deals can be a great tool to lower your interest payments and used as part of a credit card debt strategy. However, there are things that you have to be aware of or you might trip. Below are a few tips to consider before you get one of these balance transfer deal cards.
Always Pay On Time - As part of the terms and conditions, credit card issuers reserve the right to increase your rates if you are late on one payment. Very often, the new rate could be over 20%. To make sure you take full advantage of the 0% deal, PAY YOUR BILLS ON TIME.
Set Up Auto Payment - The best way to make sure you pay your bills on time is to set up auto payment whereby your credit card bills are paid from your bank account automatically. There are two ways to set it up. The first method is with your bank and the other way is with your credit card company. I would suggest setting it up with your credit card company because if anything goes wrong, you can point the finger at them.
Look out for any changes in grace period - If your credit card company decides to reduce their grace period for example from 25 days to 20 days, it may mean that you have to pay your bills sooner. If this happens, check that your autopay schedule is still good.
Be realistic - If you have a good credit score, chances are good that you can still get 0% deals for 12 months. But if your credit is not so good, be more realistic. You are probably better off getting a low rate deal for 6 months and getting approved, rather than attempting a 0% 12 month deal and getting turned down.
Transfer your balance only after you get approved and know your credit limits - Credit card issuers are so strict these days that you stand a better chance of getting approved if you do not submit your balance transfer request during the application process. It is better to know what credit limits you have been given and then transfer the balance.
Do charge other things on the card - If you use your card for balance transfer, do not charge other things to the card. Your payments goes towards paying the balance transfer and you will accumulate more credit card debt at a higher interest.
Final Thoughts - If you carry a balance, you should always be looking for good 0% deal to reduce your monthly payments and help speed up your credit card debt reduction plans. There are two types of balance transfer deals which you should be aware of. The first is deals which says you will get 0% for a FULL x number of months. This means, if they say 12 months and you get approve, then it is for 12 months. There are others who will offer a 0% APR for balance transfers up to x number of months. The thing you have to be aware is that unless you have very good credit, you may not get the maximum introductory period but may get one that is shorter instead.