You may have racked up a sizable amount of debt in the last few years if you’re like other Americans. You may need help to keep up with your monthly credit card payments. Rather than falling further behind, consider consolidating your debt with a balance transfer credit card.
0% APR Offers Are One of the Best Ways to Get Out of Debt
If your existing debt has high-interest rates, you can save thousands of dollars in finance charges by transferring it to a card with a 0% APR offer. This means you can pay your debt faster and put more money towards the principal balance.
How to Find a Balance Transfer Credit Card with a 0% APR
The first step in selecting a balance transfer credit card is to review your existing debt and determine whether a 0% offer is worth it. For example, if you have a credit card with a 16.8% interest rate on your $5,000 credit card balance, you could save over $800 in interest by transferring the balance to a card with a 0% interest rate for 18 months.
You can also compare 0% APR offers from multiple banks, as many issuers offer different introductory offers for their credit cards. For example, some offer a 0% APR on balance transfers and purchases for 18 months, while others have shorter intro periods on these categories.
These introductory offers are designed to entice consumers to apply for the card and to encourage them to use it responsibly. If you have a good credit score and can make timely payments, a card with a 0% APR can help you get out of debt sooner.
Which Credit Cards Are the Best?
Some balance transfer credit cards charge a fee for moving your existing debt to the new card. These fees can range from 3% to 5% of the amount you transfer, but they can add up to a significant amount of money over time.
Other cards with a 0% APR offer let you transfer more than the card’s maximum credit limit. This can be a valuable tool for those with more prominent credit card balances who need to move debt from one card to another to qualify for a better deal.
The 5 Best Balance Transfer Credit Cards with a 0% APR in April 2023
These five cards have the most extended 0% APR intro periods on balance transfers, which means you can save hundreds or thousands of dollars in interest. These cards also have other features that make them stand out from the rest of the pack. For instance, the Citi Diamond Preferred card has no annual fee and is one of the most extended 0% APR offers on balance transfers. It also comes with excellent rewards, such as a $200 cash bonus after you spend $500 in the first three months. The Capital One SavorOne Cash Rewards Card is also a great option with an above-average 0% APR on balance transfers and purchases and a $0 annual fee.