Best Credit Card Deals for Balance Transfers

Best Credit Card Deals for Balance Transfers

balance-transfer

If you carry a balance on your existing credit card (you have credit card debt), you can consolidate them all on one balance transfer credit card that offers 0% interest for an introductory period.

The main trade-off is a card with no balance transfer fee (usually 3% – 5%) or one with a 0% intro period. If it’s going to take awhile to pay off your debt, look for the longest 0% period possible. Things to watch out for if you transfer your balance
Interest rates: most balance transfers offer limited time interest rates. (example: 0% for 6 months). Then once that period is over it usually jumps to a high interest rate. Make sure that interest rate fits your pocket.
Transfer limits: you’ll need to transfer an amount that’s within the credit limit on your new card, minus the fee.
Credit card providers often try and sell you fraud protection and lost card services. The benefits may not be that worthwhile as you are protected by law already to some extent.
It’s usually recommended not to make any purchases with a credit card to which you have made a balance transfer.

The most popular balance transfer credit cards are credit cards from Discover®.

Balance Transfers may help you:
GET OUT OF DEBT FASTER

Avoid paying high interest balances and decrease the time it takes to reduce your debt. See how our low balance transfer rates can help you reach your pay down goals and take control of your finances.

  • Cut your interest payments
    Pay less interest and slash your debt with our low rate offers.
  • Stay goal-focused
    Pay off your balance during the duration of your balance transfer offer to stay focused on your financial goals.
  • Enjoy the variety
    Transfer different types of debt with Discover, including credit and store cards, student loans, medical bills, gas cards, and auto loans, online or over the phone—the flexibility is yours.
  • It’s simple!
    All you have to do is choose an offer, select the balance you want to transfer and track your progress.

Next: Best Credit Cards for Balance Transfers 

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