When you are of trying to pay off your debts, there are many strategies that can be used to help speed up the process.
One way is by transferring your balances from a high interest credit account, to a new one card that is offering a 0% Interest Introductory Rate.
Balance Transfer offers from credit card companies with extended 0% Intro Rates are designed just for that… To help you get out of debt!
While some credit cards offer Balance Transfers at a 3-5% fee (for example, if you transferred $5,000 at a 3% fee, you would be charged $150 for the transfer)…
There a some offers that will allow you to transfer your balances, during a specific time period from when you opened the new account, and will not charge you the usual Balance Transfer Fee.
The obvious choice would be to open a new account with the credit card offering the longest 0% interest rate.
But there are things to consider:
What is your credit score to begin with? Although there are amazing 0% intro rate offers available, you will still need to qualify for them. For the most part, you will need a minimum of a 670 FICO credit score to qualify for these great deals. And the lower your score is, the higher interest rate you will have to pay once the intro rate offer expires.
How long do you think it will take you to actually pay off all the debt? If you estimate it will take you longer than the 0% Intro Rate Term, then you should take into account what the normal interest rates will be after the special intro rate expires.
Another thing to account for are the rewards. In most cases, you will continue to use the new credit card even after the 0%Intro Rate has expired. So why not get a card that rewards you every time you use it? For example, a card with unlimited cash-back may be a nice little perk, not to mention help in reducing future expenses!
Here are my Top 3 for 0% Interest Balance Transfer with No Fees:
BankAmericard Credit Card
- Intro Rate: 0% For 15 Months
- Annual Fee: None
- Balance Transfer Fee: $0 if transfer made within 60 days
- APR After Intro: 15.24% to 25.24% (based on your creditworthiness)
- Perks: Check FICO Score for free
American Express EveryDay Card
- Intro Rate: 0% For 15 Months
- Annual Fee: None
- Balance Transfer Fee: $0 if transfer made within 60 days
- APR After Intro: 15.24% to 26.24% (based on your creditworthiness)
- Perks: Earn Membership Reward Points with every purchase.
Chase Slate Credit Card
- Intro Rate: 0% For 15 Months
- Annual Fee: None
- Balance Transfer Fee: $0 if transfer made within 60 days
- APR After Intro: 17.24% to 25.99% (based on your creditworthiness)
- Perks: Check FICO Score for free.
Other worthy mentions: Wells Fargo Platinum Visa Card. The reason I like this card is because you get an entire 18 months of 0% Interest as special intro rate. I did not mention this one above because they will charge you a balance transfer fee of either $5 or 3% of the amount of each balance transfer, whichever is greater.
Another great option: Becoming a member of a Credit Union Bank. Depending if you are a military member/veteran (Navy Federal Credit Union) *** Semper Fi to all my Marines 😉 ***…
Or your local area may also have Credit Unions available to you, Credit Unions may offer great intro rates as well, if you qualify.
To sum it up: These are my picks based on the ability to transfer your credit card debt without having to pay a fee, for the longest period available of 0% Interest Introductory Rates.
There are other credit card offers out there with longer intro periods, but they will charge you a 3-5% fee for the balance transfer.
If you come across some great offers, please Comment and Share it with us.
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And as always…
Wishing you blessing along your path to success 😉 !