Applying for a balance transfer is one way to manage your credit card debt. There are several benefits of a balance transfer. You can consolidate your outstanding debts without applying for a debt consolidation loan or working with a debt consolidation agency. Additionally, you can possibly get a better interest rate on your credit cards. Various credit card companies offer balance transfers and it isn’t hard to transfer your balances. Simply apply for a balance transfer credit card, get approved and then move your balances onto the new card.
But before applying for a balance transfer credit card to manage your debts, you need to compare different credit card options. There are fees associated with balance transfers, such as interest charges on the balance transfer, annual fees, as well as a balance transfer fee. Balance transfer fees range between 4% and 5% of the transferred balance. Because fees vary, it is important to shop around and look for a card with the lowest total fees for balance transfers.
Slate Credit Card from Chase
This credit card offers 0% APR on balance transfers and purchases for the first 15 months. In addition, there is no balance transfer fee, which results in interest-free payments until the conclusion of the introductory rate period. There is no annual fee for the Slate credit card, and after your introductory period, you can anticipate an interest rate between 11.99% and 21.99%.
Citi Simplicity Card
This credit card features 0% APR on balance transfers and purchases for the first 18 months. Other attractive features include no annual fee, no over the limit fee and no late payment fee. There is a 3% balance transfer fee (minimum of $5), which is cheaper than most credit cards. Interest rates range between 12.99% and 21.99% after the 18 month introductory period.
Discover More Card
Receive 0% APR on balance transfers for the first 18 months with the Discover More credit card. This credit card also features a rewards program which offers 5% cash back on purchases, such as gas, travel and groceries. There is no annual fee and you can enjoy a low APR between 10.99% and 20.99% after the introductory rate period.
Capital One Platinum Prestige Credit Card
Apply for this card today and you will receive 0% APR on purchases and balance transfers until June 2013. This card features a low, affordable 3% balance transfer fee and an attractive APR after the introductory rate period concludes — between 10.99% and 18.99%. There is no annual fee and you will enjoy other card benefits, such as $0 Fraud Liability, roadside assistance and travel accident insurance.
Citi Diamond Preferred Card
This credit card features 0% APR on balance transfers for the first 18 month and then an APR between 11.99% and 21.99%. The Citi Diamond Preferred credit card has a 3% balance transfer fee with a $5 minimum, but no annual fee. The introductory rate also applies to new purchases during the first 18 months.