What is a balance transfer credit card? A balance transfer is when you pay off the balances by transferring them to another account. This means that Balance Transfer Credit Cards are credit cards that allow you to pay off your balances by transferring them to another credit card or credit card account.
However, In most cases, you would be charged a transfer fee. Balance transfer credit cards are usually a great way to save on higher interest debt rates. There are other several benefits of such credit cards and we are going to be looking into some of them.
Benefits of Balance Transfer Credit Cards
Below are some intriguing benefits of using balance transfer credit cards.
- Credit cards with low balance transfer APR can help you catch up on your existing debt. This is because you can get a low promo or introductory APR to pay down that balance.
- If you get a low promo or introductory APR, it can also help cut the time it takes for you to pay back your debt.
- You can easily move your balance to a credit card offering better terms.
- Some of them are 0 balance transfer credit cards (balance transfer credit card no fee).
There are several more advantages to using a balance transfer credit card.
Best Balance Transfer Credit Cards
If after reading through, you decide you should probably try out some balance transfer credit cards, you do not have to go far searching. I have prepared a list of some of them right here for you with a little head start on what they are good at.
3Chase Slate Credit Card
This credit card is one of the few credit cards that offer no fee for balance transfers. However, it is only for the first sixty days of account opening. The zero percent introductory APR applies to all purchases and balance transfers for the first fifteen months of account opening.
2BankAmericard Credit Card
With an introductory zero balance transfer credit card for the first sixty days of account opening, there is no penalty APR and no annual fee. Plus there is a mobile app and online banking platform available for cardholders.
1Citi Simplicity Card
The Citi simplicity credit card has no late fee ever. There is no penalty rate and no annual fee for life. With this credit card, you get a zero percent intro APR on balance transfers for twenty-one months from the first transfer date.
You can look into any of these credit cards from their online website and decide the one that is best for you. Further research can be done on Google.
How to transfer credit card balance
Transferring a credit card balance can be quite difficult. However, the easier way to do this is by contacting your credit card issuer customer care number. Youc an find their contact information on the official page of the credit card.