Balance Transfers – CardBenefit https://www.cardbenefit.com Compare and Apply for Best Credit Cards at CardBenefit Fri, 13 Dec 2024 18:27:07 +0000 en-US hourly 1 The Longest Period of 0% Intro Balance Transfer Offer https://www.cardbenefit.com/the-longest-period-of-0-intro-balance-transfer-offer/ https://www.cardbenefit.com/the-longest-period-of-0-intro-balance-transfer-offer/#respond Mon, 27 Nov 2023 03:18:08 +0000 https://www.cardbenefit.com/?p=20708 In January 2011, Discover Card introduced Discover More Card, featuring an unprecedented promotional balance transfer offer. New members were offered an exceptional 0% introductory APR on balance transfers, astonishingly lasting for 24 months. Initially available for over three months, this offer set a historical benchmark as the lengthiest 0% balance transfer promotion. While no other credit card has surpassed this record, several cards continue to present enticing deals of 21 months for individuals seeking to transfer high-interest balances.

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0% Intro APR on Balance Transfers for 24 Months

In January 2011, Discover Card introduced Discover More Card with a groundbreaking promotional balance transfer offer, providing new members with a remarkable 0% introductory APR on balance transfers for an astounding 24 months. This offer, initially available for over three months, set a historical record for the longest 0% balance transfer offer period. However, by late April 2011, the offer was modified to an 18-month 0% APR promotion. Despite subsequent developments in the credit card industry, the Discover More Card’s initial promotion still stands as a record holder for its extended 24-month period. While no other credit card has surpassed this record to date, several cards continue to offer appealing deals for individuals seeking to transfer high-interest balances.

How a Balance Transfer Works

Executing a balance transfer is a relatively straightforward procedure. When applying for a new credit card, you’ll need to furnish the account number and the sum you wish to transfer from your existing balance. Upon approval of your application, the new credit card issuer will initiate a payment to the other credit card company for the specified transferred amount. This process allows flexibility as you can choose to transfer the entirety or a portion of your balance. Moreover, it’s possible to consolidate balances from multiple cards in a single transfer. Opting for a card with a 0% APR on transfers means you won’t incur any interest charges on the transferred amount until the promotional period concludes.

When a Balance Transfer Makes Sense

Balance transfers can be a smart strategy to cut down on interest expenses, especially when dealing with a substantial balance carrying a high interest rate or if you’re unable to pay off your credit card in full each month. When contemplating a balance transfer, it’s crucial to assess various factors, such as the prevailing interest rate on your current card, the interest rate offered by the new card, annual fees associated with both cards, and the balance transfer fee.

Typically ranging from three to five percent of the transferred balance, balance transfer fees may have a cap once a certain limit is reached. For instance, transferring a $1,000 balance with a 3% transfer fee would incur a $30 cost to move the balance to another card. It’s important to note that even if the new card provides a 0% interest rate, the savings in interest might be partially offset by the transfer fee. Therefore, a comprehensive evaluation of these factors is essential to determine the overall financial benefit of a balance transfer.

Best 0% Balance Transfer Offers

As of the latest available information, the longest 0% balance transfer period currently offered is 21 months. Balance transfer credit cards with 0% APR introductory periods generally range between 12 and 21 months. Several cards are currently featuring top 0% balance transfer promotions along with additional attractive benefits.

0% Interest on Transfers for 21 Months

Credit CardBonus, 0% Introductory InterestAnnual Fee
Citi Diamond Preferred Card

Citi® Diamond Preferred® Card

0% on purchases for 12 months and on qualifying balance transfers for 21 months. After the intro period ends, the go-to rate of 17.24% - 27.99% (variable) applies.
(rates & fees)
$0

0% Interest on Transfers for 18 Months

Credit CardBonus, 0% Introductory InterestAnnual Fee
Citi Double Cash Card

Citi Double Cash® Card

  • $200 cash back after you spend $1,500 on purchases in the first 6 months of account opening. This bonus offer will be fulfilled as 20,000 ThankYou® Points, which can be redeemed for $200 cash back.
  • 0% on balance transfers for 18 months. After the intro period ends, the go-to rate of 18.24% - 28.24% (variable) applies.
    (rates & fees)
  • $0

    0% Interest on Transfers for 15 Months

    Credit CardBonus, 0% Introductory InterestAnnual Fee
    Citi Rewards+ Card

    Citi Rewards+® Card

  • 20,000 bonus points after you spend $1,500 in purchases with your card within 3 months of account opening; redeemable for $200 in gift cards at thankyou.com
  • 0% on purchases and balance transfers for 15 months. After the intro period ends, the go-to rate of 17.74% - 27.74% (variable) applies.
    (rates & fees)
  • $0
    Chase Freedom Unlimited

    Chase Freedom Unlimited®

  • Earn an additional 1.5% cash back on everything you buy (on up to $20,000 spent in the first year) - worth up to $300 cash back!
  • 0% on purchases and balance transfers for 15 months. After the intro period ends, the go-to rate of 19.49% - 28.24% variable applies.
  • $0
    Blue Cash Everyday Card from American Express

    Blue Cash Everyday® Card from American Express

  • $200 statement credit after you spend $2,000 in purchases on your new Card within the first 6 months.
  • 0% on purchases and balance transfers for 15 months. After the intro period ends, the go-to rate of 18.24% - 29.24% variable applies.
    (rates & fees)
  • $0
    USAA Rate Advantage Credit Card

    USAA Rate Advantage Credit Card

  • Must be a USAA member, or become a member, to apply. USAA proudly offers membership to current and former military, as well as their spouses and dependents.
  • 0% on balance transfers for 15 months
    (rates & fees)
  • Must be a USAA member, or become a member, to apply. USAA proudly offers membership to current and former military, as well as their spouses and dependents.
  • $0
    (rates & fees)
    TD Double Up Credit Card

    TD Double Up Credit Card

  • $100 Cash Back in the form of a statement credit when you spend $1,000 within the first 90 days after account opening
  • 0% on balance transfers for 15 months
  • $0

    Conclusion

    Discover set the bar for other credit card issuers with their 24-month 0% balance transfer promotion. While it remains to be seen if another card will do the same, you can still save on interest when you take advantage of the great 0% APR balance transfer deals that are are out there.

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    Best 0% APR Credit Cards of 2024 https://www.cardbenefit.com/best-0-apr-credit-cards-of-2024/ https://www.cardbenefit.com/best-0-apr-credit-cards-of-2024/#respond Sat, 25 Nov 2023 20:49:50 +0000 https://www.cardbenefit.com/?p=20332 Credit cards with 0% intro interest can help you save money. Whether you are trying to make a big purchase or paying off your existing debt, credit cards that offer 0% introductory APR let you borrow money from banks now and pay off debt later without incurring any interest or fees, as long as you make the minimum payments every month.

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    Benefits of 0% Interest Credit Cards

    0% interest credit cards offer a valuable financial tool, particularly when it comes to managing existing debt or making substantial purchases. The 0% introductory interest rate provides a window where you can borrow money without incurring additional interest or fees, given you meet the minimum monthly payment requirements. This strategic approach allows individuals to address their financial needs more effectively, offering a temporary period of relief from the typical costs associated with borrowing money.

    Check out the following credit cards offering 0% APR, sorted by the length of introductory periods.

    0% Interest for 21 Months

    Credit Card0% Introductory InterestAnnual Fee
    Citi Diamond Preferred Card

    Citi® Diamond Preferred® Card

    0% on purchases for 12 months and on qualifying balance transfers for 21 months. After the intro period ends, the go-to rate of 17.24% - 27.99% (variable) applies.
    (rates & fees)
    $0

    0% Interest for 18 Months

    Credit Card0% Introductory InterestAnnual Fee
    Citi Double Cash Card

    Citi Double Cash® Card

    0% on balance transfers for 18 months. After the intro period ends, the go-to rate of 18.24% - 28.24% (variable) applies.
    (rates & fees)
    $0

    0% Interest for 15 Months

    Credit Card0% Introductory InterestAnnual Fee
    Citi Rewards+ Card

    Citi Rewards+® Card

    0% on purchases and balance transfers for 15 months. After the intro period ends, the go-to rate of 17.74% - 27.74% (variable) applies.
    (rates & fees)
    $0
    Chase Freedom Unlimited

    Chase Freedom Unlimited®

    0% on purchases and balance transfers for 15 months. After the intro period ends, the go-to rate of 19.49% - 28.24% variable applies.$0
    Blue Cash Everyday Card from American Express

    Blue Cash Everyday® Card from American Express

    0% on purchases and balance transfers for 15 months. After the intro period ends, the go-to rate of 18.24% - 29.24% variable applies.
    (rates & fees)
    $0
    USAA Rate Advantage Credit Card

    USAA Rate Advantage Credit Card

  • 0% on balance transfers for 15 months
    (rates & fees)
  • Must be a USAA member, or become a member, to apply. USAA proudly offers membership to current and former military, as well as their spouses and dependents.
  • $0
    (rates & fees)

    0% Interest for 12 Months

    Credit Card0% Introductory InterestAnnual Fee
    Blue Cash Preferred Card from American Express

    Blue Cash Preferred® Card from American Express

    0% on purchases for 12 months. After the intro period ends, the go-to rate of 18.24% - 29.24% variable applies.
    (rates & fees)
    $0 intro annual fee for the first year, then $95.

    Small Business Cards with 0% Interest for 12 Months

    Credit Card0% Introductory InterestAnnual Fee
    Ink Business Cash Credit Card

    Ink Business Cash® Credit Card

    0% on purchases for 12 months. After the intro period ends, the go-to rate of 17.49% - 25.49% variable applies.$0
    Ink Business Unlimited Credit Card

    Ink Business Unlimited® Credit Card

    0% on purchases for 12 months. After the intro period ends, the go-to rate of 17.49% - 23.49% variable applies.$0
    The American Express Blue Business Cash Card

    The American Express Blue Business Cash™ Card

    0% on purchases for 12 months from date of account opening. After the intro period ends, the go-to rate of 17.49% - 25.49% variable applies.
    (rates & fees)
    $0
    The Blue Business Plus Credit Card from American Express

    The Blue Business® Plus Credit Card from American Express

    0% on purchases for 12 months from date of account opening. After the intro period ends, the go-to rate of 17.49% - 25.49% variable applies.
    (rates & fees)
    $0

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    How to Save Money with Balance Transfer Credit Cards https://www.cardbenefit.com/how-to-save-money-balance-transfer-credit-cards/ https://www.cardbenefit.com/how-to-save-money-balance-transfer-credit-cards/#respond Thu, 18 Oct 2018 17:00:55 +0000 https://www.cardbenefit.com/?p=19605 If you carry credit card debt, it may cost you a lot of money on the interest. Don't worry. Balance transfer credit cards can help you pay down the debt. Learn how to use balance transfer credit cards to reduce credit card balance and see how much you can save with 0% APR on balance transfers for an extended period.

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    How Balance Transfers Work

    If you carry credit card debt, it may cost you a lot of money on the interest. Don’t worry. Balance transfer credit cards can help you pay down the debt. You just need to open a new credit card with 0% introductory interest on balance transfers. And then you can request to transfer current credit-card balance to the new card. After that, you can just make the minimum payment each billing cycle to avoid finance charges and pay off all the remaining balance at the end of the introductory period of 0% interest. In this way, a balance transfer credit card helps you save money by reducing the cost of high interest.

    Potential Savings by Balance Transfers

    How much can you save with a balance transfer card? For instance, take an example that you have a credit card balance of $10,000 with 18% interest. In order to pay it off in 18 months, you will need to pay $640 each month for 18 straight months. Consequently, you will end up with paying interest of approximately $1,480.

    With a 0% interest balance-transfer card, you can keep most of the $640 monthly payment in your bank account. And you can pay off the balance 18 months later without paying any interest. Most credit cards charge a one-time service fee for doing a balance transfer. For example, for each qualifying balance transfer, Citi Double Cash Card charges 3% of the transferred balance on transfers made within 4 months of account opening, with a minimum of $5. In order to transfer a balance of 10,000, the transaction will cost about $300 in fees. With about $1,480 in potential interest cost that you saved, you will save approximately $1,180 by using a 0% balance transfer card.

    Balance Transfer Credit Cards

    Choose from one of the following credit cards that offer 0% on balance transfers for at least 15 months. All these credit cards are for people who have good or excellent credit rating. If you have a credit score of 700 or above, you may qualify for these offers.

    0% Interest on Balance Transfers for 21 Months

    Credit Card0% Introductory InterestAnnual Fee
    Citi Diamond Preferred Card

    Citi® Diamond Preferred® Card

    0% on purchases for 12 months and on qualifying balance transfers for 21 months. After the intro period ends, the go-to rate of 17.24% - 27.99% (variable) applies.
    (rates & fees)
    $0

    0% Interest on Balance Transfers for 18 Months

    Credit Card0% Introductory InterestAnnual Fee
    Citi Double Cash Card

    Citi Double Cash® Card

    0% on balance transfers for 18 months. After the intro period ends, the go-to rate of 18.24% - 28.24% (variable) applies.
    (rates & fees)
    $0

    0% Interest on Balance Transfers for 15 Months

    Credit Card0% Introductory InterestAnnual Fee
    Citi Rewards+ Card

    Citi Rewards+® Card

    0% on purchases and balance transfers for 15 months. After the intro period ends, the go-to rate of 17.74% - 27.74% (variable) applies.
    (rates & fees)
    $0
    Chase Freedom Unlimited

    Chase Freedom Unlimited®

    0% on purchases and balance transfers for 15 months. After the intro period ends, the go-to rate of 19.49% - 28.24% variable applies.$0
    Blue Cash Everyday Card from American Express

    Blue Cash Everyday® Card from American Express

    0% on purchases and balance transfers for 15 months. After the intro period ends, the go-to rate of 18.24% - 29.24% variable applies.
    (rates & fees)
    $0
    USAA Rate Advantage Credit Card

    USAA Rate Advantage Credit Card

  • 0% on balance transfers for 15 months
    (rates & fees)
  • Must be a USAA member, or become a member, to apply. USAA proudly offers membership to current and former military, as well as their spouses and dependents.
  • $0
    (rates & fees)

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