3 Best 0%Balance Transfer Credit Cards

If you have an existing credit card debt that attracts high interest rates, you can transfer that balance to another card with lower interest rate for easy repayment. Credit card debt can be quite difficult to manage especially when you miss payment and the interest rates have sky rocketed. High interest rates can increase the overall amount of payback meaning that you will have to struggle to repay. There are people who have spent years repaying their credit cards because of mistakes they made such as late payment.

Whereas a first late payment will not attract a penalty, if you experience a second and third late payment, things may turn haywire. The worse thing with credit cards is that the penalties or hiked interest rates are so large that they make a very big impact on your repayment. A single late repayment can attract a hike of up to 15 percent in interest and this means that if you were paying 14.9 percent APR, this rate shoots up to 29.9 percent.

A second late payment can make you experience the worse scenarios of credit card debt repayment because the amount accrued increases significantly. However, with the 0 percent balance transfer, you can manage to move your balance from one card to another without suffering a lot of costs. If you have existing credit card debt, you may consolidate it in one card with a 0 percent interest on the balance for a certain period of time. The below cars are some of the best 0 percent balance transfer cards;

Citi Simplicity MasterCard
This card offers 0 percent introductory APR on balance transfers, which runs for 18 months. This means that within those 18 months, your balance attracts no interest rates. After the intro period, the APR shoots to about 12.99 and 21.99 percent. When making the transfer, you pay only 3 percent of the amount you are transferring or a minimum of $5 depending on which situation best suits you.

This card has also 0 percent intro APR on purchase for the same period of 18 months. However, one of the cons with this card is that it does not have a reward program. Cardholder seeking for balance transfer should not emphasize much on the rewards than the ARP on balance transfer and the fee charged.

Discover It
This card offers 18 months balance transfer and this is a time limited offer, which may not last for long. When you sign up for the card, you can transfer your balance with a 0 percent intro APR for a period of 18 months. This means that during this time, you will be paying your existing card debt at zero interest. However, when the period is over, the rates hike to normal rates of between 10.99% – 20.99% depending on your credit score. There is also a 3 percent transfer fee based on your balance.

Citi Diamond Preferred card
This offers a 0 percent introductory APR on your balance and this rate runs for 18months. During that one and half years, you will be paying zero interest rate on your balance. You can capitalize on this zero intro rate period to repay your balance without any interest. When the intro APR period is over, the card attracts a rate of 11.99 to 21.99 APR depending on your credit score.

There is also a 3 percent balance transfer fee or a $5 minimum fee whichever is applicable. In addition to the balance transfer, the card offers other perks like retail purchase protection, private pass and price protection. However, this card does not have a reward program meaning that you will not get redeemable points for cashbacks or other perks.