Save Money with Balance Transfer Credit Cards

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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, BankAmericard Credit Card charges 3% of the transferred balance. 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 for 18 Months or More

Credit Card0% Introductory InterestAnnual Fee
Wells Fargo Platinum CardWells Fargo Platinum card0% on purchases and qualifying balance transfers for 18 months from account opening
(rates & fees)
$0
BankAmericard Credit CardBankAmericard® credit card0% on purchases and qualifying balance transfers for 18 billing cycles$0
Citi Diamond Preferred CardCiti® Diamond Preferred® Card0% on purchases and balance transfers for 18 months$0
Citi Double Cash CardCiti® Double Cash Card0% on balance transfers for 18 months$0
U.S. Bank Visa Platinum CardU.S. Bank Visa® Platinum Card0% on purchases and balance transfers for 20 billing cycles$0

0% Interest for 15 Months

Credit Card0% Introductory InterestAnnual Fee
Bank of America Customized Cash Rewards Credit CardBank of America® Customized Cash Rewards credit card0% on purchases and qualifying balance transfers for 15 billing cycles$0
Citi Rewards+ CardCiti Rewards+® Card0% on purchases and balance transfers for 15 months$0
Blue Cash Everyday Card from American ExpressBlue Cash Everyday® Card from American Express0% on purchases and balance transfers for 15 months
(rates & fees)
$0
(fees)
Mastercard Titanium CardMastercard® Titanium Card™0% on balance transfers made in the first 45 days for 15 billing cycles$195 ($95 for each authorized user added to the account)

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