You never thought you’d need a lengthy promotional zero interest period on a balance transfer credit card, but you signed up for one of those infamous store credit cards to try to rack up some rewards, but before you could say triple-points three times fast, you’re a couple grand in debt on a card with ridiculously high interest.
Don’t worry, you aren’t the first.
Usually opening up a new credit card isn’t the way to get rid of debt quicker, but cards with balance transfers are a great way to shift your debt to a card with a zero interest promotional period, letting you save money while you pay off that debt interest free. Here are some credit cards I’ve dug up that can help you accomplish just that.
Citi Simplicity® Visa Card
The City Simplicity Visa Card not only has zero interest for 18 months on your balance transfer, you’ll also have a zero percent APR for your first 18 months. There is a three to five percent balance transfer fee, but you’ll still save money in the long run if you are planning on paying off that balance interest free for a year and a half.
Other perks include not a lot of fees. No late fee, no annual fee and no penalty rate. The downside? No rewards program either.
Blue Cash Everyday® Card from American Express
The Blue Cash Everyday® Card from American Express gives you 15 interest free months on purchases and your balance transfer while simultaneously giving you a generous cash back system.
You get three percent cash back on groceries, two percent on gas and of course one percent on everything else. All this without an annual fee as well.
Discover it® - 18 Month Balance Transfer
Another 18-month interest free balance transfer card, the Discover it® is one of the best on the market for that reason alone. This card also provides five percent cash back on gas stations and another one percent on everything else.
Balance transfer tips
Here’s a couple tips if you’re on the fence about whether or not you should commit to a balance transfer. If you don’t think you can pay off the full debt you are transfering within the promotional zero interest window, don’t do it. The last thing you want is to be paying more interest on another card for the same debt you had originally.
Now that your previous card has a zero balance, don’t use it! Just because you have all this freshly available credit, don’t rekindle the relationship with that card until you have your new one paid off.
Citi Simplicity® Visa Card
When you sign up for this card you'll get 18 months of zero interest on you balance transfer and you'll also have zero percent APR for the first 18 months. The only downside is there is a three to five percent balance transfer fee and there is no rewards program, but climbing out of debt is one of the best rewards you can get.
Blue Cash Everyday® Card from American Express
This card only gives you 15 months of zero interest on your balance transfers but there is a generous rewards program waiting for you if you can pay off the balance within the promotional period. You'll earn three percent cash back on groceries, two percent on gas and one percent on everything else.
Discover it® - 18 Month Balance Transfer
Another 18-month interest free balance transfer card, the Discover it® is one of the best on the market for that reason alone. This card also provides five percent cash back on gas stations and another one percent on everything else.
