Top Balance Transfer Credit Cards for 2018
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Balance transfer credit card offers have been flooding the market for some time, giving consumers with an excellent credit score the opportunity to save some money. Issuers are offering cards with a 0% APR for 15-21 months on the amount you transfer from one card to another. In some cases, you may even receive 0% APR on your purchases for that time period.
Transferring a balance from one credit card issuer to another can be beneficial. Cardholders have the chance to consolidate their debt and possibly save a substantial amount in interest penalties.
But balance transfers do come with some risks:
- It usually costs money to transfer a balance from one card to another. Typically, you’ll pay a 3% balance transfer fee but some issuers charge 5%. Before applying for a balance transfer, you need to do the math to compare your current interest costs to the combined cost of the new card’s APR and the balance transfer fee (which is charged up front).
- Pay attention to the ongoing interest rate you will pay after the introductory rate expires, especially if you don’t think you can pay off the entire balance during this introductory period.
- If you do not have a good credit score, chances are you may not get the advertised introductory offer. You may receive a higher ongoing APR, a shorter introductory period, or the issuer may not allow you to transfer your total balance.
- It is crucial to pay your credit card bill on time every month. If you are late on a payment, your introductory period is likely to end immediately and you’ll be paying the ongoing APR on the balance that you transferred.
- The 0% introductory APR may only apply to the transferred amount, not future purchases. Check the terms and conditions of the card to see if the introductory offer includes new purchases. If not, any purchase made with the new card will be at the ongoing interest rate.
Top 4 Balance Transfer Cards For 2018
Here are some of the top balance transfer credit cards for 2018: