Free Balance Transfer Credit Cards
Here is a listing of some of the top free balance transfer credit cards and credit cards with low introductory interest rates for balance transfers. Search through the available cards from many different top credit card companies. Be sure to compare the balance transfer fees, annual fees, and introductory rate guarantees (if applicable) before you apply for the credit card of your choice. There is no need to pay more in interest than you need to to the credit card company - use credit wisely! Get started saving yourself some money in interest today!
5 Things to Know Before You Apply
for a Balance Transfer Credit Card
If you are considering a balance transfer for your credit card or cards then here are some things to keep in mind:
1. Length of Introductory Rate: Many credit cards offer 0% APR for balance transfers (the low introductory rate will usually last between 6 months and 15 months). Be sure that you plan to pay off your balance by the time the introductory rate period is up.
2. Fees: Some balance transfer cards have fees in the form of an annual fee, a balance transfer fee, late fees, cash advance fees, etc. so be sure and read the fine print carefully when comparing balance transfer offers (this is where our free comparison tool will really shine - do your research and find the credit card that will best meet your needs!)
3. Approval Criteria: Different credit card issuers have different criteria for having your credit card application approved. Keep in mind that your credit score, your annual income, and other factors will be used by the different credit card companies to determine if they will approve your credit card application (and how much of a credit limit they will extend to you). Everything else being equal, it may be better for you to apply for a credit card with 0% interest for the first 6 months that will give you a $10,000 credit limit rather than a credit card with a much better introductory offer of 0% interest for the first 12 months and yet will only give you a $5,000 credit limit.
4. Methods of Balance Transfer: Different credit card issuers have different ways that you are able to receive your funds for the balance transfer. Some companies will allow you to issue yourself a check while others will allow you to direct deposit the balance transfer amount into your checking account just like making payments for a home loan. Still others offer the option of transferring the balance from the current credit card that you specify right on the credit card application!
5. Interest Alternatives: If you are approved for a credit card balance transfer then be sure that you transfer the money wisely. Make sure that you are paying off your credit cards in the order of the highest interest cards to the lowest interest cards. Once you pay off all of your credit cards then if you have money left over think about taking that extra money and socking it away in a money market account or a savings account to earn interest at the credit card company’s expense. If the credit card company is willing to give you money at a very low introductory rate of 0% or close to it then use that money for a little arbitrage play after your have paid off all of your cards. Why not? Let the credit card company help YOU earn some interest off of THEIR money!