Do ongoing high credit card payments have you down? A great way to save money is by transferring balances from high-interest credit cards onto a special balance transfer credit card. These cards usually have an introductory 0% APR period for balance transfers that will help you keep your interest payment costs down, as well as lower ongoing APRs. By lowering these 'debt servicing' costs you can save yourself some money.
The big question is how to choose balance transfer credit card that will save you the most money? Our top-rated balance transfer card, Slate® from Chase, is likely to be the right solution for many people, due to its 0% introductory APR and no balance transfer fees. However, it's not going to be the best card for all people. Because there are varying 0% introductory APR periods for each card along with different ongoing APRs based on credit levels, it's important you pick the card that fits your needs.
We've created a Balance Transfer Calculator that will help take the confusion and complication out of this process. All the work is done on the back end by us – you just need to input how much you want to transfer, the amount you intend to pay off each month and your credit level. We do the rest, estimating the finance charges you'll pay and how long it will take to pay off your balance. The results display the best balance transfer card for your sitatution, with the optimum match at the top of the page.
To demonstrate how different people's situations determine the best balance transfer card for them, we've put together the following 3 scenarios. Or, you can just use the Balance Transfer Calculator yourself and find out in 10 seconds what card will work best for you.
If you have a small to moderate amount you need to pay off and a good credit standing, but can only make small payments each month, the Discover More Card will suit your needs. Not only does it feature an 18-month 0% APR for balance transfers, but it also offers a 6-month 0% APR on purchases. In addition, cardholders can earn up to 5% cash back on their purchases.
Winner: Slate® from Chase
Most people will fall into this range – they are carrying a moderate amount of debt and can make manageable payments towards that debt. These people will benefit from the Slate from Chase balance transfer card (although it also will be the best choice for people in other situations). Slate from Chase features a 15-month 0% APR on balance transfers AND has no balance transfer fee during the first 60 days your account is open. This means that if you transfer over your balances during these 60 days you will do so free of charge.
Winner: Barclaycard® Ring Mastercard®
If you are in a situation where you owe more money, but are unable to make substantial payments towards your balance, the Barclaycard® Ring Mastercard® is a good choice. Although it doesn't have a 0% APR period, its extremely low ongoing 8% APR helps mitigates its absence. In addition, users will pay no balance transfer fees when they are consolidating their debt onto this card.
Although these are 3 somewhat common situations, one small change can affect which card will save the user the most of amount of money. For example, if a user's credit level is Very Good instead of Good another card might be a better choice. Or if their monthly payment or balance transfer amount changes by even $25 the results can vary. That's why it's best you take the 10 seconds to use our Balance Transfer Calculator for yourself and find out which card is best for you.