So here’s the question. If it costs nothing to apply but a few minutes, and it costs nothing to transfer over the balance once you’ve been approved, why would anyone carrying a balance continue to pay interest every month? We hope we can help spread the word so that more Americans can use this incredible tool to cut out their card debt, and that if you are carrying a balance, that you can put these principles we’ve identified to work for you. Below are our top-rated balance transfer cards offering the longest 0% intro APR periods, or the best combination of 0% intro APR and other incentives (cash rewards, no fees etc):
The No Transfer-Fee Card
Chase Slate
15 Months of 0% Intro APR. No balance transfer fee. No annual fee.
The Chase Slate is tied as our highest-rated balance transfer card, and for good reason. It charges no fee for transferring your balance to it in the first two months, no annual fee, and no interest on balances transferred for a full 15 month 0% intro APR period. This makes it a phenomenal tool to gain control of your credit card debt, as you can make a costless balance transfer, then use the 15-month interest grace period to pay down your balance.
The Verdict: If you don’t need the entire 18 months offered by the BankAmericard, this can be efficient since it doesn’t have a balance transfer fee. No transfer fee and no annual fee, combined with the 0% intro APR means that this is really free money for the 15 month term, no catches.
Most Appropriate For: Those who want a no-fee way to stop paying interest, and possibly pay off the cards during that breather. Those with good rather than excellent credit.
Least Appropriate For: Those who pay off their balances every month would be better served getting a card paying high rewards.
Credit Required: Good
The Ultra-Long 0% Intro APR Card
BankAmericard® Credit Card
18 billing cycles (months) of 0% Intro APR. No annual fees.
The BankAmericard is tied as our highest rated balance transfer card, featuring an unbelievable 18-month 0% APR intro period. This means that if you were to roll your balance over onto the card today, you wouldn’t have to pay interest until well into 2017. The card does charge a 3% balance transfer fee, but if you’re looking to avoid paying any interest on your credit card balances for as long as possible, the BankAmericard could be your card.
The Verdict: Getting a loan this cheaply for this long is pretty amazing. If you’re carrying a balance, and realistically you know you will have to carry that balance for a while, this card becomes a no-brainer. As an example, assume you have a $10,000 balance on your current cards at a 18% rate. Over the 18 month term, you would have paid $3,098 in interest.* Switching to this card would cost $300 in fees, but then nothing the rest of the way, for a net savings of $2,798. Not bad, you could do a lot with that extra cash.
Most Appropriate For: Those who have large balances and and want as much interest-free time as possible to pay the principle down.
Least Appropriate For: Those who pay off their balances every month or every few months.
Credit Required: Excellent
The Cards With Long 0% Intro APR AND Cash Rewards Programs.
Chase Freedom Card
15 Months of 0% Intro APR, 1% Cash Back Rewards Program, $100 bonus. No annual fee.
Pros: Chase is temporarily offering a fantastic deal on this card. If you charge $500 on it in the first 3 months, you’ll earn a $100 bonus. Combine that with the 1% standard cash back feature, plus 5% cash back in certain rotating spending categories per quarter (at the time of this writing it includes restaurants) and this card really starts to pay. All this and you get 15 months of 0% intro APR, and it requires good, not excellent credit, making it easier to get in.
Cons: Charges a 3% balance transfer fee.
The Verdict: A great combination of 0% intro APR, solid cash-back rewards, an attractive limited-time bonus offer while only requiring good credit.
Most Appropriate For: Those with good credit seeking a daily-use card offering great cash back rewards and 0% intro APR. Best for new charges.
Least Appropriate For: Balance transfers, as it charges the 3% fee while offering no more free term than the Slate (which has no transfer fee) and not as much as the Simplicity (if you were to pay a fee, you might as well get the full 21 months of the Simplicity)
Credit Required: Good
Citi Double Cash Card
15 Months of 0% Intro APR, 2% Cash Back Rewards Program. No annual fee.
Pros: Offers a really nice balance between a 15-month 0% intro APR term and a very solid cash-back rewards program. Even during the 0% intro period, you’ll receive 1% cash back when you make a purchase, and another 1% on any balance you pay off.
Cons: Does charge a 3% balance transfer fee. Requires excellent credit to get in.
The Verdict: If you are looking to make some purchases, want to defer paying interest on them, AND earn cash rewards, this is a great option.
Most Appropriate For: Anyone who might make some large purchases in the near future, or regularly charges a lot on their cards. Making the charges here would earn cash back but not require any interest during the 15 month intro.
Least Appropriate For: Those looking to make balance transfers of current balances onto 0% intro APR cards. The Slate and Simplicity would be better for that use.
Credit Required: Excellent
