Balance Transfer Cards with longest 0% APR Offers

March 15, 2019

By Sherry Keyles

Are you drowning in credit card debt and paying a high interest rate on your balance? A balance transfer credit card may be your solution, especially one with a long introductory 0% rate.

A balance transfer credit card enables you to transfer existing debt to a balance transfer card in order to save money on your monthly payments and pay down your debt faster.

To determine if a balance transfer is right for you, you should evaluate your financial situation. Set a timeframe for eliminating your balance and determine the monthly payment required to pay off your balance. You should also check your credit score before applying for a card as balance transfer credit cards are typically offered to cardholders with good to excellent credit.

No-Interest Introductory Offers

The introductory balance transfer APR is the interest rate you will have when you transfer your balance to the new card. Most balance transfer cards offer an introductory rate of 0%.

Most 0% APR promotional offers vary from card to card but are generally 12-15 months. However, you can find some with longer promotional periods up to 21 months, which can be helpful if you have a large amount of debt. Generally, the longer the promotional period, the better.

Depending on the size of your debt, the difference between a 12-month and 21-month 0% balance transfer promotional period could mean hundreds or thousands of dollars saved on interest charge Also, most cards charge a balance transfer fee, which typically range from 3% to 5% of the amount being transferred.

It’s also important to remember the length of time of the 0% APR offer is for a limited time. You will have to transfer the balance within a certain period of time after opening the account to qualify for the interest-free time period.

Balance Transfer Cards with the Longest 0% APR Introductory Periods

By transferring your balance to a card with the longest introductory 0% interest offer, you give yourself more time to pay off your debt while saving money on interest. Depending on the size of your debt, the difference between a 12-month and 21-month 0% balance transfer promotional period could mean hundreds of dollars saved on interest charges.

Citi Simplicity® Card Citi Simplicity Card – 21 Months – Longest Available

  • 0% APR for 21 months on balance transfers made within 60 days of account approval
  • 5% balance transfer fee (minimum $5)
  • Regular APR 15.99% - 25.99% (Variable)
  • No late fees
  • No penalty APR
  • No annual fee

U.S. Bank Visa® Platinum Card - 18 Months

  • 0% APR for 18 months balance transfers made within 60 days of card approval
  • 3% balance transfer fee
  • Regular APR 11.99% - 23.99%* (Variable)
  • No annual fee
  • Flexibility to choose a payment due date that fits your schedule

BankAmericard® Credit Card – 18 months

  • 0% Introductory APR for 18 billing cycles for any balance transfers made in the first 60 days of account approval
  • Regular APR 14.99% - 24.99% Variable APR.
  • $0 balance transfer fee on balance transfers within 60 days if you get card through Bank of America; otherwise 3% fee (min $10) applies to balance transfers
  • No annual fee
  • No penalty APR

HSBC Gold Mastercard® Credit Card – 18 Months

  • 0% APR on balance transfers for the first 18 months from account opening
  • Regular APR 12.99%, 16.99% or 20.99% (Variable)
  • 4% balance transfer fee ($10 minimum)
  • No penalty APR.
  • Late fee waiver.
  • No annual fee

Wells Fargo Platinum Visa® Card  - 18 months

  • 0% APR  for 18 months on balance transfers made within 120 days of card approval
  • Regular APR 13.49%-26.99% Variable.
  • 3% balance transfer fees for 18 months
  • Offers cardholders up to $600 protection for your cell phone against covered damage or theft when you pay your cellular bill on the card.
  • Access to  FICO® Credit Score with Wells Fargo Online®
  • No annual fee

Tips for making the most of a long balance transfer offer

To get the most out of your balance transfer, consider the following tips:

Make regular repayments - Make full use of the interest-free period by drawing out a schedule of regular repayments. Aim to pay off your full balance within the promotional period if possible, and follow that schedule responsibly to achieve your debt freedom.

Use savings to help pay down the balance – Use all your resources to pay off your debt including your savings. This will be especially helpful if you are close to the end of the promotional period and you still have remaining debt

Avoid making new purchases- While some cards also offer 0% APR periods, you are better off focusing on paying off your debt. Any new purchases will set you back. If you need to make purchases, you may want to use your old card or find one with a lower interest rate.

Never credit card at an ATM - If you use your credit card at an ATM, it’s treated as a cash advance and you will be charged an upfront advance fee (usually 5% ). In addition, the APR on cash advances is usually very high (above 20%).

Always pay on time – If you don’t pay on time, you will immediately be charged with a high late fee. If you are 30 days late, the issuer will likely report you to the credit bureaus. Late payments can have a big, negative impact on your score. Once you are 60 days late, you can end up losing your promotional balance transfer rate and be charged a high penalty interest rate (usually around 30%). To avoid missing a payment, set up automatic payments.Don’t try to transfer debt between two cards of the same issuer– Most credit card issuers do not allow you to transfer two credit cards offered by the same issuer. If you have an airline credit card or a store credit card, just make sure you know which bank issues the card before you apply for a balance transfer.


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