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Best Balance Transfer Credit Card

Best Balance Transfer Credit Card

a balance transfer in the simplest of terms is just transferring the balance on one credit card to another credit card so if you had a balance of let's say two thousand dollars on a credit card and you transfer that entire balance to another credit card or a new credit card that you got then that is what a balance transfer.

is also people will want to do balance transfers because of the special offers that some credit card companies have which usually includes a balance transfer offer where there's no fee to transfer the balance to the new credit card or just a small fee and also there's a period of months where you get to make no interest payments and if you pay off the entire balance before the end then you pay no interest so you're really getting out of paying the interest when you do a balance transfer correctly and you can think of it like a debt consolidation loan but without the interest or any more added interest and also you'll be able to pay off that balance much much sooner.

so the first card on the is the city double cashback credit card and this card was always a good credit card and it still is now even before looking at the balance transfer offer that they have right now this card will as the name suggests get you cash back on all your purchases so ideally you want your balance transfer credit card to be one that you can keep using after you've used it for your balance transfer and you've paid that off or paid off all that debt and this is a very good pick.

this credit card charges no annual fees so it's a free credit card and also you get one percent cash back on all purchases you make with this card and to make it even better you get another one percent in cash back when you pay your bill so you're getting two percent flat cash back on all purchases made using this card which is arguably the best or one of the best flat cash back credit cards out there right now.

the only other credit card that gives you that much which is also free is the paypal cashback credit card however that credit card doesn't have any balance transfer offers available now this card only charges a three percent balance transfer fee which is very good if you compare it to other balance transfer credit card offers which usually charge at least five percent and over and they give you up to 18 months which is almost two years to pay off the balance and not get charged any interest.

so if you signed up for this card now you'd be able to pay no interest until 2022 and pay off all that debt also the interest rate or apr on this credit card is 14 to 24 depending on your credit and other factors which is average so not so bad at all.

now the downsides i found with this card is although you have up to 18 months to pay off the balance transferred if you make any purchases with this card there is no zero percent interest period for that and you'll be charged interest so it's best to use this balance transfer card and then pay off your debt first and then you can move on to using this credit card for your everyday purchases.

also this credit card requires you to have a good credit score and the recommended credit score to be approved for this card is a 700 or over now still a very very good credit card in my opinion.