If you’re looking for the best balance transfer and 0% APR Credit Cards, then you’ve found the right place! Read along below to find out more!
Introduction
Excessive debt is not only bad for your credit score, but may also affect your quality of life. Everyone desires to live a luxurious life that is devoid of debt. However, living on credit cards to fund emergencies makes getting into debt almost inevitable. Hence, you should find ways to offset debts while living a quality life. Having a balance transfer card that ensures all your payment goes into paying your principal instead of interest charges helps keep a good credit score.
A balance transfer credit card allows you to offset your bills swiftly and helps you merge your debt into a single payment. Thus, you can be in control of your debt. Therefore, a balance transfer card with 0% APR credit cards helps you pay off debt with no interest without affecting your credit score.
Without further ado, here are the best balance transfers and 0% APR credit cards for March 2022.
The Best Balance Transfer and 0% APR Credit Cards
U.S. Bank Visa Platinum Card
U.S. Bank Visa Platinum Card is among the best balance transfer cards with 0% APR. The bank offers a lengthy 0% introductory APR for a balance transfer. With an annual fee of $0, the card is one you will likely want to keep beyond the promotional APR period, if you are eligible for the lowest end of the APR range.
For 20 billing cycles, you enjoy 0% intro APR on purchases and balance transfers. After the promotional billing period, the APR varies between 14.49% and 24.49%. Additionally, the balance transfer fee is 5% minimum or 3% of the amount you are transferring at a go. Thus, setting off debt is easy with a U.S. Bank Visa Platinum card.
Best Credit Cards of April 2024
Wells Fargo Platinum Card
The Wells Fargo Platinum card helps you swiftly pay off your debt with less or no interest on your previous debts. Like the U.S. Bank Visa Card, Wells Fargo has no annual fee to use the balance transfer credit card, and it also comes with a 0% introductory period to help pay off your debt. With travel perks and protections, the card is a great choice.
Wells Fargo offers 0% Introductory APR for 18 months on purchases and balance transfers. Also, the bank has a variable APR of 16.49% and 24.49% for APR after the introductory APR. The balance transfer fee is also flexible because all transfers within the first 120 days are charged at 3% interest rate, with 5% minimum interest after the first three months.
Furthermore, West Fargo offers money-saving protections. You enjoy secondary coverage on your car rental collision if you use the card for roadside dispatch, auto rentals, travel accident insurance, travel, and emergency assistance services. The bank also offers cell phone protection if you use the card to pay your monthly bill.
The Citi Double Cash
With a fantastic 0% APR balance transfer offer, Citi Double Cash gives you freedom to address your debt. The bank also provides numerous Citi perks, like concierge services, and chances to combine your earnings with multiple Citibank rewards cards to increase their value. Like the West Fargo credit card, the Intro APR for 18 months is 0%. However, the variable APR is 13.99% to 23.99%, depending on your credit card worthiness.
With a 3% balance transfer fee on the card or 5% minimum, the bank possesses one of the best balance transfer cards. What makes the bank unique is the 2% cashback on every purchase – 1% for purchasing and another 1% for paying the bill. When you accrue this cashback to $25, you can deposit it into a checking or savings account, take it as a check, or redeem it for a statement credit.
Citi Diamond Preferred Card
The Citi Diamond Preferred card gives you a full four months to enjoy such a fantastic offer to transfer the debt to the card. The annual bank fee is $0. Thus, one cannot but fall in love with Citi Diamond’s preferred card. Their variable APR is also between 13.74% and 23.74%, depending. The balance transfer fee is 3% on each transfer or 5% minimum, making the credit card one of the best around.
Citi Diamond preferred card grants you access to the Citi Concierge, and you can also choose your payment due date.
HSBC Gold MasterCard Credit Card
HSBC makes it to the best six of our balance transfer credit cards because of the solid perks for travelers. The Gold MasterCard credit card has no annual fee, no foreign transaction fees, and also comes with car rental protections through MasterCard. The 0% Intro APR lasts 18 months of opening the balance transfer, enough for you to offset your debts. After the intro APR period, the Gold MasterCard credit card charges you APR between 13.99 to 23.99%.
The balance transfer cost is 4% on each transfer or 10% minimum. However, you will be charged either $10 or 4%, depending on the higher one. Paying debt doesn’t come easy, and the bank understands to allow you to skip a late fee charge once every year.
Navy Federal Credit Union Platinum Credit Card
You must be a member of the Navy Federal Credit Union before you can partake in such a fantastic offer. With no balance transfer fee, Navy Federal Credit Union Platinum Credit Card buys a seat in our best balance transfer credit card with 0% APR. After the first 12 months of intro APR, your variable APR is between 5.99% and 18%, depending.
Only members of the Navy Federal Credit Union are eligible for this card, but there are some extensions to individuals who surround the person who belongs to the NFCU. The extended family members, partners and family of veterans qualify for the union, making the eligibility flexible.
Is a Balance Transfer Bad for Credit Score?
Paying your credit card debt isn’t easy, but accruing debt on numerous credit cards makes debt payment even more difficult. Thus, using a balance transfer and 0% APR credit card can help you pay your debt. But is a balance transfer bad for credit card scores?
Your debt payment history is the major contributor to your credit card score, followed by the amount you owe, which is 30% of your FICO credit score. Thus, while the amount you owe is bad for your credit score, your credit utilization ratio on your card contributes more to the score. The credit utilization ratio is determined by dividing your credit card balance by the credit card limit.
Factors that lower your credit score include:
New Hard Credit Inquiry
Applying for a new card with a balance transfer offer is bad for your credit score. A hard credit inquiry happens when a lender checks your credit report, potentially lowering your credit score. However, it is less significant than other criteria for credit score.
Length of Credit History Changes
The length of credit history changes makes up 15% of FICO’s credit score. The age of your oldest account, your newest account, and the average of all accounts make up the credit history changes on your credit report. Thus, adding a balance credit card may be bad for your credit score
FAQ
Can You Transfer Someone Else’s Credit Card Balance to Yours?
It is possible to transfer a balance from someone else’s card to yours, but only a few providers allow it. These providers restrict whose card you can transfer from, which may be limited to your partner, family, or close friend only.
Additionally, only the recipient can ask for a balance transfer as providers do not permit the sender to request for transfer. This is to minimize the risks involved in taking someone else’s credit card debt. You can transfer someone’s credit card debt to a new 0%APR balance transfer credit card to cut the interest you will accrue.
Does 0% APR Affect Credit Score?
Your credit score doesn’t factor in the interest rate on your card; thus, whether you have 0% or 100% APR, it doesn’t directly impact your credit scores. However, when you accrue enormous interest, it might affect your credit score.
This could add an account to your credit report and affect your score. It could also affect your utilization rate because a 0%APR offer may tend you to let your balance accumulate, which will increase your utilization rate and affect your credit score.
My Balance Transfer Is Showing on Both Cards
It is sometimes seen that your balance transfer is showing on both cards. You may pay the least minimum payment on each card before the issue is resolved.
You should ensure that no last-minute interest (called residual interest) lodges on your old credit card by monitoring the card for a month or two to ensure that your balance is $0. So, keep paying the necessary bills till your balance transfer is completed.
Final Thoughts
Balance transfer and 0% APR credit card permits users to transfer their credit card debt from a credit card to another one with no interest rate. This ensures that you focus on paying off your principal rather than servicing interest with your money.
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