Are you tired of high interest rates on your credit card debt? Balance transfer credit cards offer an enticing solution, allowing you to move existing debt to a new card with lower or even 0% interest for a limited time. But with so many options available, how do you choose the right one for you? In this article, we'll explore the best credit cards for balance transfers in 2021.
What to Look for in a Balance Transfer Credit Card
When searching for a balance transfer credit card, there are a few key factors to consider:
- The length of the introductory 0% APR period: The longer the period, the more time you have to pay off your debt interest-free.
- The balance transfer fee: This is typically a percentage of the amount you're transferring, so be sure to compare fees among different cards.
- The ongoing APR: Make sure you understand what the interest rate will be once the introductory period ends.
With those factors in mind, let's dive into our top recommendations for the best balance transfer credit cards in 2021.
Citi Simplicity Card
The Citi Simplicity Card offers the longest 0% introductory period on the market: 18 months. That means you have a year and a half to pay off your debt without accruing any interest. Plus, there's no late fee or penalty APR if you miss a payment. The balance transfer fee is 5% of the amount transferred, so keep that in mind. Once the introductory period ends, the ongoing APR is between 14.74% and 24.74% variable, depending on your creditworthiness.
Chase Freedom Unlimited
The Chase Freedom Unlimited offers a 0% introductory period of 15 months for both purchases and balance transfers. There's a balance transfer fee of 3% of the amount transferred. After the introductory period ends, the ongoing APR is between 14.99% and 23.74% variable. Plus, the card offers a 1.5% cash back rewards rate on all purchases, which can help you earn while you pay off your debt.
Discover it Balance Transfer
The Discover it Balance Transfer card has a 0% introductory period of 18 months for balance transfers, plus a unique cash back rewards program. In the first year, Discover will match all cash back earned, effectively doubling your rewards. The balance transfer fee is 3% of the amount transferred. After the introductory period ends, the ongoing APR is between 11.99% and 22.99% variable. Additionally, the card offers free access to your FICO credit score and 24/7 fraud monitoring.
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