It’s not a coincidence that credit card issuers begin to promote their credit cards that offer no interest for long introductory periods every winter. These credit card issuers are looking to gain new customers by promoting cards that offer 0% APR on purchases and balance transfers in order to entice holiday shoppers into applying for a new credit card in order to complete their holiday shopping without having to pay interest on their credit card balances. You should be careful not to be sucked into new credit card offers simply to purchase gifts for yourself or friends and family that you can’t afford, but if you have some credit card debt that you’ve been stuck paying interest on, it can benefit you to take advantage of some of these card offers.
Here is a list of the currently available 0% introductory APR on balance transfer credit cards that I recommend:
- Slate from Chase – The Slate card, offered by Chase, is the most attractive balance transfer credit card currently on the market. This is because the Slate from Chase card features a 0% intro APR on purchases for 15 months, as well as a 0% intro APR on balance transfers for 15 months. The Slate from Chase card also features no annual fee. The defining feature of the Slate from Chase card, and why it tops my list as the best balance transfer credit card of the year, is that it offers free balance transfers for 60 days. This means that if you transfer a balance from another credit card to the Slate from Chase card within the first 60 days of opening your Slate account, you will not be hit with the usual 3% to 5% fee that accompanies most balance transfers.
- Citi Simplicity MasterCard – The Simplicity MasterCard, offered by Citi, also makes my list of best balance transfer credit cards of the year for several reasons. First, the Citi Simplicity MasterCard offers a 0% introductory APR on balance transfers and purchases for 18 months. You would be hard-pressed to find another credit card on the market with as long of a 0% introductory period on both balance transfers and purchases. The 0% introductory APR on purchases is an added bonus with the holiday shopping season in full swing. The Citi Simplicity MasterCard also features no annual fee, no late fees, and no penalty interest rates.
- Discover More – The Discover More card rounds out my list of the top three balance transfer credit cards of 2012. The Discover More card features a 0% introductory interest rate on balance transfers for 18 months, in addition to featuring a 0% introductory interest rate on purchases for six months. In addition, the Discover More card offers a 5% cash back bonus on all online shopping up to $1,500 through December, as well as 5% cash back on department store purchases, and purchases in rotating categories such as gas and restaurants.
Don’t get stuck paying excessive interest on a large credit card balance if you don’t need to. Transferring a balance to another credit card can buy you the necessary time to pay off your credit card bills and become debt free.