If you carry credit card balances accruing 20% to 29% APR, an aggressive portion of each payment goes toward finance charges rather than paying down the principal. A 0% intro APR balance transfer card temporarily pauses interest charges, allowing 100% of your payments to attack the principal balance.
Top 0% Intro APR Balance Transfer Cards Compared
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| Card | 0% Intro APR Period | Balance Transfer Fee | Annual Fee |
|---|---|---|---|
| Citi Simplicity Card | 21 Months on transfers | 3% intro fee (5% after 4 mos) | $0 |
| Wells Fargo Reflect Card | Up to 21 Months | 5% fee | $0 |
| BankAmericard Credit Card | 18 Billing cycles | 3% fee | $0 |
| Discover it Balance Transfer | 18 Months | 3% intro fee | $0 |
How to Calculate Your Balance Transfer Savings
Scenario: You transfer an $8,000 balance from an account charging 24% APR to the Citi Simplicity card (21 months 0% APR with a 3% transfer fee of $240).
- Total starting balance: $8,240
- Monthly payment needed over 20 months: $412
- Total interest paid: $0
- Total money saved compared to minimum payments: Over $2,800 in interest!
Critical Balance Transfer Rules to Follow
- Never make new purchases on the transfer card: Keep the card dedicated exclusively to paying off the transfer balance.
- Pay on time every month: A single 30-day late payment can revoke the 0% promotional rate immediately.
- If your balance is larger than $15,000: Consider a fixed debt consolidation loan instead of multiple credit cards.