If you charge your way through your holiday shopping and can’t pay your balance in full, you may want to consider using a balance transfer to lower your future interest payments. A balance transfer credit card is one of the easiest and fastest ways to get a lower interest rate on your credit. And with a lower interest rate, you can pay your credit card balances faster.
When developing a debt elimination plan, some people take out home-equity loans or refinance their mortgages in order to consolidate and quickly eradicate their debt. While these are viable options, they’re also costly options. Refinancing a mortgage involves closing costs, plus you have to factor in the interest rate on these loans. Apply for a balance transfer credit card and you can possibly consolidate your debt at a cheaper interest rate.
If you overdid it and overcharged your gift budget, here’s a list of the four best credit cards for a balance transfer.
With no annual fee and 0% APR for the first 18 months on balance transfers, the Citi Simplicity credit card is the perfect option for creditworthy applicants who want to consolidate their balances at a lower interest rate. Apply today and you’ll also enjoy 0% APR on purchases for the first 18 months. This no-hassle credit card features no late fees and no penalty rate. And after your introductory rate period, you’ll pay an interest rate as low as 12.99%.
Transfer your balance to the Slate credit card from Chase and pay zero APR on balance transfers for 15 months. In addition to 0% interest, you will also pay no balance transfer fee. Zero interest and no balance transfer fees are subject to transferring your balances within the first 60 days of opening an account. This credit card features patent fraud protection, plus you can request an additional card and no extra charge. Enjoy an interest rate as low as 11.99% after the introductory rate period.
Not only can you transfer your balance and enjoy 0% APR for the first 18 months, the Discover More credit card also features a cash back rewards program. Earn 5% cash back on rotating categories, such as restaurants, gas and department stores. It’s free to sign up for this rewards program, and you can redeem your reward for cash or an account credit. Additionally, enjoy 0% APR on purchases for the first six months. Interest rates after the introductory period start at 10.99%.
If you have good to excellent credit, apply for the Chase Freedom Visa and consolidate your balances onto a single card. Pay 0% APR on balance transfers for the first 15 months. Spend $500 in your first three months and earn a $100 cash back bonus. Plus, you will earn 5% cash back on rotating categories, such as hotels, airlines, gas stations and restaurants. You also earn 1% cash back on all other purchases. Rewards never expire. And if you shop at specific retailers through Chase, you can earn an additional 10% cash back bonus. There is no annual fee.
This article was first published on http://moneyprime.com.