All consumers have already started to search the ways to lower their credit card debt in this New Year 2013. For most of them their credit reached to nearly $5,000 on an average.
So people are searching the ways to transfer their credit card balance to their new card at 0% introductory period offer. It is a report from the major credit reporting agency TransUnion.
Credit card balance transfers
Credit card balance transfer is one of the major facilities provided by the credit companies. It enables their consumer to transfer their outstanding debt from one credit card to another at lower interest rates. When doing the balance transfer to your new card, your credit limit allocated for the new card will be reduced proportionately to the transferred balance amount. But remember your balance transfer should be less than 80% of new credit card limit. For example if your credit limit on the new card is $5000 and you want to transfer the amount of $2000 then your credit limit will be reduced to $3000.
As the name implies Best balance transfer credit cards are designed and offered for the consumers to take the benefit of zero percent interest rate introductory periods to repay their credit card debt as interest free.
But to be genuine not all the balance transfer cards are designed and working the same way. There are many things to consider when it comes for picking the best balance transfer credit cards. Some of the factors are
Length of introductory period, fee collected for the balance transfer and of course reviews from consumers.
Upon analyzing these factors we have given 3 best balance transfer credit cards here.
1.) Citi Simplicity® Card
This Card offers the introductory period offer for the 18 months. This 0%introductory period offer is applicable for the balance transfer and all purchases done on this period.
It doesn’t pose any annual fee, late payment fees and no over the credit limit fee. But they pose a little charge of 3% when you transfer the whole balance to a new card.
We can say this card as one of the best credit card balance transfers card. So if you are searching the card to consolidate all your debt into single one we recommend you to check out the Citi Simplicity Card.
2.) Discover it™
This card is getting more and more aggressive in the process of promoting the Discover it card. It is of course very good news for all credit card debtors.
Just like the city card it also offers 0% interest introductory offer for the length of 18 months. This interest rate is applicable for the purchases and credit card balance transfers. This card also seems more lenient towards the late payment when the consumer attempts to make on the introductory period however after 18 months it will be $35.
One more benefit offered by the Discover it card is it offers a more attractive rewards program for their card holders. Through this program card holder can earn up to five percentages on various categories. You can earn points at all purchases made at the theaters and restaurants until the march 2013.
It also offers 1% of the cash back offer on all the other shopping bills. They will charge 3% for the credit card balance transfers. So if you want to transfer the credit card balance and want to have some cash back offer on the purchases we recommend you to go for the Discover it.
3)Slate (SM) from Chase
If you want to do the credit card 0 balance transfer we recommend you to choose the slate (SM) card because it doesn’t pose any interest on the balance credit card balance transfer. It is the only card in the market that opt the title of credit card 0 balance transfer