There are no credit cards with 0% APRs on balance transfers for 24 months. But the Citi Simplicity Card gives the next best thing, 0% interest for 21 months on balance transfers. There are a handful of credit cards with 0% APRs on balance transfers for 15-18 months, including U.S. Bank Visa Platinum, Wells Fargo Platinum, and the Discover it Balance Transfer card.
Though there aren’t any 0% balance transfers for 24 months right now, there have been in the past. In 2017, the Santander Bank Sphere Card offered a 0% balance transfer APR for 24 months to customers who applied at one of their branches in the Northeastern U.S.
Longest 0% Balance Transfer Credit Cards:
U.S. Bank Visa Platinum Card:0% for 18 months. 3% (min $5) transfer fee.0% for 18 months on purchases.$0 annual fee.
Citi Simplicity Card:0% for 21 months*. 5% (min $5) transfer fee.0% for 12 months* on purchases.$0* annual fee.
Discover it Balance Transfer Card:0% for 18 months. 3% transfer fee.0% for 6 months on purchases.$0 annual fee.
Wells Fargo Visa Platinum Card:0% for 18 months. Transferfeeof3% for 120 days, then 5%.0% for 18 months on purchases.$0 annual fee.
Santander Bank Sphere Credit Card:0% for 18 months. 4% (min $10) transfer fee.0% for 18 months on purchases.None annual fee.
BankAmericard Credit Card:0% for 18 billing cycles for balance transfers made in the first 60 days. 3% (min $10) transfer fee.0% for 18 billing cycles on purchases.$0 annual fee.
Chase Slate:0% for 15 months. $0 balance transfer fee for the first 60 days. 0% for 15 months on purchases.$0 annual fee.
You’ll need good or excellent credit if you want a 0% balance transfer card. And if you get a card with a long 0% period, you shouldn’t expect it to have rewards. Cards like these are focused on financing. So it’s best to have a 0% card for your transfers and a rewards card for any new purchases.
Balance transfers don’t hurt your credit, but transferring a balance can indirectly cause credit score damage. When you apply for a balance transfer credit card, it will generate a hard inquiry on your credit report, causing a slight dip in your credit score. If you transfer a balance to an existing credit card account, however, there is no hard inquiry and no credit score damage. …read full answer
Balance transfers don’t hurt your credit score directly. But when you apply for a balance transfer credit card, it will generate a hard inquiry on your credit report, causing a slight dip in your credit score. If you transfer a balance to an existing credit card account, however, there is no hard inquiry and no credit score damage as a result. A balance transfer could still result in high credit utilization, though, and even allow you to rack up more debt than you can afford, if you’re not careful. Both of those things can hurt your credit score.
So, the act of transferring a balance itself won’t affect your credit, but it will indirectly alter several key components of your credit profile, from utilization to the age of your accounts. These changes might lower your score a bit in the short term. But over time, interest savings and the ability to pay off your debt faster should make transferring a balance a net positive for your credit score.
Here is how a balance transfer could hurt or help your credit:
Balance transfers can take up to three weeks, or be completed in just a few days, after you make a request or apply for a card. Transfers to new accounts may take longer than existing accounts. Continue making payments on your original account in the meantime to avoid hurting your credit score.
If you apply for a new balance transfer card, the resulting hard inquiry will likely cause a slight dip in your credit score for up to 12 months.
Adding a new balance transfer card will reduce the overall age of your accounts, which can have a slight negative impact on your score.
Keep an eye on how the transfer affects your account’s credit utilization. Making a transfer will usually add 3%-5% to your debt due to balance transfer fees. If your utilization is over 30% of your credit limit, that’s not good for your score.
If you leave your old credit card(s) open, adding a new card will reduce your utilization ratio across all accounts, assuming no additional spending. The utilization on the card you transferred the balance from will drop, and it will increase on the card you transferred the debt to.
Balance transfer cards often have 0% introductory APRs. This gives you the chance to pay off your balance faster, since the full amount of your payments will go to the principal rather than interest. This is good for your score long-term.
Balance transfers won’t hurt your credit by themselves. But they affect other elements of your credit that could bring your score down a little temporarily. Still, the benefits will outweigh the negatives in the long run, as long as you plan to repay most, if not all, of your balance during your card’s low introductory APR period.
Where people get into trouble is trying to use a balance transfer to support unsustainable spending habits, thinking 0% balance transfer credit card offers are always available. They’re not, and learning that the hard way is a very expensive mistake. So make sure to use a balance transfer calculator to make a payment plan.
Paying unnecessary interest is a pet peeve of many. Therefore, it is not surprising that many people may take this option to help reduce their overall payments. However, it is important to note some of the facts behind transferring your balance and some possible repercussions. With this newfound knowledge at hand, you will be able to determine whether or not it is a good idea to take advantage of a balance transfer. Before I begin, I am assuming you mean transferring the balance of your credit card debt.…read full answer
One of the main enticers of a balance transfer offered by credit card companies is that it comes with a 0% interest. There are a few catches to this that can come back to haunt you. Firstly, a balance transfer usually has a fee associated with it of about 3% to 5%, depending on the company. In addition, the 0% interest rate is only good for a certain period of time (this range can vary greatly). If you do not believe that you can pay off your debt before that time, your APR will skyrocket. Another tricky scheme that credit card companies came up with is a deferred interest promotion. This promotion means that if you do not pay off your transferred debt during the time period that the 0% interest is offered to you, then you will be responsible for all of the accrued interest during the life of the promotion. This could be potentially devastating to a consumer. Therefore, depending on the specific terms of the promotion, if you believe that you can pay off the transferred balance before the 0% interest rate promotion is over, then that is good news. However, I would not advise you to take the promotion just yet.
There are other factors that come into play as well. The 0% rate promotion only applies to your transferred debt and not to any new debt that you will accumulate once you start using your card. In addition, your credit score may take a small (or large) hit. The length of your accounts does factor into your score. If you transfer your balance, that account will close and a new one will open. Therefore, the length of your account will essentially be 0 days. If you are not planning on making any big purchases soon that require financing, then I would not worry about that last point.
Overall, with these facts in mind, the decision to transfer your balance can come at a cost. I would self-assess my situation and make a decision using the pros and cons outlined above.
The best balance transfer credit card is not one-size-fits-all. The answer depends on how much you owe, how quickly you’ll be able to repay it and what your credit score is. Those factors will tell you which cards are attainable and help you figure out how much each will save you. But we can certainly point you in the right direction.…read full answer
WalletHub’s editors compared hundreds of credit cards based on their balance-transfer appeal. In the end, five cards in particular stood out. None of them charge annual fees. All of them require at least good credit for approval. And you can get the rest of the particulars below.
Here are the best balance transfer credit cards of 2018:
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