What is the Best Balance Transfer Credit Card for me?
In short, the best balance transfer credit card is the one that will save you the most money. Therefore in answering this question, you must consider how your current interest costs compare to the combined cost of the balance transfer credit card's APR and balance transfer fee. It's always tempting to simply apply for the balance transfer credit card with the longest introductory period. However, applying for a card and getting declined might hurt your credit score and therefore reduce your chances for approval when you try again. So make sure to apply for a balance transfer card geared toward people of your credit standing.
With that in mind, a credit card calculator at the ready and one of 2017’s best balance transfer credit cards in your wallet, you’ll be ready for success. For your convenience, here’s a quick recap of the year’s best balance transfer credit card offers:
2017’s Best Balance Transfer Credit Cards – Editors’ Picks
Ultimately, it’s also worth noting that the absolute best balance transfer credit card you can get is none at all. So once you paid off what you currently owe, turn your focus to budgeting and try not to let history repeat itself.
How large of a balance can I transfer?
The rule of thumb is that you should be able to transfer a balance equal to your largest credit line. For example, if you have three credit cards, one with a $3,000 credit line and two with $1,500 credit lines, you shouldn't count on getting approved for a balance transfer too much higher than $3,000.
For what types of debt can I use a balance transfer credit card?
Most people think that a balance transfer only works between two different credit cards. However, you can transfer any kind of debt to a balance transfer credit card as long as this debt is tied to a numbered account at a financial institution. Therefore, the best balance transfer is that which will lower your interest costs the most, whether these costs derive from an auto loan, a student loan, another credit card, etc.