With Passover behind us, other than good feelings and memories, you’re likely left with plenty of debt on your credit card from all of the season’s expenses.
The good news is that you can independently tackle your card balances by performing some balance transfers between credit cards. This will get you a set amount of months in which you pay off your debt, interest-free.
Here’s a rundown of how balance transfers work and the best balance transfer offers available now.
What are balance transfers?
A balance transfer is when you repay existing debt with a new credit card. This moves your balance to a new card but does not reduce the amount you owe. Instead, the point of a balance transfer is to save money on interest charges and pay off what you owe much faster by transferring your balance to a card that has intro 0% APR on balance transfers.
Banks like to offer balance transfers in the hope that you won’t manage to pay off your debt within the intro 0% APR period and then they’ll make lots of money off you in interest.
You can outsmart the system though! After the initial no-interest months are up – usually 12 to 21 months- you can simply accept a 0% APR offer from a different bank. You will now gain another 12 to 21 months, interest-free!
Balance transfer fees
Many 0% APR credit cards have fees on balance transfers, an average of a 3% fee. However, don’t let the fee scare you off because even with the fee, you gain more than you lose. Even with a 3% fee, you save a lot more with up to 21 months of no interest while paying up your balance.
Top 10 balance transfer cards
Following are the top cards with balance transfers. Get the longest chance to pay off your Passover debt interest-free!
1. Bank AmeriCard
Intro 0% APR offer: Intro 0% APR for 21 months on balance transfers (after that 15.49% to 25.49% variable).
The balance transfer fee is 3% or $10, whichever is greater, on all balance transfers.
Annual fee: $0
Average credit limit approved: $8,007 based on results submitted by users in our credit card database
2. Wells Fargo Reflect Card
Intro 0% APR offer: Up to 21 months 0% APR. Intro 0% APR for 18 months on balance transfers. Plus the Intro 0% APR can be extended up to 3 months when you make on-time minimum payments during the introductory and extension periods (after that 17.49% to 29.49% variable).
The balance transfer fee is 3% or $5, whichever is greater, on all balance transfers made within the first 120 days. After that, the fee is up to 5% for each balance transfer, with a minimum of $5.
Annual fee: $0
Average credit limit approved: $11,813 based on results submitted by users in our credit card database
3. Citi Simplicity Card
Intro 0% APR offer: Intro 0% APR for 21 months on balance transfers from when the first balance transfer is made (up to 4 months from account opening) (after that 18.74% to 29.49% variable).
The balance transfer fee is 5% or $5, whichever is greater, on all balance transfers.
Annual fee: $0
Average credit limit approved: $7,833 based on results submitted by users in our credit card database
4. Citi Diamond Preferred Card
Intro 0% APR offer: Intro 0% APR for 21 months on balance transfers from when the first balance transfer is made (up to 4 months from account opening) (after that 15.99% to 25.99% variable).
The balance transfer fee is 5% or $5, whichever is greater, on all balance transfers.
Annual fee: $0
Average credit limit approved: $7,954 based on results submitted by users in our credit card database
5. Citi Double Cash Card
Intro 0% APR offer: Intro 0% APR for 18 months on balance transfers (after that 18.74% to 28.74% variable).
The balance transfer fee is 3% or $5, whichever is greater, on all balance transfers made within the first 4 months. After that, the fee is up to 5% for each balance transfer, with a minimum of $5.
Annual fee: $0
Average credit limit approved: $6,718 based on results submitted by users in our credit card database
6. Bank Of America Customized Cash Rewards Credit Card
Intro 0% APR offer: Intro 0% APR for 18 months on balance transfers (after that 17.49% to 27.49% variable).
The balance transfer fee is 3% or $10, whichever is greater, on all balance transfers made within the first 60 days.
Annual fee: $0
Average credit limit approved: $10,808 based on results submitted by users in our credit card database
7. Capital One VentureOne Rewards Credit Card
Intro 0% APR offer: Intro 0% APR for 18 months on purchases and balance transfers (after that 19.74% to 29.74% variable). Plus, cash in on the current welcome offer and earn 40,000 points after spending $1,000 within the first 3 months
The balance transfer fee is 3% on all balance transfers made within the first 18 months. After that, there is no fee on any balance transfers.
Annual fee: $0
Average credit limit approved: $5,000 based on results submitted by users in our credit card database
8. Bank of America Travel Rewards Card
Intro 0% APR offer: Intro 0% APR for 18 months on balance transfers (after that 17.49% to 27.49% variable).
The balance transfer fee is 3% or $10, whichever is greater, on all balance transfers made within the first 60 days.
Annual fee: $0
Average credit limit approved: $12,335 based on results submitted by users in our credit card database
9. Chase Slate Edge
Intro 0% APR offer: Intro 0% APR for 18 months on balance transfers (after that 19.49% to 28.24% variable).
The balance transfer fee is 3% or $5, whichever is greater, on all balance transfers made within the first 60 days. After that, the fee is 5% or $5, whichever is greater.
Annual fee: $0
Average credit limit approved: $8,236 based on results submitted by users in our credit card database
10. U.S. Bank Visa Platinum Card
Intro 0% APR offer: Intro 0% APR for 18 months on balance transfers (after that 18.99% to 28.99% variable).
The balance transfer fee is 3% or $5, whichever is greater.
Annual fee: $0
Average credit limit approved: $6,077 based on results submitted by users in our credit card database
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