The Citi Simplicity® Card - No Late Fees Ever card can be a good option. The card gives 21 months of 0% intro APR on balance transfers. All transfers should be completed within the first 4 months to qualify for this promo offer. The balance transfer fee is 5% of the amount transferred, but the annual fee is zero. The ongoing interest rate on this card is 16.24% - 26.24%* (Variable). It will apply if a monthly payment is missed or late, and will apply to the unpaid balance when the introductory period is over.
There are credit cards with lower balance transfer fees, but their promotional period is also shorter. For example, the Discover it® Balance Transfer card charges 3% intro balance transfer fee, up to 5% fee on future balance transfers (see terms)* while 0% introductory period on balance transfer is 18 months. The annual fee is $0, and the ongoing interest rate is 14.24% - 25.24% Variable.
Here are some basic balance transfer rules and tips:
- balance transfers between credit cards that are issued by one bank are not allowed;
- it usually takes 14 days to transfer balances to a new 0% intro APR credit card;
- if you request to transfer the amount that exceeds the available credit limit on your new 0% intro APR credit card, the transfer will be declined;
- you should make at least minimum monthly payments on your new balance transfer credit card to keep your 0% intro APR;
- if you make a single payment late or miss it, you may be charged a late payment fee and lose your 0% intro APR;
- credit card(s) from which you transfer, won’t be closed automatically. They will stay active and you will still need to make monthly payments on them;
- if you are unable to pay off the transferred balance in full by the end of the zero introductory period, an ongoing APR will apply to the remaining balance.