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The right balance transfer card depends on how much debt you are carrying and your current credit score. When having small debt, look for cards with the lowest balance transfer fees. With big debt, you may need more time to pay it off, so look for the offers with the longest introductory periods.
When choosing the right balance transfer card, make sure your current credit score fits the recommended credit requirements. It's generally harder to find a balance transfer credit card when your credit is bad. On the other hand, you may see plenty of good offers with good and excellent credit ratings.
To sift out the right balance transfer credit cards, we usually look at three main things: the 0% intro period, balance transfer fee, and credit limit. Your debt amount can help you decide which of the three features matters most.
Thus, with a small balance you are likely to clear it before a short zero introductory period ends, so the period becomes a less significant factor. On the other hand, a balance transfer fee can become a considerable cost when transferring a small amount of debt.
Most balance transfer credit cards charge a 3% to 5% fee of each transferred amount. Thus, transferring a $3,000 balance triggers $90 - $150 in transfer fees. So it's better to keep those fees to a minimum.
However, the preferences change when you need to transfer a large balance that will require more than one year to pay off. Here, the length of the introductory period steps forward. Look for the card with the longest 0% intro period. Then comes the credit limit on your new balance transfer credit card. The issuer may not approve you for the amount you need. And even if you are approved for a high credit limit, check with the issuer the maximum amount you can transfer, as issuers often cap transfers at a slice of your approved limit.
Another thing to pay attention to is whether there is a time limit to request a balance transfer. Some cards might let you do multiple balance transfers over time as you pay off your debt. Others require you to transfer within the first 90 days of four months to qualify for the intro APR or lower fees.
When you do not know which balance transfer credit card to pick, start with the balance you are planning to transfer. Don't get sidetracked with rewards programs or flashy sign-up bonuses. Your main goal is to pay off your debt, not to increase it.
