September 26, 2009 by Silicon Valley Blogger
Good credit card offers are harder to come by these days, but if you’re looking to trim your debt and you’re seeking the cheapest rates on cards, then balance transfer credit cards can be an option for you. The thing you may notice with these cards is that their terms are not as generous as they once were: nowadays, balance transfer fees and limited promotional periods (6 months vs 12 months and over) are the norm. On top of this, the rates you may get after the introductory terms expire are much higher than they used to be.
But even with the current terms for balance transfer cards, you may still be able to make a dent on your debt by committing to a payoff schedule that quickly retires your outstanding balance over the span of the card’s promotional period. Then again, these cards may still work for you even after taking their balance transfer fees and regular interest rates (which are set after the intro period) into consideration — they may still come out a better deal than other cards you may already be using. So it pays to shop around!
Best 0% APR Credit Card Offers
Most of the credit cards I’ve listed here currently offer a 0% APR on both balance transfers and new purchases. So if you want to do away with existing debt as quickly as possible, you’ll help your cause by transferring to one of these cards, where you’ll pay no interest for the duration of the intro period (typically 6 months). Same goes for new purchases on these cards: you’ll be paying no interest for a certain length of time. You have to be keenly aware that beyond the specified period, your rates *will* jump, so read the fine print carefully before you apply.
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Discover More Card is a cash back rewards credit card that offers 0% APR for 6 months on both balance transfers and new purchases. This card provides a $50 cash back bonus once you have made $500 in purchases, along with ongoing 5% to 20% cashback on various spending categories. It comes with a 3% transfer fee and no annual fee. Here’s where to apply.
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Discover More American Flag has a 0% APR on purchases for 6 months and 0% APR on balance transfers for 12 months. Like other Discover More cash back cards, this rewards card lets you earn 5% to 20% cash back when you spend on certain categories and 1% for other purchases. It has no annual fee but has a 5% balance transfer fee. Here’s where to apply.
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Escape by Discover offers a 0% APR period on both balance transfers and new purchases for 6 months. It is a travel rewards card that yields unlimited double miles on all purchases, along with other travel benefits, including 25,000 bonus miles. It has a $60 annual fee and a 3% balance transfer fee. Here’s where to apply.
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Miles By Discover Card has a 0% APR promotional term for 6 months, both for purchases and balance transfers. It converts to a travel rewards card that will earn you miles each time you spend. Specifically, it offers 12,000 bonus miles, with double miles each year on the first $3,000 you spend. It has no annual fee and has a 3% balance transfer fee. Here’s where to apply.
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Discover Student Credit Card gives you 0% APR on purchases for 6 months. With this cash back credit card, you’ll receive full 5% cash back on popular spending categories and up to 1% unlimited cash back on all other everyday purchases. This card has no annual fee. Here’s where to apply.
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Citi Platinum Select MasterCard gives you 0% APR on both purchases and balance transfers for 6 months. The purchase APR after 6 months is a variable low rate (as low as 11.99% based on your credit standing). Being a non-rewards card, its regular interest rate is relatively lower than those of rewards cards; it also has no annual fee and a 3% balance transfer fee. Here’s where to apply.
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Citi® mtvU™ Platinum Select® Visa® Card is a solid rewards card for students. If you qualify based on your credit history and application, you may receive a 0% APR on both purchases and balance transfers for 6 months. This rewards card will grant you up to 2,000 ThankYou points twice each year if you maintain a good GPA, plus additional points for everyday spending and for good financial behavior. The card has no annual fee but has a 3% transfer fee. Here’s where to apply.
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Citi Forward Card is a rewards card with a 0% APR on both purchases and balance transfers for 6 months. You’ll rack up ThankYou points when you stay under your credit line and pay on time. Once the intro period elapses, this card also gives you a chance to reduce the purchase APR by .25% (possibly several times, up to a 2% maximum reduction). It has no annual fee but has a 3% transfer fee. Here’s where to apply.
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TrueEarnings Card From American Express and Costco is a popular cash back rewards card that offers a 0% APR on purchases for 3 months and a low 1.99% APR on balance transfers for 6 months. This card will let you earn up to 3% cash back anywhere. You’ll also get a $25 bonus with your first purchase once you’re a member. There’s no annual fee but you’ll have to be a Costco member to become a cardholder. Here’s where to apply.
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