The amount of interest you pay each month on your credit card is one of the biggest factors contributed to why most people struggle to become debt free. Depending on your income situation, high monthly interest payments can make it virtually impossible to pay anything on your principal balance. One of the best ways to solve this problem is to apply for a 0 percent balance transfer credit card.
To save you time in searching for the best balance transfer credit cards, I have put together a list of the two best. I determined this list by considering how long the 0 percent promotional APR will last and also any additional incentives that are offered.
1. Discover it® – 18 Month Balance Transfer – The Discover It Card is a great choice if you are looking to move a balance from a high interest credit card. You will receive 0 percent APR on balance transfers for 18 months and then you will have a variable rate of 10.99%-22.99%. There is $0 annual fee with the Discover It card but there is a 3 percent balance transfer fee. They offer 5% cash back at restaurant and movies through March 2014 and 1% on everything else.
2. Citi® Platinum Select® Visa® – With the Citi Platinum Select Visa credi card you can get 18 months with 0 percent APR on balance transfers and purchases. After the intro promotional period, you will have a variable APR between 11.99 and 21.99 percent. You will be accessed a 3 percent fee on any balance transfer. This card will also have a $0 annual fee.