Updated December 18, 2015

How to Choose a Credit Card with a 0% Introductory Balance Transfer APR

You have an existing credit card balance and know that an introductory 0% APR balance transfer could save you money. But which one do you pick? Here are three key factors to consider:

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  • Card Issuer: Most credit card issuers will only accept transfers from cards issued by a different company.

  • Length of Intro Period: Check the length of the introductory period and compare the post-introductory APRs. If you can pay off the balance before the introductory period expires, great. Otherwise, the new card might become more costly than the old card.

  • Balance Transfer Fee: Even with a 0% APR, you might be charged a one-time balance transfer fee for each transfer, typically ranging from 3% to 4%.

If you plan to carry a balance and the promotional balance transfer offer you are considering does not have a similar promotional APR (including promotional period) on purchases, you may want to avoid using that credit card for new purchases. Promotional interest rate offers may cause you to lose the grace period on purchases if you do not pay the entire statement balance (including the amount subject to the introductory APR) by the payment due date. If you plan to carry a balance, check the credit card issuer's terms to find out about the effects of the promotional APR offers on the grace period for new purchases.

For more insight, read our guide on the Balance Transfer Game and What You Should Know.

Infographics: Balance Transfer Game

Balance Transfer Game

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