Are you having trouble paying off your debts? Do you want to reduce interest on your credit card debt? If so, it may be time to consider debt consolidation. A common way to consolidate your debt and lower your interest rate is to use a 0% balance transfer credit card. In this article, we will explore the best 0% balance transfer credit cards of 2022.
Things to Consider Before Applying for a 0% Balance Transfer Card
Before diving into the list, there are a few things you should know. First, you generally need a credit score of 690 or higher to qualify. If your credit score needs improving, we have a handy checklist and video on increasing your credit score (link in description).
Second, the 0% interest rate is temporary and will only last for a certain period of time, usually between six and 24 months. Make sure you understand what the interest rate will be after the grace period and make sure it is not higher than your current interest rates.
Third, you can only transfer your balance to a card of another bank. So, if you already have an American Express card for example, you cannot transfer your balance to another American Express card.
What to Look for in a 0% Balance Transfer Card
When choosing a 0% balance transfer credit card, there are a few factors to consider. First, check the annual fees. Avoid cards that require you to pay fees just to keep them open.
Next, consider the length of the introductory APR (annual percentage rate). Look for a card that offers 0% APR on balance transfers for as long as possible. Some cards may require you to transfer the balance within a specific time frame, usually the first 60 days after opening the card.
Plus, find out the regular APR that will apply after the grace period ends. This will give you an idea of the interest rate you will be charged once the promotional period ends.
Finally, be aware of possible transfer fees. Some cards may charge a percentage fee to transfer balances from your existing credit cards. The ideal is to choose a card with zero or low transfer fees.
The Best 0% Balance Transfer Cards of 2022
Now let’s explore the best 0% balance transfer credit cards for 2022. These cards offer attractive APR introductory periods and other benefits:
- Wells Fargo Reflective Card: 0% APR for the first 21 months.
- American Bank Visa Platinum Card: 0% APR for 20 billing cycles on transfers made within the first 60 days.
- BankAmericard credit card: 0% APR for the first 18 billing cycles and a sign-up bonus.
- Active Wells Fargo payment card: 0% APR for 18 months and a rewards program with 2% cash rewards.
- Discover It Balance Transfer Card: Offers excellent cashback rewards even after paying off your debt.
- Citi Simplicity Card: 0% APR for 21 months, no late fees, and no APR penalty.
- Personalized Cash Rewards Credit Card from Bank of America: 0% introductory APR for the first 15 billing cycles and flexible reward categories.
- Citi Double Cash Card: 18-month introductory APR, simple cashback structure and no annual fees.
- HSBC Gold Mastercard: Very long 0% APR introductory period, no annual fee or APR penalty, but no rewards program.
- Citi personalized payment card: Offers long-term value beyond the introductory APR period with 5% back in a popular spending category each month.
Consolidating your debt with a 0% balance transfer credit card can help you pay off debt faster and save money on interest. If you want to learn more about paying off your credit card debt, check out our free masterclass, Say goodbye to credit card debt forever.
Remember to choose the best card that suits your financial situation and allows you to achieve your goals without debt. Don’t forget to like this video and sign up for our free masterclass via the link in the description.
