What to Look for in a Credit Card for Balance Transfers

If you're carrying a balance on your credit cards, transferring that balance to a new credit card with a lower interest rate can be a smart financial move. However, not all credit cards are created equal when it comes to balance transfers. Here are some key factors to look for when selecting a credit card for balance transfers.

Low or 0% Introductory APR

One of the most important factors to consider is the card's introductory APR. Look for cards that offer a low or 0% introductory APR for balance transfers. This will allow you to pay off your balance without accruing more interest, saving you money in the long run.

Low or No Balance Transfer Fees

Another important factor to consider is the balance transfer fee. Some credit cards charge a percentage of the amount transferred as a fee, while others have no balance transfer fees at all. Look for cards with low or no balance transfer fees to save on this expense.

Length of Promotional Period

The length of the promotional period is also important to consider. This is the amount of time you'll have to pay off your balance before the card's regular APR kicks in. Look for cards with longer promotional periods to give yourself more time to pay off your balance interest-free.

Rewards or Cash Back

Rewards or cash back can be a nice bonus when selecting a credit card for balance transfers. Look for cards that offer rewards or cash back on balance transfers to make the most of your spending.

Credit Score Requirements

Finally, consider the credit score requirements for the card. Some cards require excellent credit scores, while others are more forgiving. If you have a lower credit score, look for cards with less strict credit score requirements to increase your chances of approval.