Balance Transfer Cards: Are 0% APR Offers Worth It?
Moving credit card debt to a 0% balance transfer card can save hundreds in interest — but only if you read the fine print.
Financial Writer
How Balance Transfers Work
A balance transfer moves existing credit card debt to a new card with a promotional 0% APR period — typically 15 to 21 months. You pay a transfer fee (usually 3–5% of the balance) but save on interest that would otherwise compound at 20–29%.
The Math
On a $5,000 balance at 24% APR: paying $250/month means paying $1,600+ in interest over 24 months. With a 0% transfer (3% fee = $150), you pay zero interest and clear the debt in 20 months. Net savings: $1,450.
The Pitfalls
If you miss a payment or fail to pay off the balance before the promotional period ends, the deferred interest kicks in at the regular rate — sometimes retroactively. Discipline is essential.
Best Cards for Balance Transfers in 2026
The Citi Simplicity Card offers 21 months at 0% with no late fees. The Wells Fargo Reflect offers up to 21 months. Both require good credit (670+ FICO) for approval.
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