Best Balance Transfer Cards

My top 3 picks for best balance transfer cards when it comes to the APR (annual percentage rate) you will pay once the introductory period ends, for March 2010 ...

As you know, the low (and many times zero percent) interest rates that you will enjoy when you take advantage of a balance transfer offer don't last forever. In fact many expire within 6 months of signing up for the card. Then it is back to the cold, hard reality of regular credit card interest rates.

But there are some transfer cards that have low or zero introductory interest rates, and relatively low regular APR's.

My Top Three Picks For Best Balance Transfer Cards With Low Regular APR's

#1  Iberiabank Visa® Classic


This card is the clear winner in this category, with its regular APR of 7.25% (variable), an intro rate of 1.99%, and a low balance transfer fee of 2%.

If there are any "drawbacks" to this card they would be the shorter intro period (6 months) and the fact that you need excellent credit to qualify.


Introductory APR
1.99%
Introductory APR Applied To
Balance Transfers
Introductory Period
6 Months
Balance Transfer Fee
2%
Annual Fee
$0
Rewards
No
Credit Required
Excellent
Regular APR
As Low As 7.25% (Variable)



#2  Citi® Platinum Select® MasterCard®


If you prefer a longer intro period with 0% interest, and are willing to put up with a slightly higher regular APR once the intro period ends, then the Citi Platinum Select Mastercard is a good option.

One thing you should be aware of however, is that the regular APR will be based on your credit history at the time you apply, meaning that you may not qualify for the 11.99% rate that is listed below.



Introductory APR
0%
Introductory APR Applied To
Balance Transfers & New Purchases
Introductory Period
Up To 12 Months
Balance Transfer Fee
3%
Annual Fee
$0
Rewards
Yes
Credit Required
Good
Regular APR
As Low As 11.99% (Variable)


#3  Discover® More(SM) Card


My #3 pick is the Discover More Card.

This credit card offers many of the same features as the Citi Card, with few differences. The main difference is the balance transfer fee, which is slightly higher at 4%.

The same warning about the regular APR and your credit history applies to this card as well.



Introductory APR
0%
Introductory APR Applied To
Balance Transfers & New Purchases
Introductory Period
Up To 12 Months (6 Months On Purchases)
Balance Transfer Fee
4% At Time Of Application, 5% After
Annual Fee
$0
Rewards
Yes
Credit Required
Good
Regular APR
As Low As 11.99% (Variable)


The reality for most people who are carrying credit card debt is that it will be very difficult to pay that debt off completely within 12 months (the length of many introductory periods). Therefore, it is prudent to look beyond the introductory rate you will be enjoying, and put some focus on what the regular rate is that you will be paying down the road. When you do this, it will likely become apparant that some of the best balance transfer cards are the ones with low regular APRs.


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