Getting into credit card debt can be a demoralizing situation when banks start charging interest that can exceed 20 percent annually.<\/p>\n\n\n\n
There are ways to do away with this high interest rate that goes toward making the bank rich, and one of these ways comes directly from the banks who are happy to take interest payments. They involve credit cards that offer 0 percent rates on balance transfers for a limited introductory time period. Here are four such cards that might help you cut the amount of interest that you\u2019ll need to pay.<\/p>\n\n\n\n
Chase Slate<\/strong><\/p>\n\n\n\n The Slate card from Chase is one of the best options when it comes to cards that allow for balance transfers with a 0 percent introductory fee. Many banks offer this, but most will require a balance transfer fee that usually equals between 3 and 5 percent of the transfer total. This means that you\u2019ll likely pay between $30 and $50 for every $1,000 that you transfer. This is not necessarily the case with the Chase Slate. As long as you choose to transfer your balance within 60 days of opening the account, there is no balance transfer fee. After that, there is a 5 percent fee. The Slate comes with no annual fee. Additionally, there is no penalty APR if you make a late payment. The 0 percent introductory interest rate lasts for the first 15 months after account opening. If you make the transfer in the first 60 days and pay it off before the interest-free period is done, you\u2019ll pay nothing in interest.<\/p>\n\n\n\n Citi Simplicity<\/strong>If you\u2019re looking for more than 15 months to pay off a balance, the Citi Simplicity card will fit the bill. The interest-free period on balance transfers is a whopping 21 months, which gives you nearly two full years to pay off any credit card debt. Where this card lags a bit behind the Chase Slate is in terms of balance transfers. You\u2019ll need to pay $30 on every $1,000 that you transfer, as there\u2019s a 3 percent balance transfer fee. In addition to the benefit of having a 21-month, 0 percent introductory interest rate, the Citi Simplicity comes with no annual fee. Additionally, there are no late payment fees or penalty interest rates, and Citi advertises that the Simplicity will never charge these fees that can leak money from your budget. This is a solid offering for those looking to transfer a balance.<\/p>\n\n\n\n BankAmericard from Bank of America<\/strong><\/p>\n\n\n\n The BankAmericard is an offering from Bank of America. The home page for this card does not advertise the lack of a penalty APR as the first two cards listed above do. However, there is a solid 18-month interest-free introductory rate for those who are approved for this card, and this should be plenty of time to pay down a nice chunk of debt. There is a balance transfer fee of 3 percent associated with the 18-month offer, so you\u2019ll have to pay $30 on every $1,000 that you transfer. The BankAmericard does not charge an annual fee. Therefore, the only expense that you\u2019ll see is the one-time 3 percent balance transfer fee.<\/p>\n\n\n\n Discover It<\/strong><\/p>\n\n\n\n The Discover It card is another solid option when it comes to attempting to save money with a 0 percent introductory rate. Like the Bankamericard, the Discover It offers 18 months as an interest-free period. It also comes with six months with no interest on purchases, although these purchases will start accruing interest after this period. There is a 3 percent balance transfer fee. Some of the other benefits that come with the Discover It includes no annual fee, no fees for going over the limit and no penalty APR. Furthermore, there is no fee on foreign transactions, and cardholders earn at least 1 percent cash back for purchases as well as 5 percent on purchases in certain predetermined spending categories that rotate quarterly. Paying interest takes away money that you could use to buy things you need or to invest. By looking into these cards that offer 0 percent interest for a limited time on balance transfers, you could conceivably save hundreds or even thousands of dollars that would otherwise go to the bank. Of course, you\u2019ll need to be sure to pay off the balance during the introductory period, or you\u2019ll be stuck looking for another card or paying anywhere from 10 to 25 percent interest going forward. Avoiding these situations is definitely a good step to take.<\/p>\n","protected":false},"excerpt":{"rendered":" Getting into credit card debt can be a demoralizing situation when banks start charging interest that can exceed 20 percent annually. There are ways to do away with this high interest rate that goes toward making the bank rich, and one of these ways comes directly from the banks who are happy to take interest … <\/p>\n