We ranked the best balance transfer cards available in 2024
As we march towards paying down debts in 2024, balance transfer credit cards have become an invaluable tool for many consumers. These financial instruments offer the opportunity to save on interest payments by transferring existing debt from one card with high-interest rates to another card typically with a lower rate. After conducting thorough research and analysis, here’s our ranking of the best balance transfer cards available this year:
1.ZeroMax Platinum Card:Topping the list, the ZeroMax Platinum offers a whopping 21-month 0% APR on balance transfers. The card also distinguishes itself with no balance transfer fee if transfers are made within the first 60 days of account opening. For those looking for a long runway to pay down their debt without accruing interest, this card is a standout.
2.MoneySaver Gold Card:With an impressive 18-month 0% introductory APR period on balance transfers and a nominal balance transfer fee of just 2%, MoneySaver Gold secures second place. Its competitive post-introductory rate and lack of annual fee make it particularly attractive for cost-conscious consumers.
3.DebtFree Master Card: This card offers a slightly shorter introductory period at 15 months with 0% APR but compensates with cashback rewards that can offset the standard 3% balance transfer fee. For those able to pay off their balances more rapidly, this card’s rewards program may provide additional value.
4.SpendWell Visa Flex:With an introductory APR of 0% for 12 months on balance transfers and purchases alike, SpendWell Visa Flex is perfect for those who need flexibility. The card has a variable balance transfer fee but offers a tiered rewards system that can help mitigate this cost over time through everyday spending.
5.Liberty Bank Credit Plus:While it has a lower headline-grabbing initial offer of just 0% APR for 10 months, Liberty Bank Credit Plus impresses with its sustainable post-introductory APR, which is one of the lowest in the market. Its straightforward terms and absence of complex reward structures make it an excellent choice for simplicity-seekers.
It’s worth noting that while these cards offer attractive terms, they’re best utilized by those who have clear plans to pay down their debt before the conclusion of the introductory periods to avoid potentially high revert rates. As always, we suggest reading each card’s terms thoroughly so you can select one that aligns best with your financial situation and goals.
When considering a balance transfer card as part of your debt management strategy in 2024, keep in mind factors such as length of the introductory period, post-introductory rates, balance transfer fees, rewards programs, and your own financial plan to tackle existing debt.
Remember, while transferring balances can be an effective way to manage and reduce debt more rapidly by minimizing interest payments, it should be part of a broader financial strategy that includes spending discipline and regular budgeting to prevent the accumulation of new debts during or after the payoff period.