Friday, February 20, 2015
Best Credit Card for Balance Transfers
Applying for new credit cards is the single best method of accruing miles and points. Using and paying off your credit cards allows you to collect points for your every day spend and qualify for big bonuses. But sometimes life gets in the way, and you may not be able to pay off your balances. Or some live beyond their means and accumulate revolving credit balances with high interest rates.
If this is your situation, then signing up for credit cards may not be the best idea. But there is one card that can help ease the pain of high interest rates. The Chase Slate card is the best product available for balance transfers.
The details are:
0% Transfer fee- This sets this card apart from all other credit cards with transfer offers. The best transfer fee that I have seen outside of this card is 2% of the balance transfer amount. For a $10K transfer, this feature is saving you $200.
0% APR – yep, another big fat goose egg. No interest for 15 months on all of your balances transfers and purchases. Even at a 12% APR, a $10,000 credit card balance is costing you $100 of interest per month. Over the course of a year with this card, you could be saving yourself $1200 worth of interest.
$0 annual fee – the zero trifecta. No transfer fee, no interest, and no annual fee. If you have a high interest rate credit card balance where you are only making minimum payments, then you may want to consider this card.
Bottom line, if you are not in the position to sign up for miles and points bonus credit cards because you are carrying revolving credit card balances, then you may want to consider applying for the Chase Slate card.