Contents
What Is APR?
APR stands for Annual Percentage Rate. It is the annualized interest rate that is charged on a loan or credit card balance. The APR includes the base interest rate, as well as any additional fees or charges that may be associated with the account.
For credit cards, the APR is the rate at which interest is charged on unpaid balances. If you carry a balance on your credit card from month to month, you will be charged interest on that balance at the card’s APR. For example, if your credit card has an APR of 15% and you have a balance of $1,000, you will be charged $150 in interest over the course of a year (assuming you make no additional charges on the card).
It’s important to note that credit card APRs can vary widely, depending on the issuer, type of card, and the borrower’s creditworthiness. Some credit cards offer promotional APRs, such as 0% APR on balance transfers for a limited time, which can be a good option for people who are trying to pay off their credit card debt.
Best balance transfer credit cards with 0% apr
There are several credit cards that offer 0% APR on balance transfers for a limited time. Here are a few options to consider:
- Chase Slate: This card offers a 0% APR on balance transfers for the first 15 months after account opening, with no balance transfer fee for transfers made within the first 60 days of account opening.
- Citi Simplicity Card: This card offers a 0% APR on balance transfers for the first 18 months after account opening, with no balance transfer fee for transfers made within the first four months of account opening.
- Discover it Balance Transfer: This card offers a 0% APR on balance transfers for the first 18 months after account opening, with no balance transfer fee for transfers made within the first 60 days of account opening.
- Wells Fargo Platinum: This card offers a 0% APR on balance transfers for the first 18 months after account opening, with no balance transfer fee for transfers made within the first 120 days of account opening.
Keep in mind that these offers may have certain restrictions, such as a maximum amount that can be transferred, and that a balance transfer fee may apply after the promotional period ends. It’s also important to carefully read the terms and conditions of any credit card offer before applying.
Which one is best in one of these?
It’s difficult to determine which credit card is the “best” for everyone, as different cards may be better suited for different individuals and their financial situations. When considering a balance transfer credit card, there are a few factors to consider:
- Length of promotional period: Some cards offer longer promotional periods for 0% APR on balance transfers, which can give you more time to pay off your balance without incurring interest charges.
- Balance transfer fee: Some cards charge a fee for balance transfers, which can eat into the savings you would otherwise achieve by transferring your balance to a card with a lower interest rate.
- Annual fee: Some balance transfer credit cards charge an annual fee, which can also impact the overall cost of using the card.
- Rewards program: If you are interested in earning rewards on your credit card spending, you may want to consider a card that offers a good rewards program.
It’s important to compare the terms and conditions of different balance transfer credit cards to determine which one is the best fit for your needs. You should also consider your own financial situation, including your credit score, debt level, and ability to pay off your balance within the promotional period.