Q: I have a credit card with a $3,000 balance and I pay $69 in interest every month. I want to find a balance transfer credit card with a very low rate, so I can get this paid off more quickly.
$69 a month is a lot to pay just to get a love letter from the bank every few weeks. That could be a nice dinner out, or a few extra hours of overtime you don't have to work. If you qualify for one of today's best balance transfer offers, it could also mean clearing most of that balance without bumping up your monthly payment.
From what you've told me, you're paying an annual interest rate in the high twenties on your current credit card. Maybe you got it when you were still in school, or while you were still grooming your credit profile. If you've been paying your monthly minimum on time and you haven't maxed out your credit limit, you could qualify for one of these great balance transfer offers:
- Citi Simplicity® Card. Citi's been making some of the industry's strongest balance transfer offers, with zero percent introductory APR for 18 months on balance transfers. Even if you don't qualify for one of their credit cards for excellent credit, their online application tool can guide you to an offer that fits your current financial profile.
- Slate® from Chase. Chase has positioned its Slate brand as a no-frills credit card for consumers who want to get serious about paying off their debt. New cardholders can enjoy an introductory balance transfer offer of 15 months at no interest, along with access to Blueprint, Chase's online credit card payoff plan. Currently, Chase is offering an introductory no-fee balance transfer offer, only if you transfer balances during the first 60 days your account is open.
- Discover it®. The Discover Card is promoting a strong introductory balance transfer offer for 18 months at zero percent APR along with a generous cash back program. Get 5 percent cash back in categories like gas, online shopping and more that change throughout the year - up to the quarterly cap when you sign up for each program. And no annual fee.
If you manage to land a balance transfer deal for 18 months, you'll clear about half your debt before interest kicks back in by paying just the amount of your current credit card's finance charges. Double that payment, and you'll never have to pay interest on that balance again. Use our online credit card payoff calculator to see what I'm talking about. Good luck!