You might be hesitant to apply for another card if you’re already in debt, but a balance transfer card is a different animal than other cards. A balance transfer card allows you to transfer debt from a high-interest old card to a new card with a low or 0% annual percentage rate for a set period of time — typically between 12 and 20 months. This gives you some breathing room to pay down or pay off that transferred balance of existing credit card debt while accruing little or no interest.
There are a lot of reasons one might apply for a balance transfer credit card. First, credit card debt is easy to accrue and extremely difficult to pay down. Unfortunately, the pandemic put a lot of people in a precarious financial position, and many had to — and continue to — rely on their credit cards to make ends meet.
Getting debt under control is the first step toward financial wellness and security. When used properly, a balance transfer credit card offers people a relatively cost-efficient way to catch up on bills and reduce credit card debt. It can also help consolidate debt into a single payment, giving someone who is struggling to keep up with their credit card bills a singular financial goal post. Below are CNET’s top picks for the best balance transfer cards. We update this periodically.
Best balance transfer credit card overall
Source : cnetShare: