Transferring balances from high-interest cards can be a smart move if you choose the right card offering the best balance transfer benefits. Many cards offer a 0% intro APR for a year or more when you move a balance over. Of these cards, our favorite right now is one that offers the best combination of savings on interest and fees – Chase Slate®.
Here’s what we like about the card:
Chase Slate named “Best Credit Card for Balance Transfers” three years in a row by Money Magazine.
- $0 Intro balance transfer fee for transfers made during the first 60 days.
- 0% Intro APR on balance transfers and purchases for 15 months. After that, 13.24% to 23.24%, based on your creditworthiness.
- Free Monthly FICO® Score and Credit Dashboard.
- No Penalty APR – Paying late won’t raise your interest rate (APR). All other account pricing and terms apply.
Slate is also offering new card members free FICO score reports online, which can be useful if you’re working toward better managing your credit or you simply want to keep tabs on your overall credit outlook.
By far, what stands out most for us with Slate is the savings you get from paying no fees when you transfer the balance (most cards charge a fee of 3% or more) PLUS no interest for 15 months. So the money you save not paying any interest could go toward reducing your overall account balance.
If you’re carrying several high-interest credit cards with high balances, consider consolidating some or all of those cards to just one card that comes with a lower APR and fewer or no fees. You could save hundreds of dollars in interest and fees and lower your overall debt faster.
P.S. Remember, with all balance transfers from one credit card to another, you should make every effort to pay off your transferred balance before the intro period expires. Otherwise, you’ll have to pay the interest accrued since opening the account.