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Ready to Consolidate Your Debt? How to Pick a 0% Balance Transfer Credit Cards + the Best of 2022 - YouTube
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If you're struggling under the burden of聽
a large debt or have creditors breathing聽聽
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down your neck and don't know how聽
you're gonna pay down the debt,聽聽
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or if you just want to pay less interest聽
on credit card debt that you're carrying,聽聽
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it may be time to consider consolidating your聽
debt. Debt consolidation rolls all of your聽聽
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debt into one place with a lower interest rate,聽
allowing you to pay down your debt more easily聽聽
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and quickly. And one of the most common ways to聽
consolidate debt and lower your interest rate聽聽
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is by switching to a 0% balance transfer credit聽
card and transferring the debt balances on your聽聽
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current cards to that 0% card. If you're weighing聽
the pros and cons of a 0% balance transfer card,聽聽
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you're in luck. I'm Laurie-Anne. I'm the聽
co-founder of Dow Janes, and today I'm giving you聽聽
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the best 0% balance transfer credit cards of 2022.聽
If you want to see more videos on how to save,聽聽
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invest, and make the most of your money,聽
then be sure to subscribe and hit the bell.
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All right, let's dive in. Now, before I go through聽
the list of the top 0% balance transfer cards,聽聽
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there are three things I want you to be aware of.
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Number one, you typically need a credit聽
score of 690 or higher to qualify,聽聽
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so if you need to raise your credit score聽
in order to apply for a 0% transfer card,聽聽
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we've put together a handy checklist聽
that you can use and we've done a聽聽
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video on raising your credit score. I聽
will link to both in the description.
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The second thing I want you to know is that聽
the 0% interest is temporary. It will last聽聽
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for a certain amount of time, usually between聽
six to 24 months, so make sure you understand聽聽
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what the interest rate will be at the end of聽
that grace period, and make sure that it isn't聽聽
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higher than your current interest聽
rates on your current credit cards,聽聽
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unless you think you can pay off all of the聽
debt while you're still in that 0% grace period.
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The third thing I want you to know is that聽
the balance transfer needs to be a card聽聽
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from a different bank. So, for example, if聽
you already have an American Express card,聽聽
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you won't be able to transfer your聽
balance to another American Express card,聽聽
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but you could transfer it to a 0%聽
Capital One balance transfer card.
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When you're picking a 0% balance transfer聽
credit card, there are a few things that you聽聽
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should look out for. Number one, annual fees.聽
Avoid cards that are going to cost you money聽聽
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just to keep them open each year. Number two,聽
your introductory APR. This is a promotional聽聽
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interest rate that the credit card companies聽
will give new customers for a set number of聽聽
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months after they open the account. Now we're聽
talking about 0% balance transfer cards,聽聽
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so that's what you're looking for is a 0% APR聽
on any balance that you transfer to the card.
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And sometimes there'll be a, a period of time.聽
Like you need to transfer the balance within聽聽
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the first 60 days of opening the card. Then you聽
also want to know number three, your regular APR.聽聽
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So, what is the regular interest rate going to聽
be after your grace period ends on the card?
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Fourth thing you want to know is聽
the length of the 0% grace period.聽聽
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How long will this period last and how聽
much debt can you pay off during that time?
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Number five, you wanna take聽
a look at any transfer fees.聽聽
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Some cards will charge a percentage fee to聽
do the actual transfer from your existing聽聽
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credit cards. Ideally you want this聽
fee to be zero or as low as possible.
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All right, let's dig into the best聽
0% balance transfer cards of 2022.
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It's great if you can find a聽
card with a long introductory聽聽
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0% APR. For that reason, the Wells聽
Fargo Reflect Card is a great option.聽聽
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It offers a 0% APR for the first 21 months,聽
almost two years after you've opened the account.
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The U.S. Bank Visa platinum card offers聽
a 0% interest APR 20 billing cycles聽聽
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for balance transfers that聽
are made in the first 60 days.
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And the BankAmericard Credit Card offers聽
a 0% APR for the first 18 billing cycles.聽聽
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And it also offers a nice signup bonus as well.
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Another option is the Wells Fargo Active Cash聽
Card. This card has a nice rewards program where聽聽
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it offers 2% cash rewards and the introductory聽
0% APR lasts for a year and a half 18 months.
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Unfortunately, after the APR has expired,聽聽
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a lot of transfer cards, don't give聽
you much reason to hold onto them.聽聽
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A noteworthy exception is the fifth card I聽
recommend, which is the Discover It Balanced聽聽
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Transfer Card, which offers great cashback聽
rewards even after you've paid down your debt.
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Our sixth card, the Citi聽
Simplicity Card has no late fees聽聽
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and the introductory APR lasts for 21 months,聽
so that's a pretty good amount of time.聽聽
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Another thing that's special about this card is聽
that you'll never pay late fees or a penalty APR,聽聽
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but don't this card with the intention of paying聽
late. Even if your credit card company doesn't聽聽
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charge you a late fee, that doesn't mean making聽
late payments won't hurt your credit score.
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Our seventh recommendation is the Bank of聽
America Customized Cash Rewards Credit Card.聽聽
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This has flexible reward categories聽
and a 0% introductory APR for the first聽聽
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15 billing cycles for any balance transfers聽
that are made in the first 60 days.
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The Citi Double Cash Card provides a聽
simple cashback structure and an 18 month聽聽
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long introductory APR, making it easy to set it聽
and forget it. Plus, there's no annual fees on聽聽
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this card, so it'll still make sense to keep this聽
card, even after you've paid off all of your debt.
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The HSBC Gold Mastercard comes with a聽
very long 0% introductory APR period,聽聽
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no annual fee, and no penalty APR. However,聽
there's no rewards program and no welcome bonus,聽聽
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making it a good transfer card to help you聽
get out of debt, but not necessarily a card聽聽
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that you're gonna want to use after you're聽
debt-free for earning points or rewards.
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The 10th card on our list is the Citi Custom Cash聽
Card. This offers a long-term value beyond just聽聽
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its introductory APR period on balanced聽
transfers, because you can earn 5% back聽聽
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in a popular spending category each聽
month up to $500 spent on that category.
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Consolidating your debt can be a great option聽
to help you pay off your debt faster and to聽聽
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pay less money overall so that you can enjoy聽
greater financial security. If you want to聽聽
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learn more about how to pay off credit card聽
debt fast, check out our free masterclass,聽聽
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Say Goodbye to Credit Card Debt Forever. In聽
it, you'll learn our four-step methodology,聽聽
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the Credit Card Cure. All right. If you found this聽
video helpful, be sure to give it a thumbs up,聽聽
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and I'll leave a link in the description聽
down below so you can register for our聽聽
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free masterclass, Say Goodbye聽
to Credit Card Debt Forever
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