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Why Transferring Credit Card Balances Is Brilliant

Credit card issuers are in such fierce competition these days to attract new customers that most have started offering sweetheart deals to win you over, like ultra-long 0% introductory APR interest periods. By transferring your balance onto the BankAmericard, you immediately stop all interest charges during the introductory period.

The BankAmericard offers 18 billing cycles (months) at 0% APR, so during that entire 18 month intro period, you pay nothing in interest on any balance transfered. That could literally result in thousands of dollars in savings, and is simply a no brainer. With these offers out there, it just makes absolutely no sense to continue to pay credit card interest on your current balances.

The No Interest Until 2017 Balance-Transfer Card

Pros: If you transfer your current balance onto the BankAmericard Credit Card, you won't have to pay any further interest on that balance until well into 2017. The card features an unbelievable 18 billing cycles (months) 0% APR period, which is the longest interest-free intro period here. If your goal is to stop paying interest for as long as possible, then this is your card.

Cons: The card does charge a 3% balance transfer fee.

The Verdict: Getting a loan this cheaply for this long is pretty amazing. If you're carrying a balance, and realistically you know you will have to carry that balance for a while, this card becomes a no-brainer. As an example, assume you have a $10,000 balance on your current cards at a 15% rate. Over the 18 month term, you would have paid $2,522 in interest.* Switching to this card would cost $300 in fees, but then nothing the rest of the way, for a net savings of $2,222. Not bad, you could do a lot with that extra cash.

Most Appropriate For: Those who have large balances and know they will have large balances for an extended time.

Least Appropriate For: Those who pay off their balances every month or every few months.

Credit Required: Excellent/Good

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Comparing The Best Intro APR Cards

Card Name Purchase APR Annual Fee Balance Transfer APR Credit Needed Features Our Rating & Bottom Line  
N/A $0 0% Intro for 18 billing cycles on balance transfers made in the first 60 days, then 11.24% - 21.24% (variable)
3% fee (min $10) applies to balance transfers
Good/Excellent 0% Introductory APR for 18 billing cycles for balance transfers
made in first 60 days.  
Our Rating: ★★★★★
An incredible 18 billing cycle (months) 0% introductory period makes the card a powerful debt management tool
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