Any regular reader of this blog knows that I am not a big credit card guy. I do have a credit card but I only use it on select occasions. I have avoiding delving too much into the credit card topic because I do not want to encourage indebtedness. I do however realize that a credit card might be needed in the event of an emergency situation. A credit card can be a useful tool if you do not run your balances up and pay off your bills on a monthly basis. For those in the market for a credit card, here are my favorites.
Let’s start with the best zero percent balance transfer cards. These are my favorite cards because they make it possible to eliminate your high interest rate credit cards if you take advantage of the zero percent grace period.
Best Zero Percent Balance Transfer Cards
Discover More Card 18 Month Balance Transfer Card
Advantages: 18 months of no interest on your balances.
5% Cash Back Bonus
Use the free year and a half to transfer all of your credit card debt to this card and pay your balance off before you have any interest payments due.
Chase Freedom Card
Advantages: 21 months of 0.00% APR on balance transfers and purchases. No Annual Fee Online Discounts Disadvantages: Interest rate rises to 11.99% – 20.99% after the 21 months are over. Use this card to take advantage of the nearly two years of no interest and save yourself on your current credit card’s high APR.
Citi Platinum Select MasterCard
- 0% Introductory APR for the first 12 months on balance transfers.
- $100 Cash Gift after spending $500.
- 5% Cash Back on select purchases in bonus categories (Gas, Hotel, Airline)
- 1% Cash Back on all purchases
- No Annual Fee
- Interest rates rises to 11.99% to 22.99% after 12 months
- 3% Balance Transfer Fee
This card is appropriate for individuals seeking a balance transfer card with a cash back and rewards program.
Advantages: 0% APR for the first 12 months.
Long term interest rate of 7.5% for individuals with good credit.
Disadvantages: $35 Annual Fee
- Introductory Rate of 0.00% or 7.50% based on creditworthiness for 12 months from date opened on Purchases. (If there is an interest charge, the charge will be no less then $1.00). This rate will not change during the introductory period.
- Low Introductory APR on Balance Transfers of 1.99% for the first 12 billing cycles, this rate will not change during the introductory period. Applies to balance transfers processed within three months of your account open date. After that, your APR will be the same as your assigned purchase rate, based on your creditworthiness. This APR will vary with the market based on the Prime Rate.
- Low Ongoing Variable Rate APR after introductory period of 7.50%, 9.50%, or 11.50% (Prime + 4.25%, Prime + 6.25%, and Prime + 8.25%) based on your creditworthiness. This APR will vary with the market based on the Prime Rate. (If there is an interest charge, the charge will be no less then $1.00).
- Online access to credit card account information
- Low Annual Fee of $35.00.
Photo by: Andes Rueda