Heading into 2016, many of us have found that during the holiday season, we racked up a sizable debt load on our credit cards. The holiday season is often the most expensive time of year for most people. While the economy has arguably improved, many of us had to resort to breaking out the plastic to meet the financial costs of the holiday season. If you have racked up some sizable debt heading into 2016, there is relief from the high interest rates to be had. You can skate away from paying any interest on your past credit card debt by taking advantage of any of the 0% introductory APR offers on balance transfers. These cards will give you from anywhere from 12 months to 21 months. Some of these offers will even waive the balance transfer fee which often equals 3% of the balance’s total that is transferred.
These credit cards that we have gathered a list of will allow you to in effect refinance your debt, simply by transferring said debt to a new credit card at a zero percent intro rate. This will allow you to potentially avoid hundreds of dollars in interest rates, and you may end up with a higher credit score than you had before the balance transfer. Below are the top balance transfer cards of 2016 that can be used to help you pay off your holiday debt interest free.
This card may offer the perfect solution towards paying off your holiday debt, thanks to its 15 month 0% introductory APR on balance transfers. While this is not the longest 0% introductory period on this list, what pushes this offer to the top is that this credit card also offers a 0% balance transfer for any balance transfers made within the first 60 days of opening up the account. This card offers it all, a 15 no interest period, no annual fee, and no intro balance transfer fee, so it is the perfect debt management tool. What else is great about this card? No penalty APR for a late payment, should you happen to be late, though you will still be subject to a sliding scale late fee based on your current balance, as well as a ding to your credit score for making a payment late. The major down side to this card is the 5% cash advance fee. This card also offers nothing in the way of perks, besides debt management tools.
Citi Simplicity® Card
This is the go to card if you need the maximum time possible to pay down your balance or balances that you transfer. This card offers an amazing 21 month 0% introductory APR on balance transfers. The 0% intro also applies to new purchases, which allows you some spending power while you work on your balance, if needed. The card also has no late fees and no penalty rate. Want the deal to be sweeter? How does no annual fee sound? The card has no rewards program, but it does carry some perks like flight accident insurance and extended warranty programs, as well as roadside assistance.
Want 18 months to pat of your old balances, as well as 6 months 0% APR on new purchases? The Discover IT card offers you an 18 month 0% APR on balance transfers, but it does have a 3% balance transfer fee. Yet this balance transfer fee is nothing when compared to the interest you would face on your old cards. This card also comes with some sweet hefty rewards, via 5% cash back in quarterly categories, and 1% cash back on everything else. To further sweeten the deal Discover will double your cash back at the end of the year, for your first year only.