A credit card with an introductory 0% annual percentage rate can help you finance a large purchase or pay down a high-interest balance. Banks offer 0% as a promotional rate that remains in effect for six to 21 months, depending on the card.

Do balance transfers hurt your credit? They could actually help by consolidating your card debts to save on interest charges and pay down the principal portion of your balance faster.

To avoid a negative impact on your credit score, you’ll have to make the minimum payment each month. Paying late can result in an automatic increase to the standard rate, leaving you with a large, high-interest balance you weren’t expecting. Be sure you understand how long the 0% rate lasts, what the standard rate is and any fees associated with the card before you apply.

GOBankingRates has identified some of the best balance transfer credit cards currently offering 0% introductory APRs to new customers. The selections were based on the length of the introductory period, the value of other perks offered and fees.

American Express Blue Cash Preferred Card

American Express doesn’t offer any 0% balance-transfer options for old credit card balances, but the Blue Cash Preferred card comes close. A 0% intro APR on purchases for 12 months means that you can stretch out repaying any upcoming large purchases.

The card also has the most generous cash back rewards in this round up: 6% at U.S. supermarkets up to $6,000 in purchases per year, 6% on select U.S. streaming services, 3% at U.S. gas stations and on transit and 1% on other purchases. American Express will waive the annual fee for the first year. After that, you’ll pay $95 per year.

Benefits

• Generous intro APR on purchases

• Excellent cash back program

• Annual fee waived for the first year

Drawbacks

• Shorter 0% APR term than other cards

• Annual fee of $95

• Balance transfers not eligible for 0% APR

Length of 0% APR: 12 months

Standard APR after promotional period ends:

Balance transfer fee: N/A — no balance transfer option

Annual fee: None the first year, then $95

Promotion: $350 back if you spend $3,000 or more in the first six months, plus a low introductory APR and reduced fees when you split up larger purchases into monthly installments using Plan It by American Express.

BankAmericard® Card

Bank of America’s BankAmericard is one of the most forgiving balance transfer cards available. Unlike other cards, paying late doesn’t necessarily increase your interest rate.

The 0% intro APR is available for 18 months on both purchases during the intro period and all balance transfers made within the first 60 days of getting approved. Best of all, there’s no annual fee for having the card, making it a great, low-cost option for balance transfers.

Benefits

• Longer interest-free term of 18 months

• Intro APR applies to new purchases and balance transfers

• No annual fee

Drawbacks

• You’ll pay 3% or $10, whichever is greater, on transfer balances

• Balance transfers must be made within 60 days of account opening

Length of 0% APR: 18 months

Standard APR after promotional period ends:

Balance transfer fee: The greater of 3% or $10

Annual fee: None

Promotion: Receive a $100 statement credit after making $1,000 or more in purchases in the first 90 days

Capital One SavorOne Rewards Card

Most rewards credit cards are geared towards a particular brand or travel. The SavorOne Rewards card from Capital One is unique because it rewards you for spending on dining out and entertainment.

The SavorOne Rewards card comes with 0% APR on purchases and balance transfers for 15 months. You get cash back rewards on all your purchases: 8% on tickets purchased from Vivid Seats, 3% on dining, entertainment, groceries and popular streaming services and 1% on all other purchases.

Benefits

• Generous intro APR on purchases and balance transfers

• No annual fee

• Cash-back rewards of 1% on purchases with higher earnings of 2% to 3% on streaming services, dining, entertainment and more

Drawbacks

• Need good to excellent credit to qualify

• Relatively shorter interest-free term of 15 months

• Higher APR for less-than-perfect credit scores

Length of 0% APR: 15 months

Standard APR after promotional period ends:

Balance transfer fee: 3%

Annual fee: $0

Promotion: Get a $200 cash bonus when you spend $500 within the first three months after account opening, unless you only qualify for the SavorOne Rewards card for good (not excellent) credit.

Chase Slate Edge Credit Card

Chase is a powerhouse when it comes to rewards credit cards. However, most require impeccable credit. The Slate Edge is a good starter card since you’re automatically considered for a credit increase after six months if you spend at least $500 and make on-time payments. Plus, the card offers a generous 18-month 0% intro APR on purchases and balance transfers.

If you’re prone to keeping a balance on your cards instead of paying them off in full each month, the Edge card can help. After the promotional rate ends, you can shave 2% per year off the standard rate per year, until your rate is 9.74% plus the prime rate, by charging $1,000 to your card each year and paying your bills on time.

Benefits

• No annual fee

• Buy now, pay later plan fees waived for first 18 months

• Automatic credit limit review after six months with $500 in spending and on-time payments

• 2% annual rate reduction for eligible customers

Drawbacks

• Fewer perks than other cards in the roundup

Length of 0% APR: 18 months

Standard APR after promotional period ends: 15.24%-23.99% variable

Balance transfer fee: $5 or 3%, whichever is greater

Annual fee: $0

Promotion: Free buy now, pay later plan for 18 months

Chase Freedom Flex Credit Card

Finding a balance transfer card that also offers enticing perks and rewards is hard. It’s something important to keep in mind — once the introductory balance transfer period is over, what are you left with?

In addition to a 0% APR on purchases and balance transfers for 15 months, the Freedom Flex credit card from Chase offers 5% cash back on up to $1,500 on combined purchases in a bonus category you activate each quarter. You get 5% cash back on travel purchased through Chase, 3% back on dining — including takeout and eligible delivery services — and 1% on other purchases. It’s the reason the Freedom Flex is one of the best balance transfer credit cards.

Benefits

• Generous intro APR on purchases and balance transfers

• Lucrative cash back rewards for travel and dining of 3% and 5%

• Rewards don’t expire

• No annual fee

Drawbacks

• 5% cash back is limited to the first $1,500 in purchases in activated category

• Rotating bonus cashback categories must be activated every quarter to earn more rewards

Length of 0% APR: 15 months

Standard APR after promotional period ends:

Balance transfer fee: $5 or 3%, whichever is greater

Annual fee: $0

Promotion: Earn a bonus of $200 after spending $500 on purchases within the first three months, plus 5% cash back on the first $6,000 of spending on gas station purchases in the first year.

Discover it® Card

Discover cards are a great option when you’re just getting started on your credit journey and unsure of whether you qualify for a top-tier card yet. The card issuer has a preapproval page that can tell you whether you’d qualify — and for how much. The Discover it® is a popular card to keep in your wallet thanks to the no annual fee and decent approval odds.

If you’re looking to consolidate your credit card debt, you’ll get a 0% intro APR for the first 15 months on balance transfers and purchases. Act quickly —  the balance-transfer fee of 3% will go up to 5% after August 10, 2022.

Benefits

• No annual fee

• Card preapproval tool doesn’t affect your credit

• 5% cash back on rolling quarterly categories and 1% unlimited cash back on all other purchases

• Many card designs to choose from

• Cash rewards are easy to redeem, such as statement credits and applying towards Amazon purchases

Drawbacks

• Balance transfer fee is set to increase from 3% to 5%

• Intro period of 15 months isn’t the longest available

Length of 0% APR: 15 months

Standard APR after promotional period ends:

Balance transfer fee: 3%-5%

Annual fee: $0

Promotion: Discover will give you an Unlimited Cash Back Match in the first year to double your rewards on spending.

US Bank Altitude Go Visa Signature Card

The Altitude Go Visa Signature card from U.S. Bank offers a 0% APR on purchases and balance transfers for your first 12 billing cycles. In addition, you can earn points on every purchase you make: 4X points on dining, including takeout and restaurant delivery; 2X points at grocery stores, gas stations, electric vehicle charging stations and on streaming services; and 1X points on all other purchases.

U.S. Bank rewards cardholders earn extra points for shopping at any of more than 1,100 online stores in the Rewards Center Earn Mall, plus a $15 annual credit after 11 months of streaming service purchases like Netflix, Apple TV+ and Spotify. Points never expire and are redeemable toward merchandise, gift cards, travel and cash back.

Benefits

• Lots of ways to earn points

• Statement credit for streaming purchases

• No annual fee

Drawbacks

• Shorter 0% APR intro rate period than most other cards

Length of 0% APR: 12 months

Standard APR after promotional period ends: 14.99%-23.99% variable

Balance transfers: $5 or 3%, whichever is greater

Annual fee: $0

Promotion: Earn 20,000 points, worth $200, when you spend $1,000 in the first 90 days after account opening.

Wells Fargo Reflect℠ Card

The Wells Fargo Reflect℠ card has a solid introductory 0% APR period from account opening on purchases and qualifying balance transfers for 18 months, plus up to three additional months when you make at least your minimum payment on time each month.

In addition, the starting standard rate of APR ​​edges out the other cards if you have good credit and qualify for the lower end of the APR. There is much more value than average built in to Wells Fargo’s no-annual-fee card. The Reflect card provides up to $600 in cell phone protection when you pay your phone bill with your card — a $25 deductible applies — and 24/7 roadside service, making it one of the best balance transfer credit cards.

Benefits

• Extremely generous intro APR on purchases and balance transfers

• Low standard APR for qualifying cardholders

• Additional perks such as roadside service and cell phone protection

Drawbacks

• Cell phone protection doesn’t cover lost phones

• No ongoing rewards

Length of 0% APR: Up to 21 months from account opening

Standard APR after promotional period ends:

Balance transfers: 3% for 120 days from account opening, then up to 5%; minimum $5

Annual fee: $0

Promotion: No promotion currently offered

Final Take

Consolidating higher-interest card debts by taking advantage of a balance transfer credit card with no interest and a term of one year or longer to pay the balance off could save you lots of money. The key is to make sure you’re able to whittle down the balance within the introductory period.

Best of all, many of the best balance transfer credit cards extend the offer to new purchases as well, which can be extremely helpful to your cash flow if you have major purchases coming up. Just remember to know the terms and conditions of the offer before you apply.

FAQs

Here are the answers to some of the most common questions about balance transfer credit cards.

• How does a balance transfer work?

  • Balance transfers can save you money and consolidate your payments. When you make a balance transfer on a credit card, you are transferring debt -- or a balance -- from another loan or credit card. This allows you to pay off your balance without incurring interest. However, you must be careful when choosing a balance transfer credit card because it might come with fees and a high interest rate.

• Do balance transfers affect my credit score?

  • Balance transfers have a minimal impact on your credit score. It's what happens before and after the transfer that can affect your credit score. If you open a new credit card account to transfer your balance to, you will have what's known as a "hard inquiry" on your credit report. This can cause your score to drop by a few points because it's an indication that you're looking to acquire more credit.

  • The point of a balance transfer is to pay less interest so you can pay off your balance sooner. If you do this, preferably before the introductory balance transfer rate expires, your credit score will improve over the long term.

• Can I get a balance transfer card with a 650 credit score?

  • You may be able to get a balance transfer card with a fair credit score or higher from issuers such as Capital One or Discover. Your best bet is to check for customized offers by visiting the card issuer's preapproval page. Checking doesn't affect your credit score but could tell you if you're likely to get approved and what your credit limit would be.

• Is it good to transfer credit card balance to line of credit?

  • You may be better off transferring your card balance to a balance transfer credit card that offers a low interest or interest-free term. You could end up saving more on interest when you take advantage of a card's transfer offer.

• Does closing credit accounts hurt your credit score?

  • Closing credit card accounts could hurt your credit score for a couple of reasons. If you've had the card for some time, closing it could shorten the average length of your credit. Plus, closing a card reduces your overall credit available.

Daria Uhlig contributed to the reporting for this article.

Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of May 25, 2022.

Editorial Note: This content is not provided by the credit card providers. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by the credit card providers.

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This article originally appeared on GOBankingRates.com: 8 Best 0% APR Cards You Can Get Right Now