1. A balance transfer credit card is best for people with good credit who can pay off their debt in one to two years. A balance transfer credit card consolidates your existing credit card debt onto one card, which has one main advantage: a low initial interest rate. The majority will offer a 12- to 24-month introductory APR of 0% on balance transfers, giving you more time to pay off your debt without worrying about interest. When transferring large balances, balance transfer cards typically charge a fee of between 3% and 5% for each credit transferred.
Cons Most cards with low or no intro APR charge balance transfer fees between 3% and 5%. This can lead to more debt at a higher APR if the balance is not paid off during the promotional period. Typically, it would help if you had excellent credit to qualify for 0% APR. Some cards offer long introductory periods, up to 24 months.