How the card helps you pay down your balance : To compare balance transfer cards, we looked at what it would take to pay down a credit card balance of $5,000, assuming your goal would be to pay down the entire balance interest-free during the introductory period. While it’s possible to find a card with a longer intro APR period, no other card we encountered combines that with interest-free financing on purchases, automatic credit line increases, and ongoing interest rate reductions, which is why the Chase Slate Edge card is our pick for the best overall balance transfer card. Finally, the card’s introductory 0% APR that applies to both balance transfers and purchases. As a Slate Edge cardholder, Chase will automatically consider your account for a credit line increase after six months and you’ll be eligible for up to a 2% interest rate reduction when you spend a minimum amount on your card. Its 18-month introductory period is among the longest on the market and the card offers an introductory 3% balance transfer fee for the first 60 days. The Chase Slate Edge card offers every element of this ideal package. A card that offers a path to less-costly ongoing financing can help you manage unexpected expenses after your 0% APR promotion ends. Having a card that offers automatic credit line increases and interest rate reductions will help you build a strong credit score. If there is any chance you will use the card for spending while paying off your debt, interest-free financing for purchases is a must. In addition to a long interest-free period, you’ll want a low balance transfer fee. While having a long interest-free period is useful, it’s important to go beyond the headline number and consider a card’s other features as well. Why we picked it : If you plan to transfer balances to a credit card to take advantage of a 0% APR offer, your first instinct might be to simply look for the longest introductory interest-free period.
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