The best low fixed-rate credit card for balance transfers is one that offers an adequate credit line for your needs and charges no fees. The challenge is that the market is constantly changing. The "best" card today may not be the best card in six months. The good news is that, with a few simple tools, you will be able to locate the card that's right for you---whenever you want.
Consumer Reports
Consumer Reports rated thousands of credit cards and recommended four best options for balance transfers. None of the four charge a balance transfer fee. This review is conducted annually, and the Consumer Reports data referenced in this article is current as of November 2008.
The American Express Clear Card offers a fixed 3.99 percent interest rate on balance transfers for 12 months. After the 12-month period rates are 13.49 to 18.99 percent, so mark your calendar and re-evaluate your options during the eleventh month if you sign on for this card.
The Iberiabank Visa Classic charges no interest on balance transfers for 6 months. After that, interest rates are 7.5 to 9 percent.
Pulaski Bank Visa Gold charges no interest on balance transfers for 6 months and a fixed rate of 8 percent after the introductory period.
Simmons Plus Visa Gold offers no introductory period, but a consistent fixed rate of 7.25 percent on balance transfers.
Product Selectors
Product selectors, such as Credit Card 321 and Low Cards, have databases categorizing credit terms for more than 1,000 cards. You may search according to your credit history, keying in whether you have an excellent, good, poor or no credit rating. Other search options include no interest introductory offers, interest rates, balance transfer offers, rewards programs and cards with terms written in Spanish.
Check Your Mailbox
In the same way that your local grocery store sends sales fliers and coupons, banks send credit offers. They are trying to win your business and frequently offer substantial discounts on their products.
Warnings
Balance transfers and cash advances are not the same thing. Your credit company may send checks or an access card in the mail, and, thinking you are "transferring a balance," you use them to pay off another account. Wrong! Those are frequently categorized as cash advances and carry hefty fees. Read terms carefully, and call Customer Service if you have questions.
Transferring a balance can take up to 60 days to complete, so be sure to keep making minimum payments on the account from which you are transferring the balance until you are certain the transfer is complete.
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