Those who live with a credit card debt realize that they suffer from two things. One, the huge principle – the actual amount that was charged for the goods and services on the card. Second, the financial charges that are imposed each month and with each statement cycle, and the daily balance multiplies by one-twelfth of the card’s Annual Percentage Rate (APR). This is the effect of compounding interest – the financial charges incurred each month add to your balance, resulting in more interest gathering each month.

0% APR balance transfer credit cards are used as a marketing strategy by the credit card companies for several years now. Almost 17% of the credit card balances are transferred annually by consumers who want better terms of payment. Some are  0% APR balance transfer credit cards  for a longer period than others, and in rare cases, you will find a card that doesn’t charge a balance transfer fee. Listed below are few 0% APR balance transfer credit cards:

• Chase Slate
  The Chase Slate  0% APR balance transfer credit cards are  at the top of this list and are without a balance transfer fee, although the introductory rate does not last long. The offer lasts for 15 months with no balance transfer fee which is not applicable if the transfer is completed within 60 days. After this, Chase charges 3% transfer fee. The interest rate goes to a variable rate based on creditworthiness. Chase Slate provides members with free FICO score, zero liability protection, fraud protection, fraud alerts and purchase protection.
• Citi
  Citi comes in the top slot for  0% APR balance transfer credit cards  for 21 months – this is the most extended offer. The deal has to be done within 21 months. It is offered on their Citi Simplicity card and the Citi Diamond Preferred card.
• Discover
  Discover offers  0% APR balance transfer credit cards with  5% cash back. The balance transfer has to be done within 14 months with 3% transfer fee. There is no annual fee, no over limit fee, no late fee on your first late payment, and a late payment won’t raise your APR. Discover provides a Freeze tool which allows you to freeze or unfreeze your credit line if you lose your card. They provide a free FICO credit score, monthly statements, online and mobile app. They also provide $0 Fraud Liability, you won’t be responsible for unauthorized charges on your card if lost or stolen.
• Capital One
  Capital One has many balance transfer cards. The one that stands out is the Platinum Prestige card. It is a  0% APR balance transfer credit card.  It offers 0% balance on transfers and purchases for about 15 months. It has no annual fee, 3% fee on balance transferred. After the introduction, a variable rate of 10.9% and 20.9% applies depending on your creditworthiness. The card offers $0 fraud liability; extended warranty, auto rental insurance, travel accident insurance, and price protection.
• U.S Bank
  U.S. Bank has several cards which are  0% APR balance transfer credit cards that  offer 0% balance transfers. They provide 0% for nine months, but two cards offer it for 12 months. The card has no annual fee, zero fraud liability, fraud protection (notifications of unusual activity), and automobile rental insurance. Balance transfer fee is higher than 3% or $5. After the rate expires, the APR is higher ranging from 11.99% to 21.99%. Each offer is for the introductory period with perks and benefits.

Customers who qualify for a new card having promotional rates can have their existing balance paid off by the new card. At this time 0% rate is applicable, interest is not added on balance transferred; but a one-time balance transfer fee is applied about 3%-5%, is added to the new balance. Cardholders have to make a minimum payment on the account.

No matter how much you struggle, it is very important that you continue to make the payments on time. First, make a balance transfer to get rid of the credit card debt, then maximize your income, minimize expenditure, regularly pay down entire balance before the promotional rate expires.

The overall plan is to eliminate debt, the benefit of the balance transfer is clear. You can also accept a balance transfer offer of 21 months at 0% interest with a 3% balance transfer fee. In this situation, if the old balance is $10,000 which will be paid off, and the new card will incur a unique balance of $10,000 plus $300 balance transfer fees. If everything goes by the plan, at the end of 21 months, the new balance will be cleared off and the cardholder will preserve $1,000 in interest.

0% APR balance transfer credit card is not an instant solution to credit card debt. You still have to manage your finances carefully and make sure you do not have much debt on you. Credit cards can be a risky business especially if you’re not spending carefully.