Balance transfer credit cards have become increasingly popular over the last few years due to the fact that they can be a great way to reduce your credit card debt if used correctly. The idea behind using a 0% balance transfer credit card is pretty simple. You can transfer your balance of an existing credit card to a balance transfer card and go interest free on that balance for up to 12 months.

This works especially well if you have thousands of dollars in debt on a card, and are paying hundreds on interest every month, if you transfer the balance to a 0% balance transfer card there will be no new interest on your balance for up to 12 months. However it really works for any amount, because anything you save in interest is going to help you to pay down the principle.

There are quite a few balance transfer credit cards out there, so to get started it’s important to find the right card. Below we have selected our top choices for 2010 – 2011. They are cards that have a 0% APR on balance transfers for at least 6 months, and a low transfer fee. Once you find a card that works for you, apply and once your new account is opened then you will be able to do a balance transfer.

To increase your chance of being accepted for a balance transfer credit card DO NOT choose to do a balance transfer when you first apply for the card. Most card companies will give you up to 2 months to transfer your existing balances over after the new account is opened.

The Discover® More Card is the best card for transferring a balance because it offers a 0% intro APR on balance transfers for 18 months. This card also offers a 0% intro APR on purchases for 6 months.

Even after the intro period, it goes to a low interest rate of 10.99%-20.99%*(Variable). Discover® More Card also allows you to earn up to 5% cash back on everyday purchases and if you purchase through their shopping website, you can earn up 5-20% Cashback Bonus at over 150 top retailers through our exclusive online shopping mall. This card earns rewards while saving interest charges and carries no annual fee.

• 0% intro APR on balance transfers for 18 months, then the Regular APR*
• 0% intro APR on purchases for 6 months, then the Regular APR.*
• Earn 5% Cashback Bonus in categories that change like travel, gas, groceries, home improvement stores and more.
• Earn up to 1% unlimited Cashback Bonus on all other purchases.
• No Annual Fee.

Apply For Discover® More Card – Long Duration Balance Transfer

The Citi® Platinum Select® MasterCard® is another great balance transfer credit card, offering a 0% APR on all balance transfers for 18 months. This card also has a 0% Intro APR* on purchases for 18 months as well. This card also has no annual fee* and has one of the lowest interest rates around.

• 0% Intro APR on Balance Transfers and Purchases for 18 months*. After that, the variable APR will be 11.99%-21.99% based on your creditworthiness.*
• Variable APR between 11.99% – 21.99%* (Variable) depending on your creditworthiness.
• No Annual Fee*.

Apply For The Citi® Platinum Select® MasterCard® | Citi® Platinum Select® Review

Another top pick is the IBERIABANK Visa Platinum Rewards Card. This is an excellent card to use when transferring balances because not only is there an introductory 1.99% APR for your initial six billing periods, it has the lowest balance transfer fee of just 2%. The IBERIABANK Visa Platinum Rewards Credit Card is also a rewards card that earns one point per dollar spent on qualifying purchases and can be redeemed for travel, hotel or gift rewards. This card also has no annual fee.

• 2% Balance Transfer Fee
• 1.99% APR on Balance Transfers for 6 Months
• Earn 1 point for Every Dollar Spent on Qualifying Purchases.
• No Annual Fee.

Apply For This Card | Read Review

Having a tough time deciding which Balance Transfer card is right for you? Below are some additional resources that should help you to understand exactly what you should be looking for when choosing a card that is good for Balance Transfers.

Save Money with a Credit Card Transfer
Using Debt Consolidation To Improve Your Credit
Balance Transfer Options for Credit Card Consolidation
Consolidation of Higher APR’s, Worth the Hassle?