Balance Transfer Credit Cards to Skip in 2023

Credit cards are a ubiquitous aspect of modern life, used by millions of people every day for a variety of purposes. Among the various types of credit cards available, balance transfer credit cards have become increasingly popular in recent years. These cards allow cardholders to transfer the balances of their high-interest credit cards to a new card with a lower interest rate, helping them save money on interest payments and pay off their debt more quickly. However, not all balance transfer credit cards are created equal, and some should be avoided in 2023 due to their high fees, limitations, and other disadvantages.

One balance transfer credit card to skip in 2023 is the Discover it Balance Transfer Card. While this card offers an introductory 0% APR for balance transfers for 18 months, it also has a balance transfer fee of 3% and a cash advance fee of 5%, both of which can add up quickly. Additionally, the card does not offer any rewards or cash back on balance transfers, making it less attractive than other balance transfer cards that offer rewards or other benefits.

Another balance transfer credit card to avoid in 2023 is the Chase Slate card. While this card also offers an introductory 0% APR for balance transfers for 15 months, it has a balance transfer fee of 5%, which is higher than most other balance transfer cards. Additionally, the card does not offer any rewards or cash back on balance transfers, and its regular APR can be high, making it less attractive for those who are unable to pay off their balance within the introductory period.

The BankAmericard credit card is also a balance transfer card to skip in 2023. While this card offers an introductory 0% APR for balance transfers for 18 billing cycles, it has a balance transfer fee of 3%, which can add up quickly for those with high balances. Additionally, the card does not offer any rewards or cash back on balance transfers, making it less attractive than other balance transfer cards that offer rewards or other benefits.

The Wells Fargo Platinum card is another balance transfer card to avoid in 2023. While this card offers an introductory 0% APR for balance transfers for 18 months, it has a balance transfer fee of 3%, which can add up quickly for those with high balances. Additionally, the card does not offer any rewards or cash back on balance transfers, making it less attractive than other balance transfer cards that offer rewards or other benefits.

In conclusion, while balance transfer credit cards can be a helpful tool for those looking to pay off their debt more quickly and save money on interest payments, not all balance transfer cards are created equal. In 2023, it is important to be aware of the potential drawbacks of certain balance transfer cards, such as high fees, limitations, and other disadvantages. By carefully considering the terms and conditions of each card, and comparing them to other options available, consumers can make an informed decision about which balance transfer card is right for them.