Yahoo Finance

Here's how to find the best credit card for a balance transfer.

You can move your credit card debt from one card to another with a balance transfer card. The advantage here, no interest for a period of time. That means you may be able to pay down credit card debt, consolidate balances from several cards, or finance a large purchase without paying interest. The best balance transfer credit card will offer you three features: A long interest-free or 0 APR period, year or more is ideal, no annual fee, and a low transfer fee or maybe no fee at all. First things first, look for the longest interest-free period for new purchases and balance transfers. For most issuers, that is typically from 6 to 21 months. And remember, once that period ends, these cards carry high interest rates on balances just like a lot of other credit cards. Next, check the transfer period. Some cards put a time limit on interest-free transfers. You may have 60 or 120 days from when you get the card to make that transfer. This next one is important. Check the fees. Many top balance transfer cards don't have annual fees, but it's always worth reading the fine print. And here's another reason that's a good idea. Balance transfer cards can charge a fee to move your balance over from another card. They're usually a percentage, often 3 to 5% of the transfer amount, usually with a $5 minimum. Keep in mind to be approved for a balance transfer card, you're going to need a credit score that's considered good to excellent, typically 700 or higher. And one last thing, be sure to check the financial institution that's issuing the card. Generally, you won't be able to transfer balances from one card to another from the same issuer. And scan the QR code for more information on the best credit card for balance transfer.