Debt is your biggest financial burden, all courtesy of the many credit cards that you use from time to time to make a purchase and render services, which allows you to make payments for the same at a later date. However, when it comes to paying off your credit card debt, you will realize that a significant amount has to be repaid for the interest component that is levied on credit cards.

There are two options when it comes to managing your debt in case you are unable to repay at the current rate of interest:

• Opt for a fee 0% balance transfer credit card.
• Opt for debt consolidation.

Debt consolidation might be the last option, which is why opting for a fee 0% balance transfer card will be a better choice. Credit unions offer fee-free cards, but only to members and the eligibility criteria to be met to become one will require a number of things. 0% balance transfer essentially means no fees will be charged for transferring your debt from your existing credit card to a new card, with a low APR to manage payments. However, it is not possible to acquire a fee 0% balance transfer card from your existing credit facility which is why a new card can be availed from the top financial and banking institutions. The popular ones include:

BankAmericard Credit card: This credit card is considered among one of the most cost-effective and is issued to people who have an excellent credit score. There is no annual fees charged, with a 0% APR for the first 15 billing cycles and balance transfers along with 0% balance transfer fees for two months after which the fee charged will be a nominal 3%.

Aspire Federal Credit Union: Members of credit unions enjoy benefits on balance transfer cards which include no annual fees, 0% APR and 0% balance transfer fee for the first six months. Only people who have an excellent credit score in the range of 690 to 850 can qualify for this rewards MasterCard.

Navy Federal Platinum: Best option for people who are military service members with fee 0% balance transfer for the first 12 months and no annual fees. Military personnel can also enjoy a low variable APR rate.

Other popular fee 0% balance transfer credit cards issued by banks and credit unions include Barclaycard Ring MasterCard, PenFed Promise Visa card, and Digital Federal credit Visa platinum.

Balance transfer cards allow you to transfer and consolidate your debts to a card which charges a no or low rate of interest on the amount due. However, there are a number of things to be considered while availing a fee 0% balance transfer card.

Credit score: Your credit score reflects your ability to repay loans taken within the stipulated period. The financial institution will check your credit score and credit report to determine whether you can be issued a fee 0% balance transfer credit card. Balance transfer credit cards allow you to transfer debt from one of your credit cards which might charge a higher rate of interest to one that has a low or minimal rate of interest to restructure your debt and provide relief on the payments. Usually, a fee is charged for this particular service. However, fee 0% balance transfer credit cards waive off this charge which is also given to people with excellent credit history rating and score.

0% fee is temporary: Usually, fee 0% balance transfer credit cards are issued for a promotional period which might last from 6 to 21 months depending on the financial institution. The balance also has to be paid off within the intro period for which the APR holds its 0% validity.

Terms and conditions: It is not that easy to avail a fee 0% balance transfer credit card since you may qualify for the same, but getting an approval might take time. The credit limit will also affect your chances of availing this card since a lower credit limit will not serve your purpose if you have significant debts that need to be transferred. In such cases, it is not advisable to opt for a fee 0% balance transfer card since you will just end up paying for your balance existing debt and the debt on your new balance transfer card.

Intra bank card transfer not possible: Balance transfer is possible only if you are applying for a card that is not issued by your existing banking partner. Most financial institutions will not allow a balance transfer within their cards for debt to be consolidated.

Pay the full amount and not the minimum due: When it comes to a fee 0% balance transfer credit card, most people will be just tempted to pay off the minimum due rather than the total amount due, just because it is convenient. This is however not a good idea since the low rate or no rate of interest will allow you to make more payments and clear off your debt instead of stalling and taking advantage of the minimum due.

Balance transfer in simple terms can be explained as the process wherein you transfer debt incurred on one credit or any other credit and that you own, in order to consolidate and make payments more effectively. Generally, the interest rate on the balance transfer credit cards will be low which will prove very beneficial in terms of making interest payments. Lower the rate of interest, lower will be the amount you owe and thus increase your capacity to meet higher amounts of the principal payments.

Here are a few things you should know about best balance transfer options:

• Even some of the best balance transfer options will not necessarily mean you have repaid your debt while making the said transfer. Since you are unable to meet payments and high-interest rates o your existing credit card, which will eventually affect your credit score, it makes more sense to distribute the debt.
• But in order to avail one of the best balance transfer credit cards, you need an excellent credit score and rating which will reflect your ability to repay on time. balance transfer mainly helps in interest amount saving which will free up the much-needed cash for making principal payments and meeting other obligations.
• Consolidating your payments to a low interest best balance transfer credit card will enable you to make all the necessary payments on time so that you can avoid unnecessary charges like late fees and more. instead of having debt spread across a number of high-interest credit cards, you should consolidate your debt in one place and meet deadlines and payments.
• Balance transfer cards will charge a percentage amount of your total debt for the services rendered, which in this case is transferring debt. The current fee for balance transfer across a number of banks and credit institutions is 3% approx. of your total debt that you want to transfer. So, if you want to transfer $20000 worth of debt to a low-interest card, the additional fees to be paid is $600. There are best balance transfer calculators available online which will help you determine whether a transfer deal is a feasible option or not.
• Reapplying for a new balance transfer when not needed might affect your overall credit score and credit rating. It is not necessary that once you apply and get to choose from the best balance transfer credit cards, you can repeat the process as and when the rates seem tempting. Keep in mind things like changing transfer fees, additional charge and unwanted debt consolidation if your finances are in order.

One of the most beneficial advantages of balance transfer credit cards includes transferring your existing debt from a high-interest credit card to a low-interest credit card. In the case of a high-interest credit card or cards for that matter, the repayment will take a hefty toll on your finance after meeting interest payments and principal payments.

Consolidating your debts in a low-interest balance transfer credit card will enable you to free up cash and meet other much-needed obligations. But not everyone is eligible for one, you need to have an excellent credit score in order to be eligible to even apply. Some of the best balance transfer credit cards available in the market for you to take advantage are listed as follows:

Discover it® 0% interest card
The main advantage of this card is balance transfers into Apr at 0% for a longer repayment period of 18 months. This will free up the much-needed cash and reduce the load of debt, thus enabling you to meet your principal payments also. the ongoing rate applicable will range from 13.49% to 24.49% variable with a balance transfer fee of 3% applicable on the total debt. The card also features an introductory APR at 0% for the first six months.

Bank of America BankAmericard®
This card will enable 0% introductory balance transfer fees which is a big relief since the fees charged for balance transfer on other cards and debts can be quite significant depending on the amount you owe. This scheme is applicable for 18 billing cycles for any balance transfers that are made in the first sixty days. After which the fees charged is 3% with an ongoing variable APR of 14.49% to 24.49% and there is no penalty APR applicable on late payments. the introductory APR is also set at 0% for the first fifteen days after opening your account.

Barclaycard Ring® Mastercard®
With an introductory APR of 0% for the first 15 months since opening your account, a 0% introductory balance transfer for 15 months on transfers made within the first 45 days, with a variable ongoing APR of 14.24%, no annual fees, no cash advance APR, this card most definitely makes the list of best balance transfer credit cards.

Other popular balance transfer and low-interest cards include  U.S. Bank Visa® Platinum Card , Wells Fargo Platinum card, Amex EveryDay® Credit Card , and Citi Simplicity® Card amongst many others.