Paying credit card interest on a huge amount of debt is the last thing you want to deal with at the end of the month. Although credit cards allow you to buy products and pay for services at a future date, the privilege does not come cheap. Often, it happens that you might get carried away and shop for more than what you can afford, ending up in a huge debt trap.

The debt has to be paid back within a stipulated time with interest. Failure to do so will affect your credit score and rating that will further affect your ability to borrow funds. A balance transfer is the only option at such a stage. You can convert your debt from a high-interest credit card to one that has no or minimum interest allowing you both time and opportunity to pay off debts at a future date.

Three key benefits of a balance transfer include a lower rate of interest, better credit terms, and efficient debt consolidation in the short term. However, you must also take into account the downside of a balance transfer as the temptation to consolidate debt time and time will spiral you into financial turmoil in future. A balance transfer is not always the cheapest option and you must keep an open mind to consider alternatives like borrowing from friends and family to pay off debt.

The best balance transfer credit cards to consolidate debt are issued only if you have a high credit score and a favorable rating. Your current credit score reflects your ability to pay off debts on time with all interest and dues.

If you are still keen on option for the best credit cards that transfer the balance of the debt, here are a few popular choices.

Citi ^®  Diamond Preferred ^®  Card
One of the best credit cards that transfer the balance of debt for a favorable period of 21 months at 0% APR. You will also enjoy 0% interest on purchases for the first 12 months. A variable APR will be applicable thereafter that ranges from 14.74% and 24.74% depending on your creditworthiness. There is no annual fee for the credit card but you will have to pay 5% balance transfer fee for each transaction with a $5 minimum mandatory.

Discover it ^®  Balance Transfer Credit Card
An attractive 0% intro APR for a period of 18 months makes Discover it ^® one of the best credit cards that transfer the balance of debt to consolidate your finances. An ongoing variable APR will be applicable in the range of 13.74% and 24.74% on purchase and all debt. Discover It charges a meager 3% fee for every balance transfer and there are no annual fees for the credit card.

Blue Cash Preferred ^® Card
American Express comes to your rescue with the Blue Cash Preferred ^®  Card, another option for a balance transfer. Note that in comparison to some of the best credit cards that transfer the balance of your debt for more than 18 months, Blue Cash gives you only 12 months. Blue Cash Preferred ^®  Card entails a variable APR in the range of 14.74% and 25.74% after the introductory period is over. Moreover, a 3% balance transfer fee is applicable to the transaction with a minimum $5 mandatory. One of the major drawbacks of Blue Cash Preferred ^®  Card is a hefty $95 annual fee.

BankAmericard® Credit Card
An affordable alternative as BankAmericard® has low upfront costs in comparison to some of the best credit cards that transfer the balance to consolidate your financials. The introductory 0% balance transfer is applicable only for the first 15 billing cycles thereafter which a variable APR in the range of 14.74% and 24.74% is applicable on the amount. The balance transfer fee on an individual transaction is 3% of the amount with a minimum $10 mandatory, whichever is greater. You don’t have to pay any annual fees for the credit card.