This credit card is your best bet for balance transfers

Balance-transfer credit cards are great if you're carrying a large balance on your card or stuck paying high interest fees each month. But with so many options to choose from, it can be tough deciding which cards are better than others.

Fortunately, NextAdvisor.com, the consumer information site that reviews credit cards, does the work for you. The company took an in-depth look at balance transfer credit cards and found Chase Slate to be a leading contender. The card can help you save hundreds or thousands of dollars if you're currently paying interest on another credit card.

What's so great about the Chase Slate Card?

While many credit cards offer a 0% intro APR, Chase Slate is the only card that offers customers 15 months of 0% interest and no balance transfer fees during the first 60 days of opening the card. Considering fees are typically 3% of the balance being transferred, that's a lot of money to be saved. For example, if you're transferring $5,000, you'd probably pay $150 in fees with other cards. But with Slate you pay absolutely nothing, giving you the ability to pay down your balance even faster.

Typically, cards offering the best deals to customers are only available to those with excellent credit, but that isn't the case with Chase Slate. The card is open to customers with good credit (anything above a 660). So if you've missed a payment or two or had some other minor hits on your credit report, you can still qualify. Slate also considers other factors like your annual salary and wages, other annual income, and a review of your debt - but in general, those with good credit are likely to be approved.

Slate also charges no annual fee. After the 0% intro APR period, card holders can expect a fairly low ongoing APR, which is great if you plan to carry a balance after 15 months.

World travelers will appreciate that Slate now offers Chip and PIN technology, which is often required for travel outside the US. The only downside is that card holders face a 3% foreign transaction fee for every purchase made abroad, which can add up for frequent travelers.

How do you know if you should apply?

Before applying, consider the following:

• You should have good credit (at least above a 660).
• You must transfer your balance within 60 days of opening your card to avoid paying a transaction fee. After the 60-day window, cardholders are charged a 3% transaction fee.
• If you travel abroad often, the 3% foreign transaction fees could add up. If that's your situation, see below for alternative travel cards.
• Chase Slate doesn't offer any rewards. So if that's important to you, see below for other options.

Alternatives to Chase Slate:

Chase Slate has great balance-transfer perks, but it isn't the right card for everyone. If you need a balance-transfer card, but have additional priorities, here are a few other cards to consider:

• For those looking to earn rewards and transfer a balance, the BankAmericard Travel Rewards Credit Card is a great alternative to Chase Slate. Not only does the card offer 1.5 reward points for every dollar you spend, but it also boasts a 12-month 0% intro APR and no annual fee.
• Cardholders seeking cash-back rewards may opt for Discover it - Balance Transfer Card. It features a lengthy 18-month 0% APR, 1% cash back on every purchase and 5% cash back in rotating categories every quarter. Unfortunately, the card does charge a 3% fee for balance transfers.
• If you think you might be carrying your balance for a prolonged time, Barclay Ring Mastercard may be a better option than Slate. While there's no 0% intro APR period, the card features no balance-transfer fee, no annual fee, and a one of the lowest ongoing APRs out there at 8%. Additionally, it gives you 1% back on the amount you transfer.

But if you don't plan on using the card abroad and earning cash-back rewards isn't important to you, then Chase Slate's 0% balance-transfer fee and 0% intro APR for 15 months is the best deal around for anyone in need of a balance transfer. You can also take advantage of NextAdvisor's free Balance Transfer Calculator to see which card is the best choice for your particular situation.

Learn more about Chase Slate and see if it's right for you.

This post is based on an article originally published on NextAdvisor.

This post is sponsored by NextAdvisor.

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