Balance Transfer for Life

credit cards

What is a balance transfer for life?

A balance transfer for life is like a normal balance transfer, except that the bank is "guaranteeing" the rate to last until you've paid off all of your balance.

Normally there are certain conditions you must meet in order for the offer to remain valid, such as always making your payments on time. The bank may also check to make sure that you are paying all of your other creditors on time. All of the specifics should be spelled out in your offer--be sure to read them.

Is there any catch?

There really shouldn't be, but you should be careful to read all of the terms of your agreement carefully. For some 0% balance transfer for life offers, there may be some monthly purchase requirements, for example. Discover and Chase have been known to offer some lifetime balance transfers like this. Be aware that any purchases that you make after your initial balance transfer will accrue interest at the normal non-intro rate, so you will not want to make any, unless absolutely necessary. Those that you do make should be kept to a minimum.

As is true of nearly all balance transfer deals, any payments you make will be applied to the balances with the lowest interest rate first, so any purchases you make will be paid off last. So put your credit card in the sock drawer until the balance is paid off, unless your terms require otherwise.

Unfortunately, credit card issuers no longer have these sorts of deals. However, you can still find many long-term balance transfer deals on our list.

*See the credit card issuer's web site to review the terms and conditions of all offers. While reasonable effort is made to maintain the accuracy of credit card information, it is presented without warranty.