The Top Credit Cards for Balance Transfers

If you’re struggling with credit card debt or just want to be proactive in managing your finances, transferring your credit card balance to a card with a lower interest rate can be an excellent way to save money and simplify your payments. However, there are numerous credit cards on the market, each with their own benefits and drawbacks, so choosing the right one can be tricky. In this article, we’ll explore some of the best credit cards for balance transfers, including their key features, fees, and rewards, to help you find the one that’s right for you. Whether you’re looking for a card with 0% interest for an extended period or a low ongoing interest rate, we’ve got you covered.

Section: The Top 10 Best Credit Cards for Balance Transfers

1. Chase Slate® Credit Card

Great for Paying off your debt Interest Free for the First 15 Months

Are you tired of high-interest rates and fees piling up on your existing credit card balances? Don’t worry; the Chase Slate® Credit Card is here to rescue you. This card offers one of the best balance transfer deals, giving you a 0% APR for the first 15 months. That means no interest payments, no balance transfer fees, and more money in your pocket.

Keep in mind that this zero-interest promotion applies to balance transfers done within the first 60 days of your account opening. So, if you have high-interest credit card balances that are eating into your finances, Chase Slate® Credit Card might just be the perfect solution.

2. Citi Simplicity® Card

No Late Fees, No Penalty Rates, and No Annual Fees

As the name suggests, the Citi Simplicity® Card keeps things simple. By getting this card, you never have to worry about annual fees, late payment fees, or penalty rates, which can be a lifesaver if you missed your payments.

This card also has a 0% introductory APR on balance transfers for 21 months, which is longer than most other balance transfer cards. Although it’s worth mentioning that there’s a balance transfer fee of either $5 or 5% of the transfer amount, whichever is greater. However, if you’re carrying high-interest balances on your existing credit cards, transferring them to Citi Simplicity® can save you a ton of money.

3. BankAmericard® Credit Card

No Annual Fee and a Long 18 Month Introductory APR Period

The BankAmericard® Credit Card could be the perfect card for you if you’re looking for an extended balance transfer period without an annual fee. With this card, you’ll have an 18-month introductory APR time frame for balance transfers, helping you pay off your existing balances.

However, it’s good to understand that you’ll have to pay a 3% balance transfer fee. Nonetheless, this card offers excellent value for anyone looking to save money on interest payments over the introductory period.

4. Discover it® Balance Transfer

Earn Cash Back on Every Purchase

If you’re always looking for ways to earn cashback rewards, consider the Discover it® Balance Transfer card. It offers an enticing cashback bonus on your first-year purchases, with no limit on how much you can earn.

Besides, you’ll get a 0% introductory APR on balance transfers for 18 months, followed by a variable APR. But it’s essential to remember that you’ll have to pay a balance transfer fee of 3%. However, the rewards program coupled with the balance transfer promotion makes it an excellent card for frequent shoppers.

5. USAA Rate Advantage Visa Platinum® Card

Lowest Interest Rates to Help You Pay off Your Debt

USAA Rate Advantage Visa Platinum® Card is the ideal choice for anyone looking for a card with the lowest interest rates available. And with an introductory balance transfer APR of 0%, you’ll enjoy interest-free payments, provided the balance is paid within the first year.

Moreover, this card comes with no annual fees, no balance transfer fees, and no hidden costs, making it a perfect choice for those who want to keep things simple.

6. Wells Fargo Platinum Card

The Longest 0% Introductory APR Period Available

If you’re looking for a card with long introductory periods, consider Wells Fargo Platinum Card. This card provides a 0% APR introductory period for up to 18 months from the account opening date, with no annual fee.

Additionally, the card offers free access to your FICO credit score, which is available every month. So, if you’re looking for extra benefits such as an extended promotional period and credit monitoring, Wells Fargo Platinum Card might be the right choice for you.

7. Capital One Quicksilver Cash Rewards Credit Card

Low Balance Transfer Fees and Unlimited Cashback Rewards

The Capital One Quicksilver Card offers a 0% balance transfer introductory period for 15 months and a low balance transfer fee of just 3%. Besides, you’ll get unlimited 1.5% cashback rewards on every purchase.

Additionally, Quicksilver has no annual fee and no foreign transaction fees. If you’re looking for a balance transfer card that provides extra value through cashback rewards, the Capital One Quicksilver Cash Rewards Credit Card is an excellent choice.

8. Barclaycard Ring® Mastercard®

Community-Driven Experience with Low Rates

Barclaycard Ring® Mastercard® is the perfect choice for anyone looking for a community-driven credit card experience. This card is designed to provide a transparent credit card experience, with no balance transfer fees, no annual fees, and low-interest rates.

Additionally, Barclaycard Ring® Mastercard® gives cardholders access to an active online community where they can elucidate questions, interact with members and share money-saving tips. This card is a great choice for people who appreciate a sense of community in their finances, with low interest rates and free balance transfers.

9. American Express EveryDay® Credit Card

Excellent Rewards System, Plus a Great Balance Transfer Promotion

The American Express EveryDay® Credit Card is a fantastic option for people seeking a balance transfer card that offers cashback rewards. Earn 20% extra points when you make at least 20 purchases in a billing cycle to earn rewards faster.

Moreover, the card comes with a 15-month introductory balance transfer promotion and a balance transfer fee of 3%. Plus, the card offers 0% APR on balance transfers and purchases for the first 15 months. If you’re looking for a card that does more than help you pay off your balances, consider the American Express EveryDay® Credit Card.

10. U.S. Bank Visa® Platinum Card

Long Low Rate Period, and Superior Security Features

The U.S. Bank Visa® Platinum Card’s main benefit is the extended introductory period with a low interest rate of 0%. However, the card offers many other advantages, such as free credit score access, fraud protection, and account alerts.

The card has no annual fees, no foreign transaction fees, and offers an extended 20 billing cycle promotional period for balance transfers. Moreover, unlike other cards, this card comes with a unique and robust “Real-Time Fraud protection” feature, making it perfect for people looking for a balance transfer card with extra safety measures.

Final Thoughts

Choosing the right credit card for balance transfers can save you money, pay off your debts faster, and help you improve your credit score. With so many options available in the market, it’s essential to know your priorities, such as low-interest rates, extended promotional periods, rewards, or other benefits. Therefore, take time to research and compare before settling for a balance transfer card.

Factors to consider when choosing a credit card with balance transfers

If you have decided to transfer your balance to a new credit card, there are a few factors you need to consider before making a final decision. It is not enough to simply look at the interest rate and the length of the introductory offer. Here are ten factors to keep in mind when choosing a credit card for balance transfers:

1. Balance transfer fees

Most balance transfer credit cards charge a fee when you move your balance from one card to another. The fee is usually a percentage of the balance you are transferring. Make sure you understand how much the fee is and factor that into your decision before applying for a new credit card.

2. Introductory offers

Credit card companies typically offer introductory periods with low or 0% interest rates for balance transfers. Make sure you know the length of the offer and what the interest rate will be after the introductory period ends.

3. Credit score requirements

To qualify for a balance transfer credit card, you will need a good to excellent credit score. Make sure you know the credit score requirements before applying for a new card.

4. Credit limit

Make sure the credit card you choose has a high enough credit limit to cover the balance you want to transfer. If the credit limit is too low, you may not be able to transfer your entire balance.

5. Rewards programs

Many credit cards come with rewards programs that allow you to earn points or cash back for every dollar spent. Make sure you understand the rewards program and how it works before choosing a credit card.

6. Annual fees

Some credit cards charge annual fees, while others do not. Make sure you understand the annual fee and factor that into your decision before applying for a credit card.

7. Late payment fees

Make sure you understand the late payment fees charged by the credit card company. Late fees can be as high as $39, so it is important to pay your bill on time each month.

8. Balance transfer limits

Some credit cards have limits on the amount of balance you can transfer. Make sure you understand the balance transfer limits before applying for a new credit card.

9. Customer service

Make sure you understand the customer service options available with the credit card company. Good customer service can make a big difference if you have questions or run into problems with your account.

10. Penalty APR

If you miss a payment or exceed your credit limit, many credit cards will raise your interest rate to a penalty APR. Make sure you understand the penalty APR and how it works before choosing a credit card.

Top Credit Cards for Balance Transfers

If you’re looking to transfer balances from your current credit card, the following options can help you save money on interest and fees. Here are some of the best credit cards for balance transfers available today:

1. Chase Freedom Unlimited

The Chase Freedom Unlimited card offers an introductory APR of 0% for balance transfers for up to 15 months, followed by a variable APR of 14.99% – 23.74%. This card has no annual fee and allows you to earn unlimited 1.5% cash back on all purchases.

2. Citi Simplicity Card

The Citi Simplicity card offers an introductory APR of 0% for balance transfers for up to 21 months, followed by a variable APR of 14.74% – 24.74%. This card has no annual fee and no late fees or penalty APRs.

3. Discover it Balance Transfer

The Discover it Balance Transfer card offers an introductory APR of 0% for balance transfers for up to 18 months (with a 3% balance transfer fee), followed by a variable APR of 13.49% – 24.49%. This card has no annual fee and allows you to earn 5% cash back on rotating categories each quarter.

4. Wells Fargo Platinum Card

The Wells Fargo Platinum card offers an introductory APR of 0% for balance transfers for up to 18 months, followed by a variable APR of 16.49% – 24.49%. This card has no annual fee and offers cell phone protection when you pay your monthly bill with the card.

5. Bank of America Cash Rewards Credit Card

The Bank of America Cash Rewards credit card offers an introductory APR of 0% for balance transfers for up to 15 billing cycles, followed by a variable APR of 13.99% – 23.99%. This card has no annual fee and allows you to earn cash back on purchases in categories that you choose.

Credit Card Name Balance Transfer Introductory APR Regular APR Annual Fee Additional Benefits
Chase Freedom Unlimited 0% for up to 15 months 14.99% – 23.74% No annual fee Unlimited 1.5% cash back on all purchases
Citi Simplicity Card 0% for up to 21 months 14.74% – 24.74% No annual fee No late fees or penalty APRs
Discover it Balance Transfer 0% for up to 18 months (with a 3% balance transfer fee) 13.49% – 24.49% No annual fee Earn 5% cash back on rotating categories each quarter
Wells Fargo Platinum Card 0% for up to 18 months 16.49% – 24.49% No annual fee Cell phone protection when you pay monthly bill with the card
Bank of America Cash Rewards Credit Card 0% for up to 15 billing cycles 13.99% – 23.99% No annual fee Earn cash back on purchases in categories that you choose

When choosing a credit card for balance transfers, be sure to carefully read the terms and conditions, including the APR, annual fee, and any fees associated with transferring balances. Remember, transferring balances can save you money and reduce your debt, but it’s important to have a plan in place to pay off the balance before the introductory APR period ends.

There are a lot of options out there when it comes to choosing the best credit card with balance transfers. Make sure you consider all of the factors before making a decision, such as interest rates, fees, and rewards programs.

Pros of Using Credit Cards with Balance Transfers

Using a credit card with balance transfer comes with some advantages that might make it a worthwhile option for you. In this section, we’ll discuss the possible benefits of using credit cards with balance transfers.

1. Reduced Interest Rates

One of the primary benefits of using credit cards with balance transfers is the possibility of getting a lower interest rate. Many credit cards offer introductory rates as low as 0% for a specific period for balance transfers. With such an offer, you can transfer high-interest balances from other lenders to your new credit card, and save money on interest charges while you pay off the balance.

2. Debt Consolidation

Another advantage of using a credit card with balance transfer is the opportunity to consolidate multiple debts into one account. By consolidating all your debts under one lender, you can make it easier to keep track of your payments, avoid late fees, and potentially improve your credit score.

3. Higher Credit Limit

Credit cards that offer balance transfer usually come with higher credit limits, giving you more flexibility and more wiggle room should you need to make any unexpected expenses or purchase.

4. Rewards and Cashbacks

Some credit cards also offer rewards and cashback incentives for balance transfer users. With every transfer, some card issuers offer cashback or rewards points to customers, which can be redeemed for various products or services.

5. Lower Monthly Payments

By transferring high-interest balances on other cards to credit cards with balance transfer, you can potentially lower your monthly payments if you get a lower interest rate. This could free up some cash that you can put on other bills or expenses.

6. Improving Your Credit Utilization Ratio

Credit utilization ratio is the amount of credit you use compared to your credit limit. Using credit cards with balance transfer to consolidate your debts can help lower your credit utilization ratio and improve your credit score, as long as you don’t add more debt while paying off your balance.

7. No Balance Transfer Fees

Some credit cards waive the balance transfer fees for new users. This means you can transfer your balance from other credit cards without incurring additional charges, which can save you a significant amount of money in fees.

8. Flexible Terms and Conditions

Credit cards with balance transfer usually come with flexible terms and conditions that cater to different needs and financial situations. This means you get to choose the terms of the balance transfer that best suit your specific circumstances.

9. Anytime Access to Credit

By using credit cards with balance transfer, you get 24/7 access to credit, which can come in handy for unexpected expenses or emergencies. You can also monitor your account transactions in real-time, check your balance and make payments anytime, anywhere.

10. Fast and Easy Application Process

Applying for credit cards with balance transfer is generally fast, easy and can be done online or through visiting the bank’s branch. Depending on the issuer and your credit score, approval can be processed quickly, and you can start enjoying the balance transfer benefits without any hassle.

Say Goodbye to High Interest Rates!

Thanks for reading about the best credit cards for balance transfers. We hope this article has helped you find an option that suits your needs. Remember, by transferring your balances, you can save money on interest rates and pay off debt faster. Don’t forget to check back in with us for more personal finance tips and advice. Until next time, happy saving!

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