Best Balance Transfer Credit Cards

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by parag
Last Updated: June 2nd, 2016
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KEYWORDS:#credit cards #tips #rewards #cash back
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If you’ve gotten behind on your credit card bills it can be hard to climb out of debt, especially when you start racking up interest charges. One of the best strategies to get out of debt is to use a balance transfer credit card.

A balance transfer credit card offers a low or 0% introductory period when you transfer your balance from a card with a high interest rate. Having that period of low or no interest can help you pay off your debt much more quickly. It’s important to pay off the principle before the introductory period ends; otherwise you may end up with a higher interest rate than what you are currently paying. 

You can usually complete a balance transfer on-line. There are sometimes fees involved to do a balance transfer but they are likely less, much less, than you would end up paying in interest charges. Be sure to complete the transfer within the designated time frame which is typically within 60 days of opening the new account. If you fail to transfer balances within that timeframe, the offer may become void.

We read the fine print for you to find the best balance transfer credit cards. 

 

Chase Slate

Introductory Rate: The Chase Slate card has an introductory rate of 0% APR for the first 15 months on both purchases and balance transfers.

Transfer Fees: There is no fee for balance transfers made within 60 days of opening the account. 

Fees: This card has no annual fee and a foreign transaction fee of 3%. After the introductory period, the APR is a variable 13.24-23.24%.

Credit Score: You need a credit score of “Fair” to qualify for this card, a score above 650.

 

Citi Diamond Preferred Card

Introductory Rate: The Citi Diamond Preferred Card has an introductory rate of 0% APR for the first 21 months on both purchases and balance transfers! 

Transfer Fees: There is a fee of $5 or 3% of the amount of each transfer. 

Fees: This card has no annual fee and a foreign transaction fee of 3%.  After the introductory period, the APR is a variable 12.24-22.24%.

Credit Score: You need a credit score of “Good” to qualify for this card, a score above 700.

 

Bank Americard Credit Card

Introductory Rate: The Bank Americard Credit Card has an introductory rate of 0% APR for the first 18 billing cycles on balance transfers made within the first 60 days. If you apply over the phone and are approved, the customer service agent can handle the transfer for you during the call. 

Transfer Fees: There is a fee of 3% of the balance transfer amount or $10, whichever amount is greater. After the introductory period, the APR is a variable 11.24-21.24%.

Fees: This card has no annual fee and a foreign transaction fee of 3%. 

Credit Score: You need a credit score of “Good” to qualify for this card, a score above 700.

 

Citi Simplicity Card

Introductory Rate: The Citi Simplicity Card has an introductory rate of 0% APR for the first 21 months on both purchases balance transfers. 

Transfer Fees: There is a fee of 3% of the balance transfer amount or $5, whichever amount is greater. After the introductory period, the APR is a variable 13.24-23.24%.

Fees: This card has no annual fee and a foreign transaction fee of 3%. 

Credit Score: You need a credit score of “Good” to qualify for this card, a score above 700.

The following cards are not only balance transfer cards but also rewards cards. 

 

Discover it

Introductory Rate: The Discover it Card has an introductory rate of 0% APR for the first 18 months on balance transfers. The APR for purchases is 0% for the first 6 months. 

Transfer Fees: There is a fee of 3% of the balance transfer amount. After the introductory periods, the APR is a variable 11.24-23.24%.

Fees: This card has no annual fee and no foreign transaction fee. 

Credit Score: You need a “Good” score of 700 or above for approval. 

Sign Up Bonus: This is a cash back rewards card. At the end of your first year, Discover it will match each dollar of cash back you earned that year. 

Percentage: You get 5% and 1% cash back.

Categories: This card has revolving categories. You get 5% cash back up to $1,500 on categories like gas and ground transportation, restaurants and movies, home improvement stores and Amazon and yet to be determined categories. You get 1% on all purchases with no dollar limit. 

 

Chase Freedom Unlimited

Introductory Rate: The Chase Freedom Unlimited Card has an introductory rate of 0% APR for the first 15 months on purchases and balance transfers. 

Transfer Fees: There is a fee of 5% of the balance transfer amount, with a $5 minimum charge. After the introductory periods, the APR is a variable 14.24-23.24%.

Fees: This card has no annual fee and a 3% foreign transaction fee. 

Credit Score: You need a “Good” score of 700 or above for approval. 

Sign Up Bonus: This is a cash back rewards card. You’ll receive a $150 cash back bonus after spending $500 in the first 3 months.  

Percentage: You get 1.5% cash back. 

Categories: There are none! You get 1.5% cash back on all purchases. 

 

BankAmericard Cash Rewards Credit Card

Introductory Rate: The BankAmerica Cash Rewards Credit Card has an introductory rate of 0% APR for the first 12 billing cycles on purchases and balance transfers. Balances must be transferred within 60 days of opening the account. 

Transfer Fees: There is a fee of 3% of the balance transfer amount, with a $10 minimum charge. After the introductory periods, the APR is a variable 13.24-23.24%.

Fees: This card has no annual fee and a 3% foreign transaction fee. 

Credit Score: You need a “Good” score of 700 or above for approval. 

Sign Up Bonus: This is a cash back rewards card. You’ll receive a $100 cash reward after spending $500 in the first 90 days.  

Percentage: You get 3%, 2%, and 1% cash back on various categories. Each time you redeem cash back, you can get a 10% cash bonus if you redeem for a deposit into your Bank of America checking or savings account. 

Categories: You earn 3% back on gas, 2% on groceries, and 1% on all other purchases. There is a quarterly cap of $1,500 on gas and groceries combined. 

 

Capital One QuicksilverOne Rewards

Introductory Rate: Capital One QuicksilverOne Rewards card has an introductory rate of 0% APR for the first 9 months on purchases and balance transfers. 

Transfer Fees: There is no transfer fee with this card! After the introductory periods, the APR is a variable 23.24%.

Fees: This card does have an annual fee of $39 and no foreign transaction fee. 

Credit Score: You need a “Good” score of 700 or above for approval. 

Sign Up Bonus: This is a cash back rewards card. You’ll receive a $100 cash bonus after spending $500 in the first three months.  

Percentage: You get 1.5% cash back.

Categories: No categories to keep track of! The 1.5% is good for all purchases and there is no limit. 

 

AmEx EveryDay Credit Card from American Express 

Introductory Rate: AmEx EveryDay from American Express has an introductory rate of 0% APR for the first 12 months on purchases and balance transfers. 

Transfer Fees: There is a balance transfer fee of $5 or 3% of the transferred amount, whichever is greater.  After the introductory periods, the APR is a variable 13.24-23.24%.

Fees: This card has no annual and a foreign transaction fee of 2.7%. 

Credit Score: You need a “Good” score of 700 or above for approval. 

Sign Up Bonus: This is a travel rewards card. You’ll 10,000 Membership Rewards points after spending $1,000 in the first 3 months. 

Earning Points: You get 2 points per $1 spent on groceries, up to $6,000 a year and 1 point per $1 spent on all other purchases. When you make 20 or more charges on your card in a billing cycle, you will earn an additional 20% in points on those purchases. 

You can redeem your points to pay for air fare, hotels, and to book vacation packages and cruises. 

 

What’s the Verdict?

If you have accumulated a lot of debt, the Citi Diamond Preferred Card is your best bet because of the nearly two year 0% APR time frame. That gives you a lot of time to get your balance paid off before the interest rate kicks in. That 0% is for both purchases and transfers.

If you’re balance is not overwhelming, a rewards card with a 0% APR offer is attractive because you can get your balance paid off in the allotted time and then get some rewards when you start making new purchases. If this sounds like you, the Discover it gives you a nice long time to take advantage of the 0% APR, 18 months for transfers and 6 months on purchases. The rewards are a generous 5% cash back on categories that you’ll actually use. 

Getting into credit card debt can happen to almost anyone, using a good balance transfer card can make the climb out of debt much easier! 

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