Top 10 Balance Transfer Credit Cards
Balance transfer credit cards are designed to help consumers save money on interest payments by allowing them to transfer existing high-interest debt from other credit cards to a new card with a lower or 0% introductory interest rate for a specified period. This can be an effective strategy for consolidating debt and paying it off more efficiently.
These cards typically offer a promotional interest rate for a period ranging from six months to over a year, during which time the transferred balance accrues little to no interest. It's important to note that balance transfer cards often come with a transfer fee, usually a percentage of the amount transferred, although some cards may waive this fee as part of the promotional offer. To maximize the benefits, it's crucial to pay off the transferred balance before the introductory period ends, as any remaining debt will then be subject to the card's regular interest rate, which can be quite high. Additionally, cardholders should avoid making new purchases with the card unless it also offers a 0% purchase APR, as new purchases might not be covered by the promotional rate and could incur interest charges. Careful consideration and timely payments are essential to fully leverage the advantages of balance transfer credit cards.
- Citi Simplicity® CardView All
Citi Simplicity® Card - No late fees, no penalty rate, simple terms.
- Wells Fargo Reflect® CardView All
Wells Fargo Reflect® Card - Wells Fargo Reflect® Card: Low intro APR, extended interest-free period.
- Discover it® Balance TransferView All
Discover it® Balance Transfer - 0% intro APR on balance transfers for 18 months.
- BankAmericard® credit cardView All
BankAmericard® credit card - Early credit card, now known as Visa.
- U.S. Bank Visa® Platinum CardView All
U.S. Bank Visa® Platinum Card - U.S. Bank Visa® Platinum Card: Low APR, no annual fee.
- Chase Slate Edge℠View All
Chase Slate Edge℠ - Low APR, no annual fee, credit-building rewards card.
- Citi® Diamond Preferred® CardView All
Citi® Diamond Preferred® Card - Low-interest, no annual fee, balance transfer-focused credit card.
- HSBC Gold Mastercard® credit cardView All
HSBC Gold Mastercard® credit card - No annual fee, global acceptance, rewards program.
- American Express Cash Magnet® CardView All
American Express Cash Magnet® Card - Unlimited 1.5% cash back, no annual fee.
Top 10 Balance Transfer Credit Cards
1.
Citi Simplicity® Card
Pros
- 0% intro APR
- No late fees
- No annual fee
- Long intro APR period
- Flexible payment options.
Cons
- High regular APR
- No rewards program
- Limited benefits
- Balance transfer fee
- Foreign transaction fee.
2.
Wells Fargo Reflect® Card
Pros
- 0% intro APR
- long intro period
- no annual fee
- cell phone protection
- flexible rewards.
Cons
- High regular APR
- foreign transaction fee
- limited rewards categories
- requires good credit
- no sign-up bonus.
3.
Discover it® Balance Transfer
Pros
- 0% APR for 18 months on balance transfers
- Cashback rewards
- No annual fee
- Cashback match first year
- Flexible redemption options.
Cons
- High balance transfer fee
- High regular APR after intro period
- Limited international acceptance
- Requires good credit
- Cashback categories capped.
4.
BankAmericard® credit card
Pros
- No annual fee
- Fraud protection
- Intro APR offers
- Online and mobile banking
- Wide acceptance.
Cons
- High regular APR
- Limited rewards
- Foreign transaction fees
- Strict approval requirements
- Minimal benefits.
5.
U.S. Bank Visa® Platinum Card
Pros
- 0% intro APR on purchases
- 0% intro APR on balance transfers
- No annual fee
- Cell phone protection
- Free credit score access.
Cons
- No rewards program
- Balance transfer fee
- High regular APR
- Foreign transaction fees
- Limited benefits compared to competitors.
6.
Chase Slate Edge℠
Pros
- 0% intro APR
- No annual fee
- Free credit score
- Automatic credit line increase
- Introductory APR on balance transfers.
Cons
- High regular APR
- No rewards program
- Limited benefits
- Balance transfer fee
- No sign-up bonus.
7.
Citi® Diamond Preferred® Card
Pros
- 0% intro APR on purchases
- 0% intro APR on balance transfers
- no annual fee
- access to Citi Entertainment
- flexible payment due dates.
Cons
- No rewards program
- balance transfer fee
- foreign transaction fees
- high ongoing APR
- limited travel benefits.
8.
HSBC Gold Mastercard® credit card
Pros
- No annual fee
- 0% intro APR on balance transfers
- travel benefits
- purchase protection
- fraud protection.
Cons
- Foreign transaction fee
- high regular APR
- limited rewards
- no sign-up bonus
- limited acceptance.
9.
American Express Cash Magnet® Card
Pros
- No annual fee
- Unlimited 1.5% cash back
- Intro APR on purchases
- Purchase protection
- Extended warranty.
Cons
- Foreign transaction fees
- Higher APR after intro period
- Limited reward redemption options
- No bonus categories
- Requires good credit.