Best Balance Transfer Cards

Overview:

  • Save money by transferring your existing balances to a card with a 0% introductory balance transfer rate.
  • Enjoy 0% interest on balance transfers and purchases for up to 21 months.
  • Double your savings with a card that has no balance transfer fee.
  • Save even more by looking for a card with no annual fee!
  • Terms vary by partner offer. Please see each bank’s application for terms and conditions.
  • Clicking View Cards will take you to CreditCards.com to compare Balance Transfer cards from participating partners.

What are balance transfer credit cards?

Balance transfer credit cards help you transfer all or part of your existing credit card debt from one credit card to another credit card. The goal of the best balance transfer cards is to help you save money on interest payments, particularly for high interest credit card debt. Therefore, balance transfer credit cards can be an effective way to organize your existing credit card debt.

Credit card balance transfer offers also allow you to pay 0 percent interest on your credit card debt balance for a specified period of time. You can evaluate credit card balance transfer offers to assess which ones offer a promotional 0 percent interest rate on purchases or 0 percent interest rate for the promotional period.

Even the best balance transfer cards charge a fee for balance transfers, which is typically 3 percent of your credit card debt balance.

Remember, even if you know how to transfer a credit card balance from one credit card to another, your credit card debt will not disappear. So use the best balance transfer cards to your advantage, but also develop an action plan for debt repayment.

It is relatively easy to get approved for the best balance transfer credit cards if you have good to excellent credit.

Here are the best Balance Transfer Credit Cards of 2020

The Chase Freedom Unlimited® credit card helps you earn 1.5% cash back on every purchase and your cash back rewards never expire so long as your Chase Freedom Unlimited® is open. You will also receive 0% APR or 15 months.

Current Bonus: $200

Annual Fee: $0

0% APR Period: 15 months

Regular APR: 14.99% – 23.74%

Great Benefits: The Chase Freedom Unlimited® credit card has great benefits, including:

  • 0% Intro APR for 15 months on both purchase and balance transfers. Balance transfer fee is 3% of the amount transferred.
  • Unlimited 1.5% cash back on every purchase – it’s automatic.
  • Earn a $150 Bonus after you spend $500 on purchases in your first 3 months from account opening.
  • No minimum to redeem for cash back.
  • Cash Back rewards do not expire as long as your account is open.
  • Free credit score, updated weekly with Credit Journey℠.

The BankAmericard® Credit Card helps you get 0% APR for 18 months and has no annual fee.

Current Bonus: N/A

Annual Fee: $0

0% APR Period: 18 billing cycles

Regular APR: 12.99% – 22.99%

Great Benefits: The BankAmericard® credit card has great benefits, including:

  • 0% Introductory APR for 18 billing cycles for purchases.
  • 0% Introductory APR for any balance transfers made in the first 60 days.
  • Access your FICO® Score for free within Online Banking or your Mobile Banking app.
  • No penalty APR. Paying late won’t automatically raise your interest rate (APR).

The Discover It® Cash Back helps you get 14 months of 0% APR. You can earn credit card helps you earn 5% cash back on everyday purchases that rotate each quarter. Categories include grocery stores, restaurants, gas stations, ride share programs and online shopping.You can also earn an unlimited 1% cash back on all other purchases.

Current Bonus: Discover matches all cash earned back at end of first year.

Annual Fee: $0

0% APR Period: 18 months

Regular APR: 11.99% – 22.99%

Great Benefits: The Discover it® Balance Transfer credit card has great benefits, including:

  • Intro Offer: Discover will match all the cash back you’ve earned at the end of your first year, automatically. There’s no signing up. And no limit to how much is matched.
  • Earn 5% cash back at different places each quarter like gas stations, grocery stores, restaurants, Amazon.com and more up to the quarterly maximum.
  • Plus, earn unlimited 1% cash back on all other purchases – automatically.
  • Redeem cash back any amount, any time. Rewards never expire.
  • Receive Free Social Security number alerts—Discover will monitor thousands of risky websites when you sign up.

The Wells Fargo Platinum Visa® Cardoffers 18 months of 0% APR interest. There is also no annual fee with a Wells Fargo Platinum Visa® Card.

Annual Fee: $0

0% APR Period: 18 months

Regular APR: 15.49% – 24.99%

Great Benefits: The Wells Fargo Platinum Visa® Card has great benefits, including:

  • 0% Intro APR for 18 months on purchases and balance transfers (fees apply for transfers).
  • Get up to $600 protection on your cell phone (subject to $25 deductible) against covered damage or theft when you pay your monthly cellular telephone bill with your Wells Fargo Platinum Visa® Credit Card.
  • Easy access to your FICO® Credit Score with Wells Fargo Online®.
  • Zero Liability protection for promptly reported unauthorized transactions.
  • Convenient tools to help create a budget and manage your spending with My Money Map.

The U.S. Bank Visa® Platinum Card offers 0% APR for 20 billing cycles.

Annual Fee: $0

0% APR Period: 20 billing cycles

Regular APR: 13.99% – 23.99%

Great Benefits: The U.S. Bank Visa® Platinum Card has great benefits, including:

  • 0% Intro APR on purchases and balance transfers for 20 billing cycles.
  • Flexibility to choose a payment due date that fits your schedule.
  • Get up to $600 protection on your cell phone (subject to $25 deductible) against covered damage or theft when you pay your monthly cellular telephone bill with your U.S. Bank Visa® Platinum Credit Card.

The Capital One® Quicksilver® Cash Rewards Credit Card has no annual fee, no foreign transaction fees, and helps you get 0% APR for 15 months. With a Capital One® Quicksilver® Cash Rewards Credit Card, you will also receive 1.5% cash back on every purchase.

Current Bonus: $150

Annual Fee: $0

0% APR Period: 15 months

Regular APR: 15.49% – 25.49%

Great Benefits: The Capital One® Quicksilver® Cash Rewards Credit Card has great benefits, including:

  • One-time $150 cash bonus after you spend $500 on purchases within 3 months from account opening.
  • Unlimited 1.5% cash back on every purchase.
  • 0% APR on new purchases and balance transfers. 3% balance transfer fee.
  • No rotating categories or sign-ups needed to earn cash rewards.
  • Cash back won’t expire for the life of the account and there’s no limit to how much you can earn.
  • No foreign transaction fees.

The Blue Cash Everyday® Card from American Express helps you get 0% APR for 15 months. With no annual fee, you can also earn great cash back rewards, including 3% cash back at supermarkets, 2% cash back at gas stations and 1% cash back on all other purchases.

Current Bonus: $150

Annual Fee: $0

0% APR Period: 15 months

Regular APR: 12.99% to 23.99%

Great Benefits: The Blue Cash Everyday® Card from American Express credit card has great benefits, including:

  • $150 statement credit after you spend $1,000 in purchases on your new Card within the first 3 months.
  • 3% cash back at U.S. supermarkets (on up to $6,000 per year in purchases, then 1%).
  • 2% cash back at U.S. gas stations and at select U.S. department stores, 1% back on other purchases.
  • 0% Intro APR on purchases and balance transfers for 15 months.
  • Redeem cash back as statement credit, merchandise or gift cards.

The Citi Simplicity® Card helps you get 0% APR for 12 months for new purchases. With no annual fees or late fees, you’ll also get 0% APR on balance transfers for 21 months.

Annual Fee: $0

0% APR Purchase Period: 12 months

0% APR Balance Transfer Period: 21 months

Regular APR: 14.74% – 24.74%

Great Benefits: The Citi Simplicity® Card has great benefits, including:

  • No Late Fees, No Penalty Rate, and No Annual Fee.
  • 0% Intro APR on balance transfers for 21 months from date of first transfer. Balance transfer fee of 5%.
  • 0% Intro APR on purchases for 12 months from date of account opening.

What are the pros of the best balance transfer cards?

The best balance transfer cards have several advantages. First, balance transfer credit cards are a great way to stop high interest charges on your existing credit card debt. Second, the best balance transfer credit cards help you repay debt faster because they provide some breathing room from high interest credit card debt. Third, the best balance transfer credit cards often have no annual fee. Fourth, some of the best balance transfer cards may include 0 percent APR for the first 6-15 months, and potentially longer.

What are the cons of the best balance transfer cards?

The best balance transfer cards also have several issues for consideration. First, the best balance transfer credit cards typically do not have large rewards. So, if your goal is to get the best rewards cards or the best cash back cards, then perhaps those credit cards make more sense. . The best balance transfer credit cards are really for helping you manage credit card debt, rather than for rewards. Second, credit card balance transfer offers likely will have a balance transfer fee, which is typical. Third, the low interest or 0 percent APR may only last for a certain time period, so be sure to have an action plan in place for debt repayment after that period ends.

How do you transfer a credit card balance with balance transfer credit cards?

The process to transfer a credit card balance with balance transfer credit cards is simple. Once you are approved for the best balance transfer cards, call customer service of the balance transfer credit card s.Customer service will help you with the process, which involves paying off your existing credit card debt with your new balance transfer credit card.

If you want to know how to transfer a credit card balance, here are the 5 steps that you should follow with balance transfer credit cards.

1. Use balance transfer cards from a different bank

When it comes to credit card balance transfer offers, make sure to choose balance transfer credit cards from a bank different than your current bank. The reason is that you can’t simply lower your credit card interest rate with balance transfer credit cards at the same bank. The reason you get the lower interest rate with the best balance transfer cards is that the new bank wants your business. Therefore, the new bank is willing to offer you low interest to have you as a customer with their balance transfer credit cards.

2. The best balance transfer cards are not really for spending

Remember, the goal of balance transfer cards is to transfer your existing credit card balance to a new credit card with a lower interest rate. Therefore, credit card balance transfer offers should be used for transferrin

3. Make the balance transfer with your balance transfer credit cards as soon as possible

Once you are approved for the best balance transfer cards, make sure to make your balance transfer as soon as possible. You don’t want to lose the promotional period with balance transfer credit cards.

4. Use balance transfer credit cards to repay debt

Another goal of the best balance transfer cards is debt repayment. Therefore, make sure to have an action plan to repay credit card debt once you are approved. When the promotional period ends with even the best balance transfer cards, you should be prepared with your debt repayment plan.

5. Always make the minimum payment with the best balance transfer cards

Balance transfer credit cards want to help you repay credit card debt promptly. Therefore, be sure to pay at least the minimum payment each month. This strategy not only help you save interest costs, but also helps you protect your credit score and avoid late fees.

How long does it take to transfer a credit card balance?

When customers ask “how to transfer credit card balance”” they will find that it typically takes only 1-2 weeks. Your new bank will pay off your old bank, and your credit card balance is transferred to your new balance transfer credit card.

Once your credit card balance has been transferred to your new balance transfer credit card, make sure that you:

  1. Do not make any more purchases with new balance transfer credit cards.
  2. Confirm with your old bank that your previous credit card has a zero balance.
  3. Have an action plan to repay your balance on your best balance transfer cards.
  4. Always pay at least the minimum payment on your balance transfer credit cards.

Is it a good idea to do a balance transfer with the best balance transfer credit cards?

The best balance transfer cards can help you pay off debt faster, which makes them a good idea for balance transfers. Here is what to look for to make the best balance transfer cards work for you:

  1. Find balance transfer credit cards with low interest rates
  2. Find the best balance transfer cards with little or no balance transfer fees (typically 3%)
  3. Choose the best balance transfer credit cards with an introductory period that provides enough time to repay your credit card debt, or provides enough time to get organized with a debt repayment plan.
  4. Make sure that your new balance transfer credit cards do not have a balance limit that prevent a balance transfer.

What are zero percent balance transfer cards?

Zero percent balance transfer cards are a type of balance transfer credit cards that offer zero percent interest on credit card balances for an initial term. These are some of the best balance transfer cards to save you interest costs and help you repay credit card debt faster. When you find credit card balance transfer offers with zero percent balance transfer, it can be a good idea to transfer a credit card balance.

Are there balance transfer fees for the best balance transfer cards?

The best balance transfer cards do have fees. The typical fees for balance transfer credit cards can be 3% to make a balance transfer fee. The good news is that some of the best balance transfer cards have zero percent fees for a certain period of time so that you can get organized. Also, if you pay at least your minimum monthly payment with your balance transfer credit cards, you can avoid late fees.

What credit score do you need for balance transfer credit cards?

When it comes to the best balance transfer cards, you will need to have a good to excellent credit score. You can get approved for the best balance transfer cards with a strong credit profile. With the balance transfer credit cards, bank want to approve customers with a history of financial responsibility who repay their credit card balance.

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