High-interest credit card debt can make it difficult to get ahead financially. Fortunately, balance transfer credit cards offer a way to save money by transferring your existing debt to a card with a lower or 0% introductory APR on balance transfers. This gives you time to pay down your balance without accumulating additional interest, potentially saving you hundreds or even thousands of dollars.
In this guide, we’ll highlight the best balance transfer credit cards available today. Whether you’re looking for a long 0% APR period, low fees, or additional perks, we’ve got you covered. These cards can help you take control of your debt and start your journey to financial freedom.
What to Look for in a Balance Transfer Credit Card
Before diving into our top picks, let’s explore the key features to consider when choosing a balance transfer credit card.
- 0% Introductory APR Period: The length of the 0% APR period is crucial. The longer the period, the more time you have to pay off your balance without incurring interest.
- Balance Transfer Fees: Most balance transfer cards charge a fee, typically 3% to 5% of the amount transferred. However, some cards offer no-fee transfers, which can save you money upfront.
- Ongoing APR: Once the introductory period ends, the regular APR will kick in. It’s important to know what this rate will be, especially if you expect to carry a balance beyond the intro period.
- Credit Score Requirements: Balance transfer cards usually require good to excellent credit. Be sure to check your credit score before applying.
- Additional Perks: Some balance transfer cards offer rewards, such as cash back or travel points, which can add extra value.
Now, let’s take a look at the best balance transfer credit cards for [Year].
1. Citi® Diamond Preferred® Card
Key Features:
- Introductory APR: 0% for 21 months on balance transfers (from the date of first transfer) and 0% for 12 months on purchases.
- Balance Transfer Fee: 5% of each transfer (minimum $5).
- Ongoing APR: 17.74% – 28.49% variable.
The Citi® Diamond Preferred® Card is a standout for those seeking an extended 0% APR period on balance transfers. With 21 months of no interest, you have nearly two years to pay down your balance without worrying about interest charges. While the 5% balance transfer fee is on the higher side, the long intro APR period can more than make up for it, especially if you have substantial debt to transfer.
2. Wells Fargo Reflect® Card
Key Features:
- Introductory APR: 0% for up to 21 months on balance transfers and purchases (as long as you make minimum payments on time).
- Balance Transfer Fee: 5% of each transfer (minimum $5).
- Ongoing APR: 18.24% – 28.24% variable.
The Wells Fargo Reflect® Card is another top choice for those looking for a lengthy 0% APR period. Depending on your payment behavior, you can enjoy up to 21 months of no interest on balance transfers. The card also extends the same 0% APR to purchases, which can be beneficial if you need to make a large purchase while paying down your balance. Like the Citi Diamond Preferred, it does come with a 5% balance transfer fee, so factor that into your decision.
3. Chase Slate Edge℠
Key Features:
- Introductory APR: 0% for 18 months on balance transfers and purchases.
- Balance Transfer Fee: 3% of each transfer made within the first 60 days (minimum $5); after that, 5%.
- Ongoing APR: 19.49% – 28.24% variable.
The Chase Slate Edge℠ card offers a competitive 0% APR for 18 months on balance transfers, making it a solid option for those who need ample time to pay off debt. Additionally, the card has a unique feature that allows you to lower your APR by 2% each year (up to certain limits) by meeting specific requirements, such as spending and making timely payments. This feature can provide long-term value even after the introductory period ends.
4. BankAmericard® Credit Card
Key Features:
- Introductory APR: 0% for 21 billing cycles on balance transfers and purchases.
- Balance Transfer Fee: 3% of each transfer (minimum $10).
- Ongoing APR: 16.24% – 26.24% variable.
The BankAmericard® Credit Card is another excellent choice if you’re looking for a long 0% APR period. With 21 billing cycles of no interest on balance transfers and purchases, it offers plenty of time to pay down your debt. The 3% balance transfer fee is lower than many other cards, which makes it more affordable upfront.
5. Discover it® Balance Transfer
Key Features:
- Introductory APR: 0% for 18 months on balance transfers and 0% for 6 months on purchases.
- Balance Transfer Fee: 3% of each transfer (5% for future transfers).
- Ongoing APR: 16.24% – 27.24% variable.
The Discover it® Balance Transfer card combines a solid 0% APR period with Discover’s signature Cashback Match, which matches all the cash back you’ve earned at the end of your first year as a cardholder. While the card primarily focuses on balance transfers, it also offers 5% cash back in rotating categories (up to a quarterly maximum) and 1% on all other purchases. This makes it a great option for those who want to earn rewards while paying off their debt.
How to Maximize Your Balance Transfer Credit Card
A balance transfer card can be a powerful tool to help you manage and pay off debt, but to get the most out of it, you need to use it wisely. Here are some tips for maximizing your balance transfer credit card:
- Pay Off Your Balance Before the Intro APR Period Ends: The key to saving money with a balance transfer card is to pay off your transferred balance before the introductory 0% APR period ends. Once the regular APR kicks in, any remaining balance will start accruing interest at a higher rate.
- Calculate the Balance Transfer Fee: Balance transfer fees can add up, so calculate how much you’ll pay upfront to determine if the transfer is worth it. For example, a 5% fee on a $5,000 transfer will cost you $250. Compare this to the interest you would have paid on your existing debt to see if the savings are significant.
- Avoid New Purchases: Even if your balance transfer card offers 0% APR on purchases, it’s best to focus on paying off your transferred balance. Adding new purchases to your card can make it harder to pay down your debt.
- Make Timely Payments: Missing a payment can lead to the loss of your 0% APR offer, resulting in higher interest rates on your remaining balance. Set up automatic payments or reminders to ensure you never miss a payment.
- Check for Pre-Qualification: Before applying for a balance transfer card, check if you’re pre-qualified. This can give you an idea of your chances of approval without affecting your credit score.
Choose the Best Balance Transfer Credit Card for Your Debt Payoff Plan
Balance transfer credit cards can be a powerful way to save money on interest and pay down your debt faster. Whether you’re looking for a long 0% APR period, low fees, or additional perks, there’s a balance transfer card to suit your needs.
Remember, the key to making the most of a balance transfer card is to have a plan. Focus on paying off your balance before the introductory period ends, and avoid adding new debt. By doing so, you can take control of your finances and achieve your debt payoff goals more quickly.