The average American is carrying a credit card balance of $5,700. We all try to budget and have the best of intentions when it comes to keeping our credit card balance low.
Unfortunately, life doesn’t always work that way. So instead of taking out an online loan and paying interest, do yourself a favor pay down your credit card balance and sign up for one of the best balance transfer cards.
Most of these cards have a zero percent grace period. During this time you can pay down your balance as much as possible.
Ready to get started? Let’s find the right card for you!
What to Look for When Choosing a Card
When you are looking for a credit card to transfer your credit card balance to, you want to look at both the short term and long term fees. First, look to see how much the card charges for the initial transfer.
Pay attention to the time limits you have after opening the card. Some cards punish you for waiting to make your transfer. Other cards reward you for waiting.
You’ll also want to find out what your interest rate will be after the introductory period. If you can’t pay off your balance in full, then the high-interest rate may not be worth it.
Finally, be sure to check out the perks. You may not want to use the card in the beginning while you pay off your balance. But after you pay it off, you may want to continue to use the card, and perks will make using the card worth it.
1. Discover It Balance Transfer
Let’s start our list off strong with a Discover card that offers 18 months of zero percent balance transfer APR and cash back rewards. Every quarter you get to pick a category to earn 5% cash back on. This could be groceries, gas, eating out, or even Amazon.
Once you hit the maximum amount of earnings for the quarter, you earn 1% cash back on all your other purchases. There is no annual fee, and Discover will automatically match your cash back earning after the first year.
After the initial 18 months, the APR for balance transfers is between 14.24% and 25.24%. The fee for balance transfers is 3%.
You will also have zero liability for any unauthorized purchases. If your card is lost or stolen it is easy to place a freeze on your card.
This card is best for applicants who have good or excellent credit scores.
2. Chase Freedom
The Chase Freedom card is another that offers cash back rewards and enticing balance transfer terms. Activate your rewards each quarter, and you can earn 5% back, up to $1,500. You can also earn 1% cash back on all other purchases.
For an extra bonus, spend $500 in the first three months. You’ll get a $150 bonus.
All of your purchases are protected for 120 days after purchase for up to $500 per purchase and $50,000 per account. That way you don’t have to worry about theft or damage.
For balance transfers, you’ll pay the greater of $5 or 3%. Once you transfer your balance, you’ll have 15 months of zero percent APR.
This card is best for those who have good to excellent credit scores.
3. Wells Fargo Platinum Visa Card
Wells Fargo offers a credit card that will give you 18 months of zero percent APR on your balance transfers. Plus you’ll only pay 3% for the transfer for the first 120 days and then 5% after that.
The APR after the first 18 months is between 17.74% and 27.24%. There is no annual fee and no penalty APR.
As for the perks, you’ll have free monthly access to your FICO score, travel insurance, rental car collision insurance, zero liability protection, and roadside assistance.
You need to have good to excellent credit to qualify for this credit card.
4. Bank Americard Credit Card
If you already bank with Bank of America, then their Americard might be perfect for you. You’ll pay the greater of $10 or 3% for each balance transfer you make. Then you’ll get 18 months of zero percent APR. That gives you a year and a half to pay off your credit card balance!
After the introductory period, balance transfer APR is between 15.24% and 25.24%. Your APR won’t change if you happen to make a late payment.
5. U.S. Bank Visa Platinum Card
This card not only offers competitive terms for balance transfers, but it also includes some unique perks. You can have cell phone protection and payment due date flexibility.
As for your balance transfers, you can have 18 months of zero percent APR. Plus you’ll only pay 3% for each transfer.
The ongoing APR is between 14.74% and 25.74%. There is no annual fee.
6. American Express Cash Magnet Card
American Express offers excellent balance transfer terms and generous cash back rewards. For balance transfers, all you have to pay is the greater of $5 or 3% for each transfer.
You’ll never have to pay an annual fee. You could get a statement credit worth $150 though. All you need to do is spend $1,000 in the first three months. You can also earn 1.5 percent cash back on every purchase you make.
You’ll also get access to a ton of American Express perks. These include travel and shopping benefits, extended warranty coverage, return protection, rental car loss, and travel insurance.
7. Blue Cash Everyday Card from American Express
If you aren’t sold on the previous America Express card, we have another one that offers even more rewards. The Blue Cash Everyday card charges $5 or 3% for each balance transfer. You’ll pay whichever is greater.
When it comes to rewards, you can earn 3% on your grocery store purchases. You can receive up to $6,000 cash back each year. After you hit the max, you’ll keep earning at 1%.
Then you’ll earn 2% on your gas station and certain store purchases. This reward is unlimited. Plus you’ll make 1% cash back on all of your other purchases.
If you spend $1,000 in your first three months, you’ll earn a statement credit. This credit will be $150.
All of these benefits come to you with no annual fee. You’ll have no APR on balance transfers for the first 15 months. After that intro time, your interest rate will be between 15.24% and 26.24%.
Your card will also provide you with fraud protection, roadside assistance, and travel insurance.
8. Barclaycard Ring Mastercard
The Barclaycard has some of the lowest fees for transferring your balances. If you make your transfer in the first 45 days, then you’ll pay the greater of 2% or $5. If you make your transfer after that, then the fee is zero.
Once you make your transfer, you’ll have a zero percent APR for the first 15 months. After the 15 months, your interest rate will be a variable rate of 14.24%.
As a cardholder, you get free access to your FICO credit score. You can also sign up for credit score change alerts.
This card is an excellent option for someone who isn’t concerned about perks and is focused on paying down their debt.
9. Capital One Quicksilver Cash Rewards Credit Card
For an easy-to-use credit card, Capital One offers a great option with the Quicksilver Cash Rewards credit card. You’ll pay 3% on all of your balance transfers.
Then you’ll have 15 months to pay off your balance interest-free. After that, your APR will be in the range of 16.24% and 26.24%.
As for the perks, you’ll earn 1.5 percent on all of your purchases. You can also receive $150 cash back when you spend $500 in the first three months of opening your account.
As a cardholder, you will also have 24-hour travel assistant services, travel insurance, travel upgrades, and extended warranty coverage.
10. Citi Simplicity Card – No Late Fees Ever
If you are struggling to pay off your credit card debt, the City Simplicity card is very forgiving. You balance transfers will cost you the greater of $5 or 5% for each transfer.
You’ll have a staggering 21 months of zero percent APR for your balance transfers. There is also no annual fee.
You also don’t have to worry about late fees or penalty APRs for late payments. Just be sure to make your transfers in the first four months. The interest rate for your card will be between 16.24% and 26.24%.
As a cardholder, you’ll also get some other perks. These include extended warranty coverage, rental car insurance, travel assistance, and emergency assistance.
Best Balance Transfer Cards for You
When you compare the best balance transfer cards, you’ll want to look at both the balance transfer terms and the additional perks.
Pay attention to the initial fees for making the transfer. Then look at what the interest will be when the introductory period ends.
When more rewards with your credit card, then check out these cards. Here are some other articles you might find helpful:
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How to set a chase travel notice and for every other card
Is a Fingerhut credit card a good option for bad credit?
The ten worst credit card mistakes a person can make