Top Credit Cards for Balance Transfers

If you have one credit card that charges you a high interest rate and one that charges you a lower rate, naturally, you will want to transfer your balance. However, you will probably first need to apply for a new credit card. If this is the case, you should consider cards that have great perks, including no annual fee, no balance transfer fee, and a long 0% APR introductory period.

Keep in mind that any of the credit cards listed may revise their offers and they are all at subject to change.

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Discover It

Discover it offers a 14 month 0% APR balance transfer offer with a 3% fee. However, after the 14 months expires, the APR resets to 10.99% to 22.99% variable, which is based on your creditworthiness. The balance transfer has to post to your account before February 10, 2015 if you want to qualify for the 0% promotional rate. Discover It has no annual fee and no penalty APR, plus, the late fee is waived the first time you make your late payment. You should only use this card for balance transfer purposes and don’t make any purchases until the transfer is paid off, or you will have to pay interest on your purchases because of its 0% promotional rate on purchases.

Citi Diamond Preferred

At the end of Citi Diamond Preferred’s promotional period the APR has a variable of 11.99% to 21.99% depending on your creditworthiness. However, this card does not have any perks about late fees or no penalty rate.

Citi Simplicity Card

The Citi Simplicity Card is currently offering a 0% APR on balance transfers and purchases, and this great deal will last for 18 months. The balance transfer fee is 3% of the amount transferred or $5, whichever is bigger. But any balance that you still have at the end of the promotional period will have a variable APR of 12.99% to 22.99% based off of your creditworthiness. The card has several perks including no penalty APR, no late fees, and no annual fee.

Chase Slate

This credit card has a 0% introductory APR on balance transfers and purchases for 15 months. Also, there is no balance transfer fee when you complete your balance transfer within 60 days of opening your account. They are currently the only card that offers both a no balance transfer fee and a 0% introductory APR. But after the first 60 days, your balance transfer fee is 3% of the amount transferred or $5, whichever one is greater. When the 15 month promotional period ends, your APR will be either 12.99%, 17.99%, or 22.99% depending on your creditworthiness. And this card has no annual fee.

Other Options

If for some reason you don’t qualify for any of these cards, you may also try several other cards that all offer no annual fee and a 12 to 15 month no interest introductory period on balance transfers.

  1. BankAmericard Visa
  2. Chase Freedom
  3. American Express Blue Cash Everyday Card
  4. Citi Double Cash Card
  5. S. Bank Visa Platinum Card

Balance Transfer Credit Card Comparison Websites

If you would like to do your own research before deciding on which credit card to use, there are plenty of other credit card comparison websites that were built specifically to help you find the best balance transfer credit card for you.

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However, before you visit other sites, you should first know that most credit card comparison websites get referral fees from credit card companies. (When a customer applies for a credit card through the credit card comparison website’s link, the credit card company pays them.) Some credit card companies influence the information that a website posts about it, so you probably will not be receiving accurate information about many of the cards available. Always be sure to read the fine print at the creditor’s website before you apply for any credit card. Also be aware that may credit card comparison websites only show the cards from credit card companies who pay them (like advertisements). So you will not be able to learn about every card available to you. And always watch out for sites that rank balance transfer offers, because they often don’t develop their rankings objectively and with the average consumer in mind, they mostly rank them off of which company paid them more for advertising.

Before you apply for any credit card, it may be a good idea to make a list of the pros and cons of balance transfers. Many average consumers run into several common problems because they don’t do enough research before they apply and they don’t fully understand balance transfers. However, always remember that you should only use trustworthy websites when doing your research on available credit cards because they are likely to only give you information about credit cards that advertise.