Best Balance Transfer Credit Cards
If you have credit card debt to pay off, a 0% balance transfer credit card could save you hundreds of dollars or more in interest payments. But apart from 0% balance transfer fee, other features like longest 0% offer, significant cash rewards, long-term value, or other perks should also be taken into consideration. The best balance transfer cards often combine a reasonable balance transfer fee with an extended 0 percent interest period. In a word, it’s important to make it clear what you need the most from the card before selecting the best option.
To help you pick the perfect balance transfer card with the longest offers and the lowest rates, we've listed and evaluated several top-rated cards in the balance transfer card category.
- No.1 Chase Slate® Credit Card
- No.2 Citi® Diamond Preferred® Card
- No.3 BankAmericard® Credit Card
- No.4 Barclaycard Ring™ Mastercard®
- No.5 Discover it®
- No.6 The Amex EveryDay® Credit Card from American Express
No.1 Chase Slate® Credit Card
- 0% intro APR for the first 15 months
- $0 fee for balance transfers made within the first 60 days of opening your account
- No annual fee
- No penalty APR
- Free credit score tracking
Pros
The most distinct feature of the Chase Slate card is that it charges no fees for balance transfer made within two months of opening your account. Therefore, you can move your debt for free, and you also have 15 months to pay the debt off interest-free. Chase Slate also provides members with many other benefits including free monthly FICO score, fraud protection, purchase protection, and zero liability protection.
Cons
After 60 days, the card will do charge a 3% transfer fee ($5 minimum) and there’s also a 3% fee on every foreign transaction. After the promotional 15 month period, the purchase and balance transfer APR of this card will become somewhere between 15.74%-24.49% which is a little higher compared with other cards. Moreover, the Chase Slate card doesn’t have any rewards project or other stand-out features.
Summary
Featured with 0% intro APR for the first 15 months on balance transfers and purchases, no annual fee, and no penalty APR, this balance transfer card is an all-rounder for short-term balance transfer.
No.2 Citi® Diamond Preferred® Card
- 21-month 0% introductory period
- No Late Fees Ever
- No annual fee
Pros
The Citi Diamond Preferred card offers perhaps the longest 0% APR period - 21 months, which is 6-9 months longer than other cards. Cardholders have 21 months to pay off debts, and even if they cannot make it in 21 months, the card's "go-to rate" starts at a low 13.49 percent. Citi Diamond Preferred card allows users to transfer any debt to their cards on condition that the account number is five digits long at least and doesn’t contain any letters.
Cons
The Citi Diamond Preferred card charges $5 or 3% transfer fee and higher penalties than other cards for people who miss payments. The card also doesn’t give users any points, miles, or rewards.
Summary
For people carrying a large balance, or planning a big purchase, the card will save a lot of money in interest since it offers nearly two years' 0% APR period.
No.3 BankAmericard® Credit Card
- 15-month 0% introductory period
- No balance transfer fee for the first 60 days
- No annual fee
Pros
The BankAmericard Credit Card offers a long 15-month 0% introductory period and the lowest on-going rate at 12.99% - 22.99%.
Cons
The BankAmericard card offers no 0 percent APR on purchases, so cardholders mainly use this card to transfer balance. Moreover, you need to pay 3% of the amount transferred or $10 transfer fee after the first 60 days. The card also charges low-credit users with a high 21.74% APR.
Summary
The BankAmericard Credit Card will save you a lot of in interest and fees if you have a large debt to pay. It's not a good option for people with low credit score.
No.4 Barclaycard Ring™ Mastercard®
- 0% on Balance Transfers & Purchases for 15 months
- No balance transfer fee
- No penalty fees
- No annual fee
Pros
The Barclaycard Ring Mastercard combines an introductory 0% APR period with no balance transfer fees forever. You won't be charged with penalty fees or annual fees.
Cons
You are not allowed to transfer balances from other Barclaycard products. To get approved for this card, you need to keep an excellent credit.
Summary
For people who have excellent credit, the Barclaycard Ring Mastercard proves to be cost-effective since you can pay your debt interest-free and fee-free.
No.5 Discover it®
- 0% on Balance Transfers for 18 months
- 0% on Purchases for 6 months
- No annual fee
- No over limit fee
Pros
The Discover card offers a long 0% introductory APR, which means you'll get an 18-month interest-free period when you make a balance transfer. Apart from being an excellent balance transfer card, the card can also serve as a cash back rewards card with up to 5% cash back. You can redeem the rewards for statement credits to pay off your debt faster. For new members, Discover card will double all the cash back you’ve earned at the end of your first-year ownership. Moreover, it doesn't charge annual fee.
Cons
Its 0% period on purchases is much shorter than that for balance transfers, so you have to pay interest on your purchases after the 0% period. The card also charges a 3% balance transfer fee, and you are not allowed to transfer balances from other Discover cards. It also requests you to activate the categories each quarter.
Summary
The Discover card combines a long 0% introductory APR period with up to 5% cash back benefit terms. You can enjoy the 18 months of 0% interest on balance transfers, and after that, the cash-back rewards are also attractive.
No.6 The Amex EveryDay® Credit Card from American Express
- 12-month 0% intro APR on purchases and balance transfers
- No annual fee
- US supermarkets rewards
- High bonus Rewards
Pros
The Amex EveryDay® Credit Card combines a 0% balance transfer offer with generous credit card rewards. Cardholders can get 12-month 0% APR on balance transfers and purchases, then a variable rate (13.99% to 23.99% currently)based on creditworthiness and other factors. Apart from points rewards at US supermarkets and 30-time purchases in a billing period, new members can also earn Membership Reward points after using the new card to make $1,000 in purchases in the first three months. The points can be used for flight, hotel, vacation and more.
Cons
The card is not ideal for people who don't shop at supermarkets since they cannot get the points rewards at US supermarkets. And for people who travel abroad a lot, this card may cost you some money on foreign exchange fee.
Summary
This card offers 0% offer on purchases and balance transfers along with great rewards. If you like rewards redemption options, this card is an excellent choice.