Credit cards offer a few important benefits, including the ability to earn rewards and get free cardholder protection. They are also very useful for purchases made in person or online.
Some might even say they are too comfortable. It is so easy to accumulate credit while shopping with a credit card that some consumers find themselves in a situation where they have significant debts to settle and with the average interest rate on credit cards currently over 16 percent.
Many people pay such high-interest rates on their balances that it can take years or even decades to pay off their debts. In those cases where paying off, old-fashioned debts seem insurmountable, a balance transfer card can be the right choice for you.
What is a balance transfer credit card?
With a bank transfer credit card, you can transfer the credit from a credit card or customer card, on which you may be paying interest, to another credit card. This can be a great way to keep track of your balance and payments in one place. If you’ve recently compared credit cards and found a credit card that charges less interest, you can save money by transferring debt from one credit card to another. Transferring your card balance could help you pay off your outstanding balance sooner and even reduce your spending. Transferring high-interest balances to a credit card with a promotional offer or a lower interest rate can save you money on interest payments.
How do balance transfers work?
A balance transfer is when you move money you owe from one credit card to another that charges less interest. Used wisely, a balance transfer can help you take control of your debt with a 0% interest offer for a limited time. That way, you can save money and pay off your debt faster. Remember, these reduced rates are only valid for a limited time, after which the normal rates apply. In many cases, you will also have to pay a fee for the transfer amount, which will be added to your balance.
When should you consider a balance transfer?
A balance transfer can be useful if, for example, you have high-interest debts. With a balance transfer, you can save money by moving debt from a high-interest account to a low-interest account. If you also don’t want to juggle multiple payments every month, you may be able to use a balance transfer credit card to combine debts so you have fewer monthly payments to track and manage. A 0% introductory credit transfer rate could help you settle your debts faster by reducing the interest you pay on the transferred balance.
What types of debts can I transfer to a credit card?
When you transfer funds, you are transferring the amount you owe from one credit card to another credit card. The receiving card can be a card you already have or a new account you have. You can enjoy free balance transfer using balance transfer checks from the bank issuing the credit card. Please note that most issuers do not allow you to transfer funds from another card from the same bank. This applies to both personal and business credit cards. In principle, however, you can transfer funds from several credit card accounts. to a balance transfer card, provided it was not issued by the same bank.
15 Best Balance Transfer Credit Cards in 2022
Below, you’ll find the 15 best balance transfer credit cards you should consider if you’re planning on transferring credits:
1. U.S. Bank Visa® Platinum Card:
The USBank Visa® Platinum card offers a very long introductory APR and no annual fee. There are two caveats, namely the transfer fee and the lack of a rewards program. The interest savings during the introductory phase can, however, be dwarfed. The pros of getting the U.S. Bank Visa Platinum Cards are: No APR Penalty, 0% Long Initial APR Period, and Cell phone protection is a helpful benefit.
2. Citi® Double Cash Card:
The simple cashback structure of the Citi Double Cash card and the long-lasting APR offer make the Citi Double Cash card a favorite for those who want to set it up and forget about it, with their 0% introductory APR offer, all without an annual fee.
You can earn up to $ 2.99 – 1% on purchase and 1% on payment to account with no Cashback Limit – No limit on the amount of cashback that can be earned and no annual fee. There’s also an intro APR period for balance transfers
3. Citi® Diamond Preferred® Card:
Those looking to consolidate debt and pay it off over time will appreciate the long introductory offer on balance transfers. The zero annual fees further increase their economical attractiveness. On the other hand, this card offers few advantages and comes with a high transfer fee.
They offer an initial 0% APR for 18 months on purchases from the date the account was opened and an initial 0% APR for 18 months on eligible credit transfers from the first transfer date. 13.74% -23.74 are counted towards your credit rating. There is a transfer fee of $ 5 or 3% of the amount of each transfer, whichever is greater.
4. Wells Fargo Platinum card:
An 18-month introductory period of 0% APR for both qualifying purchases and credit transfers makes the Wells Fargo Platinum Card a great option to pay off debt or fund a major purchase. It comes with a $0 annual fee and FICO Score Tracking
5. Discover it® Balance Transfer:
If you want to pay off high-interest credit card debt, switching to the Discover it® Balance Transfer credit card can make a big contribution to paying it interest-free (0% APR intro on balance transfers for the first 18 months, then 11.99% – 22, 99% Variable APR thereafter).
This is also a rare credit transfer card that offers 5 cents cashback upon activation in quarterly rotating categories of up to $ 1,500 per quarter, then 1% and 1 cent back on all other purchases, making it an excellent card to improve one’s score.
This card offers one of the longest 0% introductory APR periods for transfers: 0% starting APR on purchases for six months and 0% starting APR on balance transfers for 18 months, then rolling 11.99% APR 22.99% variable. Discover It will automatically offset any cash back you earned at the end of your first year.
6. Bank of America® Customized Cash Rewards credit card:
Bank of America’s Personalized Cash Rewards card comes with an excellent introductory APR of 0% for the first 15 billing cycles if initiated within the first 60 days, then 13.99% by 23, 99% effective APR variable (balance transfer fee applies, minimum USD 10 and cardholders earn USD 3.99 in a monthly category of their choice, e.g. purchases) and 1% for general purchases. The option to choose their monthly bonus category offers a lot of flexibility to maximize potential revenue. This card does not have an annual fee.
7. Bank of America® Unlimited Cash Rewards credit card:
Not only do cardholders enjoy a starting APR of 0% for both credit transfers in the first 60 days and purchases over 15 billing cycles (then 13.99% to 23.99% variable APR), they can also enjoy an unlimited cashback of € 5 on all eligible purchases. Bank of America Preferred Rewards members earns even more with an additional 25% to 75% increase in Cashback Rewards (the value of the increase depends on the amount of your eligible Bank of America accounts) 90 days after opening an account and start earning an online cash rewards bonus of $ 200. There is no annual fee for this card. Cash rewards never expire as long as your account is in good condition.
8. BankAmericard® credit card:
Transfer funds to BankAmericard within 60 days of opening your account and enjoy an introductory APR of 0% for the first 18 billing cycles. It is an excellent balance transfer credit card. Even after the introductory period, the normal APR can be quite low for some, with a variable of 12.99% to 22.99%. A long introductory APR of 0% is great for paying off debts. There is no annual fee for this card.
9. Citi Simplicity® Card:
Citi Simplicity Card offers no late fees, no penalty, and no annual fee with 0% initial APR for 18 months on purchases from the date of account opening and 0% initial APR for 18 months on balance transfers from the date of the first transfer. The variable effective annual interest rate is 14.74% 24.74%, based on your credit rating. Credit transfers must be completed within 4 months of opening the account. There is a transfer fee of $ 5 or 3% of the amount of each transfer, whichever is greater. The standard APR for the Citi Flex Plan is 14.74% 24.74% based on your credit rating. Citi Flex Plan offers are available at Citi’s discretion. You can also enjoy protection with Citi® Quick Lock and $0 liability for unauthorized charges
10. Wells Fargo Active Cash℠ Card:
Keeping the Wells Fargo Active Cash℠ card in your wallet after the initial APR has expired is well worth it, as you get a high, fixed price on everything you buy. The card offers an initial APR of 0% for 15 months from account opening for qualifying purchases and credit transfers, then the ongoing APR of 14.99% 24.99% variable APR. and there’s a hefty sign-up bonus too, all for a $ 0 annual fee.
11. Citi Rewards® Card:
The Citi Rewards + ® card offers a solid credit transfer offer for new cardholders. You will receive an introductory APR of 0% for 15 months from the date of the first transfer and for purchases made from the date you opened the account, then the ongoing APR of 13.49% 23.49% variable APR.
This card earns 2 points per dollar on the first $ 6,000 per year spent at grocery stores and gas stations and 1 point per dollar on all other purchases. In addition, the rewards for all purchases are rounded to the nearest 10 points, adding value to smaller buyers.
12. SunTrust Prime Rewards Credit Card:
The SunTrust Prime Rewards Credit Card offers an extremely long, 36-month introductory bank transfer APR for transfers within the first 60 days of account opening, by far the longest in its category.
The key interest rate is 3.25% (as of April 2022). In the long run, paying the base rate for three years with this card can be cheaper than what many credit transfer cards offer – no interest for about a year. for a long-term APR that is well above the base rate.
So this offer is ideal for someone who needs several years at a very low-interest rate to pay off a large balance. SunTrust Prime Rewards also waives transfer fees for funds that have been moved within the first 60 days of the account being opened. With 0% APR balance transfer cards with 4% or 5 charges, this card may be a better option considering the total cost.
13. Chase Slate:
If your credit score is below average, getting a great credit transfer offer can be a challenge. Chase Slate is designed to help people with fair credit pay off their debts.
There are no transfer fees for the first 60 days, which is a significant advantage when other cards charge 3%. After 60 days, there is a fee (minimum 5 USD) for credit transfers. It doesn’t have an annual fee, but it doesn’t offer any rewards or a welcome bonus.
14. Frontier Airlines World Mastercard:
Frontier is one of the fastest-growing airlines in the United States, and their co-branded credit card is unique in that it allows you to earn credit for elite status with every dollar you spend.
For credit transfers that are credited to the account within 45 days of opening the account (the current APR applies thereafter), you will receive 5x miles for eligible flyfrontier.com purchases and 3x for restaurant purchases.
Spend $ 2,500 or more on your card for purchases made within 90 days of account opening and get a $100 flight voucher per year. You will also receive Zone 2 priority boarding and an award redemption fee waiver. There is an annual fee of $79 for this card, excluding the first year.
15. HSBC Gold Credit Card:
By transferring higher-interest debt to your HSBC credit card, you can save money on high-interest balances, pay off balances faster, accelerate payments, consolidate debt and transfer any amount of credit.
You can transfer any amount of credit, the total amount, including any fees, may not exceed the credit limit available on your HSBC credit card. Balance transfers between HSBC accounts are not allowed.
Conclusion
To get the best balance transfer credit cards, we’ve taken a look at the balance transfer credit cards offered by all of the major card issuers. Each of their prepaid transfer credit card offers has been reviewed and compared to other prepaid transfer cards. In doing so, we not only consider the duration of the advertising financing offer but also other factors such as the transfer fee and the benefits granted to the cardholder.
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