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If you find yourself carrying credit card debt, you can avoid rising curiosity in your debt by means of balance transfer credit cards with introductory 0% APR presents. Handle with care to avoid incurring rather more debt.
We’re centered proper right here on the rewards and perks that embrace each card. These cards is not going to be value it must you’re paying curiosity or late prices. When using a credit card, it’s essential to pay your balance in full each month, make funds on time, and solely spend what you can afford to pay.
Compare the best credit cards for balance transfers
The best balance transfer credit card critiques
Wells Fargo Reflect® Card
The
Although the
Pros: Ultra-long 0% introductory APR on balance transfers and purchases, no annual cost
Cons: No welcome bonus present or rewards, and few benefits other than cellphone security
Review: Wells Fargo Reflect card review
Citi Simplicity® Card
Consumers with tons of high-interest credit card debt might save additional with a card that provides a 0% intro APR for as long as potential. The
There’s no annual cost, however you get a
Other perks this card presents embody automated account alerts, 24/7 buyer assist, and the ability to determine in your charge due date.
Pros: No annual cost, sturdy 0% intro APR, no late prices
Cons: 3% intro balance transfer cost (minimal $5) on transfers completed inside 4 months, then 5% (minimal $5), few cardholder perks
Review: Citi Simplicity card review
Citi® Diamond Preferred® Card
The
Now is an outstanding time to make use of for the
You can transfer a balance each over the phone or by means of your on-line Citi account inside the “Balance Transfers” half beneath the “Payments and Transfers” menu.
The largest distinction between the
The
Pros: No annual cost, ultra-long 0% intro APR, purchase security
Cons: 5% balance transfer cost (minimal $5), wouldn’t waive late prices
Review: Citi Diamond Preferred card review
Amex Blue Cash Everyday
Until not too way back, Amex didn’t present any cards with a 0% intro APR on balance transfers. That’s now modified with the refresh of the no-annual-fee
New cardholders receive a
There’s moreover an improved welcome bonus offer of a
You’ll moreover earn 3% cash once more at US supermarkets (as a lot as $6,000 per 12 months, then 1%), 3% cash once more on US gasoline stations (as a lot as $6,000 per 12 months, then 1%), 3% cash once more on US on-line retail purchases (as a lot as $6,000 per 12 months, then 1%), and 1% cash once more on all purchases (cash once more is obtained inside the sort of Reward Dollars).
Otherwise, the
Pros: Long 0% intro APR, no annual cost, good incomes prices in useful courses
Cons: Balance transfer cost, abroad transaction prices
Review: Amex Blue Cash Everyday card review
Chase Freedom Unlimited®
The
The intro balance transfer cost is 3% of the amount of each transfer (or $5, whichever is bigger) on transfers made inside 60 days of account opening. After that, the cost jumps to 5% of the amount of each transfer (or $5, whichever is bigger). This card has no annual cost, nevertheless you will pay abroad transaction prices on worldwide purchases.
While the
The card begins you out with a welcome bonus present of
If you even have an annual-fee Chase card that earns Chase Ultimate Rewards points, such as a result of the
Pros: Intro APR on balance transfers and purchases, sturdy incomes on all spending, earns useful Chase Ultimate Rewards components
Cons: 3% intro balance transfer cost (then 5% or $5, whichever is bigger, if transfers are made larger than 60 days after account opening), abroad transaction prices
Review: Chase Freedom Unlimited card review
Chase Freedom Flex℠
New
There’s a welcome bonus present of
It’s potential to combine your rewards from the
Pros: Earn as a lot as 5x components on spending, no annual cost, earn useful Chase Ultimate Rewards components
Cons: 3% intro balance transfer cost (then 5% or $5, whichever is bigger, if transfers are made larger than 60 days after account opening), abroad transaction prices
Review: Chase Freedom Flex card review
Citi® Double Cash Card
With the
But what makes the (*12*)Citi® Double Cash Card a wonderful select is that it’s one of the best cash-back credit cards usually, so it’s value using even after you have received paid off your balance. You’ll efficiently earn 2% cash once more on each little factor — 1 degree per buck everytime you make a purchase order order, and 1 degree per buck everytime you pay it off.
Normally, this card wouldn’t embrace a welcome bonus, nevertheless correct now it’s offering
You is not going to earn cash once more on balance transfers, nevertheless it’s a great card for earning money back in your regularly payments. And you can redeem your Citi ThankYou components at a cost of 1 cent each for cash once more, journey, current cards, and further.
The intro balance transfer cost is 3% of each transfer completed inside the primary 4 months of account opening, with a minimal of $5. The ongoing balance transfer cost is 5% of each balance transfer, with a minimal price of $5.
Pros: Strong cash-back cost, no annual cost, prolonged intro APR interval
Cons: 5% balance transfer cost, 3% abroad transaction cost
Review: Citi Double Cash card review
Citi Custom Cash℠ Card
The
The qualifying courses embody regularly payments that must attraction to most folks: restaurants, gas stations, grocery stores, select journey, select transit, select streaming services, drugstores, dwelling enchancment retailers, well being golf tools, and dwell leisure.
New cardholders receive an introductory
Although it’s marketed as a cash-back card, the
Pros: 0% intro APR on every balance transfers and purchases, no annual cost, sturdy rewards incomes
Cons: 5% balance transfer cost, abroad transaction prices
Review: Citi Custom Cash card review
Capital One SavorOne Cash Rewards
The
New cardholders moreover qualify for a
This card not too way back added 5% cash once more on lodging and automotive leases booked by means of Capital One Travel and eight% cash once more on Capital One Entertainment purchases. There’s moreover a promotion to earn 8% cash once more on Vivid Seats purchases by means of January 2023.
Pros: 0% intro APR on every balance transfers and purchases, no annual cost, sturdy rewards incomes, no abroad transaction prices
Cons: 3% balance transfer cost
Review: Capital One SavorOne card review
U.S. Bank Visa® Platinum Card
The
Getting a 0% intro APR on balance transfers and purchases makes this card a powerful alternative for anyone who has debt to transfer or an enormous purchase to make. If you wanted to buy new house tools or use credit to cowl a minor kitchen remodel, as an illustration, you’ll be able to obtain this and repay your balance at 0% intro APR for 18 billing cycles.
Other benefits you’re going to get with this card embody cell phone protection, a free TransUnion credit ranking each month, and the ability to determine in your charge due date. This card also comes with no annual fee, although there is a balance transfer cost of 3% or $5.
Pros: 0% intro APR good for every balance transfers and purchases, no annual cost, cellphone security
Cons: 3% balance transfer cost
Review: US Bank Visa Platinum card review
Discover it® Balance Transfer
If you might be carrying high-interest balances on totally different credit cards, the
The
The card wouldn’t present a traditional welcome bonus, as a substitute Discover will also match all the rewards you earn after the first 12 months
Pros: 0% intro APR good for every balance transfers and purchases, Cashback Match inside the first 12 months
Cons: Only earns 1% once more exterior of bonus courses, 3% intro balance transfer cost and as a lot as 5% cost on future balance transfers (see phrases)
Review: Discover it Balance Transfer card review
Chase Slate Edge℠
The
It presents a
Each account anniversary, you can be thought of for a 2% APR low cost, as long as you have received paid your card on time and spent a minimal of $1,000 on purchases inside the earlier anniversary 12 months. The low cost is capped, though — it could actually solely be diminished until your APR reaches the Prime Rate plus 9.74% (Prime Rate is 6.25% as of 09/27/2022).
Pros: Intro APR is nice for every balance transfers and purchases, automated consideration for credit line improve and APR low cost if spending requirements are met
Cons: No rewards or welcome bonus present
Review: Chase Slate Edge card review
Methodology: How we chosen the best balance transfer credit cards
Insider chosen the best balance transfer cards by all of the credit cards with balance transfer presents which might be at current on the market to new candidates.
From there, we narrowed our report proper right down to balance transfer cards offering 0% introductory presents. We arrived at our remaining picks by evaluating the phrases of each introductory APR present and totally different card benefits. We prioritized cards that price lower balance transfer prices along with cards with the longest introductory 0% APR intervals on balance transfers. We moreover factored in several card benefits, akin to cash once more or journey rewards, annual prices, and waived late prices.
About balance transfer credit cards
The average credit card APR is spherical 16%, and it might very effectively be even larger relying in your credit ranking and the cardboard you might be using. The final merchandise you want is to hunt out your self inside the quicksand of credit card curiosity.
Before you decide to use a 0% intro APR credit card, make sure you should have the means and a plan to pay off your balance in full sooner than the introductory APR interval ends — in some other case, you will see your self having to pay curiosity in your remaining balance.
If you don’t assume you will repay your debt in full by the purpose the introductory APR present expires, a balance transfer credit card might be not value it.
Balance transfer credit card usually requested questions (FAQ)
What is a balance transfer card?
Balance transfer cards let these with present credit card debt transfer their wonderful balance over from one different card to avoid curiosity prices. You’re ready to avoid curiosity on a balance transfer card on account of an intro 0% APR present, which lasts anyplace from 9 to 21 months.
After this introductory interval is over, your APR will reset to the same old variable cost. So you need to repay your credit card debt in full sooner than the intro APR interval ends as a technique to avoid curiosity bills.
What’s the catch? Some balance transfer cards price an upfront balance transfer cost of 3% or 5% of your balance — or $300 to $500 for every $10,000 in high-interest debt you transfer. If you needn’t transfer a balance nevertheless you need to make an enormous purchase that you will need time to repay, see our report of the best credit cards with intro APR offers.
How do balance transfer cards work?
Balance transfer cards can save you money by securing you a lower charge of curiosity in your present credit card debt. When you apply and are permitted for a balance transfer credit card, you progress over debt from one different card, and in addition you often have an introductory 0% APR interval sooner than you need to start paying curiosity on that debt.
Ideally, you’ll repay your debt sooner than the introductory interval ends — in some other case, you’ll need to pay curiosity in your remaining balance.
Is a balance transfer card correct for me?
A balance transfer might very effectively be best for you must you at current have credit card debt, and have a plan to pay it off. By using a balance transfer credit card, you’re going to get a bit of respiratory room with the introductory 0% APR interval. This permits you to repay your debt with out together with curiosity.
How do I perform a balance transfer?
The first step in completing a balance transfer is making use of for — and getting permitted for — a balance transfer credit card. Once you should have a card with an introductory APR present on balance transfers, to transfer your credit card balance, you’ll should request the transfer with the monetary establishment that factors your new balance transfer credit card.
You can often provoke this course of each on-line or by calling the amount on the once more of your card.
How prolonged does a balance transfer take?
A balance transfer often takes 5 to seven days, nevertheless the exact time can fluctuate by issuer. Your monetary establishment may ask you to allow for as a lot as 21 days for a balance transfer to bear, nevertheless usually, the transfer have to be completed sooner. Experian has a handy chart listing the average balance transfer timeframes by bank.
What credit ranking do I would like for a balance transfer card?
If you should have bad credit — which is printed as a FICO score beneath 669 — you probably is not going to be permitted for a balance transfer card. A monetary establishment may be a lot much less inclined to approve you for a balance transfer card in case your credit ranking and credit report level out that you haven’t been ready to consistently repay cash owed to this point.
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