Missed a story? Search the news in the box below.

The 12 best balance transfer credit cards of October 2022

Listen to this article

Insider’s specialists choose the best providers to help make wise decisions alongside together with your money (here’s how). In some circumstances, we receive a charge from our our partners, nonetheless, our opinions are our private. Terms apply to presents listed on this net web page.

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 Wells Fargo Reflect℠ Card tops our report for its extra-long intro APR present on every balance transfers and purchases. New cardholders receive a Wells Fargo Reflect℠ Card (then Wells Fargo Reflect℠ Card). Balance transfers ought to occur inside 120 days of account opening to qualify for the intro 0% APR cost. 

Although the Wells Fargo Reflect℠ Card wouldn’t earn rewards for spending, cardholders do get a handful of good benefits, along with cellphone security and roadside dispatch. The cellphone security is particularly compelling because of this of no-annual-fee cards often don’t present it. When you utilize the Wells Fargo Reflect℠ Card to pay your month-to-month cellphone bill, you’ll receive safety for cellphone harm or theft, as a lot as $600 (with a $25 deductible) with a most of two claims per 12-month interval.

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 Citi Simplicity® Card extends one of the best presents on this class.

There’s no annual cost, however you get a Citi Simplicity® Card. After that, your cost goes as a lot as a Citi Simplicity® Card APR based in your creditworthiness. Having a full 21 months with a 0% intro APR on balance transfers might present assist to pay down a ton of debt, nevertheless take note of you’ll pay a 3% balance transfer cost (minimal of $5) for the privilege, and you need to make all transfers inside the first 4 months.

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 Citi® Diamond Preferred® Credit Card presents a Citi® Diamond Preferred® Card (then a 14.74% – 24.74% Variable APR APR applies).

Now is an outstanding time to make use of for the Citi® Diamond Preferred® Credit Card as a result of it often wouldn’t present a welcome bonus, nevertheless is at current offering Citi® Diamond Preferred® Card

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 Citi Simplicity® Card and Citi® Diamond Preferred® Credit Card is that the Citi Simplicity® Card wouldn’t price late prices or a penalty APR, whereas a late cost of as a lot as $41 and a penalty APR of as a lot as 29.99% applies must you pay late with the Citi® Diamond Preferred® Credit Card.

The Citi® Diamond Preferred® Credit Card moreover bills a abroad transaction cost on purchases made exterior of the US, which means it is not an incredible card for worldwide journey. 

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 Blue Cash Everyday® Card from American Express, which improved the card’s bonus categories and added new monthly statement credits in direction of Home Chef and The Disney Bundle.

New cardholders receive a Blue Cash Everyday® Card from American Express, adopted by a Blue Cash Everyday® Card from American Express APR. To qualify for the introductory cost, balance transfers should be completed inside the primary 60 days of account opening, and there’s a balance transfer cost of each $5 or 3% of the amount of each transfer, whichever is bigger.

There’s moreover an improved welcome bonus offer of a Blue Cash Everyday® Card from American Express. That’s good timing for trip procuring, since you must use PayPal at most on-line retailers.

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 Blue Cash Everyday® Card from American Express will get you perks like automotive rental insurance coverage protection, purchase security, entry to the Global Assist Hotline, and the Amex Offers program. 

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 Chase Freedom Unlimited® is an outstanding select must you’re trying to find an intro APR on balance transfers and purchases with the prospect to earn generous rewards to your day-to-day spending. New cardholders receive a Chase Freedom Unlimited® (then a Chase Freedom Unlimited® APR).

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 Chase Freedom Unlimited® is marketed as a cash-back credit card, it actually earns Chase Ultimate Rewards® points, which you can redeem for cash once more, travel booked through the Chase Portal, current cards, merchandise, and further.

The card begins you out with a welcome bonus present of Chase Freedom Unlimited®. You’ll moreover earn 5% once more (5x components) on journey booked by means of Chase, 5% once more (5x components) on Lyft rides by means of March 2025, 3% once more (3x components) on consuming (along with takeout) and drugstores, and 1.5% once more (1x components) on all totally different eligible purchases.

If you even have an annual-fee Chase card that earns Chase Ultimate Rewards points, such as a result of the Chase Sapphire Preferred® Card or the Chase Sapphire Reserve®, you can combine your rewards and unlock additional redemption decisions, along with (*12*).

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 Chase Freedom Flex℠ cardholders receive a Chase Freedom Flex℠ (then a Chase Freedom Flex℠ APR). There’s an introductory balance transfer cost of 3% of the amount of each transfer (or $5, whichever is bigger) for transfers made inside 60 days of account opening (then a cost of 5% of the amount of each transfer or $5, whichever is bigger).

There’s a welcome bonus present of Chase Freedom Flex℠, plus cardholders can earn 5% (or 5x) in rotating categories each quarter (as quickly as activated) on as a lot as $1,500 spent in blended spending. You’ll moreover earn 5% cash once more (5x components) on journey purchases made by means of Chase, 5% once more (5x components) on Lyft rides by means of March 2025, 3% once more (3x components) on consuming and drugstores, and 1% once more (1x components) on each little factor else.

It’s potential to combine your rewards from the Chase Freedom Flex℠ with eligible annual-fee Chase cards to get additional price out of your components.

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 Citi® Double Cash Card, you get a Citi® Double Cash Card out of your date of first transfer when transfers are completed inside 4 months from the date of account opening, then there’s a cost of 13.99% – 23.99% (Variable). That’s a substantial amount of time to repay your debt.

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 Citi® Double Cash Card.

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  Citi Custom Cash℠ Card is an outstanding choice in case your spending habits tend to differ from month to month. Cardholders earn 5% cash once more on as a lot as $500 in purchases inside the eligible class they spend most likely probably the most in each billing cycle (then 1%), and 1% on all totally different purchases.

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 Citi Custom Cash℠ Card, then a Citi Custom Cash℠ Card APR. There’s a 5% balance transfer cost (minimal $5) and Citi Custom Cash℠ Card annual cost.

Although it’s marketed as a cash-back card, the Citi Custom Cash℠ Card actually earns rewards inside the sort of Citi ThankYou components, which might be value 1 cent apiece for cash once more, journey booked by means of Citi, current cards, merchandise, and further. And if in case you’ve the Citi Premier® Card or Citi Prestige® Card (not on the market to new candidates), you can pool your rewards and transfer points to airline and hotel partners

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 Capital One SavorOne Cash Rewards Credit Card is an outstanding no-annual-fee alternative must you spend tons on meals and leisure. There’s a powerful welcome present: Capital One SavorOne Cash Rewards Credit Card. Cardholders earn 5% cash once more on lodging and rental automobiles booked by means of Capital One Travel, 3% cash once more on leisure, streaming firms, consuming, and groceries, and 1% once more on each little factor else.

New cardholders moreover qualify for a Capital One SavorOne Cash Rewards Credit Card of account opening (then a Capital One SavorOne Cash Rewards Credit Card APR). 

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 U.S. Bank Visa Platinum Card is unique within the reality that it presents a 0% intro APR on additional than merely balance transfers. Once you be a part of, you’re going to get the introductory cost of U.S. Bank Visa® Platinum Card (adopted by a U.S. Bank Visa Platinum Card APR).

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 Discover it® Balance Transfer is an outstanding card for balance transfers as a result of it presents Discover it® Balance Transfer (then a Discover it® Balance Transfer APR). Plus, it has an intro balance transfer cost of 3%, rising as a lot as 5% for future transfers. 

The Discover it® Balance Transfer earns 5% cash back in categories that rotate each quarter as a lot as the first $1,500 on purchases, then 1% (enrollment required).

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 Discover It Cashback rotation. There’s no annual cost, and in addition you qualify with out spending a dime Social Security Number alerts, no abroad transaction prices, and no late prices in your first late charge.

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 Chase Slate Edge℠ wouldn’t earn rewards. It’s geared in direction of these which might be taking steps to boost their financial state of affairs, and presents choices that will present assist to boost your credit ranking and cut back the amount of curiosity you pay.

It presents a Chase Slate Edge℠, then a Chase Slate Edge℠ APR. Cardholders receive an automatic, one-time overview for the subsequent credit limit within the occasion that they’ve paid on time and spent a minimal of $500 inside the first six months of opening the Chase Slate Edge℠

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. 

Read the distinctive article on Business Insider

Go to Source

READ ALSO  10 best credit cards for bad credit of November 2022: Secured and unsecured cards, including some that earn cash back or flexible points