Best Credit Cards For Balance Transfers [August 2023]
- Anthony Militano
- Aug 20, 2023
- 3 min read
Managing credit card debt can be challenging, especially when high interest rates cause your balances to accumulate faster than you can pay them off. That's where balance transfer credit cards come to the rescue. These financial tools allow you to transfer existing high-interest credit card debt to a new card with a lower or even 0% introductory APR (Annual Percentage Rate), helping you save money on interest and pay off your debt more effectively. In this post, we'll explore some of the best credit cards for balance transfers to help you regain control of your finances.
Our top 5 credit cards for Balance Transfers:
1. First Tech Choice Rewards World Mastercard® [No Balance Transfer Fee]
The First Tech Choice Rewards World Mastercard® credit card is one of our favorite cards for balance transfers due to its unique introductory offer: 0.00% APR, no-fee balance transfers for 12 billing cycles for transfers made within 90 days of opening. The card is also an excellent option for people looking to avoid fees as there is NO annual fee, foreign transaction fee, cash advance fee, and of course, no balance transfer fee. There is a small caveat to this offer, as you must be eligible to open an account with First Tech Credit Union. If you don't meet their standard requirements, you can purchase a one-year, $8 membership to the Financial Fitness Association to qualify.
Pros & Cons
Pros
No Annual, Balance Transfer, Foreign Transaction, or Cash Advance Fee
20,000 bonus points when you spend at least $3,000 in the first 60 days, a $200 value!
0.00% introductory Annual Percentage Rate (APR), no-fee balance transfers for 12 billing cycles for transfers made within 90 days of opening your new Choice Rewards Mastercard. After the introductory period, the standard balance-transfer rate, currently 13.25% - 18.00%, APR applies to unpaid transferred balances.
2x rewards points on everyday purchases, including gas, groceries, household goods, and more.
Earn one reward point on all other purchases.
Cash-back rewards, as well as travel, merchandise, gift card and event/experience redemption options.
Cons
To be eligible, you may need to make a one-time $8 donation
2. Wings Visa® Platinum Credit Card [No Balance Transfer Fee]
The Wings Visa® Platinum Credit Card is another credit union offering ideal for balance transfers with its introductory offer: 0.00% APR, no-fee balance transfers for 12 billing cycles. Additionally, there are no annual, balance transfer, or foreign transaction fees associated with this card, and offers 1x rewards on all purchases. If you don't meet the eligibility requirements to join the credit union, you can make a one-time, $5+ non-refundable donation to the Wings Financial Foundation, their non-profit organization dedicated to supporting financial literacy initiatives in their communities.
Pros & Cons
Pros
No Annual, Balance Transfer, or Foreign Transaction Fee
0.00% introductory APR for 12 months from account opening on purchases and balance transfers.
1x rewards points on all purchases
Cons
To be eligible, you may need to make a one-time $5 donation
Limited rewards
3. Navy Federal Platinum [No Balance Transfer Fee]
The Navy Federal Platinum card makes this list thanks to their current introductory offer: 0.99% APR, no-fee balance transfers for 12 months from account opening, valid through 10/31/23. While there are other cards with 0% APR for balance transfers, the 0.99% is still significantly lower than most of the mainstream offers currently available. As a credit union product, there are also eligibility requirements for joining, namely that you or a member of your family are part of the armed forces or Department of Defense. Unlike the two cards mentioned above, there is no "donate here" option to grant eligibility.
Pros & Cons
Pros
No Annual, Balance Transfer, Foreign Transaction, or Cash Advance Fee
0.99% introductory Balance Transfer APR for 12 months, applies to balance transfers requested within 60 days of account opening
Cons
To be eligible, you need a connection to the armed forces or Department
No rewards
4. Citi Double Cash® Credit Card [3% Balance Transfer Fee]
The Citi Double Cash® Credit Card is a great card for everyday use offering unlimited 2% cash back on all purchases (1% when you buy, 1% when you pay). It lands on this list for balance transfers thanks to its introductory offer of 0% Intro APR for 18 months on balance transfers with an intro transfer fee of 3% for transfers completed within the first 4 months of account opening. It's a solid choice if you're looking to consolidate and pay off your existing credit card debt without incurring additional interest charges during the introductory period.
Pros & Cons
Pros
0% Intro APR for 18 months on balance transfers
Unlimited 2% cash back (1% as you buy, 1% as you pay) with no category restrictions or enrollment
Cash Back is available to be directly deposited into a checking account
No Annual Fee
Cons
3% Intro Balance Transfer Fee (5% after that)
3% Foreign Transaction Fee
5. American Express Blue Cash Everyday® Card [3% Balance Transfer Fee]
The American Express Blue Cash Everyday® Card offers a compelling combination of balance transfer perks and rewards. With a 0% introductory APR on balance transfers for the first 15 months (variable APR applies thereafter), this card can provide the breathing room needed to tackle your debt. Plus, it offers a rewards program that lets you earn 3% cash back on groceries, gas, online purchases, and 1% on everything else, creating an opportunity for additional savings.
Pros & Cons
Pros
Earn $200 after you spend $2,000 in purchases on your new card within the first 6 months of Card Membership
0% intro APR on purchases and balance transfers for 15 months from the date of account opening
3% cash back on groceries, U.S. online retailer purchases, and gas (on up to $6,000 spent in each category per year)
1% cash back on all other purchases
No Annual Fee
Cons
3% Balance Transfer Fee
2.7% Foreign Transaction Fee of each transaction after conversion to US dollars
Things to Consider Before Choosing a Balance Transfer Card:
Introductory APR Duration: Look for cards with long introductory periods of 0% APR to give you ample time to pay off your transferred balance without incurring interest charges.
Balance Transfer Fees: While some cards offer no balance transfer fees during the introductory period, others might charge a percentage of the transferred amount. Consider this when comparing options.
Variable APR: Be aware of the variable APR that applies after the introductory period ends. Make sure it's competitive and manageable for your financial situation.
Creditworthiness: Your credit score will play a role in determining your eligibility for these cards and the APR you receive. The best offers are typically reserved for those with good to excellent credit scores.
Rewards Programs: If you're interested in earning rewards, consider cards that offer both balance transfer benefits and a rewards program to maximize your savings.
In conclusion, balance transfer credit cards can be powerful tools to help you tackle credit card debt more efficiently. Before making a decision, carefully assess the features, benefits, and fees associated with each card to choose the one that aligns best with your financial goals. By taking advantage of these cards' introductory offers, you can regain control of your finances and work toward a debt-free future.
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