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Best Balance Transfer Credit Cards

Edvisors rate credit cards objectively based on credit card features, fees and interest rates, as well as how a credit card compares with similar cards within the same category. "Best" determinations are the  solely the opinion of Edvisors.

  

Consumers frequently hunt for the best deal before making major purchases, allowing them to get quality products at the lowest possible price. Why should choosing a credit card be any different? If you have accumulated a significant amount of debt on your current credit card, there may be a better deal out there for you. Balance transfer credit cards enable you to reduce the amount of interest you owe by simply switching to a new card.

How Do Balance Transfers Work? 

If you aren't familiar with balance transfers, it may not be clear how consumers can carry out this process. Essentially, you apply for a new credit card which you will use to pay off the balance of your existing credit card. While this may seem like you are simply shifting the debt from one place to another, you could save a lot of money if your new credit card company charges less interest than the first. On top of that, some companies have introductory balance transfer promotions that offer 0% interest for a specified period of time.

Balance Transfer Credit Card Deals

BankAmericard® Credit Card

One of the greatest perks of this card is its 0% introductory APR that lasts for 18 billing cycles upon opening a new account (after that, your APR will be Variable 12.99% to 22.99%, based on your creditworthiness). On top of that, there is no penalty APR for late payments. Other benefits include contactless payment capabilities and easy access to your FICO® credit score. New card members receive a $100 Statement Credit Online Bonus after making a least $1,000 in purchases during the first 90 days of account opening. 

Key Features:

  • Annual Fee: $0
  • Balance Transfer Fee: either $10 or 3% of the amount of each transaction, whichever is greater.
  • APR Range (based on creditworthiness): 12.99%-22.99% Variable
  • Required FICO® Credit Score: Good/Excellent

Bank of America® Customized Cash Rewards Credit Card

For the first 15 billing cycles after transferring your balance to the Customized Cash Rewards card, you can take advantage of 0% introductory APR (after that, your variable APR will be 13.99% to 23.99%, based on your creditworthiness). Another highlight of this card is that you can choose a spending category that will earn you 3% cash back, rewarding you for your most frequent purchases at eligible merchants. You may also be able to  earn a $200 online cash rewards bonus if you spend $1,000 or more within the first three months of opening a new account.

Key Features:

  • Annual Fee: $0
  • Balance Transfer Fee: Either $10 or 3% of the amount of each transaction, whichever is greater.)
  • APR Range (based on creditworthiness): 13.99%-23.99% Variable
  • Required FICO® Credit Score: Good/Excellent

Citi® Double Cash Card

If you are looking to transfer your current balance and earn as much cash back as possible, Citi's Double Cash card may be right for you. You can accumulate up to 2% cash back for your purchases without worrying about a cash back cap. On top of that, Citi offers a 0% introductory APR  of 18 months from date of first transfer for balance transfers completed within 4 months of account opening (after that, your variable APR will be 13.99% to 23.99%, based on your creditworthiness).

Key Features:

  • Annual Fee: $0
  • Balance Transfer Fee: Intro fee of 3% of each transfer ($5 minimum) completed within the first 4 months of account opening. After that, 5% of each transfer ($5 minimum).
  • APR Range (based on creditworthiness): 13.99%-23.99% Variable
  • Required FICO® Credit Score: 700-749

Citi Rewards+® Card

If most of your expenses are relatively small, the Citi Rewards+® card may be a smart way to go. Even your smallest purchases will earn you a minimum of 10 rewards points with every purchase rounding up to the nearest 10 points. You can also double the points you earn when you buy gas or groceries for the first $6,000 per year. Citi Rewards+® Card offers a 0% introductory APR  of 15 months from date of first transfer for balance transfers completed within 4 months of account opening (after that, your variable APR will be 13.49% to 23.49%, based on your creditworthiness).

Key Features:

  • Annual Fee: $0
  • Balance Transfer Fee: Intro fee of 3% of each transfer ($5 minimum) completed within the first 4 months of account opening. After that, 5% of each transfer ($5 minimum).
  • APR Range (based on creditworthiness): 13.49%-23.49% Variable
  • Required FICO® Credit Score: 700-749

PenFed Power Cash Rewards Visa Signature® Card

As its name suggests, this card offers a lot in the way of cash back rewards. On all types of purchases, you can earn 1.5% unlimited cash back. You also get a $100 bonus credit for spending $1,500 or more within the first three months of opening an active account. Other perks include an 0% introductory APR for 12 Months on balance transfers made from now until March 31, 2022 (after that, the variable APR will be 17.99%), no cash advance fees, no foreign transaction fees, and contactless payment capabilities. Membership with PenFed Credit Union is required to apply for this card.

Key Features:

  • Annual Fee: $0
  • Balance Transfer Fee: 3% fee applies to each transfer
  • APR Range (based on creditworthiness): 14.99%-17.99% Variable
  • Required FICO® Credit Score: Excellent

Navy Federal Credit Union® Platinum Credit Card

If you are looking for the best balance transfer credit card with no annual fee, Navy Federal's Platinum card may be your best bet. With this card, you won't have to worry about annual fees, balance transfer fees, or foreign transaction fees. Though there isn't a rewards program, you gain the ability to easily check your FICO® credit score and to freeze your card when necessary.

Membership with Navy Federal Credit Union is required to apply for this card.

Key Features:

  • Annual Fee: $0
  • Balance Transfer Fee: 0.00% introductory APR for 12 months (applies to balance transfers requested within 30 days of account opening). After that, your standard variable
  • APR between 5.99% and 18.00% will apply. This APR will vary with the market based on the U.S. Prime Rate APR Range (based on creditworthiness):  5.99%-18.00% Variable.
  • Required FICO® Credit Score: 650-699

What Is the Best Way to Transfer Your Balance?

Before transferring a debt between credit card companies, make sure you thoroughly research the new company's offer in detail. Will you be charged a transfer fee? If there is a low-interest introductory period, how long does it last? What will your final APR be after the promotion ends?

Once you find a balance transfer credit card that works for you, be careful to adhere to all its requirements. Namely, it's critical that you keep up with your minimum monthly payments. Failure to do so could lead to severe consequences, such as an increase in your interest rate or other fees.

 

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