Best Balance Transfer Credit Cards

If you’re struggling with credit card debt, you certainly aren’t alone. By then end of 2015, the average U.S. household carried nearly $8,000 in credit card debt – an almost 8-year high. It may seem like you are trapped in an endless...

Creditcards.org Team

| December 17, 2018

If you’re struggling with credit card debt, you certainly aren’t alone. By then end of 2015, the average U.S. household carried nearly $8,000 in credit card debt – an almost 8-year high. It may seem like you are trapped in an endless cycle of credit card payments, but there is one simple step you can take to finally get a handle on your debt: a credit card balance transfer.

Transferring your credit card balance to a zero or low-interest credit card can help you eliminate pricey interest payments. You’ll have more cash to pay down your debt faster, save thousands in interest and eliminate unnecessary financial stress. Plus, some of the best credit cards for balance transfer also let you transfer other kinds of debt, like student and auto loans, so you can pay off all your debts faster!

Let’s take a look at how balance transfers work and the best balance transfer credit cards so you can finally knock out that debt for good.

Related: Pros and Cons of Balance Transfer Credit Cards

How balance transfer credit cards reduce debt faster

Credit card debt is especially hard to pay off because the interest payments can spiral out of control. If you have a significant balance on a credit card with a standard monthly interest rate, then your balance can grow exponentially in just a matter of months.

Let’s say you have $8,000 in credit card debt with the current average APR of 15.07. If you make payments of $130 a month, it would take you ten years and cost an additional $7,500 to pay off the debt. That’s almost twice the original balance!

Once you transfer your debt to one of the best credit cards for balance transfers, you can put all your payments toward the actual debt – not pricey interest rates. And the best part about this strategy is once the balance transfer rate expires, you can just transfer your debt to a new balance transfer card. So if you have $8,000 in debt on a 0% balance transfer credit card and keep making $130 payments, you’d pay off your debt in half the time without paying any extra interest.

The Best Balance Transfer Credit Card with No Frills:
BankAmericard® credit card

BankAmericard® credit card

NEW OFFER: 0% Introductory APR for 18 billing cycles for purchases and for any balance transfers made in the first 60 days, then, 14.99% - 24.99% Variable APR. 3% fee (min $10) applies to balance transfers

Apply Now

Excellent/Good Credit

Benefits & KEY FEATURES

    • NEW OFFER: 0% Introductory APR for 18 billing cycles for purchases and for any balance transfers made in the first 60 days, then, 14.99% - 24.99% Variable APR. 3% fee (min $10) applies to balance transfers
    • No annual fee
    • No penalty APR. Paying late won't automatically raise your interest rate (APR). Other account pricing and terms apply.
    • Access your FICO® Score for free within Online Banking or your Mobile Banking app

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If you’ve been searching for a credit card that provides you a lot of time to pay off your balance before charging you interest, then consider the BankAmericard®. You won’t have to pay any interest fees for an entire 18 billing cycles. There is a 3% fee involved when you transfer balances, or a minimum of $10, whichever is greater.

For many consumers, this 18 month grace period can be a true lifesaver. As an added bonus, the BankAmericard comes with no annual fee and zero liability fraud protection. To learn more about the BankAmericard, click here.

The Best Balance Transfer Credit Card the Longest Low Rate and No Fees:
Citi® Diamond Preferred® Card- 21 Month Balance Transfer Offer

The Citi® Diamond Preferred® Card is most popular for its market leading 0% introductory balance transfer duration and no annual fee. However, there are numerous other benefits to choosing this credit card: Balance transfers will cost you $5 or 5% of the transferred amount (whichever is greater), and you’ll have 21 months­ before interest enters the picture.

Another huge plus of choosing Diamond Preferred is that the 0% introductory APR is a generous 12 months. Also included is free access to your FICO® scores and $0 liability on unauthorized purchases. To learn more about the Citi Diamond Preferred from our partner Citibank, click here.

Related: 5 Tips For Getting Out Of Credit Card Debt Quickly

The Best Balance Transfer Credit Card with Cash Back Rewards:
Bank of America® Cash Rewards Credit Card

Bank of America® Cash Rewards credit card - $200 Cash Rewards Offer

No annual fee

Apply Now

Excellent/Good Credit

Benefits & KEY FEATURES

    • No annual fee
    • NEW OFFER: $200 online cash rewards bonus after you spend at least $500 on purchases in the first 90 days of account opening
    • Earn 1% cash back on every purchase, 2% at grocery stores and wholesale clubs, and 3% on gas for the first $2,500 in combined grocery/wholesale club/gas purchases each quarter
    • No changing categories and no expiration on rewards
    • 0% Introductory APR for 12 billing cycles for purchases AND for any balance transfers made in the first 60 days, then, 15.24% - 25.24% Variable APR. 3% fee (min $10) applies to balance transfers
    • Get a 10% customer bonus every time you redeem your cash back into a Bank of America® checking or savings account
    • If you're a Preferred Rewards client, you can increase that bonus to 25% - 75%
    • Easily add your Mastercard® credit card to any digital wallet for a simple, secure, and convenient way to pay online, in-app, and in-store

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The Bank of America® Cash Rewards Credit Card might just be the best thing to happen to balance transfer credit cards. Most balance transfer credit cards offer low fees and a 0% intro rates solely to customers get out of credit card debt. And while that’s a huge perk, some people still want to earn rewards on their purchases.

So if you want to consolidate your debt and use your card for everyday purchases, the Cash Rewards credit card earns you 1% cash back on every purchase, 2% at grocery and wholesale stores and 3% on gas for the first $2,500 in combined grocery/gas purchases each quarter. Since this card also comes with no annual fee, is really is like getting free money. To learn more about the Bank of America® Cash Rewards Credit Card, click here.

Still, haven’t found what you’re looking for? Check out our full library of balance transfer credit cards.

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