Top 5 Balance Transfer Credit Cards from our partners

Daryl Brown

| May 24, 2019

Move That Balance

You’ve got large balances on your credit card (or cards) that carry a high annual percentage rate (APR). You’re trying to catch up, but it’s hard to make a dent in the balance when the interest charges keep piling up month after month.

A balance transfer card may be the answer to your prayers. Balance transfer cards allow you to take advantage of low or 0% APR introductory periods to pay down your credit card balances without mushrooming interest charges. Besides the ability to transfer balances from high-interest cards, most offer an attractive package of perks – like these five top balance transfer cards.

BankAmericard® credit card

BankAmericard® credit card

0% Introductory APR for 18 billing cycles for purchases, and for any balance transfers made in the first 60 days. After the intro APR offer ends, 15.24% - 25.24% Variable APR will apply. A 3% fee (min $10) applies to all balance transfers

Apply Now

Excellent/Good Credit Needed

Benefits & KEY FEATURES

    • 0% Introductory APR for 18 billing cycles for purchases, and for any balance transfers made in the first 60 days. After the intro APR offer ends, 15.24% - 25.24% Variable APR will apply. A 3% fee (min $10) applies to all 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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The BankAmericard® credit card has a simple focus – helping you pay off your balance with as few charges as possible. The 0% Intro APR for 18 billing cycles for any balance transfers made in the first 60 days is an outstanding perk for consumers with large balances, and the balance transfer fee is reasonable: Either $10 or 3% of the amount of each transaction, whichever is greater.

You’ll also get a 0% Introductory APR on purchases for 18 billing cycles, not just on balance transfers. There are no rewards with the BankAmericard® credit card, but there are also no annual fees or penalty APRs for missed payments. After the introductory period, the APR will be 15.24% - 25.24%.

Consumers consolidating large balances will find the BankAmericard® credit card‘s 0% APR period of 18 billing cycles hard to beat. Those with smaller balances to transfer can find cards with rewards and other useful perks that outweigh the BankAmericard® credit card‘s lengthy balance-transfer benefits.

Citi Simplicity® Card - No Late Fees Ever

Citi Simplicity® Card - No Late Fees Ever

The ONLY card with No Late Fees, No Penalty Rate, and No Annual Fee… EVER

Apply Now

Excellent/Good Credit Needed

Benefits & KEY FEATURES

    • The ONLY card with No Late Fees, No Penalty Rate, and No Annual Fee… EVER
    • 0% Intro APR on balance transfers for 21 months from date of first transfer. All transfers must be completed in first 4 months. After that, the variable APR will be 16.24% - 26.24%, based on your creditworthiness
    • 0% Intro APR on purchases for 12 months from date of account opening. After that, the variable APR will be 16.24% - 26.24%, based on your creditworthiness
    • If you transfer a balance with this offer, after your 0% Intro purchase APR expires, both new purchases and unpaid purchase balances will automatically accrue interest until all balances, including your transferred balances, are paid in full
    • There is a balance transfer fee of either $5 or 5% of the amount of each transfer, whichever is greater
    • The same great rate for all balances, after the introductory period
    • Save time when you call with fast, personal help, 24 hours a day – just say “representative”
    • Enjoy the convenience of setting up your own bill payment schedule on any available due date throughout the month

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The Citi Simplicity® Card - No Late Fees Ever (yes, that’s its name!) offers a 21-month 0% introductory APR on balance transfers made within the first four months – the longest duration to transfer a balance. That’s nearly two whole years without interest! The tradeoff is a relatively high balance transfer fee: 5% of each balance transfer; $5 minimum.

The card lives up to its lengthy name, billing itself as The ONLY card with No Late Fees, No Penalty Rate, and No Annual Fee… EVER.  Designed for those with Excellent/Good credit, the coveted card also gives you a 0% introductory APR for 12 months on purchases. Post-introductory APRs are variable at 16.24% – 26.24%. However, there are no rewards with the Citi Simplicity® Card. Our other recommended cards below with shorter 0% APR introductory periods make up for it with rewards programs. You decide which is more important for you and your family’s financial needs.

When you need extra time to pay off your full balance in the 0% APR period, the Citi Simplicity® Card - No Late Fees Ever is probably your best choice – although if you have large balances to transfer, the Capital One® Quicksilver® Cash Rewards Credit Card may fit your wallet better to avoid a higher balance transfer fee.

Capital One® Quicksilver® Cash Rewards Credit Card

Capital One® Quicksilver® Cash Rewards Credit Card

One-time $150 cash bonus after you spend $500 on purchases within 3 months from account opening

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Excellent/Good Credit Needed

Benefits & KEY FEATURES

    • One-time $150 cash bonus after you spend $500 on purchases within 3 months from account opening
    • Earn unlimited 1.5% cash back on every purchase, every day
    • No rotating categories or sign-ups needed to earn cash rewards; plus, cash back won't expire for the life of the account and there's no limit to how much you can earn
    • 0% intro APR on purchases for 15 months; 16.24%-26.24% variable APR after that
    • 0% intro APR on balance transfers for 15 months; 16.24%-26.24% variable APR after that; 3% fee on the amounts transferred within the first 15 months
    • Pay no annual fee or foreign transaction fees

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If you aren’t trying to maximize specific perks, the Capital One® Quicksilver® Cash Rewards Credit Card may be your best choice. Quicksilver offers a broad package of appealing features — including, as the name suggests, a rewards program — to go along with a 0% APR for 15 months on both purchases and balance transfers.

Earn unlimited 1.5% cash back on every purchase, every day. This card also offers a $150 cash bonus after spending $500 in the first 3 months. The balance transfer fee is 3% for transfers made at any time in the introductory period, but the card charges neither an annual fee nor a foreign transaction fee. The post-introductory APR is 16.24% - 26.24% based on creditworthiness.

If you’re looking to maximize rewards, other cards may have better targeted offers – but the Capital One® Quicksilver® Cash Rewards Credit Card combines solid rewards with ease of use. Read more about the Capital One® Quicksilver® Cash Rewards Credit Card.

HSBC Gold Mastercard® credit card

HSBC Gold Mastercard® credit card

0% Intro APR on purchases and balance transfers for the first 15 months from account opening. Then a variable APR of 14.24%, 20.24% or 25.24% will apply.

Apply Now

Good/Excellent Credit Needed

Benefits & KEY FEATURES

    • 0% Intro APR on purchases and balance transfers for the first 15 months from account opening. Then a variable APR of 14.24%, 20.24% or 25.24% will apply.
    • No Penalty APR.
    • Late Fee Waiver.
    • No Foreign Transaction Fees.
    • $0 Annual Fee.
    • $0 liability for unauthorized purchases.
    • Terms Apply.
    • See Rates & Fees

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The HSBC Gold Mastercard® credit card is similar to the BankAmericard® credit card, offering a 0% Introductory APR on balance transfers for the first 15 months from account opening. The introductory 0% APR also applies to purchases.

As with the BankAmericard® credit card, there are no rewards with the HSBC Gold Mastercard® credit card – but the card also lacks annual fees and penalty APRs. The HSBC Gold Mastercard® credit card eliminates foreign transaction fees while offering one of the lowest post-introductory APRs (14.24%, 20.24% or 25.24%) and an annual late fee waiver. That means you could be forgiven for being late on a payment, and doesn’t the world need more forgiveness?

If you need a low post-introductory APR more than rewards, the HSBC Gold Mastercard® credit card is an excellent balance transfer choice. Read more about the HSBC Gold Mastercard® credit card.

Citi® Double Cash Card – 18 month BT offer

Citi® Double Cash Card – 18 month BT offer

Earn 2% cash back on purchases 1% when you buy and 1% as you make payments for those purchases

Apply Now

Excellent/Good Credit Needed

Benefits & KEY FEATURES

    • Earn 2% cash back on purchases 1% when you buy and 1% as you make payments for those purchases
    • To earn cash back, pay at least the minimum due on time
    • 0% intro APR on Balance Transfers for 18 months. After that, the variable APR will be 15.74% - 25.74% based on your creditworthiness.*
    • Balance Transfers do not earn cash back
    • Click 'Apply Now' to see the applicable balance transfer fee and how making a balance transfer impacts interest on purchases
    • No categories to track, no caps on cash back, no annual fee*

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The Citi® Double Cash Card – 18 month BT offer combines a unique and unlimited cash back program. Earn 2% cash back on purchases: 1% when you buy and 1% as you make payments for those purchases. Besides the rewards, cardholders get a 0% introductory APR for 18 months on balance transfers – although balance transfers do not earn cash back.

Click 'Apply Now' to see the applicable balance transfer fee and how making a balance transfer impacts interest on purchases. There’s no annual fee and a 15.74% – 25.74% post-introductory APR.

With the Citi® Double Cash Card – 18 month BT offer, you get a great blend of rewards and balance transfer perks – but if you prefer a longer time to pay off your balance over a rewards program, consider the Citi Simplicity® Card - No Late Fees Ever instead.

The Takeaway

Before choosing a balance transfer card, make sure you have your spending under control. You need a monthly surplus to pay down debt, regardless of interest charges. If you can’t pay off the balance before the introductory period expires, you’ll be back to high APRs and significant interest payments.

When you’re ready for a balance transfer card, think about what features are most important to you. Do you need a long time to pay off the balance? Do you need a 0% APR on purchases? Are rewards important? What about post-introductory APRs? By outlining your goals and comparison-shopping for balance transfer credit cards, you’ll make the best choice.

Finally, check your credit score for any errors or signs of fraud. Keep your score high and you’ll qualify for the best possible offers.

For more options, check out our full list of 0% balance transfer credit cards.

 

Photo ©iStockphoto.com/artisteer

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