A balance transfer credit card is an excellent alternative to eliminate debt. If you have a debt with a substantial amount of interest, transferring your debt into another account with 0% interest can save you a lot of money. Here, we will help you to find which credit card for balance transfers.
Which Credit Card for Balance Transfers?
A balance transfer credit card gives you a 0% introductory annual percentage rate (APR) for 12 to 20 months. With this feature, you can take a break from paying off the interest and focus only on the debt.
We take our candidates from a widely known financial reviewer, and here is our list of which credit card for balance transfers on August 2023 in no particular order.
1. Citi Double Cash Card
This card, which credit card for balance transfers, gives you a 0% introductory APR for 18 months made within the first four months you open the card, The amount is around 19.24% to 29.24% variable afterward based on your creditworthiness.
There is a balance transfer fee of 3% within those 4 months (minimum $5) and then 5% for the following months. Just keep in mind about this transfer fee.
The card gives more benefits to cardholders, namely cashback. Earn 2% cash back as 1% unlimited cash back when you buy and 1% when payment is made on the account. You should pay the minimum due on time to earn cash back. So, the benefit of the cashback feature doesn’t require any promo or is time-limited.
2. Citi Diamond Preferred Card
This card offers a 0% APR for a full 21 months for balance transfers within the first 4 months you open the card. The interest rate jumps to 18.24% and up to 28.99% after the introductory period ends. There is a balance transfer fee of 5% (minimum $5) on the balance transfer made,
This card is really good for you to consolidate your financial agenda. With the lengthy 21 months of 0% interest, you can combine all your debt into one card. Remember that the 21 months start after you complete your first transfer.
If you need to make two or more transfers, it would be better to do it roughly simultaneously. Citi Diamond Preferred card also allows you to choose your payment due date. It’s preferable for those who pay their credit card bills around their paycheck.
3. BankAmericard Credit Card
The card offers 0% intro APR on balance transfers and purchases for 21 billing cycles within the first 60 days. The interest rate goes up to 16.24% – 26.24% after the intro APR offer ends for balance transfers.
In addition, a balance transfer fee of 3% applies to all balance transfers. These offers are better than the first two cards on the list but with a significantly shorter balance transfer period.
If you miss the due date, there is no penalty APR and no raised interest rate, but other account pricing and terms are applied. Although the card offers a lower interest rate and balance transfer fee, this card doesn’t provide any reward for purchases.
4. Citi Rewards+ Card
The card offers 0% intro APR on balance transfer for 15 months within the first four months you open the card. The interest rate goes up to 18.74% – 28.74% after the offer ends. There is a balance transfer fee of 3% for each transfer (minimum $5) within the first 4 months and 5% for each transfer in the following months.
There are also benefits to purchases. You can collect points rounded up to 10 points for all purchases. If you use this feature to buy little things often, you can quickly collect and redeem the points any redeemed points. There is also a 10% point back up to 100.000 points yearly.
Citi Rewards+ also has a sign-up bonus of 20.000 points after meeting the minimum spending requirement. You can use the points to retailers or cash them. Furthermore, you can also move the points to your other Citi card and redeem other cards’ reward options.
5. Wells Fargo Reflect Card
Wells Fargo Reflect card, which credit card for balance transfers, offers 21 months of 0% intro APR from account opening. The interest rate goes up to 18.24%, 24.74%, and 29.99% after the period ends. In addition, the balance transfer fee is 5% (minimum $5).
You can get up to $600 cell phone protection against theft or damage when you pay your monthly cell phone bill with the eligible Wells Fargo card (subject to a $25 deductible).
Furthermore, you can get more deals from merchants, such as cashback, when you dine, shop, or enjoy other experiences using a Wells Fargo credit card.
6. U.S. Bank VisaⓇ Platinum Card
The Visa Platinum card, which credit card for balance transfers, offers 0% intro APR for 18 billing cycles in the first 60 days after you open the card. The interest rate goes up to 19.74% – 29.74% afterward. In addition, there is an additional 3% balance transfer fee (minimum $5).
This card mainly benefits from the 0% introductory APR and the considerably lengthy 18 billing cycle period. The introductory interest rate can be extended on purchases within the 18 billing cycles.
This card doesn’t offer any reward for using the card as a credit card. But, you will get a $600 cell phone protection against theft and damage if you pay your phone bill through the card.
That is Our List of Which Credit Card for Balance Transfers
The list of cards provided includes a 0% annual fee. Some may include more in-depth penalty fees, but mostly you will find no penalty fee in the case of late payments, just ineligible for offered rewards.
Before getting your balance transfer credit card, you should consider 3 things. They are the transfer fee, the amount of debt to transfer, and the months to pay the bills. After that, you can choose the credit card that offers more rewards or cash back. So, which of the recommended credit card above will you sign for?