On an average, every American citizen holds more than two credit cards in his/her wallet. That pretty much explains why the whole US of A is $1 trillion in credit card debt.
The problem with keeping multiple credit cards at a single time is that you have multiple debts to pay- and multiple debts mean over-the-bridge interest rates and more mouths to feed from your paycheck.
The concept of a balance transfer is to club all your credit card debts into one new credit card, and worry about paying off that one debt at a meager interest rate while the other debts are paid off by your new card provider.
If you make the right move, you can save thousands of dollars by shifting a high-interest rate balance to a balance transfer card with initial rates as low as zero percent. When it comes to best balance transfer credit cards, longer introductory periods are preferable.
Not only does balance transfer gives you more time to pay off your balance, you have a chance to totally abstain yourself from paying interest. Also, the credit cards on our list all offer extra rewards over the colossal starting rate.
While selecting the best balance transfer credit card, consider both length of the introductory promotion period and how you may utilize the credit card after that time frame is over.
Not only that, you get rewards and lucrative offers from the balance transfer card. We throw light on Top 10 best balance transfer credit cards that exist in the market.
1. Discover it Balance Transfer Card
The Discover it card tops the list of best balance transfer credit cards, and it’s earned that place. A credit card’s purpose doesn’t just end with balance transfer and paying off the balance, it’s the perks that matter too.
If you’re a reward junkie and wish to earn some rewards after you’re done with balance transfer, then the Discover it is a great choice. The zero percent introductory APR that lasts 18 months on balance transfers is the deal-breaker.
Brownie point if you have a good credit history, you’d get a lower interest rate. If you’re new to Discover, it will automatically match the cash back you’ve earned at the end of the first year.
- Introductory APR: 0% for 18 months
- Regular APR: 13.99% to 24.99% variable
- Balance transfer fee: 3%
- Rewards: Earn min. 1% cashback and redeem it back anytime
2. Capital One Quicksilver Card
The Capital One Quicksilver card is a multi-purpose credit card, but it’s the best balance transfer credit card with a lip-smacking introductory offer. The Quicksilver edition of Capital One credit card earns you unlimited 1.5% cash back on every purchase, every day.
There are no rotating categories or sign ups needed to earn cash rewards with Quicksilver, cash back won’t expire for the life of the account and there’s no limit to how much you can earn.
Capital One also has a balance transfer-specific card, but we need to look at the bigger picture hence we’d suggest the Quicksilver. Let’s delve into the specifics.
- Introductory APR: 0% for 15 months
- Regular APR: 14.74% to 24.74% variable
- Balance transfer fee: 3%
- Rewards: Unlimited 1.5% cash back on every purchase
3. Chase Slate Credit Card
Balance transfer is all sunshine and rainbows until it comes to transferring a large amount. In that case, the balance transfer fee can pile up to something huge. Chase Slate is the best balance transfer credit card for this resort.
As a Chase cardholder, you can check your credit score from time to time with a free FICO score report each month, as well as the five primary factors affecting your score. Even if you don’t go for Chase, you can check your credit score here too.
You won’t need to pay a balance transfer fee on balances that you transfer during first 60 days of opening your account. As for the specifics, read away.
- Introductory APR: 0% for 15 months
- Regular APR: 16.74% to 25.49% variable
- Balance transfer fee: 3%; 0% for initial 60 days
- Rewards: No annual fee; No penalty APR in case of missed payments.
4. Citi Simplicity Card
The balance transfer process is not a one-day show. Many people prefer paying off the balance transfer amount in a longer time. If you’re one of those, Citi Simplicity is the best balance transfer credit card for you.
The introductory APR on purchase and balance transfers goes on for a whopping 18 months, the longest tenure in the list. The APR range is quite flexible too, and varies on your creditworthiness.
The zero percent introductory APR on purchases and balance transfers lasts for 21 long months. After that, the regular APR is based on customers’ creditworthiness.
The card keeps it clear with zero late fees, zero penalty rates and zero annual fees. You may select your payment due date according to your convenience. It’s a no-nonsense business. Let’s look at the specifics.
- Introductory APR: 0% for 21 months
- Regular APR: 15.99% to 25.99% variable
- Balance transfer fee: $5 or 5% of each transfer amount
- Rewards: No late fee, no annual fee, no penalty rate…nothing!
5. Bank of America Credit Card
In the countdown to best balance transfer credit cards, Bank of America’s credit card takes the 5th spot. If you have a decent credit score and you’re looking for a solid 0% APR card on purchases and balance transfers, this one’s got your back.
However, a balance transfer fee of $10 or 3% of total amount transferred applies, whichever is greater. The card offers no rewards, so there isn’t much incentive to keep using it once the 0% period ends. About the specifics:
- Introductory APR: 0% for 18 billing cycles
- Regular APR: 14.99% to 24.99% variable
- Balance transfer fee: $10 or 3% of each transfer amount; whichever is greater
- Rewards: Free credit score access
6. BlueCash Everyday: American Express
If you’re in habit of paying for bread and butter with credit card, BlueCash Everyday is the best balance transfer credit card for you. Once you’re done paying off your credit card balance transfer amount at a 0% APR for first 15 months, you can earn point like anything.
Earn 3% cashback at U.S. supermarkets on up to $6000 per year and 2% cash back at U.S. gas stations and select U.S. department stores; let’s not forget 1% cashback on everything else. There’s no annual fee on the BlueCash Everyday Card.
- Introductory APR: 0% for 15 months
- Regular APR: 14.99% to 25.99% variable
- Balance transfer fee: 3%; 0% for initial 60 days
- Rewards: $150 cashback on spending $1000 in first 3 months
7. Citi Double Cash
When it comes to the best balance transfer credit cards with a lip-smacking balance transfer period, Citi Double Cash card should be a good choice. The ‘double cash’ in its name comes from a very interesting reward.
Once you do start purchasing using the Citi Double Cash, your purchases will earn one percent cash back when you make them and one percent back when you pay them back. That’s where the ‘double’ in Citi Double Cash comes from.
Sporting a zero percent introductory APR on balance transfers for more than a year, it’s great for paying off big balances. It’s best to wait until you’re done with your balance transfer to make purchases, since the promotion rate doesn’t apply on purchases.
- Introductory APR: 0% for 18 months
- Regular APR: 15.49% to 25.49% variable
- Balance transfer fee: $5 or 3% of each transfer amount; whichever is greater
- Rewards: 1% cashback on purchase and another 1% on payback
8. Bank of America Travel Rewards for Students
We’ve got a solution if you’re and avid traveler looking to quench your wanderlust and pay off your credit card debt too- Bank of America’s student-specific card is the best balance transfer credit card for hitting two birds with one stone.
With zero annual fees and no foreign transaction fee (check our full list of no foreign transaction fee cards here) it is a good option for students going out for studies. The introductory zero percent APR lasts for 12 billing cycles.
- Introductory APR: 0% for 12 billing cycles
- Regular APR: 16.99% to 24.99% variable
- Balance transfer fee: $10 or 3% of each transfer amount; whichever is greater
- Rewards: 25,000 bonus points on spending $1000 in first 3 months
9. Wells Fargo Propel American Express
Fan of leisure? Wells Fargo might be the best balance transfer credit card calling for you! As a new cardholder, you earn hefty point on spending at least $3000 in first three months.
There’s a signup bonus worth $300 too! The cash redemption value forms up a lucrative incentive to spend on eating, travel and transportation, and popular streaming services.
Earn three points for every dollar you spend, while all your other purchases will earn one point per dollar. There’s no limit to pints you can earn and they don’t expire, which is nice.
- Introductory APR: 0% for 12 months
- Regular APR: 14.49% to 26.99% variable
- Balance transfer fee: 3% of each transfer amount; goes up to 5% after intro-period
- Rewards: 30,000 bonus points on spending $3000 in first 3 months; $300 sign up bonus
10. Bank of America Cash Rewards Visa
This card is great for balance transfer and your daily transactions as well. Celebrate an introductory APR of zero percent on balance transfers on first 12 billing cycles with the Bank of America Cash Rewards Visa.
The balance transfer must be made within 60 days of account opening to qualify for the exceptional balance transfer rate though. Each and every purchase of yours will earn at least one percent cashback.
The card pays three percent cash back on gas purchases and two percent at grocery stores and wholesale clubs on up to $2500 in combined purchases each quarter. Additional bonus exists for Bank of America checking or savings customers.
- Introductory APR: 0% for 12 billing cycles
- Regular APR: 15.24% to 25.24% variable
- Balance transfer fee: $10 or 3% of each transfer amount; whichever is greater
- Rewards: 2% and 3% cashback on grocery and gas respectively; $200 cash reward on $500 purchase in first 3 months
This was our list of the top 10 best balance transfer credit cards of 2019. If you’re fed up of paying multiple credit card providers at once, pick up any of these credit cards and transfer all your balance on it. Life=Simplified!
Related Post: 4 Simple Steps to Getting a Balance Transfer Card
