If you have credit card debt that’s weighing you down, transferring your balance to a lower-interest card could save you hundreds or even thousands of dollars over the course of your loan term.
But with so many balance transfer credit cards on the market, it can be difficult to pick the right one for your individual needs.
To help you make this important decision, we’ve researched and reviewed some of the best balance transfer cards available today and identified which ones will help you save money without costing you in the long run.
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No fee: Chase Slate
No annual fee and 0% interest for 15 months on balance transfers (then, 17.24% – 25.99% Variable). To qualify for 0% APR, you must transfer your balance within 60 days of opening your account and make a payment that posts before your promotional period ends.
No-fee cash advances are also available but will incur interest from day one and will cost you extra money in fees. All other purchases and cash advances will accrue interest at 17.24%-25.99%.
The balance transfer fee is 5% or $5 minimum ($10 maximum), whichever is greater.
On top of that, you’ll enjoy free access to your FICO score and free credit monitoring. The Chase Slate card also comes with a 0% intro APR on purchases and balance transfers for 15 months (then, 17.24% – 25.99% Variable).
0% intro APR: Wells Fargo Platinum Visa® Card
This is one of few cards that give you a 0% interest rate for an introductory period on purchases and balance transfers.
If you’re looking to pay off debt without incurring additional interest charges, then look no further than Wells Fargo Platinum Visa® Card.
It’s great for those who want stability and convenience when it comes to their finances. That said, there are some drawbacks — including a $15 or 3% balance transfer fee, which means it may not be ideal for someone with large amounts of debt looking for long-term savings.
Also, it’s zero percent APR period is short, lasting only 18 months.
Low rate for a long time: US Bank FlexPerks® Gold American Express® Card
The US Bank FlexPerks® Gold American Express® Card offers a 0% introductory APR on balance transfers for 12 months, and then a 15.24% – 23.24% Variable APR.
However, a $49 annual fee applies after your first year of membership. The rewards aren’t as generous as other cards either, with 3x points on dining and travel purchases and 1x point everywhere else.
All in all, if you can get over that high APR, it might be worth it because of that low intro rate — but most people shouldn’t pay an annual fee for a card with an intro rate like that. While we’re on that subject…
High rate, short time, no annual fee: Citi Simplicity® Card – No Late Fees Ever
With no late fees, no penalty rate, and 0% intro APR on balance transfers for 12 months*, Citi Simplicity® Card – No Late Fees Ever is a great choice if you need a card that allows you to transfer balances without paying a lot of interest.
Your credit line will start at $500 and there is no annual fee. There are 2 balance transfer fees: 3% or $5 minimum whichever is greater, or $10 or 3%, whichever is greater.
However, it comes with an annual fee: $0*. If you want to save money over time, avoid transferring balances unless absolutely necessary and get in the habit of paying your balance in full every month.
Because there is no penalty rate and you only have to pay a 3% fee, it’s still a good option if you only make one balance transfer in 12 months or for transfers that are a higher amount.
Good rate, but high fee: Barclaycard RingTM Mastercard®
This card comes with a very low APR for balance transfers, 0% for 15 months. There is also no fee for balance transfers within 90 days of account opening.
After that, a 3% fee applies. However, if you’re transferring a balance with other cards or lines of credit, it might be better to look into options without an annual fee.
With its $0 annual fee, Chase Slate® is another good option. Its introductory APR lasts 17 months and there are no fees or penalty rates charged as long as your payments are on time.
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