Have you accumulated a lot of debt over the years or maybe you experienced a life emergency that led you to use your credit cards? Don’t worry, you’re not alone – millions of Americans are in the exact same situation and looking for a way to gain back control over their finances. We’ve found a solution for you that could possibly help you get back on track!
We did all the research necessary to bring you the best balance transfer credit cards currently available today because this is the fastest way to help you pay down your debt. Transferring an existing balance to a new card with lower (or better yet, zero) interest saves you a lot of money over time. Just take a look at the interest rates you have now on your credit cards and you can see how paying down your debt is nearly impossible, taking years to manage it.
As you will see in our picks below for the best balance transfer credit cards, we have found some of the best introductory offers with the lowest interest and lowest fees. If you compare our top picks below for the best balance transfer credit cards from our partners, you will see how much each card could help you save.
How To Choose The Best Balance Transfer Credit Card
Just consolidating your debt, making lower interest payments, and or paying off an old purchase will save you a ton of money when using a good balance transfer credit card.
Now we know that this can be a bit confusing and overwhelming for some people, and this is exactly why we went ahead and did the homework for you! We’ve gathered all the important details to help you choose which balance transfer credit card will work best for your needs.
Top 7 Best Balance Transfer Credit Cards
#1 Citi® Diamond Preferred® Card – Best Balance Transfer Credit Card For Balance Transfers
This card is our top choice for many reasons, including a 0% introductory APR for the first 18 months while you pay down your transferred balance. If time is what you need, this card lets you enjoy 0% APR well into 2022!
- 0% Introductory APR On Balance Transfers For Up To 18 Months
- 0% Introductory APR On New Purchases For The First 18 Months
- Variable Low-Interest Rate (After 0% Introductory APR)
- No Rewards Program
- Balance Transfer Fee Of 3% (Or $5, Whichever Is Higher)
Something to think about – if life throws you a curveball, you can just pay the minimum due each month until you are back on your feet, and you’ll avoid interest charges + fees for the first 18 months.
#2 Citi® Double Cash Card – Best Balance Transfer Credit Card For Cash Rewards
If the Double Cashback offer doesn’t win you, then just add in the zero-interest offer on balance transfers for 18 months. You’ll get 1% back when making a purchase and another 1% back when you pay for it!
- Double Cash Back (2% In Total)
- 18 Month Zero Interest On Balance Transfers
- Variable APR (13.99% – 23.99% Afterwards)
- No 0% intro APR Offer On New Purchases
- No Sign-Up Bonus
#3 Wells Fargo Platinum – Best Balance Transfer Credit Card For 0% Introductory APR
With this credit card, you will be getting a 0% introductory APR on qualifying balance transfers and new purchases for the first 18 months. No worrying about interest until 2022. It’s an easy way to balance lowering your debt and unexpected emergencies at the same time.
- Insurance Offered For Your Cellphone (Reimbursement Up To $1,200 Per Year)
- 0% Introductory APR On Both Balance Transfers And New Purchases
- Long Introductory Offer – 18 Months
- Balance Transfer Fee Increases After First 120 Days
- Balance Transfer Fee Between 3% – 5%
#4 Wells Fargo Cash Wise Visa® – Best Balance Transfer Credit Card For Sign-Up Bonus
After spending just $500 in the first 3 months, you get $150 + you’ll earn 1.5% cash rewards on regular purchases and 1.8% cash rewards on Google Pay™ and Apple Pay® for the first 12 months.
- 0% Introductory APR On Balance Transfers And New Purchases
- Cellphone Protection ($600 After $25 Deductible)
- Introductory APR Only Good On Balance Transfers In The First 120 Days
- Balance Transfer Fee
#5 Citi Simplicity® Card – Best Balance Transfer Credit Card For Zero Late Fees
You will never be charged a late payment fee, and your APR will never go up because of late payments. That makes this card very valuable!
- Zero Late Charges
- 0% Introductory APR for 18 Months On Balance Transfers And New Purchases
- Variable APR Afterwards
- Balance Transfer Fee
#6 U.S. Bank Visa Platinum Card – Best Balance Transfer Credit Card For Good Credit
If you have good credit, then this 0% introductory APR for the first 20 billing cycles on balance transfers and new purchases is a fantastic offer! You won’t be paying any interest until 2022.
- 0% introductory APR (First 20 Billing Cycles)
- No Annual Fee
- Choose Your Payment Date
- No Signup Bonus
- No Rewards
#7 PenFed Gold Visa Card – Best Balance Transfer Credit Card For Low Interest
If the interest rate is your first concern, then this card offers the lowest interest rate on new purchases (7.49%-17.99% variable APR) and could be exactly what you are looking for.
- 0% Balance Transfer For 12 months
- Low-Interest Rates
- Member of the Pentagon Federal Credit Union Required To Apply
Best Balance Transfer Cards Comparison
All cards below include no annual fee and are the best options available in 2020.
|Credit Card||Best For:||Balance Transfer offer – 0% APR period||Regular APR||Balance Transfer Fee|
|Citi® Diamond Preferred® Card||Balance transfers||18 months*||14.74% – 24.74% Variable||3% or $5 More information|
|Citi® Double Cash Card||Cash rewards||18 months*||13.99% – 23.99% Variable||3% or $5 More information|
|Wells Fargo Platinum card||0% intro APR||18 months*||15.49% – 24.99% Variable||3% or $5 More information|
|Wells Fargo Cash Wise Visa® card||Signup bonus||15 months*||13.99% – 25.99% Variable||3% or $5 More information|
|Citi Simplicity® Card – No Late Fees Ever||No late fees||21 months*||14.74% – 24.74% Variable||5% or $5 More information|
|U.S. Bank Visa Platinum Card||Good credit||20 billing cycles*||13.99% – 23.99% Variable||3% or $5 More information|
|PenFed Gold Visa Card||Low interest||12 months*||17.99% Fixed More information||3%|
Specification: Citi® Diamond Preferred® Card
Specification: Citi® Double Cash Card
Specification: Wells Fargo Platinum
Specification: Wells Fargo Cash Wise Visa®
Specification: Citi Simplicity® Card
Specification: U.S. Bank Visa Platinum Card
Specification: PenFed Gold Visa Card
How We Chose The Best Balance Transfer Credit Cards
There are a lot of things we take into consideration, however; the most important options in choosing the best balance transfer cards were:
- 0% Intro APR Period
- Fees And Hidden Costs
- APR After Promotional Period
- Cashback & Rewards
Why Use A Balance Transfer Credit Card?
Because a balance transfer card gives you the ability to transfer balances from other high-interest cards to one with 0% introductory APR – saving you tons of money in interest charges alone.
How Can I Save Money Using A Balance Transfer Card?
The interest charges on credit cards with high APRs cost you hundreds, if not thousands of dollars over a period of time. This is the main reason people transfer their balances to a balance transfer card, it will save you money by paying down the principal while taking advantage of the 0% introductory APR offer.
You can find online tools that will help you add up your current card balances, interest rates, and monthly payments to see how much you could save on interest and how long it will take you to pay off your balance with one of the best balance transfer credit cards.
What Is The Cost Of A Balance Transfer?
This will vary depending on the transfer fee, but to make it simple – here is an example of how it works:
A balance transfer fee of 3% or $5, whichever is greater is the norm for most cards. So, if you transfer $100, your fee would be $5 (3% of $100 is just $3). But if you transfer $1,000, your fee would then be $30 (3% of $1,000).
When deciding if the cost is worth it, simply look at what you are paying now in interest charges and look at your balance. If your balance is higher than $1,000 and you want to be able to make reasonable payments over a period of time – then yes, a balance transfer card is very interesting to use.
Always keep in mind when the introductory period is expiring and be sure to set up a method to keep track of how many payments you need to make prior to the expiration date to avoid any unforeseen fees.
Finding the best balance transfer card that will cost you the least amount of money to pay down your balance, should be your first priority. However, make sure the card you choose fits all your needs and whether it will be worth holding onto after you achieved your goal of being debt-free!