Best Credit Cards to Transfer Your Balance and Save Money

If you have a high balance on your credit card, you may be paying a lot of interest each month. This can be a major financial burden, especially if you’re trying to get out of debt. One way to save money on interest is to transfer your balance to a new credit card with a 0% introductory APR offer. This means you won’t have to pay any interest on your balance for a certain period of time, giving you a chance to pay it down without accruing more debt.

However, not all balance transfer credit cards are created equal. Some have high annual fees or low transfer limits, which can make them less attractive. It’s important to compare different cards carefully to find one that meets your needs.

What to Look for in a Balance Transfer Credit Card

• 0% introductory APR: This is the most important factor to consider. Look for a card that offers a long introductory period, preferably 12-18 months, to give you enough time to pay down your balance.
• Low or No Balance Transfer Fee: Some cards charge a fee for transferring your balance. This fee can be a significant percentage of the balance, so it’s important to find a card with a low or no transfer fee.
• High Transfer Limit: Make sure the card has a high enough transfer limit to accommodate your entire balance.
• No Annual Fee: Annual fees can add up quickly, so it’s best to choose a card with no annual fee or a low one.
• Good Credit Card Perks: Some balance transfer cards offer other perks, such as travel rewards, cash back, or purchase protection. These perks can add value to the card, but they shouldn’t be your primary concern when choosing a balance transfer card.

Best Balance Transfer Credit Cards

1. Chase Slate

• Introductory APR: 0% for 15 months
• Balance Transfer Fee: 3% of the amount transferred (minimum $5)
• Annual Fee: None
• Other Perks: None

The Chase Slate is a great option for those looking for a simple balance transfer card with a long introductory period. The 3% transfer fee is on the higher end, but it’s still competitive with other cards. The lack of perks may be a drawback for some, but it keeps the card affordable and straightforward.

2. Citi Simplicity® Card

• Introductory APR: 0% for 21 months
• Balance Transfer Fee: 3% of the amount transferred (minimum $5)
• Annual Fee: None
• Other Perks: None

The Citi Simplicity® Card offers a long introductory period and no annual fee, making it a good choice for those who want to take their time paying down their balance. The 3% transfer fee is slightly higher than the industry average, but it’s offset by the extended 0% period.

3. Discover it® Balance Transfer

• Introductory APR: 0% for 18 months
• Balance Transfer Fee: None for the first 14 months
• Annual Fee: None
• Other Perks: Cashback rewards program, Discover it® Miles program, and purchase protection.

The Discover it® Balance Transfer card offers a solid combination of a long introductory period, no transfer fee, and a generous rewards program. The cashback rewards are tiered, meaning you earn more cashback on certain categories of purchases. The Discover it® Miles program allows you to earn miles for travel.

4. Blue Cash Preferred® Card from American Express

• Introductory APR: 0% for 12 months
• Balance Transfer Fee: 3% of the amount transferred (minimum $5)
• Annual Fee: $95
• Other Perks: Generous cashback rewards program, travel insurance, and purchase protection.

The Blue Cash Preferred® Card from American Express offers a long introductory period and a generous cashback rewards program. The 3% transfer fee is on the higher end, but it’s offset by the valuable perks. However, the $95 annual fee may be a deterrent for some.

5. Capital One QuicksilverOne® Cash Rewards Credit Card

• Introductory APR: 0% for 15 months
• Balance Transfer Fee: 3% of the amount transferred (minimum $5)
• Annual Fee: None
• Other Perks: 1.5% cash back on all purchases, no foreign transaction fees.

The Capital One QuicksilverOne® Cash Rewards Credit Card offers a long introductory period, no annual fee, and a solid cashback rewards program. The 3% transfer fee is on the higher end, but it’s still competitive with other cards. The no foreign transaction fees are a bonus for those who travel frequently.

How to Transfer Your Balance

Once you’ve chosen a balance transfer credit card, you’ll need to follow these steps to transfer your balance:

1. Apply for the credit card: Be sure to check your credit score before applying to make sure you’ll be approved.
2. Get approved and receive your card: Once you’re approved, you’ll receive your card in the mail.
3. Contact your current credit card issuer: Tell them you want to transfer your balance to another credit card. You’ll need to provide them with the account number of your new card.
4. Complete the balance transfer: Your current credit card issuer will initiate the balance transfer. It may take a few weeks for the balance to be transferred.

Tips for Using Balance Transfer Credit Cards

• Pay down your balance as quickly as possible: The 0% introductory APR is only temporary. Once it expires, you’ll start paying interest at the standard APR, which can be very high. Make sure to prioritize paying down your balance during the introductory period.
• Don’t use the card for new purchases: Focus on paying down your balance. Using the card for new purchases will only increase your debt and make it harder to pay off.
• Set up automatic payments: This will help you stay on track with your payments and avoid late fees.
• Monitor your credit score: Transferring a balance can affect your credit score, so it’s important to monitor it regularly.

Conclusion

Transferring your credit card balance to a new card with a 0% introductory APR can be a great way to save money on interest and pay down your debt faster. Just be sure to choose a card carefully and follow the tips above to maximize your savings.