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Balance Transfer Credit Cards

5.0 5.0 - 1 reviews for top rated card

If you are in credit card debt and have good or excellent credit, you can lower your monthly interest payments by transferring your remaining balance to one of the balance transfer credit cards listed below, which offer low introductory interest rates (sometimes as low as zero percent). This low interest period not only lowers the cost of your debt, but also allows you to apply a bigger portion of your monthly payments toward principal reduction instead of interest charges and thereby get out of credit card debt faster. When deciding between the balance transfer credit card offers listed below…show more

    Chase Freedom®


    chase freedom credit card
    • 0% Purchases 15 months
    • 0% Transfers 15 months3% Transfer Fee
    • Regular Rate 13.99% - 22.99% (V)
    Apply Now at issuer's secure site
    • Annual Fee None
    • Rewards Cash Back
    • Initial Bonus $100
    • Earn Rate 1% - 5% cash back
    • Earn a $100 Bonus after you spend $500 on purchases in your first 3 months from account opening
    • Earn a $25 Bonus after you add your first authorized user and make a purchase within this same 3-month period
    • 5% Cash Back on up to $1,500 in combined purchases between 1/1/15–3/31/15 at grocery stores (not including Walmart® and Target® purchases), movie theaters, and Starbucks® stores
    • You’ll enjoy new 5% categories every 3 months like restaurants, gas stations, and Amazon.com. It’s free and easy to activate your bonus each quarter!
    • Unlimited 1% Cash Back on all other purchases

    Blue Cash Everyday® Card from American Express


    blue cash credit card
    • 0% Purchases 15 months
    • 0% Transfers 15 months3% Transfer Fee
    • Regular Rate 12.99%-21.99%
    Apply Now at issuer's secure site
    • Annual Fee $0
    • Rewards Cash Back
    • Initial Bonus $50 + 1yr of Amazon Prime
    • Earn Rate 1% - 3% cash back
    • Get one year of Amazon Prime plus $50 back after you make $1,000 in purchases with your new Card in the first three months.
    • You will receive $50 back in the form of a statement credit.
    • Hassle-free cash back: no enrollment required, the same great reward categories year-round.
    • Earn Cash Back: 3% US supermarkets up to $6,000 per year in purchases, 2% at US gas stations & select US dept stores, 1% on other purchases. Terms and limitations apply.
    • Cash back is received in the form of Reward Dollars that can be redeemed as a statement credit.
    • Terms and restrictions apply.

    Capital One® Platinum Prestige Credit Card


    capital one platinum prestige credit card
    • 0% Purchases until March 2016
    • 0% Transfers until March 20163% Transfer Fee
    • Regular Rate 10.9% - 18.9% (V)
    Apply Now at issuer's secure site
    • Annual Fee None
    • Rewards None

    Citi® Double Cash Card


    citi double cash card
    • 0% Purchases 15 months
    • 0% Transfers 15 months3% (min $5) Transfer Fee
    • Regular Rate 12.99% - 22.99% (V)
    Apply Now at issuer's secure site
    • Annual Fee $0*
    • Rewards Cash Back
    • Initial Bonus None
    • Earn Rate 1% - 2% cash back
    • The only card that earns you cash back TWICE on every purchase with:
    • 1% cash back when you buy
    • Plus 1% cash back as you pay for those purchases, whether you pay in full or over time*
    • No Category Restrictions, No Caps, No Enrollments in Rotating Categories

    Capital One® Quicksilver® Cash Rewards Credit Card


    capital one quicksilver cash rewards credit card
    • 0% Purchases until September 2015
    • 0% Transfers until September 20153% Transfer Fee
    • Regular Rate 12.9% - 22.9% (V)
    Apply Now at issuer's secure site
    • Annual Fee None
    • Rewards Cash Back
    • Initial Bonus $100
    • Earn Rate 1.5% cash back
    • One-time $100 bonus after you spend $500 on purchases within the first 3 months.
    • Earn unlimited 1.5% cash back on every purchase, every day.
    • No rotating categories and no sign ups needed to earn cash rewards.
    • Cash back doesn't expire and there’s no limit to how much you can earn

    Chase Slate®


    slate credit card
    • 0% Purchases 15 months
    • 0% Transfers 15 monthsNo Transfer Fee
    • Regular Rate 12.99% - 22.99% (V)
    Apply Now at issuer's secure site
    • Annual Fee $0
    • Rewards None

    Barclaycard Arrival™ World MasterCard®


    barclaycard arrival world mastercard credit card with no annual fee
    • 0% Purchases Not Offered
    • 0% Transfers 12 months3% Transfer Fee
    • Regular Rate 14.99% - 18.99% (V)
    Apply Now at issuer's secure site
    • Annual Fee None
    • Rewards Miles
    • Initial Bonus 20,000 miles
    • Earn Rate 1 - 2 miles/$1
    • Earn 20,000 bonus miles when you spend $1,000 on purchases in the first 90 days — that's enough to redeem for a $200 travel statement credit
    • Earn 2X miles on travel and dining and 1X miles on all other purchases
    • Miles don't expire as long as your account is open, active and in good standing
    • Get 10% miles back to use toward your next redemption every time you redeem for travel statement credits

    Citi Simplicity® Card


    citi simplicity credit card
    • 0% Purchases 18 months
    • 0% Transfers 18 months3% (min $5) Transfer Fee
    • Regular Rate 12.99% - 22.99% (V)
    Apply Now at issuer's secure site
    • Annual Fee $0*
    • Rewards None

    Barclaycard Arrival Plus™ World Elite MasterCard®


    barclaycard arrival world mastercard credit card
    • 0% Purchases Not Offered
    • 0% Transfers 12 months3% Transfer Fee
    • Regular Rate 14.99% or 18.99%
    Apply Now at issuer's secure site
    • Annual Fee None 1st yr, $89 after
    • Rewards Miles
    • Initial Bonus 40,000 miles
    • Earn Rate 2 miles/$1
    • Earn 40,000 bonus miles when you spend $3,000 on purchases in the first 90 days — that’s enough to redeem for a $400 travel statement credit.
    • Earn 2X miles on all purchases - Miles don't expire as long as your account is open, active and in good standing
    • Get 10% miles back to use toward your next redemption every time you redeem for travel statement credits

    Capital One® QuicksilverOne® Cash Rewards Credit Card


    capital one quicksilverone cash rewards credit card
    • 0% Purchases until September 2015
    • 0% Transfers until September 2015No Transfer Fee
    • Regular Rate 22.9% (V)
    Apply Now at issuer's secure site
    • Annual Fee $39
    • Rewards Cash Back
    • Initial Bonus None
    • Earn Rate 1.5% cash back
    • Earn unlimited 1.5% cash back on every purchase, every day.
    • No rotating categories and no sign ups needed to earn cash rewards.
    • Redeem the cash back you earn for any amount, any time.
    • Cash back doesn't expire and there’s no limit to how much you can earn
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    We work hard to present you with the most accurate credit card information, however, this information does not originate from us and thus, we do not guarantee the accuracy of the information.

    Before you apply for a credit card we recommend that you review and verify the credit card terms and conditions on the credit card company's web site. Please let us know if you find any differences.

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    Ask our Experts
    EXPERT’S ANSWERS

    What is a balance transfer, and how can I go about doing one?

    By: Odysseas Papadimitriou, CardHub CEOA balance transfer, at its core, is a means of lowering the cost of your debt. In theory, you can transfer the remaining balance on any loan or line of credit to a balance transfer credit card and thereby pay it down while incurring interest at a lower rate. While you can transfer balances to most credit cards, certain cards are branded as being “balance transfer credit cards” because of their low balance transfer rates or lack of balance transfer fees.

    There are essentially two ways in which you can approach a credit card balance transfer. First, you can transfer your debt to a credit card you already have but do not revolve a monthly balance on. Alternatively, you can open a new credit card with the express intent of transferring a balance to it. There are advantages and disadvantages to both courses of action. By transferring your debt to a currently held credit card, the process will be quicker, but you probably won’t get the best balance transfer deal. If you open a new card you’ll be able to compare balance transfer credit card offers from a lot of different issuers but will have to wait for your application to be processed.

    While you’re nailing down the logistics of your credit card balance transfer, it’s worth it to call the credit card company to which you are indebted and say that you plan on doing a balance transfer, unless you are given a significant interest rate reduction. Your rate won’t be reduced to 0%, but even a slight APR reduction will help you save during the time it takes for your 0% transfer to be approved and processed.

    What kind of balances can I transfer to a credit card?

    By: Odysseas Papadimitriou, CardHub CEOIssuers used to be pretty liberal about this, allowing consumers to transfer balances from credit cards, store cards and even certain types of loans. Over the years, however, more and more credit card companies have started only approving balances transferred from Visa, MasterCard, American Express and Discover credit cards. This makes things simpler from an operational standpoint and allows issuers to limit risk, since they have a good sense of the source of the balance being transferred.

    Does it matter which credit card company issues my balance transfer card or which card network it’s on?

    By: Odysseas Papadimitriou, CardHub CEOIn short, not really. The credit card company you get your balance transfer credit card from only matters if there is a particular issuer that allows you to earn rewards on the amount you transfer or transfer debt other than that which originates from a credit card. Some people might also bring up differences in customer service at this point, but besides submitting your application and making monthly payments, you’re not going to have much to do with your credit card company. Better terms would therefore trump better customer service in most cases. When it comes to your balance transfer card’s network (i.e. Visa, MasterCard, Discover or American Express), there’s absolutely no difference from one to the next. Your card’s network simply dictates the number of merchants locations at which you can make purchases, and you should never make purchases with a balance transfer credit card, given that your revolving transferred balance removes your grace period for payments, and interest begins accruing on your charges as soon as you make them.

    How long does a balance transfer take?

    By: Odysseas Papadimitriou, CardHub CEOWhile each issuer has its own policy, balance transfers usually take around 15-25 days from the time you submit a balance transfer credit card application. In the meantime, it is very important that you continue to make payments toward the balance being transferred and that you send these payments to your original creditor. Once the credit card transfer is finalized, you will see a credit listed on your original account (as if a payment was made) and a debit indicated on your balance transfer credit card account. Remember that as soon as your balance gets transferred, interest will begin accumulating, unless you have a 0% transfer card.

    What are the most important balance transfer credit card features to consider?

    By: John Kiernan, Personal Finance EditorHow worthwhile a particular balance transfer card will be depends on four factors: the balance transfer fee, the introductory transfer APR, the length of the introductory period, and the regular interest rate that will apply once the intro terms expire. Before comparing balance transfer credit card offers, we recommend using a credit card payoff calculator to determine approximately how long it will take you to pay off your balance. If you determine that you will be able to become debt free within the zero percent balance transfer introductory periods commonly being offered, then all you have to focus on is the balance transfer fee. The regular interest rate will be inconsequential.

    If, on the other hand, that isn’t possible, the regular rate comes into play and the card with the longest introductory period isn’t necessarily the best balance transfer credit card for you. Instead, you should use a credit card debt calculator to figure out which offer allows you to minimize the combined cost of the balance transfer fee, interest incurred during both the intro period (if it isn’t a 0 percent transfer card) and after the regular rate kick in. It’s important that you not disregard a balance transfer credit card’s regular APR, thinking that even if a balance remains at the conclusion of the intro period, you can simply transfer it to another balance transfer card. Many consumers made this mistake in the lead-up to the Great Recession and incurred costly interest charges when the balance transfer credit card market dried up. Low interest balance transfer credit cards aren’t always available, after all, and while you could be lucky, you shouldn’t count on it.

    Is there such thing as a free balance transfer?

    By: John Kiernan, Personal Finance EditorNot anymore. Free balance transfer credit cards (i.e. cards with 0% balance transfer APRs and no balance transfer fees) were once offered because credit card companies were allowed to revoke the 0% APR and institute an interest rate above 20% after a customer missed a payment by even a single day or went over limit by a few dollars. Banks could therefore afford to offer free balance transfers because the revenues gained from the many consumers who slipped up far outweighed the losses incurred as a result of those people who somehow managed flawless use. Now, with the passage of laws preventing "gotcha" practices, banks tend to offer either no balance transfer fee credit cards or 0% balance transfers, but not both. And if you somehow do manage to find a 0 APR no balance transfer fee offer, the 0% intro term isn’t likely to be competitive.

    When are 0% balance transfer offers available?

    By: Odysseas Papadimitriou, CardHub CEOThe existence of zero interest balance transfer cards depends both on the economy and the timing of your request. In times of fiscal well-being, 0 balance transfer credit cards are typically prevalent because credit card companies can afford to offer such attractive terms in order to lure new customers. On the other hand, during tough times, such offers may be few and far between. For example, during the worst of the Great Recession, it was nearly impossible to find 0% balance transfer credit cards, as most issuers did not want to add indebted customers to their portfolios.

    Additionally, in order to get the advertised introductory rates, credit card companies require that you apply for a balance transfer either at the same time you submit a credit card application or within 30-60 days of doing so. We therefore recommend that you have the amount you want transferred as well as the respective account number handy when you fill out an application for a new balance transfer credit card.

    Should I use a balance transfer credit card to make purchases?

    By: John Kiernan, Personal Finance EditorThe answer to this question is simple: You can make purchases with a balance transfer credit card for as long as it has a 0% interest rate on purchases. If your card does not offer 0% on purchases or this introductory rate has ended, making purchases with it could end up being very expensive. You see, whenever you carry debt on a credit card, there is no grace period for new charges, which means finance charges start getting assessed as soon as you swipe your card. Obviously, a 0% purchase interest rate would protect you from this, but remember that any purchases made with your balance transfer card that are not paid off in full by the time the 0% intro rate ends will begin accruing interest at that time.
    COMMUNITY DISCUSSION

    Ask a question or help others find the best balance transfer credit cards by sharing some tips.

     
    Dec 19, 2014
    By:
    Dec 19, 2014
    I have had a very positive experience with a balance transfer to a Capital One Platinum credit card. I transferred a large balance of $5,000 over to the card with only a 3% transfer fee. I got an offer where there is 0% interest for 18 months. This is really really nice because I can worry about paying this balance off over a significant amount of time and concentrate on paying off bigger balances on other cards.
    Dec 11, 2014
    By:
    Dec 11, 2014
    I used an American Express Serve account for a few months last year and I was ultimately quite pleased with it. I was able to use it easily and efficiently and really appreciated the 6 months of no charges. Unfortunately, after that point it really just wasn't worth it for me with the extra money so I decided to close it out. I was more financially stable at this point so thankfully it wasn't too much of a problem. I would say it can be a good thing, but also risk unless you're confident in your financial situation.
    Nov 17, 2014
    By:
    Nov 17, 2014
    I was hoping someone can shed some light for me. I just opened a Chase Freedom card to transfer the balance of one of my cards to it because of its introductory 0% APR on balance transfers. I am transferring about $3900 and I was approved for the Freedom card with a limit of $4000. I know that there is a 3% balance transfer fee, so I am looking at $117, thus bringing my balance to $4017, which is over the limit that Chase approved my card for. What happens in this situation? Thanks for the help.
    Oct 9, 2014
    By:
    Oct 9, 2014
    I used the Chase freedom for a balance transfer back when it was 0% for 6 months and it helped me consolidate my debt and save money on interest
    Sep 20, 2014
    By:
    Sep 20, 2014
    I have used Chase Freedom for balance transfers. They usually send me offers that are zero percent interest for 6 or 12 months. There can also be variations where the fee is zero, but the interest is a little higher. Last month I did a transfer of a high interest card to this card and I'm very happy with it. However, be careful because if you put additional charges on it, the new charges are not at zero percent and I'm not sure that my monthly payment goes towards the new higher interest charges or the zero interest. To be safe I do the balance transfer and then don't make more
    Jul 24, 2014
    By:
    Jul 24, 2014
    Years ago I got myself into debt with a high interest card. I was able to transfer to a Citi Thank You rewards card with a 0.99% interest rate on transfers and even though it took a few years to pay it off with Citi(the interest rate was still very low after 18 months) I managed to save a few thousand dollars on the payments. I now stay with Citi and can't think of anywhere else I would go.
    Jun 24, 2014
    By:
    Jun 24, 2014
    HELP!!...
    My husband just recently got a credit card with an APR of 9.90%.... my intension is to take his new card and transfer the balance of 2 other cards "I" have on to it (the combined APR of my 2 cards is 49.98%..OUCH!)... My question is.... His card is in his name only, and my 2 cards are in my name only.. Can I use his to pay off mine if our names are not on each other's accounts?.. and if Not, what are my options... try to get one of his with my name on it?... then do it?..
    Jun 27, 2014
    Photo of Card H.
    Jun 27, 2014
    This is a very interesting question. As a first step I would have your husband add you as an authorized user. Then I would attempt to do the balance transfer from your account to your husband’s account, since he seems to be the one with the better credit history.
    Jun 11, 2014
    By:
    Jun 11, 2014
    I found a great deal on a balance transfer with the Citi Thank You card. I needed to pay an attorney for some legal work, so I initially used a card that would get me airline reward miles. A short time later, I got an offer for a 0.99% interest rate for 18 months on balance transfers with the Citi Thank You card. I took advantage of it, and it was one of the best moves that I ever made. Not only did I get airline miles on the original card, I got a long term promotional interest rate on my balance transfer with Citi, meaning I could make low more
    May 14, 2014
    By:
    May 14, 2014
    I recently used a balance transfer to the Chase Slate card and it proved to save me money and the promotional rate was outstanding. The ease of using their website was really convenient. You can sign on and just do everything right through the computer. I highly recommend this offer and in fact, would do another one. I have been a chase customer for quite some time and in fact, have both the Freedom card and the Slate. I have been satisfied with both. Hats off to Chase!
    Apr 1, 2014
    By:
    Apr 1, 2014
    I have been offered several transfer offers in recent months by my Citi card through Sears. I recently used it to transfer a chunk of balance off another card in order to save money. Depending on the fee attached to the transfer and your transfer interest rate, a balance transfer can be used to save yourself a decent amount of money. In my case, the transfer fee was around $28 while it will save me over $70 in interest.
    Feb 24, 2014
    By:
    Feb 24, 2014
    The last time I did a balance transfer it was to my Chase Freedom card. It allowed me to transfer the balance from another major credit card and a store card at the same time. The payment to the Chase card was substantially less than the other two cards combined, as I took advantage of the 15 months of interest-free payments to pay the balance off... it was basically free money.
    Feb 25, 2014
    Photo of Erika S.
    Feb 25, 2014
    Yes, these cards are a great deal for people who understand the math behind them and know to read the fine print. Most of them with the interest-free period then have a standard interest rate of something ridiculous like 19.99% once the promotional period is over. Banks of course are counting on people not understanding or reading.
    Mar 31, 2014
    Photo of Lars C.
    Mar 31, 2014
    @Erika Shira: hi i can help.
    Feb 15, 2014
    By:
    Feb 15, 2014
    I've used the Chase Freedom card for this purpose. It's extremely nice because it allows me to transfer all balances I've accumulated from various stores to a single card, in order to make my monthly payments a much simpler ordeal. This has also helped in decreasing the percentages on APR that I pay, allowing me to keep more of my money for myself. I would highly recommend this card.
    Jan 28, 2014
    By:
    Jan 28, 2014
    I have the Citi ThankYou Preferred Card and I transfer all the balances of my other credit cards to this card, because this has the lowest APR of all my credit cards and it has a relatively long balance transfer period, which is what I look for in a balance transfer credit card. Another great point is that I get Thank You points using this credit card which I can use to redeem for cash rewards and I can also link this credit card to my Amazon.com account and use the Thank You points towards my purchases on Amazon.com.
    Jan 19, 2014
    By:
    Jan 19, 2014
    The Chase Freedom card is really convenient for me. I like to transfer all my store specific credit card balances over to one card to make my payments easier while lowering my APR and gaining more rewards. The zero dollar annual fee is important and I even got 100 dollars just to open the account. Overall great card.
    Feb 24, 2014
    Photo of Marc L.
    Feb 24, 2014
    I have used my Freedom card a couple of times for balance transfers. One thing I found out is to pay close attention to the transfer fee and time limits. Chase seems to have two "basic" rates for this. One is 2% the other is 3%. On rare occasions I have been offered 1% near Christmas time. I then compare the offers to what my bank has. If the term at Chase is less than 12 months it is generally not worth the effort and expense to me of making the transfer! Do the math.
    Jan 10, 2014
    By:
    Jan 10, 2014
    I was looking to transfer some smaller balances from my other credit cards and decided to go with the Citi ThankYou Preferred Card. The low intro annual percentage rates were what caught my eye the most. I found that the process was more complicated than I expected it to be. there were a few hidden fees that I ended up having to pay. For this reason I would recommend that everyone transferring a balance reads the fine print on the process. But the low APR was something I was looking for in the card.
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