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Citi® Diamond Preferred® Card
0% Intro APR for 21 Months on Balance Transfers
- Regular Purchase APR 16.74% - 27.49% (Variable)
- Balance Transfer APR 16.74% - 27.49% (Variable)
- Cash Advance APR 28.99% (Variable)
- Annual Fee $0
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Credit NeededBestCards.com uses a variation of FICO Score 8, which is one of many different types of credit scores. A financial institution may use a different score when deciding whether to approve you for a credit card.Excellent , Good
- Intro Purchase APR 0% for 12 months on Purchases
- Processing Network Mastercard
- 0% Intro APR for 21 months on balance transfers from date of first transfer and 0% Intro APR for 12 months on purchases from date of account opening. After that the variable APR will be 16.74% - 27.49%, based on your creditworthiness. Balance transfers must be completed within 4 months of account opening.
- For a limited time earn a $150 Statement Credit after you spend $500 on purchases in the first 3 months of account opening.
- There is a balance transfer fee of either $5 or 5% of the amount of each transfer, whichever is greater
- Get free access to your FICO® Score online.
- With Citi Entertainment®, get special access to purchase tickets to thousands of events, including concerts, sporting events, dining experiences and more.
- Intro Purchase APR: 0% for 12 months on Purchases
- Regular Purchase APR: 16.74% - 27.49% (Variable)
- Intro Balance Transfer APR: 0% for 21 months on Balance Transfers
- Balance Transfer APR: 16.74% - 27.49% (Variable)
- Balance Transfer Transaction Fee: 5% of each balance transfer; $5 minimum.
- Cash Advance APR: 28.99% (Variable)
- Cash Advance Transaction Fee: 5% of each cash advance; $10 minimum
- Penalty APR: Up to 29.99% (Variable)
- Annual Fee: $0
- Foreign Transaction Fee: 3%
- Late Payment Penalty Fee: Up to $41
- Return Payment Penalty Fee: Up to $41
Browse these credit card deals and thousands of other offers by becoming a Bestcards Member.
Join today!Citi® Double Cash Card – 18 month BT offer
Earn 2% Cash Back on All Purchases
- Regular Purchase APR 17.74% - 27.74% (Variable)
- Balance Transfer APR 17.74% - 27.74% (Variable)
- Cash Advance APR 28.99% (Variable)
- Annual Fee $0
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Credit NeededBestCards.com uses a variation of FICO Score 8, which is one of many different types of credit scores. A financial institution may use a different score when deciding whether to approve you for a credit card.Excellent , Good
- Processing Network Mastercard
- Earn 2% on every purchase with unlimited 1% cash back when you buy, plus an additional 1% as you pay for those purchases.
- To earn cash back, pay at least the minimum due on time.
- Balance Transfer Only Offer: 0% intro APR on Balance Transfers for 18 months. After that, the variable APR will be 17.74% - 27.74%, based on your creditworthiness.
- Balance Transfers do not earn cash back. Intro APR does not apply to purchases.
- If you transfer a balance, interest will be charged on your purchases unless you pay your entire balance (including balance transfers) by the due date each month.
- There is an intro balance transfer fee of 3% of each transfer (minimum $5) completed within the first 4 months of account opening. After that, your fee will be 5% of each transfer (minimum $5).
- Regular Purchase APR: 17.74% - 27.74% (Variable)
- Intro Balance Transfer APR: 0% for 18 months on Balance Transfers
- Balance Transfer APR: 17.74% - 27.74% (Variable)
- Balance Transfer Transaction Fee: 3% of each transfer (minimum $5) completed within the first 4 months of account opening. A balance transfer fee of 5% of each transfer ($5 minimum) applies if completed after 4 months of account opening.
- Cash Advance APR: 28.99% (Variable)
- Cash Advance Transaction Fee: 5% of each cash advance; $10 minimum
- Penalty APR: Up to 29.99% (Variable)
- Annual Fee: $0
- Foreign Transaction Fee: 3%
- Late Payment Penalty Fee: Up to $41
- Return Payment Penalty Fee: Up to $41
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Join today!Citi Simplicity® Card
0% Intro APR on Purchases and Balance Transfers
- Regular Purchase APR 17.74% - 28.49% (Variable)
- Balance Transfer APR 17.74% - 28.49% (Variable)
- Cash Advance APR 28.99% (Variable)
- Annual Fee $0
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Credit NeededBestCards.com uses a variation of FICO Score 8, which is one of many different types of credit scores. A financial institution may use a different score when deciding whether to approve you for a credit card.Excellent , Good
- Intro Purchase APR 0% for 12 months on Purchases
- Processing Network Mastercard
- No Late Fees, No Penalty Rate, and No Annual Fee... Ever
- 0% Intro APR for 21 months on balance transfers from date of first transfer and 0% Intro APR for 12 months on purchases from date of account opening. After that the variable APR will be 17.74% - 28.49%, based on your creditworthiness. Balance transfers must be completed within 4 months of account opening.
- There is an introductory balance transfer fee of $5 or 3% of the amount of the transfer, whichever is greater for balances transfers completed within 4 months of account opening.
- Stay protected with Citi® Quick Lock and $0 liability on unauthorized charges
- Intro Purchase APR: 0% for 12 months on Purchases
- Regular Purchase APR: 17.74% - 28.49% (Variable)
- Intro Balance Transfer APR: 0% for 21 months on Balance Transfers
- Balance Transfer APR: 17.74% - 28.49% (Variable)
- Balance Transfer Transaction Fee: There is an intro balance transfer fee of 3% of each transfer (minimum $5) completed within the first 4 months of account opening. After that, 5% of each balance transfer; $5 minimum.
- Cash Advance APR: 28.99% (Variable)
- Cash Advance Transaction Fee: 5% of each cash advance; $10 minimum
- Annual Fee: $0
- Foreign Transaction Fee: 3%
- Late Payment Penalty Fee: No Late Fee
- Return Payment Penalty Fee: Up to $41
Browse these credit card deals and thousands of other offers by becoming a Bestcards Member.
Join today!BankAmericard® Credit Card
0% APR on Purchases for 18 Months
- Regular Purchase APR 14.99% to 24.99% variable based on creditworthiness and Prime Rate
- Balance Transfer APR 14.99% to 24.99% variable based on creditworthiness and Prime Rate
- Cash Advance APR 17.99% to 27.99% variable based on the Prime Rate
- Annual Fee None
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Credit NeededBestCards.com uses a variation of FICO Score 8, which is one of many different types of credit scores. A financial institution may use a different score when deciding whether to approve you for a credit card.Excellent , Good
- Intro Purchase APR 0% for 21 months from account opening date
- Processing Network Mastercard
- No interest charges on purchases and balance transfers for the first 18 months from the date of account opening
- No penalty APR for late payments
- No annual fee
- Access your FICO® Score for free
- Intro Purchase APR: 0% for 21 months from account opening date
- Regular Purchase APR: 14.99% to 24.99% variable based on creditworthiness and Prime Rate
- Intro Balance Transfer APR: 0% for 21 months for any balance transfers made within 60 days from account opening date
- Balance Transfer APR: 14.99% to 24.99% variable based on creditworthiness and Prime Rate
- Balance Transfer Transaction Fee: Either $10 or 3% of the amount of each transfer, whichever is greater
- Cash Advance APR: 17.99% to 27.99% variable based on the Prime Rate
- Cash Advance Transaction Fee: Either $10 or 5% of the amount of each transaction, whichever is greater
- Foreign Transaction Fee: 3% of the transaction amount in U.S. dollars
- Late Payment Penalty Fee: Up to $40
- Return Payment Penalty Fee: Up to $29
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Join today!Wyndham Rewards Earner® Plus Card
45,000 Bonus Points Intro Offer
- Regular Purchase APR 18.74%, 22.99% or 27.99% variable based creditworthiness and the Prime Rate
- Balance Transfer APR 18.74%, 22.99% or 27.99% variable based creditworthiness and the Prime Rate
- Cash Advance APR 28.24% variable based on the Prime Rate
- Annual Fee $75
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Credit NeededBestCards.com uses a variation of FICO Score 8, which is one of many different types of credit scores. A financial institution may use a different score when deciding whether to approve you for a credit card.Excellent
- Intro Purchase APR 0% for 12 months from account opening date or 0% for 6 months (from purchase date) on Wyndham Timeshare purchases
- Processing Network Visa
- Earn 30,000 bonus points, enough for up to 4 free nights after spending $1,000 on purchases in the first 90 days
- Earn 5X points on eligible purchases made at Hotels by Wyndham as well as on qualifying gas purchases
- Earn 2X points on eligible dining and grocery store purchases (excluding Target® and Walmart®)
- Earn 1X points on all other purchases (excluding Wyndham Vacation Club down payments)
- Automatically receive a Wyndham Rewards GOLD member level and enjoy perks like free WiFi, preferred room selection, late checkout, and more
- Redeem 10% fewer Wyndham Rewards points for go free® awards, and earn your free nights faster
- Wyndham Rewards Earner Cardmembers can save even more on our Best Available Rate for stays at participating Hotels by Wyndham
- There is no limit to the number of points you can earn
- Redeem points you've earned for online shopping, discounts on gas, local tours and activities, gift cards, and so much more
- Earn 7,500 bonus points each anniversary year if you spend $15,000 on eligible purchases—that's enough for up to one free night every year
- Intro Purchase APR: 0% for 12 months from account opening date or 0% for 6 months (from purchase date) on Wyndham Timeshare purchases
- Regular Purchase APR: 18.74%, 22.99% or 27.99% variable based creditworthiness and the Prime Rate
- Intro Balance Transfer APR: 0% for 15 months on transfers made within 45 days of account opening
- Balance Transfer APR: 18.74%, 22.99% or 27.99% variable based creditworthiness and the Prime Rate
- Balance Transfer Transaction Fee: Either $5 or 5% of the amount of each transfer, whichever is greater
- Cash Advance APR: 28.24% variable based on the Prime Rate
- Cash Advance Transaction Fee: Either $10 or 5% of the amount of each cash advance, whichever is greater
- Annual Fee: $75
- Foreign Transaction Fee: 0% of each transaction in U.S. dollars
- Late Payment Penalty Fee: Up to $40 (the amount of the fee varies by state)
- Return Payment Penalty Fee: Up to $40 (the amount of the fee varies by state)
Browse these credit card deals and thousands of other offers by becoming a Bestcards Member.
Join today!Truist Future Credit Card
Save on Interest for Big Purchases
- Regular Purchase APR 14.24% to 23.24% variable based on creditworthiness and the Prime Rate
- Balance Transfer APR 14.24% to 23.24% variable based on creditworthiness and the Prime Rate
- Cash Advance APR 25.24% variable based on the Prime Rate
- Annual Fee None
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Credit NeededBestCards.com uses a variation of FICO Score 8, which is one of many different types of credit scores. A financial institution may use a different score when deciding whether to approve you for a credit card.Good , Fair
- Intro Purchase APR 0% for 15 months from account opening date
- Processing Network Visa
- Features the lowest APR of Truist's card offerings
- No annual fee
- Enjoy 15 months of 0% APR on purchases and balance transfers
- Contactless payments and mobile wallets for faster checkout
- Customizable card controls for extra security
- Intro Purchase APR: 0% for 15 months from account opening date
- Regular Purchase APR: 14.24% to 23.24% variable based on creditworthiness and the Prime Rate
- Intro Balance Transfer APR: 0% for 15 months on transfers made within 90 days from account opening date
- Balance Transfer APR: 14.24% to 23.24% variable based on creditworthiness and the Prime Rate
- Balance Transfer Transaction Fee: Either $10 or 3% of the amount of each transfer, whichever is greater
- Cash Advance APR: 25.24% variable based on the Prime Rate
- Cash Advance Transaction Fee: Either $10 or 4% of the amount of each cash advance, whichever is greater
- Late Payment Penalty Fee: Up to $40
Browse these credit card deals and thousands of other offers by becoming a Bestcards Member.
Join today!Capital One Venture Rewards Credit Card
Earn 75,000 Bonus Miles
- Regular Purchase APR 18.99% - 26.99% variable based on creditworthiness and Prime Rate
- Balance Transfer APR 18.99% - 26.99% variable based on creditworthiness and Prime Rate
- Cash Advance APR 26.99% variable based on the Prime Rate
- Annual Fee $95
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Credit NeededBestCards.com uses a variation of FICO Score 8, which is one of many different types of credit scores. A financial institution may use a different score when deciding whether to approve you for a credit card.Excellent
- Processing Network Visa
- Enjoy a one-time bonus of 75,000 miles once you spend $4,000 on purchases within 3 months from account opening, equal to $750 in travel
- Earn unlimited 2X miles on every purchase, every day
- Miles won't expire for the life of the account and there's no limit to how many you can earn
- Receive up to a $100 credit for Global Entry or TSA PreCheck®
- Enjoy two complimentary visits per year to Capital One Lounges or to 100+ Plaza Premium Lounges through our Partner Lounge Network
- Earn 5X miles on hotels and rental cars booked through Capital One Travel, where you'll get Capital One's best prices on thousands of trip options
- Use your miles to get reimbursed for any travel purchase-or redeem by booking a trip through Capital One Travel
- Transfer your miles to your choice of 15+ travel loyalty programs
- Regular Purchase APR: 18.99% - 26.99% variable based on creditworthiness and Prime Rate
- Balance Transfer APR: 18.99% - 26.99% variable based on creditworthiness and Prime Rate
- Balance Transfer Transaction Fee: 3% of the amount of each transferred balance that posts to your account at a promotional APR that we may offer you. None for balances transferred at the Transfer APR.
- Cash Advance APR: 26.99% variable based on the Prime Rate
- Cash Advance Transaction Fee: 3% of the amount of the cash advance, but not less than $3
- Annual Fee: $95
- Late Payment Penalty Fee: Up to $40
Browse these credit card deals and thousands of other offers by becoming a Bestcards Member.
Join today!Oregon State Business Visa
Manage Business and Personal Expenses Separately
- Regular Purchase APR 9.99% to 18% variable based on creditworthiness and the Prime Rate
- Balance Transfer APR 18%
- Cash Advance APR 18%
- Annual Fee $25
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Credit NeededBestCards.com uses a variation of FICO Score 8, which is one of many different types of credit scores. A financial institution may use a different score when deciding whether to approve you for a credit card.Excellent , Good
- Processing Network Visa
- No fees for cash advances or balance transfers
- Annual fee waived if card is used once every 12 months
- Employee cards with unique spending limits available
- Regular Purchase APR: 9.99% to 18% variable based on creditworthiness and the Prime Rate
- Balance Transfer APR: 18%
- Cash Advance APR: 18%
- Annual Fee: $25
- Late Payment Penalty Fee: $25
Browse these credit card deals and thousands of other offers by becoming a Bestcards Member.
Join today!Upgrade Cash Rewards Visa®
Earn 1.5% Unlimited Cash Back
- Regular Purchase APR 14.99%-29.99% variable based on creditworthiness and the Prime Rate
- Annual Fee None
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Credit NeededBestCards.com uses a variation of FICO Score 8, which is one of many different types of credit scores. A financial institution may use a different score when deciding whether to approve you for a credit card.Excellent , Good , Fair
- Processing Network Visa
- Earn a $200 bonus on your Upgrade Card after opening a Rewards Checking account and making 3 debit card transactions*
- Earn 1.5% unlimited cash back on card purchases every time you make a payment
- Combine the flexibility of a credit card with the predictability of a personal loan
- $0 fees - $0 annual fee, $0 activation fees, $0 maintenance fees
- No touch payments with contactless technology built in
- See if you qualify in minutes without hurting your credit score
- Access to a virtual card while you wait for your card to arrive in the mail
- Great for large purchases with predictable payments you can budget for
- Mobile app to access your account anytime, anywhere
- Enjoy peace of mind with $0 Fraud liability
- *To qualify for the $200 welcome bonus, you must open and fund a new Rewards Checking account and make 3 debit card transactions within 60 days of your Upgrade Card account opening. The bonus will be applied as a one-time credit to your account and will not otherwise reduce the amount of your regular monthly payments. The bonus credit will be posted to your Upgrade Card as a rewards credit within 1-2 billing periods following the third debit card transaction on your Rewards Checking account. Your Upgrade Card must be in good standing to receive a bonus.
- Not available in DC, IA, WV, WI, NC, NH, HI.
- Regular Purchase APR: 14.99%-29.99% variable based on creditworthiness and the Prime Rate
Browse these credit card deals and thousands of other offers by becoming a Bestcards Member.
Join today!Valley Strong Visa Platinum Card
No Annual Fee and No Balance Transfer Fees
- Regular Purchase APR 9.5% to 16.65% variable based on creditworthiness and the Prime Rate
- Balance Transfer APR 9.5% to 16.65% variable based on creditworthiness and the Prime Rate
- Cash Advance APR 9.5% to 16.65% variable based on creditworthiness and the Prime Rate
- Annual Fee None
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Credit NeededBestCards.com uses a variation of FICO Score 8, which is one of many different types of credit scores. A financial institution may use a different score when deciding whether to approve you for a credit card.Good , Fair
- Processing Network Visa
- No annual fee
- No balance transfer fee
- Competitive interest rates
- Roadside dispatch
- Regular Purchase APR: 9.5% to 16.65% variable based on creditworthiness and the Prime Rate
- Balance Transfer APR: 9.5% to 16.65% variable based on creditworthiness and the Prime Rate
- Cash Advance APR: 9.5% to 16.65% variable based on creditworthiness and the Prime Rate
- Cash Advance Transaction Fee: Either $10 or 2% of the amount of each cash advance, whichever is greater
- Foreign Transaction Fee: 1% of the transaction amount in U.S. dollars
- Late Payment Penalty Fee: $10
- Return Payment Penalty Fee: $15
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Join today!You've viewed 10 of 75 credit cards
This post may contain links from partner offers, and we may receive compensation when you click on links to these offers. Please see our advertiser and editorial disclosures above for more information. Citi is an advertising partner.
What is a Balance Transfer Credit Card?
A balance transfer credit card is a type of credit card offer meaning that cardholders can transfer credit card debt from multiple cards onto one in order to consolidate the amount owed. This is a popular debt management strategy, because having all your credit card debt compiled in one place can potentially reduce overall costs.
While a balance transfer credit card might seem like a completely different type of animal versus a rewards card, it works exactly like any other open-looped credit card. This means you can use a balance transfer credit card to make everyday purchases, pay bills, or anything else you would normall do with a credit card.
Balance transfer cards are a great way to avoid the origination costs that come from personal loans, and may offer additional bonuses, like cash back, points, or 0% intro APR for up to 18 months on purchases.
Many of the best credit card balance transfer offers include features to simplify your payments and save you money. When applying for a balance transfer card, you’ll want to look for perks like:
- Long 0% introductory APR periods
- Low or fixed interest rates
- Waived balance transfer fees
- No annual fee
Because balance transfer credit cards feature lengthy introductory APR periods and a below-average interest rate after that, they are intended for consumers with very good or excellent credit scores. Typically, you’ll need a FICO Score of 670 or higher to get approved for a balance transfer credit card, although the precise qualifications may vary by bank.
How to Transfer a Credit Card Balance
It helps to know how balance transfers work before you jump into applying for your first balance transfer credit card. Otherwise, you may choose a card that doesn’t fit your situation well and end up compounding your debt, rather than reducing it. Follow these steps to get on the right track toward eliminating your credit card debt:
- Examine your current credit cards. It’s important to note the interest rates, fees, balances, and other information for the cards you already have. That way, you can ensure your new card has better terms. You’ll also need to keep track of the issuers, so you’re sure choose a different one; you usually can’t perform same-issuer transfers.
- Make a plan for paying off your debt. How fast can you realistically pay off this debt? What is the largest monthly payment you can consistently afford? Questions like these can help you identify the card that fits your needs.
- Select and apply for a balance transfer card. Put what you’ve learned about your financial needs and goals into your research to find a card with the right APRs, intro period, and credit limit.
- Request the balance transfer. Contact the issuer of your new card either online or over the phone to initiate the transfer of each balance.
- Keep up with your payments. The best way to make a balance transfer credit card worthwhile is to make consistent payments.
What Are the Best Balance Transfer Credit Cards?
The very best balance transfer credit cards fall into two distinct categories. The first of these categories is cards that offer lengthy 0% intro APR periods. There are dozens of excellent cards with zero-interest periods of 12 months or more, including offers from Discover, Citi, Chase, and US Bank.
The second category of balance transfer credit card includes cards with low APR everyday. Having a low rate for everyday transfers is great for both financing large purchases and paying down balances over time. Once a card’s 0% intro APR ends, for example, you’ll be left with an interest rate of 15% or more, but with a low rate credit card you can enjoy paying the balance at a reduced rate for the life of the card.
One of the best companies for low rate APR and balance transfer credit cards is fintech Upgrade. Upgrade offers some of the lowest interest rates on the market – starting well-below 10% for customers with excellent credit. Even better, Upgrade offers three unique cards, all of which feature no annual fee:
Upgrade Cash Rewards Visa®
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Unlimited 1.5% cash abck on all purchases
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No fees of any kind!
☆ $0 Annual Fee, $0 Maintenance Fees
☆ Quick Online Pre-Approval
☆ Exceptionally Low APR
The Upgrade Cash Rewards Visa® offers no fees, low rates, cash back, and credit lines up to $20,000 in one unique package. The card provides the flexibility and predictability consumers need to quickly pay down balances and get debt-free. The Upgrade credit card is one of the lowest regular APR credit cards on the market for those with excellent credit scores, putting it firmly on any list of the best balance transfer credit card deals of 2022 – or any list of the best credit cards in the U.S.
Upgrade Triple Cash Rewards Visa®
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Earn 3% on Home, Auto and Health categories and 1% on everything else
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No fees of any kind!
☆ $0 Annual Fee, $0 Maintenance Fees
☆ Quick Online Pre-Approval
☆ Exceptionally Low APR
The Upgrade Triple Cash Rewards Visa® is a versatile, impressive credit card for those that want an exceptional APR, solid rewards, and a whole lot more. The addition of up to 3% cash back on home, auto, and health purchases is equally impressive and makes the card an everyday earner that just so happens to help you reduce your existing credit card debt. Plus, since those rewards can be applied towards statement credits, using the card every day can really help put a dent in existing debt in no time!
Upgrade Visa® Card with Bitcoin Rewards
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Earn 1.5% Cash back Rewards in BTC on every purchase
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No annual fees, no foreign transactions fees
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Zero Fraud Liability
☆ Fast Online Pre-Approval
☆ Earn Bitcoin with Every Purchase
☆ Pay w/ Apple Pay™ or Google Pay™
☆ 24/7 Mobile App Access
The Upgrade Bitcoin Rewards is a tough-to-beat credit card for fans of crypto rewards and low interest rates. The interest rates are the same as with other Upgrade Cards, making it among the best in the business. The ability to pay down debt – and earn BTC with every purchase – is another perk that makes the card something that provides everyday value.
The Pros and Cons of Transferring a Credit Card Balance
The main reason to apply for a balance transfer card is because it can make the process of paying off your debt a little easier. When carrying debt across several cards, it can be difficult to know which balance to tackle first, leaving you feeling overwhelmed on all sides. With all of your debt compiled onto one card instead, you can focus your energy in one direction and possibly feel more empowered to tackle your payments.
This approach to debt management may also help you save money in the long run and reduce your risk of defaulting. Rather than juggling multiple cards with variable APRs and fees, you’ll have just one (hopefully low) APR to worry about. That’s where 0% APR $0 balance transfer credit cards come into play.
However, debt consolidation using a balance transfer card isn’t always the most lucrative option. For instance, it’s not as effective if you have student loans and other types of debt as well. It’s also important to make sure you have a payment strategy in place and stick to it. Otherwise, you may cancel out any benefits from transferring your balances in the first place.
Better credit scores also mean longer intro APR periods on things like purchases and balance transfers. Some cards may offer excellent credit score 0% APR for 15 months on balance transfers and purchases, for example.
Keep in mind, however, that transfers must be completed within a set window and do not include fees. Balance transfer fees typically range around $5 or 3% of the amount of each transfer, whichever is greater.
Balance Transfer FAQs
Balance transfers can seem confusing – but they don’t have to be. Here are some of the most commonly asked questions about balance transfers and balance transfer credit cards:
- A balance transfer is a process of taking an existing credit card balance and moving it to a new account with a lower regular APR. These transfers make it easier to pay down balances and often come with intro APR offers.
- Because these types of cards offer low-interest rates, a good credit score is a minimum requirement for a balance transfer card. Many issuers require an excellent credit score, so a good benchmark for obtaining a card like these is a FICO Score of 700 or higher.
- Because these cards feature an introductory rate, you might find yourself stuck with more debt than you began. After the promotional period ends, only those with the best credit scores will have the lowest rates. Those with good credit might be paying a higher APR – primarily if they conduct their transfer using a rewards credit card. Other negatives of transferring a balance include:
- Increasing credit utilization on a single card, which can lower your credit score.
- Lowering the average age of your credit accounts by opening a new line of credit.
- A new line of credit also means a further hard inquiry, which can also impact your credit score.
- While many cards feature 0% intro AR, not all balance transfer cards provide an interest-free period, some cards – especially those from credit unions or smaller banks – may only offer a reduced interest rate. These rates maybe 3.99% or higher, but are often significantly lower than the standard variable APR.
- While most major card issuers provide a variety of offers, not all currently offer a balance transfer credit card. Most significant issuers and banks, like Chase (Chase Slate Card), Citi (the Citi Simplicity Card), and others, provide balance transfer cards and low APR Cards. Discover also reintroduced its balance transfer card, the Discover It Balance Transfer.
- According to the BestCards guide to the average APR for all types of credit cards, the current average interest rate for a balance transfer card is approximately 16.99%.
- In some cases, yes. Some cash back cards, like the Citi Double Cash Card, offer 0% APR on balance transfers and cash back rewards program in one package. Just be sure to pay your statement balance in full before the due date, or you might incur a late fee or penalty APR.
- The minimum payment on a balance transfer credit card is typically 1% to 3% of the total balance on the card, depending on the bank that issues the card.
- No, but you can use the bank account, cash app, or PayPal to pay off the balance.
- Yes, you can get cash from your balance transfer credit card, though this would be a cash advance and would result in instant interest and a cash advance fee.
- You can use a credit card to transfer money into a bank account by using a cash advance or balance transfer check, but this isn’t advisable. Once a cash advance is conducted (banks typically let cardholders take out around 25% of their credit limit), you can then send that money from your bank account to wherever you like. Cash advances are risky due to the high interest rates and costly one-time fees.
- In some instances, yes. Of course, when you transfer money from a bank account to a credit card, you are effectively just paying the credit card statement and lowering your overall balance. With wallets and PayPal/Venmo, carefully read your card member agreement. This document will outline the various ways to redeem PayPal cash back to card accounts. PayPal charges 2.9% of the amount, plus a fixed fee of 30 cents, to process a person-to-person money transfer using a credit card.
Yes, via a cash advance and wire transfer. This simple process involves cash advance fees, high APR, and potential money wire fees.
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