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BankAmericard® Credit Card
BankAmericard® Credit Card
- 16.24% to 26.24% variable based on creditworthiness and Prime Rate Regular Purchase APR
- 16.24% to 26.24% variable based on creditworthiness and Prime Rate Balance Transfer APR
- 19.24% to 29.24% variable based on the Prime Rate Cash Advance APR
- 0% for 21 months from account opening date Intro Purchase APR
At a Glance
The BankAmericard Mastercard is the balance transfer card designed for those who want a special intro rate and little else. The card features 0% intro APR on purchases and balance transfers for the first 21 months. The card also boasts no penalty APR and no annual fee.
- Best Benefits
- Rates & Fees
- Why Should You Apply?
- No interest charges on purchases and balance transfers for the first 21 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: 16.24% to 26.24% 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: 16.24% to 26.24% 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: 19.24% to 29.24% 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
- You plan to make a large purchase and use the card to pay off the balance over time
- You have existing credit card balances to combine and pay down
- You don’t want to pay an annual fee
Citi® Diamond Preferred® Card
Citi® Diamond Preferred® Card
- 17.99% - 28.74% (Variable) Regular Purchase APR
- 17.99% - 28.74% (Variable) Balance Transfer APR
- 29.99% (Variable) Cash Advance APR
- 0% for 12 months on Purchases Intro Purchase APR
At a Glance
The Citi® Diamond Preferred® Card provides one of the longest 0% intro APR periods on the market for no annual fee.
- Best Benefits
- Rates & Fees
- Why Should You Apply?
- 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 17.99% - 28.74%, based on your creditworthiness. Balance transfers must be completed within 4 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: 17.99% - 28.74% (Variable)
- Intro Balance Transfer APR: 0% for 21 months on Balance Transfers
- Balance Transfer APR: 17.99% - 28.74% (Variable)
- Balance Transfer Transaction Fee: 5% of each balance transfer; $5 minimum.
- Cash Advance APR: 29.99% (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
- You make frequent purchases to entertainment events and want priority access
- You're looking for a generous introductory 0% APR period for both purchases and balance transfers
Citi Simplicity® Card
Citi Simplicity® Card
- 18.99% - 29.74% (Variable) Regular Purchase APR
- 18.99% - 29.74% (Variable) Balance Transfer APR
- 29.99% (Variable) Cash Advance APR
- 0% for 12 months on Purchases Intro Purchase APR
At a Glance
The Citi Simplicity® Card is one of the most consumer-friendly balance transfer cards available today, 0% intro APR on balance transfers for 21 months from the date of first transfer as well as 0% intro APR for 12 months on purchases from when the account opens.
- Best Benefits
- Rates & Fees
- Why Should You Apply?
- 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 18.99% - 29.74%, 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
- Intro Purchase APR: 0% for 12 months on Purchases
- Regular Purchase APR: 18.99% - 29.74% (Variable)
- Intro Balance Transfer APR: 0% for 21 months on Balance Transfers
- Balance Transfer APR: 18.99% - 29.74% (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: 29.99% (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
- You have a significant balance elsewhere that you’d like to transfer over and pay off without interest
- You enjoy the freedom of having 12 months with 0% introductory APR on the purchases made with this card
- You want a credit card with robust consumer protection features
Chase Slate Edge
Chase Slate Edge
- 20.24% to 28.99% variable based on creditworthiness and the Prime Rate Regular Purchase APR
- 20.24% to 28.99% variable based on creditworthiness and the Prime Rate Balance Transfer APR
- 29.99% variable based on the Prime Rate Cash Advance APR
- 0% for the first 18 months from account opening date Intro Purchase APR
At a Glance
The Chase Slate Edge lets you make moves towards your credit goals with a host of impressive introductory bonuses. The card from Chase offers the chance at an automatic credit line increase, plus 0% intro APR for 18 months (with a variable APR after that) and automatic APR reduction when you pay on time after meeting minimum spending requirements– all for no annual fee.
- Best Benefits
- Rates & Fees
- Why Should You Apply?
- No annual fee
- Lower your interest rate by 2% each year. Automatically be considered for an APR reduction when you pay on time, and spend at least $1000 on your card by your next account anniversary
- Get an automatic, one-time review for a higher credit limit when you pay on time, and spend $500 in your first six months
- Start off strong with 0% Intro APR for 18 months from account opening on purchases and balance transfers. A variable APR of 19.24%-27.99% on balance transfers and purchases after the introductory period ends
- $0 My Chase Plan® fees during the 18-month introductory period
- All for no annual fee - You wo't have to pay an annual fee for all the great features that come with your Slate Edgeâ„ card
- Intro Purchase APR: 0% for the first 18 months from account opening date
- Regular Purchase APR: 20.24% to 28.99% variable based on creditworthiness and the Prime Rate
- Intro Balance Transfer APR: 0% for the first 18 months from account opening date
- Balance Transfer APR: 20.24% to 28.99% variable based on creditworthiness and the Prime Rate
- Balance Transfer Transaction Fee: Intro fee of either $5 or 3% of the amount of each transfer, whichever is greater, on transfers made within 60 days of account opening. After that: Either $5 or 5% of the amount of each transfer, whichever is greate
- Cash Advance APR: 29.99% variable based on the Prime Rate
- Cash Advance Transaction Fee: Either $10 or 5% of the amount of each transaction, whichever is greater
- Penalty APR: Up to 29.99% variable based on the Prime Rate
- Foreign Transaction Fee: 3% of the amount of each transaction in U.S. dollars
- Late Payment Penalty Fee: Up to $40
- Return Payment Penalty Fee: Up to $40
- You want to build credit with responsible usage
- You plan to carry a balance and will make use of the two 0% intro APR offers
- You don’t want to pay an annual fee
BankAmericard® Credit Card for Students
BankAmericard® Credit Card for Students
- 16.24% to 26.24% variable based on creditworthiness and the Prime Rate Regular Purchase APR
- 16.24% to 26.24% variable based on creditworthiness and the Prime Rate Balance Transfer APR
- 19.24% to 29.24% variable based on creditworthiness and the Prime Rate Cash Advance APR
- 0% for 21 months from account opening date Intro Purchase APR
At a Glance
The BankAmericard® Credit Card for Students is a no-frills card for college students with little to no credit history who are looking to build and monitor the health of their credit.
- Best Benefits
- Rates & Fees
- Why Should You Apply?
- Introductory 0% purchase APR for 18 months
- Introductory 0% APR for 18 months on balance transfers made within 60 days of account opening
- No fee on balance transfers made within 60 days of account opening
- Access to credit and budgeting education and free monthly FICO Score reports
- No annual fee
- Intro Purchase APR: 0% for 21 months from account opening date
- Regular Purchase APR: 16.24% to 26.24% variable based on creditworthiness and the Prime Rate
- Intro Balance Transfer APR: 0% for 21 months from account opening date
- Balance Transfer APR: 16.24% to 26.24% 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: 19.24% to 29.24% variable based on creditworthiness and the Prime Rate
- Cash Advance Transaction Fee: Either $10 or 3% of the amount of each cash advance, 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
- You're a student just starting out building your credit history
- You're looking for a great introductory APR offer on purchases and balance transfers
- You want a credit card with no annual fees
- You want the ability to monitor your credit score monthly
You've viewed 5 of 69 credit cards
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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
| Here is an explanation of the balance transfer process, from start to finish: | |
| ①Examine 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. |
| â‘¡ 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. |
| ③ 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. |
| â‘£ Request the balance transfer | Contact the issuer of your new card either online or over the phone to initiate the transfer of each balance |
| ⑤ Keep up with your payments | The best way to make a balance transfer credit card worthwhile is to make consistent payments. |
Upgrade 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:
Here’s how the Upgrade range of credit cards stack up:
 Upgrade Cash Rewards Visa® |
 Upgrade Triple Cash Rewards Visa® |
 Upgrade Visa® Card with Bitcoin Rewards |
| Earn 1.5% unlimited cash back on card purchases every time you make a payment | Unlimited cash back on payments – 3% on Home, Auto and Health categories and 1% on everything else | Earn unlimited 1.5% back in bitcoin rewards after you make payments on your purchases |
| All Upgrade Visa cards provide the following benefits: | ||
| Combine the flexibility of a credit card with the predictability of a personal loan | ||
| No touch payments with contactless technology built in | ||
| See if you qualify in minutes without hurting your credit score | ||
| No annual fee | ||
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 or Personal Loan?
Balance transfers and personal loans sound similar – after all, you open a new line of credit at a lower rate, then use that new credit to pay off higher-interest debt. Here’s the pros and cons of both personal loans and balance transfers:
| Pros | Cons | ||
| Balance Transfer | Personal Loan | Balance Transfer | Personal Loan |
| 0% Intro APR Offers | Fixed Rates/Lower Rates | Balance Transfer Fees | Personal Loan Fees |
| Flexible Payments | Installment Payments | Approval Based on Credit Score | Approval Based on credit score & DTI |
| Could potentially bump up your credit score or help show a positive credit history | Late or missed payments can affect your credit negatively | ||
| Competitive Interest Rates | Can only use for existing credit card debt | May require collateral if going for a secured personal loan | |
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.Â
- 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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