Credit cards are a great financial tool to take your finances to a whole new level. However, to make the best out of them, you must always ensure you have the best one for your current situation.
Is not uncommon for some people to get tied to a credit card even when it is no longer the most convenient. Fortunately, there is a feature that most credit cards have that makes the transition process easier: Balance transfer.
In general terms, balance transfer credit cards are mainly designed to put multiple credit card debts onto one card. This will allow you to pay this debt more efficiently and with a lower interest rate than each card had individually. These cards will not only give you breathing room when it comes to paying back debt, but they also come with great benefits!
We believe that this type of credit is an excellent option for many people, although they are probably not the best option for others. If you are not looking to consolidate credit, you can find more credit card reviews in our specialized section!
In this guide, we will review the best balance transfer credit cards. These will not only help you to save on your credit card balance but also provide you with great benefits. There are no reasons why you should stay stuck with a non-beneficial credit card, after all.
What Are The Best Balance Transfer Credit Card Options?
Citi Diamond Preferred Card
Let’s start off with the Citi Diamond Preferred Card. This is a pure-play balance transfer card with a zero-dollar annual fee. Yeah, you read right, astonishing for a card of this type.
The card doesn’t come with many extra perks, nor does it even offer rewards, but nobody really cares. This is because if you are trying to get one of the best balance transfer credit cards, this is one of them. Let us assure you… You will have no problem agreeing with us on this.
This credit card has a lengthy intro offer for balance transfers and for purchases. For example, you will enjoy a 0% introductory APR for 21 months on balance transfers. This will apply from the date of the first transfer. In addition to this, you will also enjoy a 0% Intro APR for 12 months on purchases from the date of account opening.
Keep in mind that you have to transfer your balance within the first four months of account opening to enjoy this benefit. You will also need to pay a balance transfer fee, which is standard practice. This fee will be $5 or 5% of the amount of each transfer, whichever is greater.
Once the offer period ends, the variable APR will fluctuate between 13.74% to 23.74% based on your creditworthiness. This is still extremely competitive, which means you can continue to benefit from this card after getting rid of your balance.
Some the additional benefits you can expect from the Citi Diamond Preferred credit card are the following:
- Free monthly FICO score online.
- Special access to acquire tickets to many events. This includes dining experiences, sports events, concerts, and a lot more.
- Shop with confidence knowing that you have dependable protection benefits, including $0 Liability on unauthorized purchases and Citi Identity Theft Solutions.
As you can see, this credit card is pretty straightforward in its function, which it serves in an excellent manner. After all, it’s not possible to go lower than 0% APR!
Bank Of America Customized Cash Rewards Credit Card
Let’s start by saying this card is more of a cashback credit card rather than a balance transfer credit card. Bear with us, we added it to our list of best balance transfer credit cards for a reason!
That’s because this card offers some really nice terms when it comes to balance transfers and new purchases. We think that this is something that often goes overlooked in this card when it comes to credit consolidation.
The Bank of America Customized Cash Rewards credit card has an intro APR of 0% for balance transfers and for new purchases. This offer is available for the first 15 billing cycles from account opening. See? We told you it was on the list for a reason!
After this period has elapsed, your interest rate will be set between 13.99% to 23.99%. The 15 billing cycles might not be as much as the Citi Diamond Preferred Card offers (21 months), but it’s still a lot. Honestly, 15 billing cycles will be more than enough for most users, so this is no reason to worry.
Now, it’s important to note that you have to fulfill a requirement to enjoy this offer. Your balance transfers will have to take place during the first 60 days of account opening. There will also be a 3% balance transfer fee (minimum 10$) when doing so.
As if this was not enough, this card even comes with an intro bonus of 200$! This bonus applies to online cash rewards after you make at least $1,000 in purchases in the first 90 days of account opening.
The main reason we included this card on the list is because it can be a good blend between being a card that’s great for balance transfers and new purchases, and one that you can use every day for all the rewards
Other benefits of getting this card are:
- 3% cash back in the category of your choice (up to $2,500 in combined choice category/grocery store/wholesale club quarterly purchases).
- 2% at grocery stores and wholesale clubs (up to $2,500 in combined choice category/grocery store/wholesale club quarterly purchases).
- Unlimited 1% on all other purchases.
While this card offers the introductory 0% APR for a shorter period, it makes up for it with benefits. If you find that you don’t need more than 15 months to pay your balance, consider applying for this card.
Citi Rewards+ Card
This is a unique credit card in many ways. The main we are fans is because of its intro offer for balance transfers not coming by itself. You will also enjoy benefits on new purchases and earn rewards when using the card. If you spend a lot of money in supermarkets and gas stations, this card is great!
The Citi Rewards+ Card is a nice blend between being a good balance transfer card and great intro offers. Did we mention it also has a $0 annual fee?
Another reason to love this credit card is its relatively lengthy intro offer. During the 15 months from the first transfer, you will enjoy an introductory APR on balance transfers. This APR will be 0% and also applies for purchases! Once it expires, your APR will be set between 13.49% and 23.49%.
Consider, that like the other cards in this list, a balance transfer fee will apply. This fee is about 3% of the amount you transfer or $5, whichever is greater.
There are some really interesting features about this credit card, but the main is its rewards: Thankyou Points. You will earn 2x Thankyou Points per dollar spent at supermarkets and gas stations up to your first $6,000 dollars in spending per year. Then, you can earn 1x Thankyou points spent on all other purchases.
There are a few different redemption options for those ThankYou points. While some yield a value of less than one cent per point, others are about one cent per point. This means you have to be as smart as possible to make the best out of them!
- 0% intro APR for balance transfers for 15 months.
- 0% intro APR for 15 months on purchases.
- 13.49% – 23.49% regular APR (variable).
- $0 annual fee.
- Offers great rewards on Thankyou points.
Citi Double Cash Credit Card
As the name suggests, the Citi Double Cash Credit Card is a cash back card. However, don’t let this fool you! The card is excellent for those looking to transfer their balance. It offers a 0% intro APR for 18 months on balance transfers.
This honestly seems like a really good deal, since it covers a good amount of time. After this offer finishes, the variable APR will change to an amount of 13.99% – 24.99%, based on your creditworthiness.
When looking at the fine print, we noticed that there is a balance transfer fee, just like with our previous entries. This is 3% of the amount transferred or $5, whichever is greater, making it one of the lowest. This fee lasts for the first 4 months after opening your account and will increase to 5% of each transfer ($5 minimum) afterward.
It is important to know that balance transfers must be completed within 4 months of account opening. Unfortunately, these balance transfers do not earn any cash back rewards…But hey, fair is fair! That being said, the intro rate offer does not apply to purchase only to balance transfers.
Regarding other benefits that this credit card offers, we find its great cash back plan. You will earn unlimited 1% cash back on purchases made with your card. This is in addition to the 1% cash back you get as you pay for those purchases, whether you pay in full or over time.
Finally, we can highlight some secondary aspects but that may also be important, such as:
- Excellent 24/7 customer service.
- Contactless pay technology.
- Digital wallet (Lets you shop with confidence in millions of shops and places online).
All in all, this card is an incredible option if you are looking for additional benefits! As such, we feel extremely confident about it belonging to our list of best balance transfer credit cards.
U.S Bank Visa Platinum Credit Card
This credit card is an excellent option if you are focused on getting the best balance transfer benefits possible. The U.S Bank Visa Platinum credit card is very similar to the Citi Diamond Transfer credit card, which we mentioned earlier in many regards.
So, what makes this card so special for balance transfers? Well, let’s start with the fact that you will have a 0% APR for 20 billing cycles. This applies both to balance transfers and purchases, further improving its value.
After that, the APR goes up to 14.49% – 24.49%. We estimate that with this APR that lasts 20 billing cycles, the amount of money you could save is quite a LOT.
We love this card’s simplicity. However, this doesn’t mean there are no additional benefits to using it. Let’s take a look at some of them:
- Cell phone protection.
- Fraud protection.
- Free credit score checks.
- Flexible payment due dates.
- AutoPay feature.
With this card, you will also enjoy a $0 annual fee. You could enjoy all the benefits we told you about without an annual fee. Amazing, right? Just like our first entry, choosing this card is a matter of prioritizing balance transfer benefits or cashback/point rewards.
Now that we have listed what we consider to be the best balance transfer credit cards, you should be all set up. By using the information we provided, you should have an idea of what your priorities are. Will you need the longest period possible to pay your existing balance? Or will you need less than 20 months and would like to enjoy rewards in the process?
The best card will depend on your specific scenario. However, we recommend that you focus on how long you will need the introductory APR. After all, this is the purpose of this article!
Once you are done with your balance payment, you might want to continue with one of these cards or change. Whatever your decision is, we recommend that you check our other credit card reviews to know your options. You can find them in our credit section!
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