Best Credit Card For Transfers

Credit card debt can be a significant burden, and finding ways to manage it effectively is crucial. Balance transfer credit cards offer a strategic solution by allowing you to move high-interest debt to a card with a lower, often 0%, introductory APR. This can save you hundreds or even thousands of dollars in interest charges, helping you pay down your debt faster. Choosing the right balance transfer card depends on your individual needs and financial situation, making careful research essential.

Card Name	Key Features	Important Details
Chase Slate Edge℠	0% intro APR on balance transfers and purchases, potential for APR reduction, no annual fee.	Requires good to excellent credit. Balance transfer fee applies. Must pay on time to maintain benefits.
Wells Fargo Reflect® Card	Long 0% intro APR period on balance transfers and purchases, no annual fee.	Requires good to excellent credit. Balance transfer fee applies. Introductory period extensions available under certain conditions.
Citi Simplicity® Card	Long 0% intro APR period on balance transfers, no annual fee.	Requires good to excellent credit. Balance transfer fee applies. No late fees or penalty APR.
Discover it® Chrome Gas & Restaurant Rewards	0% intro APR on purchases and balance transfers, cashback rewards on gas and restaurants, no annual fee.	Requires good to excellent credit. Balance transfer fee applies. Cashback Match™ at the end of the first year.
American Express Blue Cash Everyday® Card	0% intro APR on purchases and balance transfers, cashback rewards on everyday spending, no annual fee.	Requires good to excellent credit. Balance transfer fee applies. Higher cashback rates on groceries, gas, and online retail.
U.S. Bank Visa® Platinum Card	Long 0% intro APR period on purchases and balance transfers, no annual fee.	Requires good to excellent credit. Balance transfer fee applies. Focuses primarily on the introductory APR period.
Bank of America® Customized Cash Rewards Credit Card	0% intro APR on purchases and balance transfers, customizable cashback rewards, no annual fee.	Requires good to excellent credit. Balance transfer fee applies. Allows you to choose your 3% cashback category.

Detailed Explanations

Chase Slate Edge℠

The Chase Slate Edge℠ card is designed for those looking to consolidate debt and improve their credit score. It offers a 0% introductory APR on both balance transfers and purchases for a limited time. Notably, it has a feature where you may be able to lower your APR by 2% each year when you pay on time and spend at least $1,000 each year. The card has no annual fee, making it an attractive option for long-term use. However, a balance transfer fee applies, and you'll need good to excellent credit to qualify.

Wells Fargo Reflect® Card

The Wells Fargo Reflect® Card stands out due to its extended 0% introductory APR period on both purchases and balance transfers. This extended period provides ample time to pay down balances without accruing interest. There's no annual fee, making it a cost-effective option. Like other balance transfer cards, a balance transfer fee applies. This card is best suited for individuals with good to excellent credit who need a significant amount of time to pay off their debt. The introductory period can even be extended under certain conditions, offering even more flexibility.

Citi Simplicity® Card

The Citi Simplicity® Card is another strong contender for balance transfers, primarily due to its long 0% introductory APR period. What sets it apart is its lack of late fees and penalty APR, offering additional peace of mind. There's no annual fee, further enhancing its appeal. A balance transfer fee still applies. This card is especially beneficial for those who sometimes struggle with making timely payments.

Discover it® Chrome Gas & Restaurant Rewards

The Discover it® Chrome Gas & Restaurant Rewards card offers a 0% introductory APR on both purchases and balance transfers, coupled with cashback rewards on gas and restaurant purchases. This makes it a versatile option for everyday spending while tackling debt. There's no annual fee, and Discover offers Cashback Match™ at the end of the first year, matching all the cashback you've earned. A balance transfer fee applies. It's a good choice for individuals who want to earn rewards while paying down debt.

American Express Blue Cash Everyday® Card

The American Express Blue Cash Everyday® Card combines a 0% introductory APR on purchases and balance transfers with cashback rewards on everyday spending. It offers higher cashback rates on groceries, gas, and online retail purchases, making it a valuable card for daily use. There's no annual fee. However, a balance transfer fee applies. This card is a solid option for those who want to earn rewards on common expenses while taking advantage of a balance transfer offer.

U.S. Bank Visa® Platinum Card

The U.S. Bank Visa® Platinum Card focuses primarily on providing a long 0% introductory APR period on both purchases and balance transfers. This extended period allows cardholders to pay down their balances without accruing interest. There's no annual fee. As with other balance transfer cards, a balance transfer fee applies. This card is a straightforward option for those prioritizing a long introductory period to manage debt.

Bank of America® Customized Cash Rewards Credit Card

The Bank of America® Customized Cash Rewards Credit Card offers a 0% introductory APR on purchases and balance transfers, combined with customizable cashback rewards. Cardholders can choose their 3% cashback category from a list of options, making it a flexible rewards card. There's no annual fee. A balance transfer fee applies. This card is suitable for individuals who want to tailor their rewards to their spending habits while taking advantage of a balance transfer offer.

Understanding Key Terms

APR (Annual Percentage Rate): The annual cost of borrowing money, expressed as a percentage. A 0% APR means you won't accrue interest on your balance during the introductory period.
Balance Transfer Fee: A fee charged when you transfer a balance from one credit card to another. It's typically a percentage of the transferred amount (e.g., 3% or 5%).
Introductory Period: The limited time during which a special APR (often 0%) is offered.
Credit Score: A numerical representation of your creditworthiness, used by lenders to assess risk. A good to excellent credit score is usually required to qualify for balance transfer cards.
Cashback Rewards: A percentage of your purchases that you receive back as cash or a statement credit.
Annual Fee: A yearly fee charged for owning a credit card. Many balance transfer cards have no annual fee.

Factors to Consider When Choosing a Balance Transfer Card

Introductory APR Period: How long the 0% APR lasts. Choose a card with a period long enough to pay off your transferred balance.
Balance Transfer Fee: The cost of transferring your balance. Compare fees across different cards to minimize expenses.
Credit Score Requirements: Ensure your credit score meets the card's eligibility criteria.
Annual Fee: Opt for a card with no annual fee to avoid additional costs.
Rewards Program: If you plan to use the card for purchases after the introductory period, consider a card with a rewards program that aligns with your spending habits.
Credit Limit: Make sure the card's credit limit is high enough to accommodate your desired balance transfer amount.
Penalty APR: Understand the APR that will apply after the introductory period ends and if there's a penalty APR for late payments.
Other Benefits: Some cards offer additional benefits, such as travel insurance or purchase protection.

Step-by-Step Guide to Making a Balance Transfer

Check Your Credit Score: Ensure you have a good to excellent credit score to increase your chances of approval.
Research and Compare Cards: Use the information above to compare different balance transfer cards and choose one that suits your needs.
Apply for the Card: Fill out the application form and provide accurate information.
Get Approved: If approved, review the terms and conditions of the card.
Request the Balance Transfer: Follow the card issuer's instructions to request the balance transfer. You'll need to provide the account numbers and amounts of the balances you want to transfer.
Avoid New Purchases: Focus on paying down the transferred balance during the introductory period. Making new purchases can complicate your repayment strategy.
Track Your Progress: Monitor your balance and make timely payments to avoid late fees and maintain the 0% APR.
Pay Off the Balance: Aim to pay off the transferred balance before the introductory period ends to avoid accruing interest at the regular APR.

Common Mistakes to Avoid

Exceeding the Credit Limit: Stay within your credit limit to avoid over-limit fees and potential damage to your credit score.
Missing Payments: Make timely payments to avoid late fees and maintain the 0% APR.
Transferring More Than You Can Handle: Only transfer an amount you can realistically pay off during the introductory period.
Closing Your Old Account Too Soon: Wait until the balance transfer is complete and verified before closing your old account.
Ignoring the Regular APR: Be aware of the APR that will apply after the introductory period ends.
Using the Card for New Purchases: Avoid making new purchases on the balance transfer card during the introductory period to focus on paying down the transferred balance.

Frequently Asked Questions

What is a balance transfer? A balance transfer involves moving debt from one credit card to another, typically to take advantage of a lower interest rate. This can save you money on interest charges and help you pay down your debt faster.
How does a 0% APR balance transfer work? A 0% APR balance transfer offers a period where you pay no interest on the transferred balance. This promotional period allows you to focus on paying down the principal without accruing additional interest charges.
What credit score is needed for a balance transfer card? Most balance transfer cards require a good to excellent credit score, typically in the range of 670 or higher. However, some cards may be available for those with fair credit.
How long does a balance transfer take? The processing time for a balance transfer can vary, but it typically takes between 1 to 3 weeks. It's essential to continue making payments on your old account until the transfer is complete.
Can I transfer a balance from one card to another from the same bank? Generally, you cannot transfer a balance between two credit cards from the same issuer. Banks usually require the balance to be transferred from a different financial institution.
What happens if I don't pay off the balance before the 0% APR period ends? If you don't pay off the balance before the introductory period ends, the remaining balance will be subject to the card's regular APR. This can result in higher interest charges.
Is it bad to open a new credit card for a balance transfer? Opening a new credit card for a balance transfer can be a smart financial move if you use it strategically. It can help you save money on interest and pay down debt faster, but it's crucial to manage the card responsibly.

Conclusion

Choosing the best credit card for balance transfers requires careful consideration of factors like the introductory APR period, balance transfer fee, and your credit score. By understanding these elements and avoiding common mistakes, you can leverage balance transfer cards to effectively manage and reduce your credit card debt. Prioritize cards with long 0% APR periods and no annual fees to maximize your savings.