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(Please see link below to 2020 balance transfer offers and note that this page is only kept active for historical purposes as it was published in 2018.)
If you just started 2017 with a bit of a debt hangover and are looking for some great suggestions on where to transfer that irksome high balance on your credit card or cards, we just published our top picks for 0% balance transfer cards.
Whether you are looking for a break from current interest rates with a 0% APR for only 6 months or up to 18 or 21 months, you will find our current 2020 offers here.
It’s easy to fall into the trap of using credit cards more than you should. Getting laid off or facing a health care emergency can easily result in owing thousands of dollars on credit cards that are charging high-interest rates.
Getting out of that debt can be tricky, but there are tricks you can play, too. One of the most common is to transfer your credit card balance to a new card that offers 0% interest for a period. When you make payments during this period, your entire payment is applied to the principle and you can pay off your debt much faster. Credit card issuers have made it pretty easy to transfer balances and you can start the process quickly and easily by comparing and applying for 0% APR cards online.
Which Balance Transfer Credit Cards have the Best 0% Intro Rate or APR?
Best in Class
Amex EveryDay® Credit Card from American Express
This card is the best in class for a very simple reason. While its 15-month 0% period is nice, it’s the utter lack of a balance transfer fee that makes this card the best option for those that qualify.
If you qualify, and if you can pay off your balance transfer in 15 months, you can end up paying zero in fees and zero interest. That’s almost unheard of, so if you qualify, this is certain to be your best bet.
Click here for more information and apply online at our partner site to enjoy 15 months at 0% APR for balances transferred with no balance transfer fee.
Before the Transfer
There are two things you need to keep in mind when you think about the best balance transfer cards. The credit card companies have to make their money somehow, so cards with long 0% periods often have high fees. Also, you have to honestly assess your ability to pay off your balance during the 0% period. If you do not pay off your balance within the 0% period, you can face additional fees or accrued interest.
The key to successfully executing a balance transfer is in the preparation. You should take these steps to ensure everything goes according to plan.
You’ll want to identify the balances and cards you want to transfer. There is generally a limited time during which you can transfer balances and deadlines have a way of whooshing by if you’re not paying attention. Take some time to look at your credit card balances to identify which ones you’re looking to transfer. Find the total and keep that number in mind when you’re looking at balance transfer cards. Also, note your payment due dates and realize that it can take up to 14-17 days before the transfer actually occurs. It pays off to consider the payment due date when initiating the transfer as you may be able to save a month of interest if you can get the transfer to occur before the next payment is due. The balance transfer is typically counted as a payment on the current credit card.
Whether you are looking for a break from current interest rates with a 0% APR for only 6 months or up to 18 or 21 months, you will find our current 2020 offers here (these offers are from 2018).
Figure out how much you can pay per month. 0% balance transfers often include a line in the fine print that says interest will accumulate during the promotional period and will be applied if the balance isn’t paid off. This can be hugely expensive and can completely destroy whatever benefits you get from transferring balances so it’s very important to know how much you can pay per month.
Check your credit score. This will help greatly when determining which offers to apply for. A credit score of 720-750 will generally qualify you for cards indicating that excellent credit is required.
Consider the impact of transferring a balance on your credit score. It will likely lower your credit rating in the short term. That will be more than balanced with an improvement that comes once the balance is paid off, but if you need the highest credit score possible in the short term, you might want to delay the transfer balance until that’s no longer the case.
Figure out how high a limit you can get on a new card. If you haven’t applied for a card recently, you’ll have no way of knowing this, but if you apply online, you can get an answer pretty quickly. If you’re offered a limit that doesn’t quite cover the balance you need to transfer, contact the bank, explain the situation, and ask for a slight increase. Banks are often very receptive in these situations.
If you’re approved for a limit that doesn’t come close to covering the balance you’re looking to transfer, you might have to apply for a second card. It’s not ideal, but you can make it work as long as you can make both payments every month.
Use a balance transfer savings calculator to determine which offer is the best for you. Cards generally have a balance transfer fee and some have regular annual fees you need to take into account. The devil is often in the details so use an online balance transfer savings calculator to get the best bang for your buck.
Consider going another route. Balance transfer credit cards are a great tool and will generally enable you to pay off your debts with the lowest possible interest rate. That’s great for some people, but others like the predictability of a single monthly payment and a specified end date. If that’s you, consider contacting your bank about a debt-consolidation loan.
Don’t try to transfer balances between cards held by the same bank. Banks offer special rates on balance transfers because they are trying to get more business. Transferring balances from one card to another at the same bank doesn’t get the bank any new business so they don’t allow it.
That said, the name of the issuing bank isn’t always obvious. Read the fine print on the back of the card and you should find the name of the issuing bank. If you have good reason to continue to do business with a particular bank, consider calling their customer service line and explaining the situation. You won’t get a 0% interest rate, but you might well get a reduction that can make a big difference.
Once you’re approved for the new card, get the balance completed as quickly as possible. Not only are you better off paying a lower rate sooner, most balance transfer cards have a balance transfer period of 60 or 90 days beyond which they won’t accept balance transfers. Do it immediately so you don’t forget.
After the Transfer
Planning is often the easy part. Executing the plan can be difficult. It requires careful attention every day for months on end, and that’s difficult even for the best of us. Here’s what you need to remember:
Make your payment on time every month. This one is obvious and is probably the easiest to remember to do. We mention it because it’s incredibly important. If you are late making a payment, you will likely lose the promotional 0% interest rate and you might incur a penalty rate in the neighborhood of 30% that makes it massively harder to pay off the principle. Most credit cards offer the chance to automate your payments. Do it.
Don’t use your balance transfer cards for new purchases if you can avoid it. New purchases will accrue interest, even during the promotional 0% interest period, and that will make paying off the balance before the end of the promotional period much harder. There are some cards that offer 0% APR on BOTH balance transfers and purchases for a set time. Consider one of those cards if a larger expense is on the horizon.
Similarly, don’t use your balance transfer card to get cash advances. Not only are cash advances going to get charged an interest rate, there is often a fee associated with them. Cash advances are the worst of both worlds.
Keep your balance transfer card at home, or cut it up entirely. You want to do everything possible not to add a further balance to your balance transfer card until the balance is paid off. Some people even freeze their credit cards in a block of ice. That makes it just that much harder for that impulse purchase.
Don’t close your old accounts. This might seem like odd advice, but part of your credit score is based on something called a credit utilization ratio. That’s the percent of available credit you’re using. Having more credit that you’re not using will raise your credit score.
Pay extra when you can. If you get extra hours at work, a holiday bonus, or if your roommate finally pays you back, consider spending part—or all—of your windfall to pay down your debt. You’re probably tired of hearing that “every little bit helps,” but the reason you hear it so often is because it’s true.
When you’re trying to pay down debt, you should be trying to do as much as possible to avoid paying interest. Paying more and paying earlier will always be helpful.
Which Balance Transfer Credit Cards have the Best 0% Intro Rate or APR?
We’ve done some of the research for you and here are some of the best balance transfer cards we found on the market today. That said, this is an industry where change is constant and quick so you’re reading this after the publication date, you’ll want to verify everything yourself before you sign anything.
Best in Class
Amex EveryDay® Credit Card from American Express
This card is the best in class for a very simple reason. While its 15-month 0% period is nice, it’s the utter lack of a balance transfer fee that makes this card the best option for those that qualify.
If you qualify, and if you can pay off your balance transfer in 15 months, you can end up paying zero in fees and zero interest. That’s almost unheard of, so if you qualify, this is certain to be your best bet.
Click here for more information and apply online at our partner site to enjoy 15 months at 0% APR for balances transferred with low balance transfer fees.
Long-Term Balance Transfer Cards
The best-in-class card has the highest eligibility requirements and we can’t all meet those, so here are some cards for the rest of us.
Blue Cash Everyday® Card from American Express
The Blue Cash Everyday® Card from American Express offers a 0% APR on balance transfers for the first 15 months. There is a fee of 3% per transfer, and a 60-day deadline to complete balance transfers.
Wells Fargo Platinum Visa® Credit Card
The Wells Fargo Platinum Visa offers a 0% balance transfer period of 18 months and no annual fee. The balance transfer fee is 3% and is available for the full 18 months, after which there is a balance transfer fee of 5%.
This card ranks highly in part because there are additional benefits for those trying to improve their credit. They make it easy to get your credit score online, and they have a suite of tools that make it easier to make smart financial decisions.
Santander Sphere® Credit Card
The Santander Sphere® Credit Card offers a 0% APR for 18 months on balance transfers with a 4% balance transfer fee that is lower than most. The regular purchase APR can be as low as 13.99% for those with excellent credit, but that interest will apply immediately.
This card is only available to customers in certain states: CT, DC, DE, ME, MD, MA, NH, NJ, NY, PA, RI, or VT.
Discover it card
The Discover it card offers a 0% APR for 14 months and a low APR of 13.49% after the promotional period with a 3% balance transfer fee.
The 0% APR also applies to new purchases made within the 14-month promotional period so if you’re looking for a card that’s good for a balance transfer while also being available for emergencies, this is a good candidate.
Discover also offers cash back rewards that make this card a good candidate to keep once your balance transfer is paid off.
Capital One® Quicksilver® Cash Rewards Credit Card
The Capital One® Quicksilver® Cash Rewards Credit Card offers a 0% balance transfer period of 15 months and no annual fee. The balance transfer fee is 3% and applies for the full 15 months.
There are a number of benefits for continued use of this card after you pay off your balance transfer, but we don’t mention them here because they involve adding to your balance and that’s not what you’re looking for.
Chase Freedom®
The Chase Freedom® card offers a 0% APR on balance transfers for 15 months with a 5% fee. The 0% APR also applies to new purchases made within the first 15 months so if there’s a card to keep in your wallet for emergencies, this is the one.
There are additional cashback features of this card that make it one you’ll want to consider keeping once your balance is paid off.
Chase Freedom Unlimited®
Unsurprisingly, the Chase Freedom Unlimited® card is much like the Chase Freedom® card. It offers a 0% APR on balance transfers and new purchases for 15 months with no annual fee.
The difference is in the cashback rewards. While the Chase Freedom® card offers cash back, there is a limit, and there’s a calendar that limits cash back to particular kinds of purchases. With the Chase Freedom Unlimited® card, you earn 1.5% cash back on every purchase with no cap.
BB&T Bright® Card
The BB&T Bright® Card offers a 0% APR promotional rate for 15 months that applies to both balance transfers and new purchases making it a good candidate to keep around for emergencies. There is a balance transfer fee of 3% which is lower than most cards.
This card offers several travel-centered benefits, so if travel is your passion, this card is a good one to keep after your balance is paid off.
Whether you are looking for a break from current interest rates with a 0% APR for only 6 months or up to 18 or 21 months, you will find our current 2020 offers here (these are 2018 offers).
SunTrust Prime Rewards Credit Card
The SunTrust Prime Rewards Credit Card doesn’t offer a 0% APR promotional period. Instead, it offers a 36-month promotional period during which you’ll be charged the Prime Rate. The Prime Rate is the lowest rate at which the best commercial companies can borrow money from the biggest banks. Other than 0% promotional rates, you just can’t get rates lower than the Prime Rate. It is currently 5.0% but is subject to change.
If you do not think you are going to be able to pay off your balance transfer within the 15-18 month periods offered by other credit cards, this is a deal you should probably consider. The Prime Rate, while variable, is always going to be the lowest rate going. As a general rule, consumers don’t ever get to borrow money at the Prime Rate. Banks make their money by borrowing at (or near) the Prime Rate and lending out at higher than the Prime Rate.
Simmons Bank Visa® Platinum
The Simmons Bank Visa® Platinum card does not offer a promotional period with a low APR. Instead, it offers a permanent APR that is based on the Prime Rate that is much lower than you will find elsewhere.
As of this writing, the APR is 10.00%. That’s calculated by taking the Prime Rate and adding 5%.
There is no balance transfer fee and as there is no promotional period, this is an excellent choice for those with large balances they’re looking to reduce. You won’t be able to avoid interest, but a 10% APR is dramatically lower than most commercial cards.
Getting out of debt can be a long, complicated process, and balance transfer cards are often one of your best options. Whatever your situation, we wish you the best and we hope we have been able to answer the question – Which Balance Transfer Credit Cards have the Best 0% Intro Rate or APR?
Don’t try to transfer balances between cards held by the same bank. Banks offer special rates on balance transfers because they are trying to get more business. Transferring balances from one card to another at the same bank doesn’t get the bank any new business so they don’t allow it.
