What you need to know about Balance Transfer Credit Cards including the best 7 with fantastic offers.
Paying off the debts on your credit card can be a difficult thing to do sometimes especially when it has a high-interest rate. However, if you are looking for a safe way of quickly erasing your debt with a lower interest rate without taking a loan, then you need to use one of the numerous Balance Transfer Credit Cards.
Balance Transfer Credit Cards are different from conventional credit cards in that they allow you to transfer your outstanding debt from one credit card to a new one which most often than not has a lower interest rate for a specific period.
Most times, customers with huge debt use a balance transfer credit card not only because of the zero or a very low promotional interest rate but also to get benefits like cashback, bonuses, or points based on purchases made.
Issuers of Balance Transfer Credit Cards do this in a bid to attract new customers. However, while some charge a balance transfer fee which is typically between 3%-5%, others do not as long as you pay up your balance within the agreed time.
Note that, the promotional interest rate won’t last forever, most times issuers of balance transfer credit cards give customers 6-18 months where no interest will be charged on the balance transferred.
Also, the amount you can transfer from one credit card account to another depends on the credit limit you have on your previous card.
Applying for Balance Transfer Credit Cards.
Issuers of balance transfer credit cards put some factors into consideration before they can issue one out to you. One of them is your credit score. If you have a good or decent credit score, you are likely to get one quickly but if you have a low credit score, you might be considered for one nonetheless but it will come at a price expectedly – a high-interest rate.
When applying for this type of credit card, you need to be careful so as not to run into further debts. Remember the purpose of getting this card is to conveniently pay off the debts from your previous card. So, it is advisable to be frugal with your balance transfer credit card especially in terms of making purchases with it because to be candid, most balance transfer credit cards come with enticing offers.
7 Balance Transfer Credit Cards you can try out!
- Citi Diamond Preferred Card
- It comes with a transfer fee of 3% or 5% of the amount of each transfer.
- Introductory APR is 0% on purchases for the first 18 months of the balance transfer. Afterward, 14.74% – 24.74% will be charged on your card based on creditworthiness
- Free access to FICO score online
- Special access to top-notch events such as music concerts, sports events, and lots more.
- Zero annual fees
- Citi Rewards + Card
This card comes with quite a handful of benefits. It is the only card that rounds to the nearest points on every purchase you make and it has no limit. Other features include;
- 0% APR from the day of opening your account and purchases made up to the 15th month. However, after that, a variable APR 13.49% – 23.49% will apply based on creditworthiness will apply.
- You also stand a chance of earning $25,000 in bonus points after spending $1,500 on purchases within the first three months of opening your balance transfer account. The $25,000 bonus point is equivalent to gift cards worth $250 redeemable at thankyou.com
- It also has a $0 annual fee.
- Wells Fargo Platinum Card
It also shares similar features to the previous two cards. It has no annual fees and it also comes with a 0% introductory APR for the first 18 months from account opening on purchases as well as balance transfer.
- 16.49% to 24.49% variable APR will apply after 18 months.
- Free access to FICO credit score
- My Money feature helps you to make better financial decisions.
- If you pay your phone bills with the card, you stand a chance of earning $600 worth of cell phone protection if your phone gets stolen or damaged.
This is one of the finest Balance Transfer Credit Cards. It is rather 5.0/5.0 by its users. It has a 0% APR for balance transfers made in the first 60 days as well as billing cycles for anything you buy with the card.
- A 12.99% – 22.99% Variable APR will apply after the 0% intro APR expires.
- Balance Transfer is 3%
- Free Access to FICO score through your mobile app
- No late penalty fee. This means there won’t be interest in your APR won’t increase automatically if you pay late. T and C applies.
- The required credit score to apply for this card is 690-850.
- Citi Double Cash Card
- Based on your creditworthiness, a variable APR of 13.99% – 23.99% will apply at the expiration of the 0% intro APR for the first 18 months.
- You will have to pay the minimum due at least on time to earn cashback.
- You will get 2% cashback on every purchase made and an unlimited 1% cashback when you buy as well as 1% when you make payments for the purchases made.
- There is no cashback for a balance transfer fee
- Balance transfer fee is $5 it 3% of the amount for each transfer you make.
- HSBC Gold Mastercard
- No welcome bonus
- $0 annual fee
- Late fee waiver once every 12 months. This means that you don’t have to worry about late payment fee when you pay late, it will be waived. Although it can only be waived once.
- 0% APR for the first 18 months after which a variable 13.99% – 23.99% applies.
- No penalty APR
- Required credit score 700-749
- It has a 4.1 Forbes Advisor rating
- No foreign transaction is attached to your card which means you can make purchases outside the country without being charged.
- Navy Federal Credit Union Platinum Credit Card
- This card is rated 5.5 via Forbes Advisor rating
- It also has no transaction fee
- No annual fee
- No balance transfer fee
- You can freeze and unfreeze your card. Freezing your credit card means creditors will be unable to check your credit report. Freezing your credit card helps to protect it against a thief who might incur debt in your name.
- 0% APR on intro APR balance transfer for the first 12 months. A 5.99% – 18.00% Variable APR will apply afterward.