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Balance Transfer Credit Cards: Best of October 2019
Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any credit card issuer.
Citi Simplicity® Card
- No Late Fees, No Penalty Rate, and No Annual Fee... Ever
- 0% Intro APR on balance transfers for 21 months from date of first transfer. All transfers must be completed in first 4 months. After that, the variable APR will be 16.49% - 26.49%, based on your creditworthiness
- 0% Intro APR on purchases for 12 months from date of account opening. After that, the variable APR will be 16.49% - 26.49%, based on your creditworthiness
- If you transfer a balance with this offer, after your 0% Intro purchase APR expires, both new purchases and unpaid purchase balances will automatically accrue interest until all balances, including your transferred balances, are paid in full
- There is a balance transfer fee of either $5 or 5% of the amount of each transfer, whichever is greater
- The same great rate for all balances, after the introductory period
- Save time when you call with fast, personal help, 24 hours a day - just say "representative"
- Enjoy the convenience of setting up your own bill payment schedule on any available due date throughout the month
- No Late Fees, No Penalty Rate, and No Annual Fee... Ever
- 0% Intro APR on balance transfers for 21 months from date of first transfer. All transfers must be completed in first 4 months. After that, the variable APR will be 16.49% - 26.49%, based on your creditworthiness
- 0% Intro APR on purchases for 12 months from date of account opening. After that, the variable APR will be 16.49% - 26.49%, based on your creditworthiness
- If you transfer a balance with this offer, after your 0% Intro purchase APR expires, both new purchases and unpaid purchase balances will automatically accrue interest until all balances, including your transferred balances, are paid in full
- There is a balance transfer fee of either $5 or 5% of the amount of each transfer, whichever is greater
- The same great rate for all balances, after the introductory period
- Save time when you call with fast, personal help, 24 hours a day - just say "representative"
- Enjoy the convenience of setting up your own bill payment schedule on any available due date throughout the month
Discover it® Balance Transfer
- INTRO OFFER: Discover will match ALL the cash back you've earned at the end of your first year, automatically. There's no signing up. And no limit to how much is matched.
- Earn 5% cash back at different places each quarter like gas stations, grocery stores, restaurants, Amazon.com and more up to the quarterly maximum, each time you activate. Plus, earn unlimited 1% cash back on all other purchases - automatically.
- Redeem cash back any amount, any time. Rewards never expire.
- 100% U.S. based customer service.
- Get your free Credit Scorecard with your FICO® Credit Score, number of recent inquiries and more.
- Get an alert if we find your Social Security number on any of thousands of Dark Web sites.* Activate for free.
- No annual fee.
- Click "APPLY NOW" to see rates, rewards, FICO® Credit Score terms, Cashback Match™ details & other information.
- INTRO OFFER: Discover will match ALL the cash back you've earned at the end of your first year, automatically. There's no signing up. And no limit to how much is matched.
- Earn 5% cash back at different places each quarter like gas stations, grocery stores, restaurants, Amazon.com and more up to the quarterly maximum, each time you activate. Plus, earn unlimited 1% cash back on all other purchases - automatically.
- Redeem cash back any amount, any time. Rewards never expire.
- 100% U.S. based customer service.
- Get your free Credit Scorecard with your FICO® Credit Score, number of recent inquiries and more.
- Get an alert if we find your Social Security number on any of thousands of Dark Web sites.* Activate for free.
- No annual fee.
- Click "APPLY NOW" to see rates, rewards, FICO® Credit Score terms, Cashback Match™ details & other information.
Capital One® Quicksilver® Cash Rewards Credit Card
- One-time $150 cash bonus after you spend $500 on purchases within 3 months from account opening
- Earn unlimited 1.5% cash back on every purchase, every day
- No rotating categories or sign-ups needed to earn cash rewards; plus, cash back won't expire for the life of the account and there's no limit to how much you can earn
- 0% intro APR on purchases for 15 months; 15.74%-25.74% variable APR after that
- 0% intro APR on balance transfers for 15 months; 15.74%-25.74% variable APR after that; 3% fee on the amounts transferred within the first 15 months
- Pay no annual fee or foreign transaction fees
Note: The information in this box was provided by Capital One and is not part of our independent analysis.
- One-time $150 cash bonus after you spend $500 on purchases within 3 months from account opening
- Earn unlimited 1.5% cash back on every purchase, every day
- No rotating categories or sign-ups needed to earn cash rewards; plus, cash back won't expire for the life of the account and there's no limit to how much you can earn
- 0% intro APR on purchases for 15 months; 15.74%-25.74% variable APR after that
- 0% intro APR on balance transfers for 15 months; 15.74%-25.74% variable APR after that; 3% fee on the amounts transferred within the first 15 months
- Pay no annual fee or foreign transaction fees
Chase Freedom Unlimited®
- Earn a $150 Bonus after you spend $500 on purchases in your first 3 months from account opening.
- Earn unlimited 1.5% cash back on all purchases.
- 0% Intro APR for 15 months from account opening on purchases and balance transfers, then a variable APR of 16.74-25.49%.
- 3% intro balance transfer fee when you transfer a balance during the first 60 days your account is open, with a minimum of $5
- No annual fee
- Free credit score, updated weekly with Credit Journey℠
- No minimum to redeem for cash back
- Cash Back rewards do not expire as long as your account is open
- Earn a $150 Bonus after you spend $500 on purchases in your first 3 months from account opening.
- Earn unlimited 1.5% cash back on all purchases.
- 0% Intro APR for 15 months from account opening on purchases and balance transfers, then a variable APR of 16.74-25.49%.
- 3% intro balance transfer fee when you transfer a balance during the first 60 days your account is open, with a minimum of $5
- No annual fee
- Free credit score, updated weekly with Credit Journey℠
- No minimum to redeem for cash back
- Cash Back rewards do not expire as long as your account is open
BankAmericard® credit card
- 0% Introductory APR for 18 billing cycles for purchases, and for any balance transfers made in the first 60 days. After the intro APR offer ends, 14.74% - 24.74% Variable APR will apply. A 3% fee (min $10) applies to all balance transfers
- No annual fee
- No penalty APR. Paying late won't automatically raise your interest rate (APR). Other account pricing and terms apply
- Access your FICO® Score for free within Online Banking or your Mobile Banking app
- 0% Introductory APR for 18 billing cycles for purchases, and for any balance transfers made in the first 60 days. After the intro APR offer ends, 14.74% - 24.74% Variable APR will apply. A 3% fee (min $10) applies to all balance transfers
- No annual fee
- No penalty APR. Paying late won't automatically raise your interest rate (APR). Other account pricing and terms apply
- Access your FICO® Score for free within Online Banking or your Mobile Banking app
Citi® Double Cash Card
- Earn cash back twice. Earn 2% on every purchase with unlimited 1% cash back when you buy, plus an additional 1% as you pay for those purchases.
- To earn cash back, pay at least the minimum due on time.
- Balance Transfer Offer: 0% intro APR on Balance Transfers for 18 months. After that, the variable APR will be 15.74% - 25.74% based on your creditworthiness.
- Click "Apply Now" to see the applicable balance transfer fee and how making a balance transfer impacts interest on purchases.
- Balance Transfers do not earn cash back.
- The standard variable APR for Citi Flex Plan is 15.74% - 25.74%, based on your creditworthiness. Citi Flex Plan offers are made available at Citi's discretion.
- Earn cash back twice. Earn 2% on every purchase with unlimited 1% cash back when you buy, plus an additional 1% as you pay for those purchases.
- To earn cash back, pay at least the minimum due on time.
- Balance Transfer Offer: 0% intro APR on Balance Transfers for 18 months. After that, the variable APR will be 15.74% - 25.74% based on your creditworthiness.
- Click "Apply Now" to see the applicable balance transfer fee and how making a balance transfer impacts interest on purchases.
- Balance Transfers do not earn cash back.
- The standard variable APR for Citi Flex Plan is 15.74% - 25.74%, based on your creditworthiness. Citi Flex Plan offers are made available at Citi's discretion.
American Express Cash Magnet®
- Earn a $150 statement credit after you spend $1,000 or more in purchases with your new Card within the first 3 months of Card Membership.
- Unlimited 1.5% Cash Back on your purchases.
- Cash Back is received in the form of Reward Dollars that can be easily redeemed for statement credits, gift cards, and merchandise.
- Low intro APR: 0% for 15 months on purchases and balance transfers, then a variable rate, currently 15.24% to 26.24%.
- $0 plan fees for plans set up during your first 15 months of Card Membership with Plan It®, a feature that lets you split up big purchases into monthly payments with a fixed fee.
- You spoke, we listened. Over 1.6 million more places in the U.S. started accepting American Express® Cards in 2018.
- No Annual Fee.
- Terms Apply.
- Earn a $150 statement credit after you spend $1,000 or more in purchases with your new Card within the first 3 months of Card Membership.
- Unlimited 1.5% Cash Back on your purchases.
- Cash Back is received in the form of Reward Dollars that can be easily redeemed for statement credits, gift cards, and merchandise.
- Low intro APR: 0% for 15 months on purchases and balance transfers, then a variable rate, currently 15.24% to 26.24%.
- $0 plan fees for plans set up during your first 15 months of Card Membership with Plan It®, a feature that lets you split up big purchases into monthly payments with a fixed fee.
- You spoke, we listened. Over 1.6 million more places in the U.S. started accepting American Express® Cards in 2018.
- No Annual Fee.
- Terms Apply.
The information related to the American Express Cash Magnet® has been collected by ValuePenguin and has not been reviewed or provided by the issuer of this card prior to publication.
Blue Cash Everyday® Card from American Express
The information related to the Blue Cash Everyday® Card from American Express has been collected by ValuePenguin and has not been reviewed or provided by the issuer of this card prior to publication.
Capital One® SavorOne® Cash Rewards Credit Card
- Earn a one-time $150 cash bonus after you spend $500 on purchases within the first 3 months from account opening
- Earn unlimited 3% cash back on dining and entertainment, 2% at grocery stores and 1% on all other purchases
- No rotating categories or sign-ups needed to earn cash rewards; plus cash back won't expire for the life of the account and there's no limit to how much you can earn
- 0% intro APR on purchases for 15 months; 15.74% - 25.74% variable APR after that
- 0% intro APR on balance transfers for 15 months; 15.74% - 25.74% variable APR after that; 3% fee on the amounts transferred within the first 15 months
- No foreign transaction fee
- No annual fee
Note: The information in this box was provided by Capital One and is not part of our independent analysis.
- Earn a one-time $150 cash bonus after you spend $500 on purchases within the first 3 months from account opening
- Earn unlimited 3% cash back on dining and entertainment, 2% at grocery stores and 1% on all other purchases
- No rotating categories or sign-ups needed to earn cash rewards; plus cash back won't expire for the life of the account and there's no limit to how much you can earn
- 0% intro APR on purchases for 15 months; 15.74% - 25.74% variable APR after that
- 0% intro APR on balance transfers for 15 months; 15.74% - 25.74% variable APR after that; 3% fee on the amounts transferred within the first 15 months
- No foreign transaction fee
- No annual fee
Citi Simplicity® Card
- No Late Fees, No Penalty Rate, and No Annual Fee... Ever
- 0% Intro APR on balance transfers for 21 months from date of first transfer. All transfers must be completed in first 4 months. After that, the variable APR will be 16.49% - 26.49%, based on your creditworthiness
- 0% Intro APR on purchases for 12 months from date of account opening. After that, the variable APR will be 16.49% - 26.49%, based on your creditworthiness
- If you transfer a balance with this offer, after your 0% Intro purchase APR expires, both new purchases and unpaid purchase balances will automatically accrue interest until all balances, including your transferred balances, are paid in full
- There is a balance transfer fee of either $5 or 5% of the amount of each transfer, whichever is greater
- The same great rate for all balances, after the introductory period
- Save time when you call with fast, personal help, 24 hours a day - just say "representative"
- Enjoy the convenience of setting up your own bill payment schedule on any available due date throughout the month
- No Late Fees, No Penalty Rate, and No Annual Fee... Ever
- 0% Intro APR on balance transfers for 21 months from date of first transfer. All transfers must be completed in first 4 months. After that, the variable APR will be 16.49% - 26.49%, based on your creditworthiness
- 0% Intro APR on purchases for 12 months from date of account opening. After that, the variable APR will be 16.49% - 26.49%, based on your creditworthiness
- If you transfer a balance with this offer, after your 0% Intro purchase APR expires, both new purchases and unpaid purchase balances will automatically accrue interest until all balances, including your transferred balances, are paid in full
- There is a balance transfer fee of either $5 or 5% of the amount of each transfer, whichever is greater
- The same great rate for all balances, after the introductory period
- Save time when you call with fast, personal help, 24 hours a day - just say "representative"
- Enjoy the convenience of setting up your own bill payment schedule on any available due date throughout the month
Discover it® Balance Transfer
- INTRO OFFER: Discover will match ALL the cash back you've earned at the end of your first year, automatically. There's no signing up. And no limit to how much is matched.
- Earn 5% cash back at different places each quarter like gas stations, grocery stores, restaurants, Amazon.com and more up to the quarterly maximum, each time you activate. Plus, earn unlimited 1% cash back on all other purchases - automatically.
- Redeem cash back any amount, any time. Rewards never expire.
- 100% U.S. based customer service.
- Get your free Credit Scorecard with your FICO® Credit Score, number of recent inquiries and more.
- Get an alert if we find your Social Security number on any of thousands of Dark Web sites.* Activate for free.
- No annual fee.
- Click "APPLY NOW" to see rates, rewards, FICO® Credit Score terms, Cashback Match™ details & other information.
- INTRO OFFER: Discover will match ALL the cash back you've earned at the end of your first year, automatically. There's no signing up. And no limit to how much is matched.
- Earn 5% cash back at different places each quarter like gas stations, grocery stores, restaurants, Amazon.com and more up to the quarterly maximum, each time you activate. Plus, earn unlimited 1% cash back on all other purchases - automatically.
- Redeem cash back any amount, any time. Rewards never expire.
- 100% U.S. based customer service.
- Get your free Credit Scorecard with your FICO® Credit Score, number of recent inquiries and more.
- Get an alert if we find your Social Security number on any of thousands of Dark Web sites.* Activate for free.
- No annual fee.
- Click "APPLY NOW" to see rates, rewards, FICO® Credit Score terms, Cashback Match™ details & other information.
Capital One® Quicksilver® Cash Rewards Credit Card
- One-time $150 cash bonus after you spend $500 on purchases within 3 months from account opening
- Earn unlimited 1.5% cash back on every purchase, every day
- No rotating categories or sign-ups needed to earn cash rewards; plus, cash back won't expire for the life of the account and there's no limit to how much you can earn
- 0% intro APR on purchases for 15 months; 15.74%-25.74% variable APR after that
- 0% intro APR on balance transfers for 15 months; 15.74%-25.74% variable APR after that; 3% fee on the amounts transferred within the first 15 months
- Pay no annual fee or foreign transaction fees
Note: The information in this box was provided by Capital One and is not part of our independent analysis.
- One-time $150 cash bonus after you spend $500 on purchases within 3 months from account opening
- Earn unlimited 1.5% cash back on every purchase, every day
- No rotating categories or sign-ups needed to earn cash rewards; plus, cash back won't expire for the life of the account and there's no limit to how much you can earn
- 0% intro APR on purchases for 15 months; 15.74%-25.74% variable APR after that
- 0% intro APR on balance transfers for 15 months; 15.74%-25.74% variable APR after that; 3% fee on the amounts transferred within the first 15 months
- Pay no annual fee or foreign transaction fees
Chase Freedom Unlimited®
- Earn a $150 Bonus after you spend $500 on purchases in your first 3 months from account opening.
- Earn unlimited 1.5% cash back on all purchases.
- 0% Intro APR for 15 months from account opening on purchases and balance transfers, then a variable APR of 16.74-25.49%.
- 3% intro balance transfer fee when you transfer a balance during the first 60 days your account is open, with a minimum of $5
- No annual fee
- Free credit score, updated weekly with Credit Journey℠
- No minimum to redeem for cash back
- Cash Back rewards do not expire as long as your account is open
- Earn a $150 Bonus after you spend $500 on purchases in your first 3 months from account opening.
- Earn unlimited 1.5% cash back on all purchases.
- 0% Intro APR for 15 months from account opening on purchases and balance transfers, then a variable APR of 16.74-25.49%.
- 3% intro balance transfer fee when you transfer a balance during the first 60 days your account is open, with a minimum of $5
- No annual fee
- Free credit score, updated weekly with Credit Journey℠
- No minimum to redeem for cash back
- Cash Back rewards do not expire as long as your account is open
BankAmericard® credit card
- 0% Introductory APR for 18 billing cycles for purchases, and for any balance transfers made in the first 60 days. After the intro APR offer ends, 14.74% - 24.74% Variable APR will apply. A 3% fee (min $10) applies to all balance transfers
- No annual fee
- No penalty APR. Paying late won't automatically raise your interest rate (APR). Other account pricing and terms apply
- Access your FICO® Score for free within Online Banking or your Mobile Banking app
- 0% Introductory APR for 18 billing cycles for purchases, and for any balance transfers made in the first 60 days. After the intro APR offer ends, 14.74% - 24.74% Variable APR will apply. A 3% fee (min $10) applies to all balance transfers
- No annual fee
- No penalty APR. Paying late won't automatically raise your interest rate (APR). Other account pricing and terms apply
- Access your FICO® Score for free within Online Banking or your Mobile Banking app
Citi® Double Cash Card
- Earn cash back twice. Earn 2% on every purchase with unlimited 1% cash back when you buy, plus an additional 1% as you pay for those purchases.
- To earn cash back, pay at least the minimum due on time.
- Balance Transfer Offer: 0% intro APR on Balance Transfers for 18 months. After that, the variable APR will be 15.74% - 25.74% based on your creditworthiness.
- Click "Apply Now" to see the applicable balance transfer fee and how making a balance transfer impacts interest on purchases.
- Balance Transfers do not earn cash back.
- The standard variable APR for Citi Flex Plan is 15.74% - 25.74%, based on your creditworthiness. Citi Flex Plan offers are made available at Citi's discretion.
- Earn cash back twice. Earn 2% on every purchase with unlimited 1% cash back when you buy, plus an additional 1% as you pay for those purchases.
- To earn cash back, pay at least the minimum due on time.
- Balance Transfer Offer: 0% intro APR on Balance Transfers for 18 months. After that, the variable APR will be 15.74% - 25.74% based on your creditworthiness.
- Click "Apply Now" to see the applicable balance transfer fee and how making a balance transfer impacts interest on purchases.
- Balance Transfers do not earn cash back.
- The standard variable APR for Citi Flex Plan is 15.74% - 25.74%, based on your creditworthiness. Citi Flex Plan offers are made available at Citi's discretion.
American Express Cash Magnet®
- Earn a $150 statement credit after you spend $1,000 or more in purchases with your new Card within the first 3 months of Card Membership.
- Unlimited 1.5% Cash Back on your purchases.
- Cash Back is received in the form of Reward Dollars that can be easily redeemed for statement credits, gift cards, and merchandise.
- Low intro APR: 0% for 15 months on purchases and balance transfers, then a variable rate, currently 15.24% to 26.24%.
- $0 plan fees for plans set up during your first 15 months of Card Membership with Plan It®, a feature that lets you split up big purchases into monthly payments with a fixed fee.
- You spoke, we listened. Over 1.6 million more places in the U.S. started accepting American Express® Cards in 2018.
- No Annual Fee.
- Terms Apply.
- Earn a $150 statement credit after you spend $1,000 or more in purchases with your new Card within the first 3 months of Card Membership.
- Unlimited 1.5% Cash Back on your purchases.
- Cash Back is received in the form of Reward Dollars that can be easily redeemed for statement credits, gift cards, and merchandise.
- Low intro APR: 0% for 15 months on purchases and balance transfers, then a variable rate, currently 15.24% to 26.24%.
- $0 plan fees for plans set up during your first 15 months of Card Membership with Plan It®, a feature that lets you split up big purchases into monthly payments with a fixed fee.
- You spoke, we listened. Over 1.6 million more places in the U.S. started accepting American Express® Cards in 2018.
- No Annual Fee.
- Terms Apply.
The information related to the American Express Cash Magnet® has been collected by ValuePenguin and has not been reviewed or provided by the issuer of this card prior to publication.
Blue Cash Everyday® Card from American Express
The information related to the Blue Cash Everyday® Card from American Express has been collected by ValuePenguin and has not been reviewed or provided by the issuer of this card prior to publication.
Capital One® SavorOne® Cash Rewards Credit Card
- Earn a one-time $150 cash bonus after you spend $500 on purchases within the first 3 months from account opening
- Earn unlimited 3% cash back on dining and entertainment, 2% at grocery stores and 1% on all other purchases
- No rotating categories or sign-ups needed to earn cash rewards; plus cash back won't expire for the life of the account and there's no limit to how much you can earn
- 0% intro APR on purchases for 15 months; 15.74% - 25.74% variable APR after that
- 0% intro APR on balance transfers for 15 months; 15.74% - 25.74% variable APR after that; 3% fee on the amounts transferred within the first 15 months
- No foreign transaction fee
- No annual fee
Note: The information in this box was provided by Capital One and is not part of our independent analysis.
- Earn a one-time $150 cash bonus after you spend $500 on purchases within the first 3 months from account opening
- Earn unlimited 3% cash back on dining and entertainment, 2% at grocery stores and 1% on all other purchases
- No rotating categories or sign-ups needed to earn cash rewards; plus cash back won't expire for the life of the account and there's no limit to how much you can earn
- 0% intro APR on purchases for 15 months; 15.74% - 25.74% variable APR after that
- 0% intro APR on balance transfers for 15 months; 15.74% - 25.74% variable APR after that; 3% fee on the amounts transferred within the first 15 months
- No foreign transaction fee
- No annual fee
1. Citi Simplicity® Card
Why we like it: The Citi Simplicity® Card is one of our top recommendations for those interested in a balance transfer credit card because of its 21-month 0% intro APR period—this period is three months longer than the next most competitive offer and nine months longer than the average. After the intro period, a variable APR will be introduced depending on your creditworthiness.
The long 0% APR period will be a great opportunity for anyone facing an immense debt burden, because it will give you ample time to pay off your debt interest free. Being able to simply pay the debt without concerning yourself with interest rates is a significantly less stressful situation.
Another favorable aspect of this card is that it doesn't charge users late fees. In a similar regard, the Citi Simplicity® Card also does not use penalty APRs, which is a common practice used by most other lending institutions. Overall, the Citi Simplicity® Card is head and shoulders above its peers when it comes to providing safeguards for cardholders.
Potential deal-breakers: The Citi Simplicity® Card features an above-average transfer fee when compared to its competition. You will need to pay either $5 or 5% of the amount of the transfer—whichever is greater. Therefore, you should calculate whether you will be saving more money through the longer 0% intro APR offer or by avoiding the greater transfer fee of this card and opting for an alternative. The Citi Simplicity® Card has another significant flaw: no reward system. You will not be able to earn any rewards or cash back from the transactions you make on this credit card, which may be a deal breaker for some.
2. Discover it® Balance Transfer
Why we like it: The Discover it® Balance Transfer follows the trend of our recommendations and offers an above-average 0% intro APR period of 18 months for balance transfers (then a 13.74% - 24.74% Variable APR applies). This is significantly above the norm of 12 months, and second in length only to the Citi Simplicity® Card. What separates this card from its competition, however, is that it is also a valuable rewards card in addition to being a great balance transfer card.
Users get 5% cash back on up to $1,500 in purchases each time they activate certain categories. For 2019, the categories include grocery stores (January-March), gas stations, Uber & Lyft (April-June), restaurants and PayPal (July-September), Amazon.com, Target, and Walmart.com (October-December). This higher reward rate applies to rotating categories that change every quarter. Common and past categories include gas stations, restaurants, Amazon purchases and ride-sharing app transactions. This credit card also offers a unique intro offer: Discover will match all the cash back you've earned at the end of your first year. In other words, your cash back and rewards will be completely doubled.
Potential deal-breakers: This credit card is more difficult to use than many of the others featured on this list, because you will need to keep track of a rotating calendar to maximize the value this card provides. If you can't stay on top of the rotating bonus calendar, then the rewards offered by the Discover it® Balance Transfer will be below average. On the other hand, if you are able to consistently get a higher cash back rate whenever the category is applicable to your spending, then the intro offer of doubling your earned cash back will be an immense benefit.
3. Capital One® Quicksilver® Cash Rewards Credit Card
Why we like it: The Capital One® Quicksilver® Cash Rewards Credit Card is not only a great option for a balance transfer card but also for an all-around rewards card. This credit card is straightforward in its approach toward cash back rewards. Cardholders can earn unlimited 1.5% cash back on every purchase, plus there are no annual fees, and there is a one-time $150 cash bonus after spending $500 on purchases within three months from account opening. Unlike some cards with rotating categories or other niche benefits, most cardholders will be able to maximize their value on this card without too much thought.
The Capital One® Quicksilver® Cash Rewards Credit Card is a great option for those in need of a balance transfer card, because of its 0% introductory APR bonus on purchases and balance transfers for the first 15 months. The low APR will allow individuals to pay off their debts at a comfortable pace without having to worry about either interest or their debt growing larger.
Potential deal-breakers: Although this credit card features a promotional 0% intro APR on balance transfers, it is important to note that there is still a 3% fee on the amounts transferred within the first 15 months from account opening. If your debt and total outstanding balance is immense, then having to pay a 3% fee can be a large burden that makes your financial situation even worse in the initial stages of recovery. Additionally, there are credit cards available that offer longer 0% APR promotions, which may better-fit your needs if you believe you will need a longer timeline than 15 months to pay off your balances.
4. Chase Freedom Unlimited®
Why we like it: The Chase Freedom Unlimited® is one of the best options if you are looking for both a great balance transfer card and solid rewards card. This credit card features a 0% intro APR for 15 months. This is among the higher end of 0% intro APR periods and will allow you to pay back your debts at a comfortable pace. In addition to its balance transfer benefits, cardholders will earn $150 for spending $500 on purchases within the first three months of account opening. We can imagine many cardholders initially getting this credit card for the APR promotion and choosing to retain the card even after the balance has been paid due to its solid cash back rewards.
Potential deal-breakers: This card features a 3% balance transfer fee, which is about the average for balance transfer credit cards. Additionally, don't let the rewards system of this credit card fool you. For every dollar you spend, you are given Ultimate Reward points. However, unlike many other Chase cards where these points can be redeemed for certain benefits like booking vacations, the points earned on the Chase Freedom Unlimited can only be redeemed for cash back and gift cards.
5. BankAmericard® credit card
Why we like it: The BankAmericard® credit card features a 0% intro APR for 18 billing cycles (roughly 18 months) on purchases and qualifying balance transfers. This is one of the longest available 0% periods on the market. The BankAmericard® credit card doesn't come with many other benefits, so it's best to apply for it only if you're looking for a long 0% APR period.
Potential deal-breakers: Although the BankAmericard® credit card offers an 18 billing cycle 0% intro APR on balance transfers, there are still other cards that provide longer 0% intro APR periods or some cash back incentives. For example, the Citi Simplicity® Card offers a 21 month 0% APR period and the Capital One® Quicksilver® Cash Rewards Credit Card offers a 15 month 0% APR period and 1.5% cash back.
6. HSBC Gold Mastercard® credit card
Why we like it: The HSBC Gold Mastercard® credit card is one of the most forgiving credit cards. For example, it offers late fee waivers, no annual or foreign transaction fees, and no penalty APR. If organization isn't your strong suit and you can imagine yourself likely missing a payment, then this card will cover your weaknesses. In addition, it also offers a 0% intro APR period of 18 months. If you are only looking for a credit card to deal with your debt in a manageable way—without care for rewards or other value—then this will help you accomplish that goal.
Potential deal-breakers: There are a few aspects of this card that should make you wary. For starters, this card features an above-average transfer fee of either $10 or 4% of the amount being transferred, whichever is greater. The 0% intro APR period, although above-average, is still not as long as many of the other cards featured on this list. Lastly, there is no rewards system associated with this card. You will not be eligible to earn rewards or cash back from any transaction done on this credit card.
7. Citi® Double Cash Card
Why we like it: The Citi® Double Cash Card has one of the highest cash back rates among the credit cards listed. One of the biggest strengths of this credit card lies in its simplicity. While other credit cards will require you to activate categories and arrange your spending to coincide with changing bonus categories, this credit card will provide you its maximum savings without hassle. Cardholders will earn 2% cash back on all purchases when using this credit card, regardless of category or timing. Furthermore, you will also receive a 0% intro APR on balance transfers for the first 18 months from account opening. The combination of a competitive reward system and 0% APR period, alongside its ease of use, makes the Citi® Double Cash Card one of the best options for an all-around balance transfer credit card.
Potential deal-breakers: If your only goal is to optimize the cash back and general rewards you receive, then there are better credit cards available for you. In particular, the Discover it® Balance Transfer is arguably the most rewarding given its rotating categories bonus of 5% cash back. The Citi® Double Cash Card also does not offer a sign-up bonus. While many other credit cards offer incentives to encourage individuals to sign up, this credit card does not provide any special benefits or promotions for signing up. Lastly, this credit card features a foreign transaction fee. In other words, you will be charged an extra percentage of any expense when using this credit card outside of the United States.
8. American Express Cash Magnet®
Why we like it: The American Express Cash Magnet® is a simple cash-back card that also comes with a solid balance transfer offer: a 0% introductory APR on purchases and balance transfers for 15 months. This is a competitive length for a 0% offer, plus the card comes with 1.5% back on everything and a $150 welcome offer for spending $1,000 in the first three months. All of this for no annual fee (See Rates & Fees).
Potential deal-breakers: This card doesn't have the highest rewards potential of the cards on this list. If you're looking for a balance transfer card that earns better rewards, consider the Citi® Double Cash Card. Unless you have a compelling reason to get an Amex card (or you value the 0% APR on purchases), then you may be better off with a more rewarding balance transfer credit card.
For rates and fees of the American Express Cash Magnet®, please click here.
The information related to the American Express Cash Magnet® has been collected by ValuePenguin and has not been reviewed or provided by the issuer of this card prior to publication. This offer and/or promotion may have since changed, expired, or is no longer available.
9. Blue Cash Everyday® Card from American Express
Why we like it: Like the American Express Cash Magnet®, the Blue Cash Everyday® Card from American Express offers a 15-month 0% APR balance transfer promotion. However, the Blue Cash Everyday® Card from American Express also comes with a highly competitive cash back rewards structure, earning 3% on U.S. supermarkets (up to $6,000), 2% at U.S. gas stations and supermarkets and 1% on everything else — all for no annual fee (See Rates & Fees).
Potential deal-breakers: If you're looking for the longest available 0% balance transfer period, then you can find better options on this list, like the Citi Simplicity® Card and Discover it® Balance Transfer. However, if you value having a robust spending rewards program — i.e., a card that will provide you long-term value — then the Blue Cash Everyday® Card from American Express is a great option.
For rates and fees of the Blue Cash Everyday® Card from American Express, please click here.
The information related to the Blue Cash Everyday® Card from American Express has been collected by ValuePenguin and has not been reviewed or provided by the issuer of this card prior to publication. This offer and/or promotion may have since changed, expired, or is no longer available.
10. Capital One® SavorOne® Cash Rewards Credit Card
Why we like it: The Capital One® SavorOne® Cash Rewards Credit Card features a strong rewards rate of an unlimited 3% cash back on dining and entertainment, 2% at grocery stores and 1% on all other purchases. These categories are fixed and do not change depending on the calendar month. If your spending habits align with these categories, then you would greatly benefit from using this card. In addition, this card has a solid sign-up bonus: one-time $150 cash bonus after spending $500 on purchases within the first three months from account opening. Despite its high potential for rewards, the Capital One® SavorOne® Cash Rewards Credit Card still has no annual fees or transaction fees, ultimately making it one of the better options for qualifying individuals.
Potential deal-breakers: The 0% intro APR period on this credit card lasts for 15 months from account opening. Although this is a substantial period of time, there are other credit cards available that provide longer durations of 0% intro APR. If your outstanding debt is great enough that you need to maximize the amount of time you have before paying interest, then opting for an alternative with a longer 0% intro APR duration is essential. Furthermore, while this credit card may not feature rotating categories, you still need to organize your spending to maximize your spending on the most rewarding categories (i.e., dining and entertainment).
What is a Balance Transfer Credit Card?
Balance transfer credit cards have the potential to drastically turn around a bad situation, because they are used to transfer high-interest debt from one or more credit cards to another with a lower interest rate. If you find yourself stuck with a growing debt that you can't seem to get rid of, due to its interest rate, then a balance transfer credit card may be the answer you need.
Many banks and other lending institutions will provide promotions—the most common being lowered interest rates, 0% intro APR or rewards—if you consolidate your debt through one of their issued balance transfer cards. These various promotions help save you money in the process of repaying your debts, whether that be by reducing interest and, therefore, the overall debt burden, or by extending the timeline of interest-free payments through a 0% introductory APR.
Fortunately, there's a broad array of options when it comes to selecting a balance transfer credit card. Remember to keep in mind your specific needs and situation when taking a look at the options available, because the best credit card will always be the one that is most appropriate for your individual circumstances.
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How We Calculate Rewards: ValuePenguin calculates the value of rewards by estimating the dollar value of any points, miles or bonuses earned using the card less any associated annual fees. These estimates here are ValuePenguin's alone, not those of the card issuer, and have not been reviewed, approved or otherwise endorsed by the credit card issuer.
Example of how we calculate the rewards rates: When redeemed for travel through Ultimate Rewards, Chase Sapphire Preferred points are worth $0.0125 each. The card awards 2 points on travel and dining and 1 point on everything else. Therefore, we say the card has a 2.5% rewards rate on dining and travel (2 x $0.0125) and a 1.25% rewards rate on everything else (1 x $0.0125).