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Other credit cards want your business. That’s why most of them have special balance transfer offers that let you move your debt and take advantage of a lower interest rate (some even offer 0% APR for a limited time). We’ve got you covered with the latest balance transfer card deals on CreditDonkey, plus tips on how to choose which one is best for you.
Here are three factors to keep in mind when choosing the right balance transfer credit card for your wallet:
Introductory APR Many balance transfer credit cards come with a special introductory rate. Before you go with the lowest rate available, take the time to review introductory periods. Be sure to take a peek at the post-introductory period APRs. The last thing you want to do is transfer your balances to a card that will eventually carry a higher rate than you’re currently paying if you don't think you can pay off the balance during the introductory period.
Fees Balance transfers often come with a fee that typically ranges from 3% to 4% of the balance that you are transferring to the new card. The difference between no balance transfer fee, 3%, and 4% may not seem like much, but if you have a large balance, it can make a huge impact on your bill.
Fine Print You will want to take the time to read all of the fine print surrounding the allowed balance transfers. For instance, many credit card companies will accept balance transfers only from cards issued by a different company. Learn how you can save money on credit card debt with balance transfers.
Featured Balance Transfer Offers
Introductory No Balance Transfer Fee Offer: Chase Slate
With the Chase Slate, if you transfer a balance during the first 60 days, you'll get a $0 introductory balance transfer fee.
But that's not all, you get a 0% intro APR on purchases and balance transfers for 15 months. After that, a variable APR, currently 12.99%, 17.99%, or 22.99% depending on your creditworthiness. Plus, there's no annual fee.
Editorial Note: Any opinions, analyses, reviews or recommendations expressed in this article are those of the author's alone, and have not been reviewed, approved or otherwise endorsed by any card issuer. This site may be compensated through the Advertiser's affiliate programs.
Chase Slate named "Best Credit Card for Balance Transfers" two years in a row by Money Magazine
$0 Introductory balance transfer fee for transfers made during the first 60 days
0% Introductory APR for 15 months on purchases and balance transfers
Free Monthly FICO® Score and Credit Dashboard
No Penalty APR - Paying late won't raise your interest rate (APR). All other account pricing and terms apply
$0 Annual Fee
Our Review: If you have credit card debt, Chase Slate's no balance transfer fee promotion and introductory APR offer is tempting. But is there a catch? Read this review before transferring your balance... Read full review
0% Intro APR* on purchases and balance transfers for 15 billing cycles. After that, a variable APR currently 9.99%-20.99%*
No annual fee*
Online bill pay for a fast and convenient way to pay bills online with your U.S. Bank Visa® Platinum
Zero fraud liability* for unauthorized transactions if your card is ever lost or stolen
Fraud Protection detects and notifies you of any unusual card activity to help keep your account safe
Chip technology for enhanced card security
Online banking and mobile apps* for your smartphone or tablet provide complete, 24/7 access to your account
Our Review: With free access to your monthly credit score and no annual fee, the US Bank Platinum Visa Card is a good choice for those who plan to carry a balance. The lack of rewards makes it less than ideal for those who don't carry a balance. However, if you’re paying down some debt, the intro APR and low regular APR make this card the way to go... Read full review
Our Review: If you tend to charge at least 20 purchases a month on your credit card, you may want to consider switching to the EveryDay Credit Card from American Express. Read on for the reasons why the rewards credit card may be a good addition to your wallet... Read full review
Our Review: If you want a cash back credit card with the same rewards categories year-round, then consider the Blue Cash Everyday Card. This credit card with no annual fee also offers $100 back after you spend $1,000 on purchases on your new card in your first 3 months. Read on for the pros and cons... Read full review
Our Review: If you are looking to get cashback rewards on common household categories like gas and groceries, consider the American Express Blue Cash Preferred Card. American Express created the Preferred card (with a $75 annual fee) as an upgrade to the Blue Cash Everyday Card... Read full review
Our Review: The EveryDay Preferred credit card is worth considering if you have excellent credit and plan to use this card frequently to take full advantage of its rewards. This is the type of the card that is meant to come out of your wallet several times throughout the month — or else you’ll find the $95 annual fee won’t be worth it... Read full review
Earn a $100 Bonus after you spend $500 on purchases in your first 3 months from account opening
Earn a $25 Bonus after you add your first authorized user and make a purchase within this same 3-month period
0% Intro APR for 15 months on purchases and balance transfers. After the intro period, a variable APR of 13.99-22.99%
Unlimited 1% Cash Back on every purchase
5% total cash back on up to $1,500 in combined purchases in bonus categories each quarter you activate
You'll enjoy new 5% categories every 3 months like gas stations, restaurants and Amazon.com. It's free and easy to activate your bonus each quarter!
No annual fee and rewards never expire as long as your account is open
Our Review: If you want to earn cash back and score a good deal, you may want to consider the Chase Freedom. Read on for the reasons why this rewards credit card could be good for you — and why it has potential drawbacks... Read full review
No Balance Transfer Fees - start saving immediately!
A low variable APR on balance transfers and purchases
No Annual Fee and No Foreign Transaction Fee
Chip card technology, so paying for your purchases is more secure at chip-card terminals in the U.S. and abroad
Choose your card benefits and features
Get rewarded through the new Giveback(TM) program, where Barclaycard Ring members get money back for good performance
Get exclusive access to our online community and vote on the card features you like and view the financials of the Barclaycard Ring MasterCard online
Complimentary FICO® Credit Scores as a benefit to active card members. Opt-in to have instant and convenient access to FICO® Scores from your Barclaycard online account.
Our Review: With a low 8% variable APR on purchases and a community-driven approach for its fees and benefits, the Barclaycard Ring MasterCard might be the world's best social credit card... Read full review
With all of the available credit cards that are out there, it can be hard to know which card is right for you. Balance transfer credit cards are a great option for you to consider as they can help you pay off debt faster while saving you money.
Everyone is looking for ways to save money, and a balance transfer credit card could be the answer for you. By transferring your balances from high rate credit cards to a lower-rate card, you will be paying less interest.
The best balance transfer credit cards usually offer 0% introductory APRs. This means you won’t have to pay any interest for the introductory period, which leads to huge savings.
Here’s an example of the savings you could get when you take advantage of a balance transfer credit card. Let’s say you currently have $3,000 on a credit card with 24% APR. You decide to do a balance transfer to a card with 13% APR; this new card is also offering an introductory rate of 3% for six months. You save $483 just in the first year of the balance transfer.
Estimate Your Balance Transfer Savings
Enter information about your existing credit card(s)
APR (Interest Rate)
Enter information about the card you're transferring to
Enter the intro APR on Balance Transfers (Interest Rate):
Enter the length of the intro period:
Enter the regular APR (Interest Rate):
Enter the annual fee:
Enter the balance transfer fee (% of balance):
Enter monthly payment:
Pay off debt
Balance transfers also help you pay off your debts faster because you will have less debt to pay off. Sure, the initial balance is the same as the one you had with your existing card, but because you will owe less in interest, you will end up paying less to the credit card issuer overall.
One great way to pay off your debt quicker with the help of a balance transfer credit card is to continue making the same monthly payments that you were paying on your original cards. Once transferred, you will notice that your monthly minimum payment will be lower with the new lower rate. But if you keep paying the same minimum payment as you were before, you could shave years off the time that it takes to pay off the balance.
Increase your buying power
A new credit card will also boost your buying power. Balance transfer credit cards often have higher limits than a regular credit card. This means that you will have more credit available to you for upcoming purchases. This is a valuable benefit if you plan on purchasing furniture, electronics, appliances, or other big ticket items in the near future. Just be sure to be responsible with that new limit.
Keep in mind, promotional interest rate offers may cause you to lose the grace period on purchases if you do not pay the entire statement balance (including the amount subject to the promotional APR) by the payment due date. If you plan to carry a balance, contact the credit card issuer to find out about the effects of the promotional APR offers on the grace period for new purchases.
Increase your credit score
Being responsible with your balance transfer credit card will also help you increase your credit score. Many people do not realize that credit scores take into consideration their debt-to-limit ratio. This is the percentage of your credit card limits that you are currently using. In other words, the higher your balances, the more this figure may affect your score.
As mentioned previously, transferring your balances to a lower rate card will help you pay off your debt quicker. This will automatically help you boost your credit score. This is a good thing, especially if you have your eye on a new car or are in the market for a new house. Every little thing helps when it comes to your overall credit and its effect on future interest rates.
Paying off your credit card balances is one of the best moves you can make to improve your financial situation. But if you can’t afford to wipe your debt clean, then transferring your balance to a low interest credit card is your next best option.
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About CreditDonkey® CreditDonkey is a credit card comparison website. We publish data-driven analysis to help you save money & make savvy financial decisions.
Editorial Note: Any opinions, analyses, reviews or recommendations expressed on this page are those of the author's alone, and have not been reviewed, approved or otherwise endorsed by any card issuer.
†Advertiser Disclosure: The card offers that appear on this site are from companies from which CreditDonkey receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). CreditDonkey does not include all companies or all offers that may be available in the marketplace.
*See the card issuer's online application for details about terms and conditions. Reasonable efforts are made to maintain accurate information. However, all information is presented without warranty. When you click on the "Apply Now" button you can review the terms and conditions on the card issuer's website.
CreditDonkey does not know your individual circumstances and provides information for general educational purposes only. CreditDonkey is not a substitute for, and should not be used as, professional legal, credit or financial advice. You should consult your own professional advisors for such advice.