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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.
This content is not provided by the card issuer. Opinions expressed here are author's alone, not those of the issuer, and have not been reviewed, approved or otherwise endorsed by the issuer. This site may be compensated through the advertiser's affiliate programs.
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.
Balance Transfer Fee Balance transfers often come with a fee that typically ranges from 3% to 5% of the balance that you are transferring to the new card. The difference between balance transfer no fee, 3%, and 5% 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.
Editorial Note: This content is not provided by Barclaycard. 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 Barclaycard. This site may be compensated through the Advertiser's affiliate programs.
Get a $100 cash rewards bonus after you spend $500 in purchases in the first 90 days after account opening
Earn unlimited 1.5% cash rewards on every purchase
Every time you redeem, get a 5% cash rewards redemption bonus to use toward your next redemption
Redeem your cash rewards for a deposit into your bank account, a statement credit or gift cards. Redemptions start at $50
Cash rewards do not expire as long as your account is open, active and in good standing
0% introductory APR for 15 months on Balance Transfers made within 45 days of account opening. After that a variable APR will apply, 14.99%, 19.99% or 24.99%, based on your creditworthiness.
Please note, there is a fee for balance transfers
No annual fee
Our Review: Are you proud of your excellent credit? You should be, as you’re a wanted person. The Barclaycard CashForward™ World MasterCard®, aimed at people who have great credit, rewards you nicely. With its generous $100 promotion and its above-average 1.5% cash rewards on all purchases, this cash back credit card is worth considering... Read full review
Intro APR for Purchases
Intro APR for Balance Transfer
0% for 15 months (on balance transfers made within 45 days of account opening)
Our Review: If you want a cash back credit card with the same rewards categories year-round and no annual fee, then consider the Blue Cash Everyday® Card from American Express. Read on for the pros and cons... 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 Amex 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 are looking to get cashback rewards on common household categories like gas and groceries, consider the Blue Cash Preferred® Card from American Express. Amex created the Preferred card as an upgrade to the Blue Cash Everyday... Read full review
Our Review: If you have excellent credit and use your credit card daily, the Amex EveryDay® Preferred Credit Card from American Express is worth considering. Read this review to see why it's worth the $95 annual fee... Read full review
Earn 50,000 bonus miles after you spend $3,000 on purchases in the first 90 days - that's enough to redeem for a $500 travel statement credit
Earn 2X miles on all purchases
Redeem for travel or cash back statement credits, gift cards and merchandise. Redemption values vary
Get 5% miles back to use toward your next redemption, every time you redeem
Miles don't expire as long as your account is open, active and in good standing
No foreign transaction fees on anything you buy while in another country
0% introductory APR for 12 months on Balance Transfers made within 45 days of account opening. After that, a variable APR will apply, 16.24%, 20.24% or 23.24%, based on your creditworthiness.
Please note, there is a fee for balance transfers.
Our Review: Is this 2x miles credit card worth the $89 annual fee? Read on to see how the Barclaycard Arrival Plus™ World Elite MasterCard® compares with top travel rewards credit card... Read full review
Intro APR for Purchases
Intro APR for Balance Transfer
0% for 12 months (on balance transfers made within 45 days of account opening)
A low, variable APR on balance transfers and purchases
No Annual Fee
No balance transfer fees
No foreign transaction fees
Share in the community profits through our Giveback(TM) program
Vote on product changes and share your ideas in Barclaycard Ring's community
Free online access to FICO® Credit Score lets you keep an eye on your credit and get alerts when we learn that your score has changed
Our Review: With a low 8.25% variable APR on balance transfers and 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.
Transferring high-interest credit card balances to one card can be a clever way of consolidating and getting a handle on debt. Even better is when the new card won’t charge you a balance transfer fee for making one or more transfers.
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.
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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.