The Best Credit Cards for Transferring Balances

Taking advantage of a 0% intro APR offer can be a smart move if you find yourself carrying a high balance (or balances) from high-interest cards. It happens to the best of us. Even some staff members here at Point Savvy who have worked in the credit card industry for years have gone against everything they’ve learned about credit card debt and allowed their balances to accrue and revolve month after month. If this is you, consider transferring one or all of your balances to a card offering a 0% intro APR. You can pay down your debt without accruing interest, and wipe the slate clean. Here are a few we found to stand out from the rest.

Couple paying bills with laptop and Chase Slate card

savvy approved badge1. Chase Slate®

Right now, Slate is offering new card members free FICO® score reports online, which can be useful if you’re working toward better managing your credit or you simply want to keep tabs on your overall credit outlook.

By far, what stands out most for us with Slate is the savings you get from paying no fees when you transfer the balance (most cards charge a fee of 3% or more) PLUS no interest for 15 months. So the money you save not paying any interest could go toward reducing your overall account balance.

Here’s what we like about the card:

  • Chase Slate named “Best Credit Card for Balance Transfers” three years in a row by Money Magazine
  • $0 Intro balance transfer fee for transfers made during the first 60 days
  • 0% Intro APR on balance transfers and purchases for 15 months. After that, 13.24%, 18.24% or 23.24%, based on your creditworthiness
  • 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 app
  • $0 Annual Fee 

 

citi simplicity card front2. Citi Simplicity®

Citi Simplicity is a strong contender for best balance transfer card for one important reason – it gives you more time to pay off your balance without paying interest. We couldn’t find another card that offered a longer interest-free intro period.

We also love it’s “no late fees or penalty APR, ever” benefit. This can give a lot of us peace of mind in knowing that if we forget to make a payment on time, our APR isn’t going to jump to some outrageously high rate, and we won’t get hit with a late fee – which can go as high as $40 with some cards.

Here’s what we like about the card:

  • The ONLY card with No Late Fees, No Penalty Rate, and No Annual Fee… EVER.
  • 0% Intro APR on Balance Transfers and Purchases for 21 months. After that, the variable APR will be 13.24% – 23.24% based on your creditworthiness.
  • There is a balance transfer fee of either $5 or 3% 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.

 

3. Discover It®

For new Discover® cardmembers, this is a fantastic card option. For your first year, you’ll automatically earn double cash back on all your purchases – and your cash back never expires. That’s a pretty nice bonus on top of the 0% intro APR on balance transfers.

Another benefit of the Discover it® card is access to the ShopDiscover program, the company’s online retail portal. Through ShopDiscover, card holders can make purchase at other online vendors while qualifying for 5-20% cash back. Retailers can include such places as the Apple Store, Macy’s and Best Buy. And like Chase Slate®, Discover It® also gives cardmembers free FICO® score tracking on monthly statements and online.

Here’s what we like about the card:

  • Double all the cash back you’ve earned at the end of your first year. So if you earned cash back, they’ll double it —Automatically. Only for new cardmembers.
  • 5% cash back in categories that change each quarter like gas, restaurants, home improvement stores and more – up to the quarterly maximum when you sign up. 1% cash back on all other purchases
  • 0% intro APR on balance transfers for 18 months – then a variable purchase APR applies, currently 11.24% – 23.24%. A 3% fee applies to each transferred balance.
  • Freeze It℠ on/off switch lets you prevent new purchases, cash advances & balance transfers on misplaced cards in seconds by mobile app & online. Plus get 100% U.S.-based service.
  • Track your recent FICO® Credit Scores for free in one easy-to-read chart on monthly statements & online.
  • No annual fee. No overlimit fee. No foreign transaction fee. No late fee on first late payment & paying late won’t raise your APR.
  • Each Discover purchase is monitored. If it’s unusual, you’re alerted by e-mail, phone or text and you’re never responsible for unauthorized purchases on your Discover card.

There is a balance transfer fee of 3%, but we think that all of the extras that come with the card outweigh the fee.

P.S. Remember, with all balance transfers from one credit card to another, you should make every effort to pay off your transferred balance before the intro period expires. Otherwise, you’ll have to pay the interest accrued since opening the account. You don’t want that.

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Editorial Note: Opinions expressed here are author's alone, not those of any bank, credit card issuer, airline or hotel chain, and have not been reviewed, approved or otherwise endorsed by any of these entities.