Bucky Wucky does have sponsors, and we may work with companies to provide you with the best content, information, and data on business and personal finance. Some links on our site may be affiliate links. While our sponsors may pay us, we only work with companies that align with Bucky Wucky’s values.
The Best Credit Cards for Balance Transfers
Let’s face it, most of us are carrying too much credit card debt. The average American has a balance of $6,200 on their credit cards these days and is often struggling with his or her monthly payments.
Unsurprisingly, people are always looking for ways to pay down this credit card debt, or at least make it a little more manageable.
One popular way that borrowers deal with multiple credit cards is by utilizing balance transfers.
Let’s take close look at credit card balance transfers, and then look at some of the best credit card deals out there for executing a balance transfer as well.
What is a Balance Transfer?
A credit card balance transfer is simply combining several outstanding credit card balances you have onto a new, single card, usually with a lower interest rate.
Doing a balance transfer helps streamline debt repayment; instead of worrying about several credit card payments each month, you’ll just have a single bill to contend with.
Additionally, since the interest rate on the new card is usually lower, you’ll be paying less money in fees and expenses each month, too.
Many credit card companies offer cards designed specifically with balance transfers in mind.
These cards can be a great tool for helping minimize the impact of credit card debt and even becoming debt-free.
There can be drawbacks to a credit card balance transfer, however. For starters, some of these cards can be expensive.
Many balance transfer cards charge a fee for executing the balance. Many of the cards also charge higher interest rates after the lower introductory rate expires too, so you should definitely check the fine print before you commit to a card.
Also, applying for and using another credit card could potentially impact your credit score too, so ensure you proceed with caution when considering this form of debt management.
Now that you have a better understanding of credit card balance transfers, let’s look at some of the best credit card balance transfer cards out on the market right now.
Citi Diamond Preferred Card
The Citi Diamond Preferred Card is by far one of the best balance transfer credit cards out there.
This card offers a 0 percent introductory APR for 18 months on purchases from the date of account opening and a 0 percent introductory APR for 18 months on balance transfers from the date of first transfer.
The card charges a balance transfer fee of either $5 or 3 percent of the amount of each transfer, whichever is greater.
Additionally, the Diamond Preferred card has some great perks, such as free access to your FICO credit score and access to discounted sporting and entertainment venues via Citi Entertainment.
Best Credit Cards For Balance Transfers With No Fees
Citi Double Cash Card
The Double Cash Card, also from Citi, is another great balance transfer credit card for you to consider.
This card also offers a 0 percent introductory APR for 18 months, after which the APR will shift to a variable rate from 13.99 to 23.99 percent, based on the cardholder’s creditworthiness.
The Double Cash Card charges a balance transfer fee of either $5 or 3% of the amount of each transfer, whichever is greater.
This card also allows users to earn 2 percent on every purchase with unlimited 1 percent cash back when buying; then, it offers an additional 1 percent as you pay for those purchases (the “double back”).
PenFed Gold Visa Card
Another great balance transfer credit card to take a look at is the PenFed Gold Visa Card.
This card has a 0 percent balance transfer introductory rate APR for twelve months and has no annual fees.
The PenFed Gold Visa also has a purchase APR starting at 7.49 percent for qualified applicants as well.
This card will also provide users a $100 statement credit after spending $1,500 in purchase transactions within the first 90 days of account opening and has several perks and benefits for uniformed military personnel, too.
Mastercard Titanium Card
The Mastercard Titanium Card has some great advantages for people seeking to execute a credit card balance transfer.
This card offers users a 0% introductory APR for the first fifteen billing cycles following each balance transfer that posts to your account, within 45 days of account opening.
If you’re an air traveler, the Titanium card offers 2 percent value for airfare redemptions with no blackout dates or seat restrictions; it also offers a one percent cash value for cash back redemptions as well.
Wells Fargo Platinum Card
While it does not have all of the perks as the previously mentioned cards, the Wells Fargo Platinum Card is nonetheless a great, no-frills card to consider for credit card balance transfers.
This card offers an 18-month 0 percent introductory rate for purchases and balance transfers. It also has no annual fee.
While it doesn’t offer any sort of rewards points, it can still be a great card to help get your credit card debt under control.
Parting Thoughts: What Are The Best Credit Cards For Balance Transfers?
If you’re struggling with credit card debt, a balance transfer may be just what you need to get your debt burden under control. So, talk to a trusted financial advisor, and see if any of these credit card balance transfer cards would work for you.
Enjoy our article: The best credit cards for balance transfers?
You may also be interested in The Best Credit Cards For Travel Rewards.