The Best Credit Cards For Balance Transfers

The Best Credit Cards for Balance Transfers [No Fee Deals 2021]

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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 and installments.

Unsurprisingly, people are always looking for ways to pay down this credit card debt, or at least make it a little more manageable than it used to be.

One popular way that borrowers deal with multiple credit cards is by utilizing balance transfers.

Balance transfers are a great arsenal to have in your debt-clearing scheme. It not only lets you take advantage of the 0% APR offered, but it also lets you take control by saving money. This leverage allows you to put all your skills into getting rid of the principal sum rather than some of your funds being diverted to clearing interests that have gathered from the balance.

Nonetheless, getting a break from paying high-interest debts is a wise investment, but don’t just rush in. Always conduct your due diligence to assist you in selecting the best balance transfer card that will secure you the most money in the end.

Some balance transfer cards charge fees on transfer – these fees can go as high as 5% of the initial amount you intend to transfer. To get the best balance transfer cards, take a look at the fees, the amount you intend to transfer, and the number of months you would pay off the debt.

Let’s take a good look at what credit card balance transfers are all about, and then spend some quality time looking 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. 

The card also allows you to shop freely with confidence, getting all there is to find in stores and malls at a 0% liability on every unauthorized purchase and a Citi identity theft solution, which is unique to the card.

The Citi flex loan plan offers its users loans with a fixed rate of over 14.74% – 24.74% after the 18 months benchmark. The quicker you are in paying your loan, the better.

If you’re looking for a card to lower down your debt or have reduced interest payable, then the Citi Diamond Preferred Card is the right pick for you. Despite having a balance transfer fee, the card can reward you in a variety of ways.

Below are the pros and cons of the Citi Diamond Preferred Card when it comes to balance transfers.

Pros and Cons

Pros

  • The credit card possesses a long introductory APR period of 18 months for balance transfers.
  • Low APR is offered to credit cardholders with a good credit score.
  • The credit card doesn’t collect an annual fee for its use.

Cons

  • The credit card has a balance transfer fee of $5 or 3% of the transfer amount, whichever is greater.
  • Absence of a reward program.
  • The card charges a foreign transaction fee of 3%.
Best Credit Cards For Balance Transfers With No Fees

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”). 

To earn cash backs, you would have to pay the minimum amount due at the ascertained time. Also, balance transfers do not earn you cash backs.

The Citi Double Cash Card is similar to its Diamond Preferred Card counterpart in a lot of ways. Firstly, the card possesses a Citi flex plan, which offers users access to a fixed rate of 13% that begins to run after the initial 18 months 0% APR period.

The credit card also has a balance transfer fee, a foreign transaction fee, and many other similarities. One notable difference the Citi Double Cash Card has is derived from its name; the card offers users a 2% cashback on certain conditions.

Here are the Pros and Cons of the Citi Double Cash Card. 

Pros and Cons

Pros

  • The credit card gives you a 2% cashback on all your purchases, making an excellent form of reward system.
  • The credit card possesses a long introductory APR period of 18 months for balance transfers.
  • The credit card doesn’t collect an annual fee for its use.

Cons

  • 3% charged on foreign transactions.
  • Cashback does not apply to balance transfers.
  • The credit card has a balance transfer fee of $5 or 3% of the transfer amount, whichever is greater.

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%- 17.99% 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. 

The credit card also charges a 3% fee on all balance transfers and a 0% fee on foreign transactions.

Another unique feature in the PenFed Gold Visa card is the enhancement of security; the card secures all your transactions from a third party and warns you at the slightest infringement. The card also traces fraudulent activities associated with your credit card.

Also, if you become a PenFed member, you stand a chance to shop electronics, clothes, auto, retail, and other products with amazing discounts using your card.

Generally, the card doesn’t offer a reward system but rewards cashback of 2% to former American military personnel. The credit card also has a small penalty rate of $25 for failure to meet installments. 

Pros and Cons

Pros

  • The card has the lowest APR of any other card, starting at 7.49%.
  • There are amazing discounts for members.
  • Low penalty rates.
  • No foreign and annual fee.
  • Enhanced security is readily available on the card.

Cons

  • 3% charged on balance transfers.
  • No actual reward system.

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 a 2% value for airfare redemptions with no blackout dates or seat restrictions; it offers a one percent cash value for cash back redemptions as well. 

To talk about sleekness, the card’s appearance says it all; made with stainless steel and hard carbon, the silver stylish look is bound to catch anyone’s attention in minutes. The card offers its users a 1 point reward per dollar spent with it. The credit card also has a purchase APR, which starts as high as 14.99%, and a balance transfer fee of $5 or 3%, whichever is greater. 

One of the significant shocks in the Mastercard Titanium card is the annual fee charged, this card comes with a whopping annual fee of $195, the highest when compared to other balance transfer cards in the market. Nonetheless, experts claim the rewards, benefits, and security derived from the card complements the exorbitant annual fee. 

The Mastercard titanium Card is suited for the constant traveler who loves to explore the fancy places life has to offer from the best restaurants, clubs, shopping malls, and others.

Here are the pros and cons of using this credit card for a balance transfer.

Pros and Cons

Pros

  • The card gives you ample benefits when traveling and shopping.
  • Enhanced security for your transactions.
  • 0% fee for foreign transactions 
  • There is a suitable reward system available on the card.

Cons

  • The card has a high annual fee of $195.
  • There is a small introductory APR period of 45 days for balance transfers.

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 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. 

The card offers 0% annual fees and a purchase APR of 16.49% – 24.49%. There is also solid security on the card; the credit card monitors your spending and earning, letting you know each time a fraudulent activity is about to be used with your card. With this credit card, you also get access to a FICO credit score and a money app that helps you manage your spending when using the card.

The Well Fargo Platinum Card offers no reward system for its users and charges a 5% fee on balance transfers and no fee on foreign transactions. Another catch to using the Well Fargo Platinum Card is when you make your monthly cellular phone bills using your credit card, you get up to $600 protection on your phone. This protection is, however, subject to a $25 fee charged on your card.

Here are the pros and Cons of the Well Fargo Platinum Card.

Pros and Cons

Pros

  • No fee is charged on foreign transactions.
  • No annual fees.
  • 18 months intro APR period is suitable.

Cons

  • No actual reward system on the card.

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. 

You could also try out the cards individually and see which one best suits your taste; try to look out for the pros and cons of each card to avoid getting caught in the web of a “not so good” card. If you keep to the basics and follow the instructions as stated in this post, you are sure to find a card that can help you with your debt.

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