If you were recently searching for the best balance transfer credit cards and were unable to find the best credit card for balance transfer that meets your requirements, do not feel disappointed as you are at the right place. Today we feature a list of credit cards offering best balance transfer offers currently.
What is Balance Transfer Credit Cards?
If you were randomly searching for information related to credit card and have no idea on what a balance transfer credit card actually is, then you need to first get acquainted with the idea of a balance transfer credit card.
Take a case where you have credits from two different lenders at a different interest rate. It is obviously better to have credit from a low-interest lender than from a lender who charges a high interest. Now if the lender with low-interest charges issues you a credit card with the balance transfer deals, then you will be able to settle the credit with high interest using your best 0 interest balance transfer credit card for fair credit with no transfer fee and hence transfer your debt to the lender who charges the lower interest. By transferring your debt from one lender to the other who charges a lower interest amount for your credit, the amount you have to pay on a monthly basis towards the credit reduces thus helping you in saving some cash per month.
Even though 0 apr balance transfer credit cards seem like a profitable idea in a first look, there are indeed hidden charges when you proceed to transfer your balance debt to your credit card. For starters, the lender will charge you a fee for transferring your debt to their credit card and the lender whose debt you might have settled using a balance transfer credit card will also charge you for settling the loan earlier than the loan period. Moreover, even if transferring other debts to your balance transfer credit card will lower your monthly payments, it usually takes more time and number of payments have to be made in order to settle the debt that you transferred to your balance transfer credit card.
Now that you have an idea on what are the credit card for balance transfer and how zero balance transfer credit card works, below are some of the best credit cards for balance transfers and rewards out there.
List of Credit Cards Offering Balance Transfer Deals:
Here are some of the offers that are available currently:
- Barclaycard Ring Mastercard Balance Transfer Credit Card:
Key features of Barclaycard Ring Mastercard:
- $0 Annual Fee.
- For balance transfers done within the first 45 days of opening the account and for purchases done in the first 15 months, there are 0% APR charges. After the introductory period, a variable 13.99% APR is charged.
- No fee on balance transfers.
- No fee on foreign transactions.
If you have a really good credit score and if you are looking for one of the best balance transfer credit cards, then the Barclaycard Ring Mastercard is what you need.
- Citi Diamond Preferred Balance Transfer Credit Card:
Some of the Citi Diamond Preferred Balance Transfer card features are listed below:
- No annual fee at all.
- 0% APR on purchases and balance transfers for an introductory period of the first 21 months. After the introductory period gets over, an APR will be charged depending on your creditworthiness. The charged APR can be somewhere from 13.49% to 23.49%.
- Either 3% or $5 (whichever is greater) will be charged for each transfer.
One of the best features of this credit card is that it does not charge an annual fee at all. However, neither does this credit card offer its users with any sort of cash back or rewards program which can be a deal breaker for many people who use their credit card for purchases.
- Discover it 18 Months Balance Transfer Offer:
Key highlights of the Discover it 18 months balance transfer offer and listed below:
- No annual fee.
- 0% APR charged on balance transfer for an introductory period of 18 months. After the period gets over, 3% of the transaction amount will be charged.
- 5% rotating categories cash back in each quarter for services like restaurants, gas stations etc.
- 1% cash back on all purchases.
- As a signup bonus, Discover it will match in a 1:1 ratio for all the cash back that you earn within the first year of signing up for this credit card.
Despite charging 3% of transaction amount for balance transfers, what makes the Discover it 18 months balance transfer offer stand out from the other offers is that it offers quite a lot in terms of savings for the first 18 months. Moreover, the dollar-for-dollar cash back matching the offer by Discover it also makes it credit card a very favorable option for almost everyone.
- American Express Blue Cash Everyday Balance Transfer Credit Card:
Some of the features of this credit card are mentioned below:
- No Annual fee.
- 0% APR for balance transfers for 12 months (introductory period). After the introductory period, 3% or $5 (which is greater) will be charged.
- Purchase for $1000+ using this credit card within the first 3 months and get $100 as cash back.
The American Express Blue Cash Everyday balance transfer credit card is also one of the best credit cards for balance transfer you can find. You can easily transfer high-interest credit to this credit card and then pay them off within the introductory APR period without any hassles. Moreover, the cash back program offered by this credit card is also one of the best in the market.
Hope you found the above article on the best balance transfer credit card offers interesting and informative. In case you have any queries related to the best credit cards for balance transfer mentioned in this article, then do leave your questions in the comment section below or here and we will surely help in resolving them.