Did you know the average American household has over $6,000 in credit card debt? With interest rates often above 20%, this can be a big financial load. But there are credit cards made to help you pay off debt faster and cheaper through balance transfers. These top credit cards offer 0% APR for up to 21 months. This gives you a chance to pay off your balances without extra interest.
Key Takeaways
- The best balance transfer credit cards offer 0% APR periods of up to 21 months, allowing you to pay down debt more efficiently.
- These cards often waive balance transfer fees, further enhancing their value for debt consolidation.
- Many top balance transfer cards also provide rewards and benefits on everyday purchases, giving you more ways to save.
- Whether you need a lengthy 0% APR period, low ongoing interest rates, or the ability to earn rewards, there’s a balance transfer card to fit your financial needs.
- By comparing options from leading issuers like Citi, Wells Fargo, and Chase, you can find the best balance transfer credit card for your situation.
Intro to Balance Transfer Credit Cards
Moving your debt to a credit card with a lower interest rate is called a balance transfer. This can save you money on interest and help you pay off your debt quicker. The card you move your balance to is known as a balance transfer card.
What is a Balance Transfer?
Moving your credit card balance to a card with a lower interest rate is a balance transfer. It helps you save on interest and pay off debt faster.
Benefits of Balance Transfers
Using a balance transfer credit card has many benefits:
- Saving money on interest during the intro 0% APR period
- Consolidating multiple debts into one monthly payment
- Potentially improving your credit utilization ratio and credit score
- Allowing you to pay off your debt faster
Balance transfer cards often have a 0% APR for 12 to 21 months. This can save you a lot on interest. It lets you focus on paying off the principal balance without extra interest.
By moving your debts to one card, you simplify your payments. This can also improve your credit utilization ratio, which affects your credit score. This can make your credit health better overall.
A balance transfer is a great way to manage your debt better and take control of your finances.
Top Balance Transfer Credit Cards for 2024
Looking for the best balance transfer credit cards for 2024? Several cards are great choices. They have long 0% APR periods, low ongoing APRs, and often no balance transfer fees. This makes them perfect for paying down high-interest debt.
The Citi Simplicity® Card is a standout. It offers a 0% APR on balance transfers for 21 months. This lets you pay off your balances without extra interest charges.
The Wells Fargo Reflect® Card is another great option. It has a 0% APR on balance transfers for up to 21 months. Plus, you could get an extra three months of 0% APR if you pay on time during the intro period.
The Citi® Diamond Preferred® Card is also a top choice. It gives you a 0% APR on balance transfers for 21 months. With an ongoing APR range of 18.24% – 29.24% Variable, it’s ideal for long-term debt management.
These top cards for 2024 offer long 0% APR periods, low interest rates, and sometimes no balance transfer fees. Using these cards can help you pay off high-interest debt. This can improve your financial health.
“Strategically using balance transfer credit cards can be a game-changer in your debt repayment journey. Take advantage of these excellent offers to maximize your savings and get your finances back on track.”
Best Credit Cards for Balance Transfers Globally
Finding the right balance transfer card can really help with credit card debt. The Citi Simplicity® Card, Wells Fargo Reflect® Card, and Citi® Diamond Preferred® Card are top choices for people looking to manage their debt.
Citi Simplicity® Card
The Citi Simplicity® Card has a long 0% intro APR period for balance transfers – 21 months. It has a 3% intro balance transfer fee for the first four months, then 5% after. The ongoing APR is between 19.24% and 29.99%. This card is perfect for paying down debt with a long 0% intro period.
Wells Fargo Reflect® Card
The Wells Fargo Reflect® Card offers a 0% intro APR for 21 months on purchases and balance transfers. It has a 5% balance transfer fee (at least $5). After the intro, the APR varies between 18.24%, 24.74%, and 29.99%. It’s great for those needing a long 0% APR to pay off debt.
Citi® Diamond Preferred® Card
The Citi® Diamond Preferred® Card has a 0% intro APR for 21 months on balance transfers. It charges a 5% balance transfer fee (at least $5) in the first four months. The ongoing APR is between 18.24% and 28.99%. This card is ideal for those needing a long 0% APR to manage high-interest debt.
“Paying a few extra dollars each month on the Global Visa Credit Card can lead to significant savings and help in paying off credit card debt faster.”
Long 0% APR Periods for Balance Transfers
Some top credit cards offer a 0% introductory APR for up to 21 months on balance transfers. This long period lets you pay off your balance without paying interest. The Citi Simplicity® Card and the Wells Fargo Reflect® Card are great examples, both with a 21-month 0% APR on balance transfers.
Cards with 21-Month 0% APR
- Citi Simplicity® Card: 0% intro APR on balance transfers for 21 months
- Wells Fargo Reflect® Card: 0% intro APR on balance transfers for 21 months
These credit cards with 21 month 0% balance transfer offers also have no annual fees and flexible payment options. They are perfect for those who want to pay off debt quickly.
Cards with 18-Month 0% APR
Another set of cards offers a 0% introductory APR for 18 months. This is shorter than the 21-month offers but still helps you save on interest. The Citi Double Cash® Card and the U.S. Bank Visa® Platinum Card are examples of these cards.
Choosing a 21-month or 18-month 0% APR card is a smart move. Use the interest-free period to pay off your debt fast. With these credit cards with 21 month 0% balance transfer and 21 month 0% balance transfer cards, you can save a lot on interest and improve your finances.
No-Fee Balance Transfer Cards
Balance transfer credit cards can really help when you’re trying to pay down debt. Luckily, some cards don’t charge a balance transfer fee. These no fee balance transfer credit cards save you the usual 3-5% fee, making them a great choice.
The Wells Fargo Active Cash® Card is a great example. It doesn’t charge a balance transfer fee. So, you can move your debt over without extra cost. This lets you pay off your debt faster during the 0% APR period. Balance transfer cards with no transfer fee are perfect for those wanting to clear high-interest debt quickly.
Even though no-fee cards aren’t as common as those with fees, they can save you a lot of money. Always check the card’s details, like the 0% APR period length and other fees. This makes sure it fits your financial goals and debt plan.
Low-Interest Balance Transfer Options
When the 0% APR on a balance transfer card ends, the interest rate matters a lot. Luckily, some credit cards have low interest rates even after the special offer ends. These cards can help you pay off your balance without spending too much.
Cards with Low Ongoing APRs
The Wells Fargo Reflect® Card has an APR range of 18.24% to 29.99%. This is lower than many other cards for balance transfers. The Citi® Diamond Preferred® Card also offers a good deal with an APR of 18.24% to 28.99%.
| Card | Ongoing Variable APR |
|---|---|
| Wells Fargo Reflect® Card | 18.24% – 29.99% |
| Citi® Diamond Preferred® Card | 18.24% – 28.99% |
Choosing these cards means you won’t pay as much interest when the 0% APR offer ends. This makes paying off your balance easier.
Earning Rewards on Balance Transfers
Balance transfer cards are great for saving on interest. But, some also let you earn rewards on your purchases. These balance transfer cards with rewards add extra value to your savings.
The Citi Double Cash® Card gives you 2% cash back on all buys. This includes purchases and balance transfers. The Discover it® Chrome offers 2% back at gas stations and restaurants. These credit cards that earn rewards on balance transfers help you save and earn more.
But remember, balance transfers don’t count towards earning points on credit cards. You won’t get points for transferring a balance. Cash advances, cash exchanges, and money orders also don’t earn rewards.
| Card | Rewards Rate | Regular APR |
|---|---|---|
| Citi Double Cash® Card | 2% cash back (1% when you buy, 1% when you pay) | 18.24% – 28.24% Variable |
| Discover it® Chrome | 2% cash back at gas stations and restaurants | 16.24% – 27.24% Variable |
| Blue Cash Preferred® Card from American Express | 6% cash back at U.S. supermarkets (on up to $6,000 per year) | 19.24% – 29.99% Variable |
When picking a balance transfer card with rewards, check the promotional offers carefully. Make sure they fit your spending and financial needs. With the right card, you can save and earn more from your credit card use.
Balance Transfer Cards for Fair/Average Credit
If you have fair or average credit (FICO scores between 580-669), you might still get a balance transfer card. These cards might not be as good as those for excellent credit, but they’re still available. Most balance transfer cards require a credit score of 670 or higher, but some are open to those with fair or average scores.
The Citi Rewards+® Card is one option for you. It has a 0% intro APR for 15 months on purchases and balance transfers. The ongoing APR is between 18.74% to 28.74%. Another choice is the Bank of America® Customized Cash Rewards credit card. It offers a 0% intro APR for 15 months on purchases and balance transfers.
| Card | Intro APR on Balance Transfers | Ongoing APR | Balance Transfer Fee |
|---|---|---|---|
| Citi Rewards+® Card | 0% for 15 months | 18.74% – 28.74% | 3% or $5 minimum |
| Bank of America® Customized Cash Rewards Credit Card | 0% for 15 months | 16.74% – 26.74% | 3% or $10 minimum |
| Navy Federal Credit Union Platinum Credit Card | 0.99% for 12 months | 8.99% – 18.00% | None |
The Navy Federal Credit Union Platinum Credit Card is another great choice. It has a 0.99% intro APR for 12 months and ongoing APRs from 8.99% to 18.00%. This card doesn’t have a balance transfer fee.
These balance transfer cards for fair or average credit might not offer the best terms. Yet, they can still help you pay off debt more efficiently. By looking at the details and comparing cards, you can find one that fits your financial situation and credit score.
Factors to Consider When Choosing a Balance Transfer Card
When picking a balance transfer credit card, there are key things to think about. The length of the 0% APR period is very important. It tells you how long you have to pay off the balance without paying interest. Cards like the Citi Simplicity® Card and Wells Fargo Reflect® Card offer 21 months of 0% APR. This gives you plenty of time to clear your debt.
Balance Transfer Fees
Don’t forget to look at balance transfer fees. Some cards charge 3-5% on the amount you transfer. But, the Wells Fargo Active Cash® Card doesn’t have this fee. Skipping or reducing this fee can save you money.
Ongoing APR
After the 0% APR period ends, the card’s ongoing APR matters a lot. Cards like the Citi® Diamond Preferred® Card have APRs from 18.24% to 28.99%. These can help keep interest charges low if you still owe money after the promo ends.
Think about the 0% APR period length, balance transfer fees, and the ongoing APR. This way, you can pick the best balance transfer card for your needs. It will help you pay off your debt faster.
“Selecting the right balance transfer card can be a game-changer in your debt-reduction strategy. Take the time to evaluate these key factors and find the option that provides the greatest long-term savings.”
How to Execute a Balance Transfer
Doing a balance transfer can help you pay off high-interest debt faster. Here’s a simple guide on how to do it:
- First, figure out how much debt you want to move and focus on the highest interest rates. This helps you save more money.
- Look for a balance transfer credit card with a long 0% introductory APR period. Cards like the Wells Fargo Reflect® Card offer up to 21 months of 0% APR on balance transfers.
- Check the card’s details, including the balance transfer fee, which is usually 3% to 5% of the amount you transfer. Also, look at the length of the 0% APR period and the regular APR after that.
- After you get approved, start the balance transfer by giving the card issuer the info for the card(s) you want to pay off. This process can take 5 to 21 days.
- Keep paying your current card(s) until the balance transfer is done. Then, focus on paying off the transferred balance during the 0% APR period to avoid extra interest.
It’s important to pay off the transferred balance before the 0% APR period ends. This way, you get the most out of the balance transfer and avoid extra interest fees. With good planning and discipline, a balance transfer can help you pay off debt faster.
| Credit Card | Balance Transfer APR |
|---|---|
| Wells Fargo Reflect® Card | 18.24%, 24.74%, or 29.99% Variable APR |
| BankAmericard® credit card | 16.24% – 26.24% Variable APR |
| Citi Double Cash® Card | 19.24% – 29.24% (Variable) |
By following these steps and knowing about balance transfer credit cards, you can successfully move your debt. This is a big step towards becoming debt-free.
Conclusion
Balance transfer credit cards can help you pay off high-interest debt. They offer 0% intro APR periods and low ongoing rates. This can save you a lot on interest and help you manage your money better.
When picking a balance transfer card, look at the promo period length, balance transfer fees, and the rate after the intro offer ends. The right card can help you take control of your debt and improve your financial future.
Choosing the best balance transfer credit card is key to managing and reducing debt. Focus on the intro APR, fees, and ongoing rates. This way, you can find a card that fits your financial goals and helps you become debt-free.
Balance transfer credit cards are a powerful financial tool. But, it’s crucial to pick one that meets your specific needs for the best long-term benefits. Research and make an informed choice to use these cards wisely and boost your financial health.
FAQ
What is a balance transfer?
A balance transfer moves your debt from one credit card to another with a lower interest rate. This can save you money on interest and help you pay off your debt faster.
What are the benefits of balance transfers?
Balance transfer credit cards offer several benefits. You can save on interest during the 0% APR period. You’ll have one monthly payment for all your debts. This can improve your credit score and help you pay off debt quicker.
What are the top balance transfer credit cards for 2024?
The best balance transfer cards for 2024 have long 0% APR periods and low fees. Top cards include the Citi Simplicity® Card, Wells Fargo Reflect® Card, and Citi® Diamond Preferred® Card.
What makes the Citi Simplicity® Card a good balance transfer option?
The Citi Simplicity® Card offers a 21-month 0% intro APR. It has a 3% balance transfer fee for the first four months, then 5%. The ongoing APR is 19.24% to 29.99%. It’s great for paying down debt with a long 0% period.
What makes the Wells Fargo Reflect® Card a good balance transfer option?
The Wells Fargo Reflect® Card has a 21-month 0% intro APR on purchases and balance transfers. It charges a 5% balance transfer fee. After the intro, the APR ranges from 18.24% to 29.99%. It’s ideal for those needing a long 0% period to pay off debt.
What makes the Citi® Diamond Preferred® Card a good balance transfer option?
The Citi® Diamond Preferred® Card offers a 21-month 0% intro APR on balance transfers. It has a 5% balance transfer fee in the first four months. The ongoing APR is 18.24% to 28.99%. It’s a top choice for tackling high-interest debt with a long 0% period.
What credit cards offer a 21-month 0% APR on balance transfers?
The Citi Simplicity® Card and Wells Fargo Reflect® Card both offer a 21-month 0% APR. This long period lets you pay down your balance without interest charges.
What credit cards offer an 18-month 0% APR on balance transfers?
The Citi Double Cash® Card and U.S. Bank Visa® Platinum Card have an 18-month 0% APR. These cards provide a shorter but still beneficial promotional period.
Are there any balance transfer credit cards that waive the balance transfer fee?
Yes, some cards like the Wells Fargo Active Cash® Card don’t charge a balance transfer fee. This can save you money on top of the 0% intro APR.
What are some balance transfer cards with low ongoing APRs?
The Wells Fargo Reflect® Card and Citi® Diamond Preferred® Card have low ongoing APRs. They range from 18.24% to 29.99%. These cards can help keep costs down after the intro period ends.
Can I earn rewards on a balance transfer credit card?
Yes, some cards let you earn rewards on purchases. The Citi Double Cash® Card offers 2% cash back on all purchases. The Discover it® Chrome gives 2% back at gas stations and restaurants.
Can I get a balance transfer card with fair or average credit?
Yes, those with fair or average credit can still get a balance transfer card. Cards like the Citi Rewards+® Card and Bank of America® Customized Cash Rewards are good options. They offer 0% intro APRs and reasonable ongoing APRs for those with less than perfect credit.
What factors should I consider when choosing a balance transfer card?
When picking a balance transfer card, look at the 0% APR period length, balance transfer fee, and the ongoing APR after the promo ends.
How do I execute a balance transfer?
To do a balance transfer, first figure out how much debt you want to move. Then, apply for a card that suits your needs. Check the terms, including fees and APRs. After approval, start the transfer by providing the card info for the debts you want to pay off. Keep paying your old cards until the transfer is done, then focus on the new card’s 0% period.
