When you’re first starting out in the world of credit, it isn...
Best Cards for 0% Balance Transfers and 0% APR Offers
Even if you start out with a low APR on a credit card, it can grow out of control very quickly. For instance, if you end up carrying your balance from month to month and then only make your minimum monthly payment, it might begin to seem difficult to put a dent into your balance. Not to mention if you accidentally miss a payment or pay late. The penalty APR can be more than 20% and can make you feel as though paying off your debt is an impossible feat.
However, if you have a good to excellent credit score, there is hope for paying down your balance and saving hundreds of dollars in the meantime. If you transfer your balance to a card with a 0% introductory balance transfer APR, you can pay down the balance within a specific amount of time, without paying interest. Balance transfer offers last typically, at least, six months, but depending on the card and the offer, can last two or more years. This is a significant amount of time to pay down your balance without paying any interest. If you’re considering eliminating your credit card debt, these are the cards offering the best balance transfer offers.
Best 0% APR Balance Transfer Cards
The Chase Slate is also known as one of the best balance transfer cards without a balance transfer fee. This card has no annual fee and a 0% introductory APR for purchases and balance transfers for 15 billing cycles. Afterward, a variable APR of 13.24% - 23.24% will apply. There is also no balance transfer fee if you transfer your balance within the first 60 days of opening the account. After that, the balance transfer fee is 5% or $5, whichever is greater. There is no annual fee for the Chase Slate card.
The Discover it card offers an 18-month introductory APR of 0% on balance transfers and six months on purchases. Then the APR will be 11.24% - 23.24%. The balance transfer fee is 3% of the transfer. You can earn 5% cash back in quarterly rotating categories and 1% cash back on all other purchases. As a new cardholder, Discover will also match all the cash back you earn in your first year, at the end of the year. However, there is no annual fee, no penalty APR, no overlimit fee, and no foreign transaction fee for this card.
There are no extra rewards or bonuses with the Citi Simplicity card, but it offers one of the longest 0% introductory APRs available at 21 months for both purchases and balance transfers. The balance transfer fee is 3% or $5, whichever is greater. After the introductory period, the APR will be 13.24% - 23.24%, depending on your creditworthiness.
The Barclaycard Arrival World MasterCard is one of the best balance transfer cards for travelers. You get 0% intro APR on balance transfers made in the first 45 days for 12 billing cycles. After that, the APR is 16.24% - 24.24%. New cardholders can earn a bonus of 20,000 miles if you spend $1,000 in purchases in your first 90 days, which are worth $200 in travel. You can also earn 2x miles for each dollar you spend on travel and dining and 1x mile for each dollar spent everywhere else. The balance transfer fee is 3% or $5, whichever is greater. There is no annual fee or foreign transaction fee.
Best No Balance Transfer Fee Cards
In addition to saving on interest with a balance transfer, you could avoid paying a balance transfer fee. This fee is often, at least, 3% of the balance, and sometimes as much as 10%. Depending on the size of the balance you are transferring, the balance transfer fee can cost you thousands of dollars. Unfortunately, credit cards often offer one or the either. It is rare to find a card that offers a 0% introductory APR as well as no balance transfer fee. However, there are a few different options. If you need to transfer a but you don’t want to pay a balance transfer fee, these are the cards you should consider.
The Capital One QuicksilverOne offers both. You get a 0% intro APR on balance transfers and purchases for nine months. After that, the APR will be 23.24%. You can also earn 1.5% cash back on all your purchases. The annual fee is $39. There is no balance transfer fee or foreign transaction fee for this card.
The Chase Slate credit card is not only one of the best 0% intro balance transfer APR cards, but it is also one of the best balance transfer cards without a balance transfer fee. If you transfer your balance within the first 60 days as a cardmember, you won’t pay a balance transfer fee. After that, however, the balance transfer fee is 5% or $5, whichever is greater. There 0% introductory APR on purchases and balance transfers is for 15 billing cycles. After that, a variable APR of 13.24% - 23.24% will apply.
A low, variable APR on purchases, balance transfers, and cash advances
No annual fee
No balance transfer fees
No foreign transaction fees
Chip technology, so paying for your purchases is more secure at chip-card terminals in the U.S. and abroad
Free online access to FICO® Credit Score
The Barclaycard Ring MasterCard is a little different than many other cards, with community programs and other features like the Giveback program which lets cardmembers receive a small percentage of the company profits or donate to charity. For those who are looking for balance transfer cards, however, it is one of the rare cards with no balance transfer fee. There is no 0% introductory APR, but the APR for purchases and balance transfers is lower than the APR offered by other cards, at 10.24%. There is also no annual fee or foreign transaction fee.
All Credit Cards for Balance Transfer
Here's our comprehensive comparison of the best 0% balance transfers and 0 balance transfer fee credit cards. We calculate the effective interest rate for your balance transfer, based on the introductory period, ongoing APR and number of years you are going to keep the balance on the card. You can adjust it to your situation by selecting the number of years you will keep the card. You can also filter and compare balance transfers card for business, with cash back, for average or no credit and with no annual fee.
How to Make a Balance Transfer
If you need to transfer a balance, it’s best that you follow these steps:
- Find a new card, read all the details, and apply. Make sure that your credit score is in the good to excellent range.
- Calculate whether you save more money with a 0% intro APR or no balance transfer fee if you can’t get a card that offers both.
- Make sure you can pay your balance in full within the introductory period. Otherwise, your balance transfer can end up costing you more than before the transfer.
- Usually, you can include the balance transfer request when you apply. Otherwise, you can wait until you get your card and then call and make the balance transfer.
- Balance transfers take 7-14 days. Plan not to use your old card, or you risk running up a balance you can’t handle again.
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