A balance transfer credit card is a card that helps you to pay off either part or whole of the balance you owe in another credit card or loan account. Thus, it does this by shifting the debt to its self (Balance transfer credit cards). You know what; the APR for every balance transfer credit card is lower compared to the original charge from the lender. This must be a great way to pay off debt! And guess what? You can grab this opportunity.
Here, the average balance transfer credit cards have a 0% APR for more than 12 months, but with a 3% balance transfer fee. Yet, in all of this, there is no annual fee.
What is the aim of this?
The aim of using a balance transfer credit card is to save money and as well buy time by breaking down the cost of credit card debt, and allowing you to pay off the balance faster. Here, two things are involved. What? You will be able to save money and time and at the same time pay off balance but faster.
List of the Best Balance Transfer Credit Cards of October 2020
- Citi® Double Cash Card – Balance Transfers & Rewards
- SunTrust Prime Rewards Credit Card – No Balance Transfer Fee
- Citi® Diamond Preferred® Card – Excellent Credit
- S. Bank Visa® Platinum Card – No Interest for 20 months
- Wells Fargo Platinum card – Good-Credit Balance Transfers
- Bank of America® Cash Rewards Credit Card for Students – Students …
Let me show you some secrete you need to know. U.S. Bank Visa® Platinum Card is the best balance transfer credit card. Why?
- Thus, it has an intro APR of 0% in the range of 20 months on balance transfer and purchases.
- Also, Alongside that, its balance transfer fee is 3%. That is to a minimum of $5.
- Lastly, It has a $0 annual fee.
Application tips from us
Note: Before you apply for a balance transfer credit card there are certain things you need to know. You should put them into consideration. In other words, here is what you must compulsorily do. Check them out below.
Before you apply for balance transfer credit cards:
Tip 1: you need to figure out the total cost of the transaction and as well what you will afford to pay for each month.
Tip 2: it also means you have to evaluate each card’s balance transfer fee and their reoccurring APR, plus the length of its introductory period.
Best Balance Transfer Cards
Here we have a list of best balance transfer credit cards and a review on them.
S. Bank Visa® Platinum Card
I told you early about the best balance credit card in the U.S. Here is it; the Bank Visa® Platinum Card. Here, you get to enjoy 0% for 20 months on balances transferred within 60 days you opened an account. At this point, it just charges a 3% (min $5) balance transfer fee. Also, the U.S. Bank Platinum Card offers a $0 annual fee and more. What more? It is 0% for 20 months on purchases.
It has a regular APR of 13.99%-23.99% (v). Thus, applicants must need excellent credit for approval.
Citi® Double Cash Card – 18 month BT offer
This is one of the best credit cards to use day-to-day, on the market. Now it helps new cardholders to pay down existing debt faster. Meanwhile, it does this by offering an introductory balance transfer APR of 0% for 18 months. While it does that, it gets you with a 3% (min $5 balance transfer fee. Afterwards, the regular APR is 13.99% – 23.99% (v). That is to say, after the 18 months, you registered an account the APR changes to the regular APR. More so, it gives you 2% cashback on all purchases, and yet, there is no annual fee. In other words, it has a $0 annual fee.
Citi® Diamond Preferred® Card
This card is one of the best balance transfer cards. Why? It offers you an intro APR of 0% for 18 months on balance transfer and has a $0 annual fee. Am sure the introductory time, which is 18 months, will help you to save money by reducing high regular interest rates. But there is something you should know. To get this card, it all depends on how much you owe and what you can afford to pay each month. How do you calculate this? Account for the Citi Diamond Preferred Card’s 3% (min $5) balance transfer fee and its regular APR. Its regular APR is 14.74% – 24.74% (V).
Bank of America® Cash Rewards Credit Card for Students
This is one of the best transfer credit cards on the market for students. WHY? It is a general-purpose card offered based on terms alone. It involves 0% APR for 12 months on balance transfers, plus a 3% (min $10) balance transfer fee. Also, it offers 0% 12 months on purchases and a $0 annual fee. What you need to do is to pay off most, if not all, of what you transfer before the intro APR ends. Thus, the regular APR is 13.99%-23.99% (V).
Wells Fargo Platinum card
This is one of the best balance transfer credit cards, but for people with good credit. Thus, it offers an intro APR of 0% for 18 months on qualifying balance transfers, plus a $0 annual fee and a standard balance transfer fee of 3% for 120 days and 5%. One big thing here is that you must have an excellent credit before you are approved of it.
Comparable table for the best Balance transfer credit cards 2020
|Credit Card||Best For||0% Balance Transfer Intro APR Period||Balance Transfer Fee||Regular APR|
|U.S. Bank Visa® Platinum Card||Long Balance Transfer Period||20 months||3% (min $5)||13.99% – 23.99% (V)|
|Citi® Diamond Preferred® Card||0% Intro Balance Transfers||18 months||3% (min $5)||14.74% – 24.74% (V)|
|Comerica Bank Visa® Platinum Card||Low Rates||20 months||3% (min $5)||13.49% – 23.49% (V)|
|Bank of America® Cash Rewards Credit Card for Students||Student Balance Transfer||12 months||3% (min $10)||13.99% – 23.99% (V)|
|Citi® Double Cash Card – 18 month BT offer||Rewards||18 months||3% (min $5)||13.99% – 23.99% (V)|
|Wells Fargo Platinum card||Good Credit||18 months on qualifying balance transfers||3% for 120 days, then 5%||16.49% – 24.49% Variable|