Balance Transfer Cards of June 2024

Balance Transfer
Apply for a Balance Transfer Cards. On 15.06.2024 you have access to 11 credit cards. Increase your chances of getting money — fill out a multi-application with a free credit rating check.
Offers: 11
Updated:
15.06.2024
19:03
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Recommended FinScore™
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Rate
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Effective interest rate on the product

16.24 – 26.24 %
Rating by Finanso®
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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
Rate
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Effective interest rate on the product

16.24 – 26.24 %
Rating by Finanso®
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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
Rate
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Effective interest rate on the product

17.24 – 29.24 %
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BEST 0% APR CREDIT CARD FOR PURCHASES
Rating by Finanso®
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Recommended FinScore™
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Rate
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Effective interest rate on the product

18.24 – 28.24 %
BEST CREDIT CARD FOR BONUS CASH BACK
Chase
Chase Freedom Flex℠ Credit Card
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Recommended FinScore™
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1000
Rate
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Effective interest rate on the product

19.24 – 27.99 %
Citi
Citi Simplicity® Credit Card®
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Recommended FinScore™
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Rate
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Effective interest rate on the product

18.24 – 28.99 %
Citi
Citi® Diamond Preferred® Card®
Rating by Finanso®
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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
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1000
Rate
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Effective interest rate on the product

17.24 – 27.99 %
Citi
Citi® Double Cash Credit Card
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from 28.24 $
Rate
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Effective interest rate on the product

to 18.24 %
U.S. Bank
U.S. BANK VISA® PLATINUM CARD
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Recommended FinScore™
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300
650
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Rate
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Effective interest rate on the product

18.99 – 28.99 %
BEST FOR POTENTIAL APR REDUCTION ON EXISTING BALANCES
Rating by Finanso®
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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
Rate
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Effective interest rate on the product

19.24 – 27.99 %

Credit Card Online Application of June 2024

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Reviews
CreditFresh
4.8
The application process was a breeze, and I received a response within minutes. This straightforward and prompt procedure proved to be a great help to me during a crucial time of need.
Review
JG Wentworth
4.6
The assistance I received was exceptional. My representative handled my case with care and provided all the necessary information...
Review
OneMain Financial
4.4
The loan application process was straightforward, and the representative I interacted with displayed patience, provided informative answers, and was quite pleasant throughout...
Review
My Funding Choices
4.6
The process was swift and straightforward, which was particularly helpful during a time when, despite my reluctance to seek assistance, I genuinely needed help.
Review
Plain Green Loans
2
The interest rate is shockingly high, and it feels like taking advantage of individuals facing financial challenges when unexpected expenses arise...
Review
Advance America
4.6
I have never encountered any issues with this company. They consistently deliver funds on time, and the repayment process is straightforward...
Review
Balance Transfer Cards of June 2024

What is a Balance Transfer Card?

Balance transfers involve moving debts from one credit card to another, usually a newly issued one. In most cases, consumers use balance transfer credit cards to move their existing credit card debt to a credit card with a remarkably lower promotional interest rate and rewards program to earn cash back or points.

Some credit card companies waive balance transfer fees (typically between 3% and 5% of the transfer amount) to entice cardholders. There is also often a promotional period of six to about 18 months, during which no interest is charged on the transferred amount.

Transferring a credit card balance involves carrying a monthly balance. And a monthly balance (even one with a 0% interest rate) still consists of making payments on time of at least the minimum due to the transfer and any new purchases. If you fail to comply with these terms, you may end up losing the credit card's intro APR on balance transfers and any grace period - and incurring high-interest charges (and potentially penalty APR) on new purchases.

Types of Balance Transfer Cards

The purpose of this is to help cardholders save money on interest charges and pay off their debt more quickly. There are several types of balance transfer credit cards, including:

  • Low APR balance transfer cards. These cards offer a low intro balance transfer fee, which is often 0% for a promotional period, allowing cardholders to pay off their debt interest-free during that time.
  • No fee balance transfer cards. These cards do not charge a balance transfer fee, which is often a percentage of the amount transferred.
  • Rewards balance transfer cards. These cards offer rewards, such as cash back or points, on eligible purchases in addition to the ability to transfer a balance with a low APR.
  • Long-term balance transfer cards. These cards offer a low APR on balance transfers for an extended period, allowing cardholders to pay off their debt over a longer time frame.
  • Bad credit balance transfer cards. These cards are designed for people with less-than-perfect credit and may have higher APRs or other fees compared to other balance transfer cards.

Pros and Cons of a 0% Balance Transfer Card

Pros

  • For a limited time, you can pay no interest. If you choose the right balance transfer credit card, you can save money on interest for up to 21 months. You might save hundreds or even thousands of dollars as you pay off your debt.
  • Make repayment easier. When you transfer a balance between two or more credit cards, you can pay one large bill each month rather than several smaller ones.
  • Streamline the debt repayment process. Without interest charges, every cent of your payment applies toward your principal balance each month. By accomplishing so, you can pay off debt faster and more efficiently.
  • Enjoy other perks as a cardholder. Besides consumer protections, some balance cards also offer rewards.
  • Get a better credit score. Balance transfer credit cards could boost your credit score. When you open a new line of credit, your credit utilization ratio will improve. While you make regular monthly payments on your transferred balances without adding debt, your credit utilization ratio will continue to decrease. And your credit score should rise.

Cons

  • There is a limit to how long an introductory offer remains valid. Most extended transfer offers last for 18 or 21 months, while others only last for 12 months. Once your initial APR period ends, you will be subject to the regular variable APR of your credit card.
  • The transfer of balances can be viewed as a temporary solution to a more complex situation. A balance transfer credit card may be more harmful than helpful if you overuse credit cards. Balance transfer credit cards only move debt around, and you won't improve your situation without changing your spending habits.

The Best Balance Transfer Credit Cards

Citi Simplicity Card

Citi Simplicity Card is a credit card offered by Citibank. The benefits include:

  • 0% Introductory APR. The card offers a 0% introductory APR for 18 months from account opening on balance transfers.
  • No late fees. The card does not charge late fees, making it a good option for those who occasionally miss a payment.
  • No annual fee. The card has no annual fee, making it accessible for anyone to apply for and use.
  • Fraud protection. The card includes fraud protection features, such as zero liability for fraudulent purchases and real-time alerts for suspicious activity.

Regarding fees, the card has:

  • Balance transfer fee. The balance transfer fee is either $5 or 3% of each transfer amount, whichever is greater.
  • Foreign transaction fee. The card has a foreign transaction fee of 3% of each transaction in U.S. dollars.

The APR (Annual Percentage Rate) for the card is variable and based on the Prime Rate. It ranges from 14.74% to 24.74% after the introductory period ends.

Discover it Balance Transfer

Discover it Balance Transfer is a credit card offered by Discover. The benefits include:

  • 0% intro APR. The card offers a 0% introductory APR for 18 months from account opening on balance transfers, making it a good option for those looking to transfer a balance from another card and pay it off over time.
  • Cash back rewards. Cardholders can earn cash back rewards on everyday purchases, including 5% cash back on rotating categories each quarter and 1% cash back on all other purchases.
  • No annual fee. The card has no annual fee, making it accessible for anyone to apply for and use.
  • Fraud protection. The card includes fraud protection features, such as zero liability for fraudulent purchases and real-time alerts for suspicious activity.

Regarding fees, the card has:

  • Balance transfer fee. The balance transfer fee is 3% of the amount of each transfer.
  • Foreign transaction fee. The card has a foreign transaction fee of 1% of each transaction in U.S. dollars.

The APR (Annual Percentage Rate) for the card is variable and based on the Prime Rate. It ranges from 11.99% to 22.99% after the introductory period ends.

Chase Freedom Unlimited

Chase Freedom Unlimited is a credit card offered by Chase. The benefits include:

  • 0% intro APR. The card offers a 0% introductory APR for the first 15 months from your account opening on purchases and balance transfers, making it a good option for those looking to transfer a balance from another card and pay it off over time or for those who want to finance a large purchase interest-free.
  • Unlimited cash back. Cardholders can earn unlimited 1.5% cash back on every purchase, making it a good option for those who want to earn rewards on their everyday spending.
  • No annual fee. The card has no annual fee, making it accessible for anyone to apply for and use.
  • Fraud protection. The card includes fraud protection features, such as zero liability for fraudulent purchases and real-time alerts for suspicious activity.

Regarding fees, the card has:

  • Balance transfer fee. The balance transfer fee is either $5 or 3% of each transfer amount, whichever is greater.
  • Foreign transaction fee. The card has a foreign transaction fee of 3% of each transaction in U.S. dollars.

The APR (Annual Percentage Rate) for the card is variable and based on the Prime Rate. It ranges from 14.99% to 23.74% after the introductory period ends.

BankAmericard credit card

BankAmericard credit card is a credit card offered by Bank of America. The benefits vary depending on the specific BankAmericard credit card you have, but some common benefits include:

  • 0% intro APR. Some BankAmericard credit cards offer a 0% introductory APR for the first 15-18 months on balance transfers and purchases, making it a good option for those looking to transfer a balance from another card and pay it off over time or for those who want to finance a large purchase interest-free.
  • Cash back rewards. BankAmericard credit cards offer cash back rewards on everyday purchases, such as the Bank of America Cash Rewards credit card. You will get Bank Of America customized cash rewards.
  • No annual fee. Some BankAmericard credit cards have no annual fee, making them accessible for anyone to apply for and use.
  • Fraud protection. All BankAmericard credit cards include fraud protection features, such as zero liability for fraudulent purchases and real-time alerts for suspicious activity.

Regarding fees, the specific BankAmericard credit card you have will determine the fees associated with it, but common fees include:

  • Balance transfer fee. Some BankAmericard credit cards charge a balance transfer fee of either $5 or 3% of the amount of each transfer, whichever is greater.
  • Foreign transaction fee. Some BankAmericard credit cards have a foreign transaction fee of 3% of each transaction in U.S. dollars.

The APR (Annual Percentage Rate) for the specific BankAmericard credit card you have will vary and is based on the Prime Rate. It ranges from 14.99% to 23.99% after the introductory period ends.

Wells Fargo Reflect Card

The Wells Fargo Reflect Card is a credit card offered by Wells Fargo Bank. The benefits include:

  • 0% intro APR. The card offers a 0% introductory APR for the first 12 months on balance transfers, making it a good option for those looking to transfer a balance from another card and pay it off over time.
  • Cash back rewards. Cardholders can earn unlimited 1.5% cash back on every purchase, making it a good option for those who want to earn rewards on their everyday spending.
  • No annual fee. The card has no annual fee, making it accessible for anyone to apply for and use.
  • With My Wells Fargo Deals, you access personalized deals from a variety of merchants. You can earn cash back as an account credit when you shop, dine or enjoy an experience simply by using an eligible Wells Fargo credit card.
  • Fraud protection. The card includes fraud protection features, such as zero liability for fraudulent purchases and real-time alerts for suspicious activity.

Regarding fees, the card has:

  • Balance transfer fee. The balance transfer fee is either $5 or 3% of each transfer amount, whichever is greater.
  • Foreign transaction fee. The card has a foreign transaction fee of 3% of each transaction in U.S. dollars.

The APR (Annual Percentage Rate) for the card is variable and based on the Prime Rate. It ranges from 13.99% to 24.99% after the introductory period ends.

Citi Diamond Preferred Card

The Citi Diamond Preferred Card is a credit card offered by Citibank. The benefits include:

  • 0% intro APR. The card offers a 0% introductory APR for 18 months on balance transfers and 21 months on purchases, making it a good option for those looking to transfer a balance from another card and pay it off over time or finance a large purchase interest-free.
  • No annual fee. The card has no annual fee, making it accessible for anyone to apply for and use.
  • Flexible payment options. Cardholders have the option to choose their own due date and can set up custom alerts to remind them when their payment is due.
  • Fraud protection. The card includes fraud protection features, such as zero liability for fraudulent purchases and real-time alerts for suspicious activity.

Regarding fees, the card has:

  • Balance transfer fee. The balance transfer fee is either $5 or 3% of the amount of each transfer, whichever is greater.
  • Foreign transaction fee. The card has a foreign transaction fee of 3% of each transaction in U.S. dollars.

The APR (Annual Percentage Rate) for the card is variable and based on the Prime Rate. It ranges from 14.74% to 24.74% after the introductory period ends.

Citi Double Cash Card

The Citi Double Cash Card is a credit card offered by Citibank. The benefits include:

  • 0% intro APR. The card has a 0% Intro APR for 18 months on balance transfers.
  • Cash back rewards. Cardholders can earn unlimited 1% cash back on every purchase and an additional 1% cash back when they pay for their purchases, making it a good option for earning rewards on their everyday spending.
  • Flexible payment options. Cardholders have the option to choose their own due date and can set up custom alerts to remind them when their payment is due.
  • Fraud protection. The card includes fraud protection features, such as zero liability for fraudulent purchases and real-time alerts for suspicious activity.

Regarding fees, the card has a foreign transaction fee of 3% of each transaction in U.S. dollars. The card also has no annual fee, making it accessible for anyone to apply for and use. You can use the card for paying your monthly cell phone bill.

The APR (Annual Percentage Rate) for the card is variable and based on the Prime Rate. It ranges from 15.74% to 25.74% for purchases and balance transfers.

U.S. Bank Visa Platinum Card

The U.S. Bank Visa Platinum Card is a credit card offered by U.S. Bank. The benefits include:

  • 0% intro APR. The card has a 0% intro APR on purchases and balance transfers for 18 billing cycles.
  • Low APR. The card offers a low variable APR on purchases, which may make it a good option for cardholders who carry a balance from month to month.
  • No annual fee. The card has no annual fee, making it accessible for anyone to apply for and use.
  • Flexible payment options. Cardholders have the option to choose their own due date and can set up custom alerts to remind them when their on-time minimum payments are due.
  • Fraud protection. The card includes fraud protection features, such as zero liability for fraudulent purchases and real-time alerts for suspicious activity.

The card may have a foreign transaction fee of 1% to 3% of each transaction in U.S. dollars, depending on the terms and conditions.

The APR (Annual Percentage Rate) for the card is variable and based on the Prime Rate. It ranges from 12.24% to 24.24% for purchases and qualifying balance transfers, depending on the creditworthiness of the cardholder and other factors.

Choosing the Best Balance Transfer Card

To minimize the expense of a transfer, search for a balance transfer card with low or no balance transfer fees when searching for the best card for your circumstances. Remember that you will also need to select a card from a different issuing bank than the one from which you wish to transfer debt, as banks will not permit you to move debt from one of their cards to another. Consider the duration of your transfer, as well.

The longer the 0% APR period, the longer you will have to pay off your debt before interest accrues. However, cards with the most extended 0% APR deals may also have higher transfer costs.

In addition, consider:

  • Credit score. You may not qualify for some credit cards if you have poor credit.
  • Credit card long-term value. Consider if you will have any use for a balance transfer card after the loan has been paid off. Some cards with transfer offers include incentives and other perks, while others provide little more than an introductory APR deal.
  • The longest introductory offer. Consider which cards come with the most extended introductory offer and do the arithmetic to determine if that card with a shorter 0% duration but a cheaper transfer charge is the most cost-effective approach to pay down your debt.
  • Zero-interest or low-interest. A card with an enduring low-interest offer may be preferable to a zero-interest transfer offer if you need a more extended time to pay down debt or expect to carry a balance.

How to Get a 0% Balance Transfer?

The application process for a balance credit card is comparable to any other credit card. Determine which card may be the best suited for your objectives. You can then usually apply online or in person at the issuing bank. You must enter your name, a U.S. address, and a Social Security number or ITIN. You may be requested to provide your income and housing expenses. This information, together with a hard credit inquiry, will be used when determining the credit limit for a new card.

A 0% transfer operates identically to conventional balance transfers. After selecting a card with an intro apr on balance, you can transfer credit to the new card either during the application process or by contacting the issuing bank.

FAQ

Do balance transfers hurt your credit?

A transfer won't directly hurt your credit score, but applying for a new card could have positive and negative effects. A balance transfer can prove to be a wise decision over the long term regarding debt reduction.

Is it worth paying for a balance transfer?

A credit card with a 0% intro APR offer is worth paying if you have a significant amount of credit card debt. However, you need time to pay off the balance.

Is it better to do a balance transfer or pay off?

Balance transfers are the smart choice if you have good enough credit to qualify for a card offering 0% introductory APR on balance transfers, and you need months to repay high-interest debt. With such a card, you may save substantial money on interest, providing you an advantage in paying off your debt.

Is a 0% balance transfer a good idea?

A 0% or low-interest credit card balance transfer is a good way to combine higher-interest credit card balances into one lower-interest. Once you consolidate all the cash debt, you can make one monthly payment and pay off debt faster.