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Balance Transfer Cards for december 2022 in the United States

Apply for a Balance Transfer Cards. On 04.12.2022 you have access to 3 credit cards. Increase your chances of getting money — fill out a multi-application with a free credit rating check.

Offers: 3

Updated:
01.12.2022
17:51
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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.

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$500 to $25,000**
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Effective interest rate on the product

8.99%-29.99%
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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

$0.00
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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

8.99%-29.99%

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Arrowhead Advance
3.2
Olivia H
Olivia H
01.12.2022 at 06:07
My experience with getting a personal loan from this company was quite pleasant. The service was fast, no one asked about any collateral or my creditworthiness. Such things are always annoying...
Review
Spotloan
4.4
Noah J
Noah J
30.11.2022 at 20:45
Before taking out a loan, I compared Spotloan with other lenders and found out that their rates are the most acceptable. The mobile application works flawlessly. I quickly received approval...
Review
Spotloan
4.4
Isabella H
Isabella H
30.11.2022 at 20:40
At first, I liked everything in this company. I needed a payday loan and they offered a good alternative. Almost no documents are needed, it's true...
Review
Spotloan
3.8
Camila J
Camila J
30.11.2022 at 20:40
Spotloan is like a good old friend to me. I always try to make payments on time, so I usually have no problems with creditors. This company has simplified all possible procedures for obtaining a loan...
Review
Spotloan
3.6
Emma S
Emma S
30.11.2022 at 20:40
A very convenient application of the company. You can borrow small amounts starting from $3,000. In addition, the company operates in most states...
Review
Spotloan
4.6
Mateo J
Mateo J
30.11.2022 at 20:35
If you've never seen a company that can give you a maximum of $800, then this is just about it. But they respond to the application very quickly, they also quickly approve and transfer money to you...
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Balance Transfer Cards for december 2022

Balance transfers move debts from one credit card to another. Borrowers usually use balance transfer credit cards to move their existing credit card debt to a credit card with a lower interest rate. You may not qualify for some options, as they require you to have an excellent credit score, and the interest rate and annual fees can be quite high. To get the best balance transfer credit cards available these days, read the article.

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

When looking at a balance transfer credit card, the first thing to consider is its interest rate. The interest rates on these cards vary significantly from 0% APR up to 24% APR, so you must do your research before making a purchase. Most balance transfer cards, especially the ones with a 0% intro APR, are available for consumers with good or excellent credit. The list below will include the best balance transfer credit cards with various costs, rewards, and benefits.

Wells Fargo Reflect Card

The Wells Fargo Reflect Card is a smart option if you wish to pay less interest on your existing balances. There is no annual fee, and the card has a considerable introductory period. Using an eligible Wells Fargo credit card to buy, dine, or enjoy an experience is an easy way to receive cash-back as an account credit. Just ensure that you complete the transfer within the transfer window. Otherwise, you'll incur a higher balance transfer fee.

  • The annual fee is $0.

  • There is 0% Intro APR for 18 months from account opening on purchases and qualifying balance transfers. It is possible to extend the introductory APR by up to three months, with on-time minimum payments during the initial and extension periods. The variable APR ranges from 15.99% to 27.99% after that.

  • Balance Transfer Offer. Balance transfers within 120 days are eligible for the introductory rate and charge of 3%, followed by a transfer cost of up to 5%, a minimum of $5.

  • Balance transfer fee. An intro balance transfer fee is 3% of the amount of each transfer (minimum $5) is ended within the first four months of account opening. There is a foreign transaction fee.

  • Other Positives and Negatives. This card does not offer rewards, but it provides money-saving protections such as up to $600 in cell phone protection when you pay your monthly cell phone bill with your eligible Wells Fargo card (subject to a $25 deductible) and access to roadside dispatch.

Bank of America Customized Cash Rewards credit card

The Bank of America Customized Cash Rewards card is a good option for consumers who generally make everyday purchases in categories such as petrol and groceries but want the flexibility to optimize their earnings if their most significant monthly expenses shift.

  • The annual fee is $0.

  • Intro APR for the first 18 billing cycles on purchases and balance transfers, followed by a variable rate between 16.99% and 26.99%.

  • Balance transfer offer. The intro rate applies to balance transfers within the first 60 days; a 3% charge (minimum $10) applies to balance transfers.

  • Balance transfer fee is $10 or 3% of the amount of each transfer. There is a foreign transaction fee.

  • Other Positives and Negatives. If you are a bank's Preferred Rewards Member, you can earn 25% to 75% bonus points on every transaction you make with this card. You will require joint assets of $20,000 for a 25% increase, $50,000 for a 50% increase, and $100,000 for a 75% increase.

U.S. Bank Visa Platinum Card

If you want a lengthy introductory period to pay off a large purchase or eliminate existing debt, this card is one of the best balance transfer cards. You can take advantage of its extended transfers and purchases offers.

  • The annual fee is $0.

  • Balance transfer offer. Receive an introductory APR of 0% on purchases and balance transfers for the first 18 billing cycles, then a variable APR between 17.49% and 27.49%. A balance transfer fee of 3% or $5, whichever is larger.

  • Balance transfer fee. 3% of the amount transferred or a minimum of $5, whichever is greater.

  • Other Positives and Negatives. Beyond the intro APR extension, the card's benefits are limited. This card has no bonus cash-back, making the 0% intro APR its only feature.

Citi Double Cash Card

The Citi Double Cash Card's 2% cash back on all purchases—1% when purchases are made and an additional 1% when they're paid off—offers large and straightforward cash-back rewards on all purchases.

  • The annual fee is $0.

  • Balance transfer offer. You get a 0% introductory APR for 18 months on balance transfers. Based on your creditworthiness, the regular variable APR will range from 16.99% to 26.99% after that introductory balance transfer fee of $5 or 3% of the amount of each transfer made within the first four months of account opening, whichever is greater. The cost will henceforth be 5% of each transfer, with a minimum of $5.

  • Balance transfer fee. An introductory balance transfer fee of 3% of any balance transfer (minimum of $5). It is available within the first four months of account setup. After four months after account opening, a 5% balance transfer fee (minimum of $5) will be assessed.

  • Other Positives and Negatives. Unlike comparable cards with transfer incentives, this card retains its value well after the promotional period expires.

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.

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 carrying 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.