Credit cards have notoriously high interest rates, so carrying a balance can be costly. However, some cards offer a path to paying off debt quicker with an introductory 0% APR period. These cards offer no interest for up to 21 months, which can more than offset any balance transfer fees.
Below, CNBC Select reviews the best balance transfer cards and we share what you need to know about using a balance transfer card (see our methodology for information on how we chose these cards).
Best with intro 0% APR for 21 months
Citi Simplicity® Card
Who’s this for: The Citi Simplicity® Card has a generous 0% APR period for balance transfers and a lower balance transfer fee than other options.
Balance transfer offer: When you transfer a balance to the Citi Simplicity card within the first four months from account opening, you’ll receive an intro 0% APR on that balance for 21 months. Then a variable 18.49% - 29.24% APR applies. An intro balance transfer fee of 3% of the amount you transfer ($5 minimum) applies to transfers you make in the first four months, after that a fee of 5% of the amount you transfer applies ($5 minimum). The intro fee is lower than the balance transfer fee for some cards with a similar 0%-APR timeframe such as the Citi® Diamond Preferred® Card.
Wells Fargo Reflect® Card
Who’s this for: The Wells Fargo Reflect® Card has one of the longest introductory 0% APR periods for purchases and balance transfers.
Balance transfer offer: Balance transfers you make within 120 days of account opening qualify for a 0% intro APR for 21 months, after that a variable 17.24%, 23.74% or 28.99% APR applies. The balance transfer fee is 5% of each transfer with a $5 minimum.
Citi® Diamond Preferred® Card
Who’s this card for: The Citi® Diamond Preferred® Card is a great option for those with good or excellent credit seeking a long introductory 0% APR period.
Balance transfer offer: You’ll get 0% intro APR for 21 months on balance transfers from the date of the first transfer (17.49% - 28.24% variable APR afterward). Balance transfers must be completed within 4 months of account opening and there is a balance transfer fee of either $5 or 5% of the amount of each transfer, whichever is greater
Best with intro 0% APR for 18 months
Discover it® Chrome
Who’s this for: The Discover it® Chrome is an ideal Discover credit card for transferring credit card balances.
Balance transfer offer: You’ll get 18 months of a 0% intro APR on eligible balance transfers with the Discover it® Chrome. For purchases, you’ll get an intro 0% APR for six months. After the 0% intro APR offers expire, a variable 18.49% to 27.49% APR applies. The card has a 3% intro balance transfer fee of up to 5% fee on future balance transfers (see terms)*.
Citi Double Cash® Card
Who’s this for: The Citi Double Cash® Card is one of the best cash-back cards, on top of featuring a generous balance transfer offer.
Balance transfer offer: With the Citi Double Cash Card, you can enjoy a 0% intro APR for the first 18 months on balance transfers you complete in the first four months of account opening. After the intro APR expires, a variable 18.49% - 28.49% APR applies. There’s an intro balance transfer fee of 3% of each transfer ($5 minimum) within the first four months, then the balance transfer fee increases to 5% of any amount you transfer ($5 minimum).
Chase Slate Edge℠
Who’s this for: The Chase Slate Edge℠ offers introductory 0% APR timeframes for balance transfers and purchases.
Balance transfer offer: With the Chase Slate Edge, you’ll receive an intro 0% APR for 18 months on eligible balance transfers, then a variable 20.49% to 29.24% APR applies. An intro balance transfer fee of 3% of the amount transferred ($5 minimum) applies to transfers you make in the first 60 days. After that, the balance transfer fee is 5% of the amount transferred ($5 minimum).
Best with intro 0% APR for 15 months
Chase Freedom Unlimited®
Who’s this for: The Chase Freedom Unlimited® is an excellent cash-back card to consider if you want to earn rewards while paying down your credit card debt.
Balance transfer offer: Chase Freedom Unlimited® cardmembers can transfer balances and receive an intro 0% APR for the first 15 months, then a variable 19.74% - 28.49% APR applies. An intro balance transfer fee of 3% of the amount you transfer ($5 minimum) applies for the first 60 days. After that, the balance transfer fee increases to 5% of the amount you transfer ($5 minimum).
Wells Fargo Active Cash® Card
Who’s this for: The Wells Fargo Active Cash® Card is valuable because of its intro APR offer but even without that, it stands out as a top-notch cash-back card.
Balance transfer offer: You can transfer balances in the first 120 days from opening the account and receive a 0% intro APR for 12 months from account opening on purchases and qualifying balance transfers. 19.24%, 24.24%, or 29.24% Variable APR thereafter; balance transfers made within 120 days qualify for the intro rate and fee of 3% then a BT fee of up to 5%, min: $5.
Discover it® Cash Back
Who’s this for: The Discover it® Cash Back has an exceptionally rewarding intro bonus offer, which makes it a valuable option for anyone who wants to take advantage of an intro-APR deal.
Balance transfer offer: With a new Discover it Cash Back card, you’ll get a 0% intro APR on balance transfers for 15 months, after that a variable APR of 18.49% to 27.49% applies. There is a 3% intro balance fee and up to a 5% fee on future balance transfers (see terms).
Capital One Quicksilver Cash Rewards Credit Card
Who’s this for: The Capital One Quicksilver Cash Rewards Credit Card is a great fit if you’re looking to transfer a balance and want a solid return on everyday purchases.
Balance transfer offer: You’ll get an intro 0% APR on balance transfers for 15 months with the Capital One Quicksilver Credit Card. After the intro-APR offer ends, the standard variable APR of 19.99% to 29.99% applies. There is an intro balance transfer fee of 3% of each transfer you complete in the first 15 months from account opening. After that, there is a balance transfer fee of 4% of the amount you transfer at a promotional APR that Capital One may offer you at any other time.
Chase Freedom Flex®
Who’s this for: The Chase Freedom Flex® offers a high return in rotating bonus categories to go along with its intro 0% APR offer.
Balance transfer offer: Chase Freedom Flex card holders can transfer balances and take advantage of an intro 0% APR for 15 months, then a variable 19.74% - 28.49% APR applies. This card’s intro balance transfer fee is 3% of the amount you transfer ($5 minimum) within the first 60 days of account opening. Afterward, the balance transfer fee is 5% of the amount you transfer ($5 minimum).
source: cnbc.com
