Best Balance Transfer Cards of 2018
Many cards charge a balance transfer fee ranging from 3 to 5 percent of the amount you transfer. We've surveyed more than 2, owners to bring you customer scores and ratings for 11 top fitted-kitchen brands. Factors in our evaluation include fees, promotional and ongoing APRs, and sign-up bonuses; for rewards cards, we consider earning and redemption rates, redemption options and redemption difficulty. You can reach her by e-mail at laura. Wills - it's quick, easy, and affordable.
Comparing Balance Transfer Credit Card Offers
We analyzed over 1, balance transfer offers to find the best recommendations for you - compare our editor's picks for the 10 best balance transfer credit cards from our partners below and see how much each card could help you save. Try one of our 10 best balance transfer cards to help pay down your existing debt balance.
Estimated Savings is a CreditCards. This amount is based on the transfer amount and does not assume rewards or purchases, since those will vary per individual.
Estimated savings are based on the following amounts: View All Card Details. All reviews are prepared by CreditCards. Opinions expressed therein are solely those of the reviewer and have not been reviewed or approved by any advertiser. The information, including card rates and fees, presented in the review is accurate as of the date of the review.
Check the data at the top of this page and the bank's website for the most current information. You might want to consolidate your debt. Or perhaps you want to stop paying prohibitive interest charges. There are a number of reasons for obtaining a balance transfer, all excellent ways to save money and improve your budgeting skills.
That means start a budget that includes room for fun and saving. Not sure what the pitfalls are? Want to know more about how to use a balance transfer card? While a large number of factors contribute to the quality of a credit card, the following were our most important criteria in evaluating and choosing the best balance transfer cards:.
This card doubles as a cashback card and a balance transfer card, but it's important to stay on top of any new purchases so you don't carry a balance that incurs interest charges. As long as you pay down at least the balance of the new purchases after the first 6 months and before 18 months, you won't incur interest, and you'll fully benefit from the cash back.
But with a generous balance transfer offer and rewards, this card can be a great addition to your wallet. After the introductory period, the regular APR is It comes at no annual fee, but keep in mind that you need a strong credit score to be approved for this card.
However, if you can pay off your balance in a shorter amount of time, read on to view cards with a lower balance transfer fee. It has a flat rate on all purchases of 1. The Quicksilver's required spend on the intro bonus is lower than the Blue Cash Everyday's, but the bonus is the same, which is worth noting. Also, there's a flat rate of 1. A smattering of balance transfer cards offer no balance transfer fee, and the Amex Everyday is one of them.
If you request the balance transfer within 60 days of opening your account, there's no balance transfer fee, which can save you hundreds of dollars, depending on the size of your balance. The Amex Everyday also offers 2X points at U. However, the regular APR starts at A few balance transfer cards double as cashback cards, and this card is a good option if you want to earn the same amount on all purchases.
The variable APR also starts at a low This card should be one of your go-to choices if you have excellent credit and need to pay off a balance over an extended period of time.
Overall, the intro APR period for balance transfers makes this a leading contender and card to consider. There is no annual fee, and it's also worth noting that the card does away with a penalty APR. Just keep in mind that balance transfers must be made in the first 60 days in order to take advantage of the introductory APR offer.
The BankAmericard lacks bells and whistles but is a solid balance transfer card that gets the job done. This teaser rate is usually offered for a promotional time period which ranges anywhere from six to 21 months, depending on the card. Take advantage of these promotions and be careful to avoid running up more debt once you've worked so hard to get out of it. Balance transfers are not limited to transferring debt from other credit cards. Some cards also allow you to transfer debt from student loans and other installment payments, such as appliance purchases.
Once you sign up for a balance transfer card, you can request to transfer a card balance onto the new card either online or by calling customer service. You will be required to provide a few key details, including the account number of the old card and the amount you want to transfer. After receiving this information, the credit card company will evaluate your request and, based on your credit limit or other factors, may approve you for all or part of the requested transfer amount.
The new credit card issuer will contact the old issuer to transfer the balance. During this time — which may take up to three weeks — you should continue making payments on the old card account to avoid possible penalties. A card with a 0-percent introductory APR can help you save money by sparing you interest payments for a limited time and allowing you to pay down your debt faster. Overall, the process is relatively simple on the end of the cardholder.
Here are the steps you should follow:. Balances can take up to three weeks to transfer, so we recommend that you pay the minimum amount on your card before transferring the debt to avoid late fees and other penalties.
Here are a few tips to keep you from digging yourself into more debt:. Usually it makes sense to transfer as much of your debt as possible onto a 0-percent card to minimize your interest payments — but not always. If your current account has a lower interest rate, you should do some math to figure out whether transferring all of your balance or just a portion of it will cost less. Enter your account number and transfer amount. If you rather complete a transfer over the phone, just call the number on the back of your card, and a representative will submit the request for you.
Balance transfers can be a nice way to get out of debt if you have a balance sitting on one or more high interest credit cards. Completing a balance transfer with Citi is easy. You can do it on the phone or online, and it should only take a few minutes.
We provide a step-by-step guide on how to complete a balance transfer with Citi, and at the end, we include best practices for completing a balance transfer and our top picks for Citi balance transfer cards. Citi allows you to complete balance transfers quickly and easily online in a matter of minutes. See below for the steps you need to take.
Log in to your account. You should see your available balance transfer offers. That will drop down more details regarding your offer. You have four transfer options: Credit card was selected for the sake of this example since that will most likely be the common choice. Fill in the amount you are transferring and your account number of the credit card with the debt. You can add additional transfer requests four total if needed. Last, review your transfer request and the terms and conditions.
If you prefer to complete a transfer over the phone, simply call the number on the back of your card to speak to a representative. Your journey to becoming debt free has just begun. By following the steps below, you can soon be on your way to a healthier financial life.
New purchases will only push you back into debt. While it may be tempting to use your new card for purchases, resist the urge. Charging new purchases to your balance transfer card has the potential to further increase your debt. Payments made on your new card may not go fully towards new purchases. Credit card issuers have the freedom to allocate your minimum payment towards whatever debt you have.
This may lead you to rack up interest charges from your new purchase balance. What if you need to charge new purchases to a credit card after a balance transfer? All payments you make will go towards your balance — no need to worry about where the payment goes. Beware if you carry a balance you will be charged the standard purchase APR.
So, any charges that you do make on your old card should be paid in full before the statement due date. You could hurt your credit score if you do. You may be tempted to close the card you transferred debt from, but cancelling an old card can do more damage than good. For example, if your old card has been open for 10 years, and you open a new balance transfer card, the average length of your credit history will be five years.
But, if you closed your old account, it would drop to less than a year — which is a big difference. Closing your old card would also hurt your utilization rate. This is an even bigger factor in your credit score. Autopay is a great feature that can prevent you from missing payments and incurring late fees. You can always adjust your autopay settings to higher or lower amounts, as needed.
You still have options to avoid accruing interest. The other option is to take out a personal loan. You can consolidate debt from your credit card by taking out a personal loan that often has lower interest rates and more flexible credit requirements than balance transfer credit cards. Compare personal loan offers here. You can still take steps towards managing your finances by creating a budget, and it can be as simple or as detailed as you like. While a balance transfer can be a great way to rid yourself of lingering debt, there are some things to keep in mind before transferring your balance:.
We have a step-by-step guide on how to complete your balance transfer with Discover here , which includes screenshots for each step. Balance Transfer , Discover It. Nick Clements Nick Clements has worked in consumer banking for nearly 15 years and is the co-founder of MagnifyMoney.
Very few things in life are free. You can find a full list of no fee balance transfers here. In addition to the intro periods, you can benefit from a rewards program tailored to U.
This card presents cardholders with the unique opportunity to transfer a balance and make a large purchase during the intro period, all while earning rewards on new purchases. Transparency Score Interest is not deferred during the balance transfer period, which means if you do not pay off your balance by the end of the promo period, you will not be charged the interest that would have accrued during the deferral period.
There are late payment and cash advance fees. After that, a Transparency Score Interest is waived during the balance transfer period, no foreign transaction fees and no late fee for your first late payment The range of the purchase interest rate based on your credit history. There is a cash advance fee. Complete your balance transfer as quickly as possible for maximum savings. Interest rate is not known until you apply. Long low rate balance transfer card Unify Financial Credit Union — 6.
There are late payment fees. Long low rate balance transfer card SunTrust Prime Rewards — 4. The range of the purchase interest rate is based on your credit history: Learn more Checklist before you transfer.
Always pay on time. Get the transfer done within 60 days Most balance transfer offers are from the date you open your account, not the date you complete the transfer. Savings calculator — which card is best? Balance transfer or a loan? From my spouse, partner or child? Can I transfer debt from store cards? When am I better off not doing a balance transfer and just paying off my debt?
What happens if I still have a balance at the end of the promotional period? Do I get a big interest charge? Is this a trap? How do I complete a balance transfer?
What happens if I miss a payment? Can I transfer balances to another card with the same bank? How can I use a balance transfer to pay off non credit card debt? Can I reverse a balance transfer? Can I transfer a balance more than once? Can I transfer a balance to more than one card? Is there a penalty for paying off balance early? What is more important: Advertiser Disclosure Share this article: Alexandria White Alexandria is a credit card writer covering everything from the latest credit card news, individual card reviews, and Best Of roundups to tips for getting the most value out of your card.
Other offers from big banks Are these the best deals for you? The good news is we can figure it out for you. The savings from just one balance transfer can be substantial. Before you do any balance transfer though, make sure you follow these 6 golden rules of balance transfer success: Never use the card for spending. Have a plan for the end of the promotional period. Make sure you set a reminder on your phone calendar about a month or so before your promotional period ends so you can shop around for a low rate from another bank.
Apply for one from another bank. Get that transfer done within 60 days. Otherwise your promotional deal may expire unused. Never use a card at an ATM. You should never use the card for spending, and getting cash is incredibly expensive.
If you pay more than 30 days late your credit will be hurt, your rate may go up, and you may find it harder to find good deals in the future. In this post, we list the balance transfer cards you may qualify for, organized by credit score: If you have excellent credit 2. If you have good credit 3. If you have fair credit 4. If you have bad credit FAQ. Soft Pull You can get your rate without hurting your score. How much time do I have to complete my balance transfer?
Will I be charged a transfer fee? Any remaining balances will accrue interest. Join the conversation on health.
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Most providers will allow you to do a balance transfer from another card for a one-off balance transfer fee so long as you have a big enough credit limit to cover it. This guide explains exactly how balance transfers work and how to make the most of them. This gives you the chance to pay the debt down faster and save money, as all your payments will go towards the debt rather than the debt and interest.
In general, the longer the deal lasts, the higher the fee will be. This means it can be worth avoiding the longest deals if you feel confident that you'll be able to repay the balance within a shorter time frame.
A simple way to find the best deal for you is to take the total amount you have on your credit cards and store cards and divide this by what you can afford to repay each month. Money Compare with the smallest balance transfer fee. The companies that combine great deals with top-notch customer satisfaction are awarded our coveted Which? We've set out the golden rules for you to follow below. Most credit card companies reserve the right to withdraw a deal at any time if you miss a payment, meaning you'll be charged interest at their standard rate.
To make sure you stay on target and never miss a payment set up a direct debit to repay the minimum amount or more. Just remember your main aim when taking out a balance transfer is to clear your debt, rather than get into any more.
Failing that, you should transfer the debt to a card with a lower APR. Shifting a balance from one card to another can impact your credit score in both positive and negative ways depending on a range of factors. Your credit score can take a temporary hit when you apply for a new credit card as part of your rating is linked to the age of your accounts and typically the older the better.
Doing your research and finding the best deal for you is the key to limiting the impact of this factor on your score. Part of your credit score relates to the length of time you leave credit accounts open, and typically the longer you have accounts the better the score, so it can be worth keeping your old account open.
Plus, having an available balance to spend might tempt you to get into more debt. Credit cards issued by American Express normally have a digit card number rather than a digit card number.
This can cause trouble when shifting debt from an American Express card as online systems struggle to recognise the shorter set of numbers.
In some cases, you just need to phone up your new card company and complete the transfer, but in others, you may not be able to make the transfer, so check the provider is equipped to deal with this issue before applying. You can transfer part or all of a debt balance from one credit card to a balance transfer credit card. At this stage, you can enter the card number of where your existing debt lives and the balance you want to move.
Just watch out for small print that stipulates you have between 60 and 90 days to complete a transfer after you receive the card to benefit from perks like a reduced balance transfer fee. Luckily there are a load of balance transfer providers to pick from so you should be able to find a different firm with a card that can help you.
You could move what you can onto the new card and make do or apply for another card in the hope that the provider offers you a larger limit.