Top 5 Credit Card Balance Transfer Options

If you're dealing with significant credit card debt and mounting interest charges, balance transfer credit cards provide an effective way to manage your finances. These cards let you transfer existing balances and enjoy a long period of zero interest. A zero percent balance transfer card features an introductory rate of 0% APR. Transfer fees, usually a small percentage or flat rate, apply when moving your debt. The concept is straightforward: transfer your debt and pay it off within the promotional period to minimize interest expenses.

American Express Blue Cash Preferred Card

This card is ideal for those who want to transfer balances while earning cashback daily. It offers 6% cashback at U.S. supermarkets, 3% at gas stations and select department stores, with some conditions. Remember to clear the transferred balance during the introductory period; otherwise, standard interest rates apply. Even after paying off your balance, the card continues to offer cashback rewards, making it a valuable everyday card. Although it lacks a lengthy intro APR, the high cashback rate makes up for it.

Bank of America’s BankAmericard Credit Card

Backed by Bank of America, this card is perfect for those avoiding upfront costs. It provides a 0% introductory balance transfer fee for the first 60 days and just a 3% fee afterward. The card features 15 billing cycles of 0% APR on balance transfers and no penalty APR for late payments. It’s well-suited for managing multiple balances or large debts. Maximize benefits by paying off the balance within the promotional period. Note that it doesn't offer rewards but excels in low transfer fees and lengthy interest-free periods. For reward options, consider the Discover it card.

Discover it – 18-Month Balance Transfer & Rewards

This card combines balance transfer advantages with rewards. It provides 18 months of 0% APR on transfers and offers up to 5% cashback quarterly on categories like groceries, gas, and shopping. The long interest-free period and no annual fee make it an attractive choice. The ongoing variable APR is 11.99%-23.99%. To optimize benefits, pay off your balance during the promotional phase. Keep the account active to monitor your FICO score. Ideal for those wanting rewards and low transfer fees, though if rewards are not a priority, Chase Slate is an alternative with fee waivers.

Chase Slate

If low transfer fees are your priority, Chase Slate is an excellent choice. It offers a $0 intro transfer fee if you initiate transfers within 60 days of account opening. Focus on paying down the balance within the promotional period to maximize savings. The card does not offer rewards and doesn't permit balance transfers from existing Chase accounts, but it provides relief from high-interest debt through low fees and interest rates.

Citi Simplicity Card — No Late Fees

This card provides 21 months of 0% APR on balance transfers, nearly two years of interest-free payments. It charges a 3% transfer fee or a minimum of $5. The standout feature is no late fees or penalty APR; missed payments won't incur late fees, which can be as high as $35, nor will the interest rate rise. While missing a payment isn't advisable, this card offers flexibility for those who need more time to pay off debts. It's an excellent option for individuals struggling to manage their finances or needing extended repayment periods.