3 Top Balance Transfer Credit Cards
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A balance transfer credit card can be an awesome tool to optimize your debt repayment. Use it to pay off your existing debt, then pay off the card before its introductory 0% APR expires. That cuts the amount of interest you owe to your creditors.
Balance transfer cards come in all shapes and sizes. The best cards offer promotional 0% APR periods, usually from 15 to 21 months. That means you have more than a year to zero your balance before the card’s typical APR kicks in.
Here are three cards we think are worth checking out:
1. Blue Cash Everyday® Card from American Express
The Blue Cash Everyday® Card from American Express is something of a hybrid: It’s a cash back credit card, rewarding you for everyday purchases, but also offers balance transfer features. Cardholders can earn 3% cash back at U.S. supermarkets, gas stations, and online retail purchases on up to $6,000 per year in purchases in each category (then 1%), terms apply.
You can request a balance transfer card from American Express within 60 days of opening your account, though you’re subject to a balance transfer fee. Then you could enjoy a 0% APR for 15 months before a double-digit APR kicks in. The card also comes with a Buy Now, Pay Later option for that initial, 15-month period, enrollment required.
2. U.S. Bank Visa® Platinum Card
The U.S. Bank Visa® Platinum Card is a credit card that offers a range of benefits and features, including 0% introductory APR on purchases and balance transfers for the first 18 billing cycles, followed by a variable APR. This makes it a good option for consumers who want to finance a large purchase or consolidate high-interest debt.
In addition, the card has no annual fee, which can help cardholders save money in the long run. With that said, there is a balance transfer fee.
Beyond its low (but temporary) interest rate and lack of annual fee, the U.S. Bank Visa® Platinum Card also offers a few other benefits. These include fraud protection, online and mobile banking, and free access to your TransUnion credit score. Cardholders can also customize their account alerts to receive notifications about account activity, payment due dates, and more.
3. Capital One Quicksilver Cash Rewards Credit Card
Capital One Quicksilver Cash Rewards Credit Card is another cash back credit card that offers both rewards and balance transfer options. Cardholders can earn unlimited 1.5% cash back on all purchases, with no minimum spend or rotating categories to keep track of.
There is no annual fee for this card, which can make it a good choice for consumers who want to earn cash back rewards without paying extra fees.
As for balance transfers, Capital One’s card provides a 0% APR for 15 months after you open your account. Then the card activates a variable APR. Just be aware of the balance transfer fee on amounts transferred within that 15-month promotional period.
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