With a Balance Transfer card you’ll want to carefully evaluate a few factors in order to decide what is right for you:
- Do you also want to get a break on accruing interest for a period of time to make a big purchase or to get a break from interest on your everyday purchases?;
- Are you also interested in earning rewards? or
- Are you trying to find a card that will not charge a fee for the balance transfer in addition to offering a break on the interest?
We compared a variety of different cards, evaluating them based on their fees, rewards rates, APRs, Balance transfer durations, and other details, to bring you some of the best balance transfer credit cards of 2017.
Best for longest term intro balance transfer and APR offer
Card overview
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3%
Balance transfer fee
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0.00%
Balance transfer intro APR
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21 months
Intro balance transfer period
Citi Simplicity Card
on Citibank's website
Summary
With a 0 percent introductory APR on purchases and balance transfers for 21 months after opening your account, no late fees, and no annual fee, this is a great card for anyone looking for a balance transfer option that will help pay down existing debt as well as delay accruing interest on purchases. And, this 21 month period for both balance transfers and purchases is significant compared to most other cards out there.
Get it
With 21 months of 0 percent APR for purchases or balance transfers, this card is great for getting some relief from high-interest rate credit card debt or financing a large purchase. Its flexibility in payment also provides some peace of mind when trying to pay back credit card debt.
Key highlights
- 0 percent introductory APR for 21 months from account opening for purchases and balance transfers and 14.49 percent – 24.49 percent APR thereafter
- No late fees or penalty rates
- Flexible payment due date: You can choose whichever available monthly due date works best for your schedule, whether at the beginning, middle, or end of the month
Skip it
While the introductory period for balance transfers is significant, you have to weigh the money you will save on interest with the fact that you will pay $5 or 3 percent, whichever is greater, to make the balance transfer in the first instance. Also, if you’re looking for a rewards card as well as a balance transfer card, the Citi Simplicity Card may not be for you, as it offers no rewards for card spend.
Best for no-fee balance transfer
Card overview
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15 months
0% Balance transfer period
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15 months
0% Purchase period
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12.99% - 22.99%
Ongoing variable APR
BankAmericard® Credit Card
on Bank of America's website
Summary
If you don’t want to pay any interest or fees for a balance transfer, the BankAmericard® Credit Card is a card you should consider. This card offers a zero percent, zero fee balance transfer for the first 60 days. After that, the fee jumps to three percent or $10, whichever is greater. With no annual fee, a 15 month zero percent introductory APR offer, and no penalty APR for paying late, this is a solid choice for anyone looking to pay down their existing debt.
Get it
The no fee transfer offer for the first 60 days along with a generous zero percent introductory APR offer of 15 months is what makes the BankAmericard® Credit Card a great balance transfer card.
Key highlights
- 0 percent APR for both purchases and balance transfers for the first 15 months, after which interest increases to 12.99 percent – 22.99 percent APR based on your creditworthiness
- $0 introductory fee for transactions and balance transfers made within 60 days of opening your account, after that your fee is either $10 or three percent of the amount of each transfer, whichever is greater
- No penalty APR. Paying late won’t automatically raise your APR
Skip it
If you’re looking for a rewards card as well as a balance transfer offer, then this card is not the best for you. The BankAmericard® Credit Card offers no rewards for spending.
Best for longer term balance transfer plus cash back
Card overview
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3%
Balance transfer fee
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0.00%
Balance transfer intro APR
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18 months
Intro balance transfer period
Discover it® - 18 Month Balance Transfer Offer
on Discover Card's website
Summary
If you’re looking to transfer a high-interest balance to a card that will also earn you cash back, then the Discover it® Card 18-month balance transfer offer may be for you. With an 18-month, 0 percent APR offer on balance transfer and 6-month, 0 percent APR on purchases, this card offers one of the longest lasting balance intro rates, plus a generous 5 percent cash back on rotating categories for up to $1,500 in spend (as long as you activate the categories on a quarterly basis) makes this a very attractive balance transfer card.
Get it
With rotating rewards up to 5 percent and a year and a half of 0 percent balance transfer APR, this card is great for transferring high-interest credit card debt while still offering long term value.
Key highlights
- One percent unlimited cash back on all purchases
- Up to five percent cash back in rotating rewards categories, up to a quarterly maximum of $1,500. Category rewards must be activated each quarter
- You could turn $150 into $300 with Cashback MatchTM. Get a dollar-for-dollar match of all the cash back you’ve earned at the end of your first year, automatically
- Zero percent APR that lasts 18 months for balance transfers and 6 months for purchases, after which the APR increases to between 11.99 percent and 23.99 percent depending on your creditworthiness
Skip it
If you’re looking to make a large purchase instead of a balance transfer, other cards offer longer term 0 percent APR for purchases. Also, if you don’t want to deal with keeping track of rotating rewards, a flat-rate cash back balance transfer card may be better suited to your spending. And the other trade off is that you need to consider the 3 percent fee you will incur on the balance transfer and weigh that against the 18-months of no interest.
The post Best Balance Transfer Cards of 2017 appeared first on Credible Blog.
