Excellent Balance Transfer Credit Cards - 0% Intro APRs & No Annual Fees
Director and personal finance analyst for The Ascent by The Motley Fool. He has 15 years of finance experience and holds an MBA from George Washington University.
Director and personal finance analyst for The Ascent by The Motley Fool. He has 15 years of finance experience and holds an MBA from George Washington University.
Balance transfer credit cards are one of the fastest and easiest ways to pay off debt. You could save hundreds, or even thousands, by transferring an existing high-interest balance to a credit card with a 0% intro APR offer. For example, if you have $10,000 in credit card debt, applying for a balance transfer credit card and taking advantage of a 0% intro APR offer could mean saving as much as $1,863 in interest charges!
Our top picks for balance transfer cards all offer 0% APR on both balance transfers and purchases for a full year and a half and have $0 annual fees. Each card also provides free online access to your FICO® Score so you can monitor the progress you’re making to build your credit.
*Important: Is your credit score below 670? If so, you’re less likely to get approved for these cards — but visit this page for our top-rated cards for building your credit.
Bottom Line
Credit Rating Requirement:
Rewards
None
Annual Fee
$0
Intro APR
Purchases: 0%, 18 billing cycles
Balance Transfers: 0% Intro APR for 18 billing cycles for any balance transfers made in the first 60 days
Ongoing APR
12.99% - 22.99% Variable
Welcome Bonus
None
Highlights
Unique Card Feature We Love: No Penalty APR
It’s common for credit card issuers to slap late-paying cardholders with a raised APR. The BankAmericard® says that a tardy remuneration won’t automatically hike a customer’s APR, so cardholders shouldn’t have a heart attack if they aren’t timely with a payment.
Bottom Line
Credit Rating Requirement:
Rewards
5% cash back at different places each quarter up to the quarterly maximum when you activate. 1% unlimited cash back on all other purchases - automatically
Annual Fee
$0
Intro APR
Purchases: 0%, 6 months
Balance Transfers: 0%, 18 months
Ongoing APR
11.99% - 22.99% Variable APR
Welcome Bonus
Discover will match all the cash back you’ve earned at the end of your first year.
Highlights
Unique Card Feature We Love: 5% Cash Back + Cash Back Match
Most people using balance-transfer cards ditch them after the APR promo expires but there’s no need to do so with Discover it® Balance Transfer since it also features one of the leading cash-back programs. You can earn 5% cash back at different places each quarter like grocery stores, restaurants, gas stations, and online shopping up to the quarterly maximum ($1,500 of spending) each time you activate the rotating category. Discover will also match all the cash back earned during the first year for new cardholders!
Bottom Line
Credit Rating Requirement:
Rewards
N/A
Annual Fee
$0
Intro APR
Purchases: 0%, 18 months
Balance Transfers: 0%, 18 months
Ongoing APR
14.74% - 24.74%, variable
Welcome Bonus
N/A
Highlights
Unique Card Feature We Love: Choose Your Payment Due Date
A little flexibility can go a long way when it comes to managing your finances. The Citi® Diamond Preferred® Card lets you choose from any available payment date, whether it's in the beginning, middle, or end of the month. That way, you can set up automatic payments that are aligned with your paycheck.
Bottom Line
Credit Rating Requirement:
Rewards
N/A
Annual Fee
$0
Intro APR
Purchases: 0% intro APR, 18 months from account opening
Balance Transfers: 0% intro APR, 18 months on qualifying balance transfers
Ongoing APR
16.49%-24.49% (Variable)
Welcome Bonus
N/A
Highlights
Unique Card Feature We Love: Cell Phone Protection
This feature is unique to Wells Fargo. As long as you sign up to pay your cell phone bill with your Wells Fargo Platinum Visa card, your cell phone is insured. If it’s damaged or stolen, you’ll receive up to $600 in protection with a $25 deductible.
A long balance transfer offer can help you chip away at debt balances as you pocket some savings while avoiding interest charges. Here's a comparison of how you could save $1,863 of interest charges by putting your finances first and paying off transferred debt or purchase balances during the 0% intro APR period versus paying off balances at a 19% APR:
Debt Balance Scenario | Monthly Payment | APR Offer | Interest Charges | Months to Pay Off |
---|---|---|---|---|
$10,000, promo APR | $556 | 0%, 18 months | $0 | 18 |
$10,000, no promo APR | $556 | 19% on all balances | $1,863 | 22 |
*Your approved card APR may vary from 19%.
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