Best Balance Transfer Credit Cards
Balance transfer credit cards are designed to help consumers save money on interest payments by allowing them to transfer existing high-interest debt from other credit cards to a new card with a lower or 0% introductory interest rate for a specified period. This can be an effective strategy for consolidating debt and paying it off more efficiently.
These cards typically offer a promotional interest rate for a period ranging from six months to over a year, during which time the transferred balance accrues little to no interest. It's important to note that balance transfer cards often come with a transfer fee, usually a percentage of the amount transferred, although some cards may waive this fee as part of the promotional offer. To maximize the benefits, it's crucial to pay off the transferred balance before the introductory period ends, as any remaining debt will then be subject to the card's regular interest rate, which can be quite high. Additionally, cardholders should avoid making new purchases with the card unless it also offers a 0% purchase APR, as new purchases might not be covered by the promotional rate and could incur interest charges. Careful consideration and timely payments are essential to fully leverage the advantages of balance transfer credit cards.
- ChaseView All
Chase - Chase: Major U.S. bank and financial services provider.
- CitiView All
Citi - Global banking and financial services corporation.
- Bank of AmericaView All
Bank of America - Major U.S. bank offering financial services globally.
- DiscoverView All
Discover - Discover: Financial services company, credit cards, loans, banking.
- American ExpressView All
American Express - Global financial services company specializing in credit cards.
- Wells FargoView All
Wells Fargo - Major American financial services company and banking institution.
- U.S. BankView All
U.S. Bank - U.S. Bank: Major American financial services holding company.
- Capital OneView All
Capital One - Capital One is a major U.S. bank and financial institution.
- BarclaysView All
Barclays - Major British multinational investment bank and financial services company.
- HSBCView All
HSBC - Global banking and financial services organization.
Best Balance Transfer Credit Cards
1.
Chase
Pros
- Wide range of services
- extensive ATM network
- strong customer service
- user-friendly app
- competitive rewards programs
Cons
- High fees
- strict requirements for fee waivers
- occasional account freezes
- slow transaction processing
- limited branch locations in some areas
2.
Citi
Pros
- Wide range of services
- Global presence
- Competitive credit card rewards
- Strong online banking
- Diverse investment options.
Cons
- High fees
- Customer service issues
- Complex fee structures
- Limited branch access
- Stringent lending criteria.
3.
Bank of America
Pros
- Wide network
- diverse services
- digital banking
- strong security
- customer rewards.
Cons
- High fees
- complex terms
- customer service issues
- overdraft penalties
- limited international presence.
4.
Discover
Pros
- No annual fee
- Cashback rewards
- Excellent customer service
- FICO score monitoring
- Wide acceptance within the U.S.
Cons
- Limited international acceptance
- High APR for some cards
- Few premium card options
- Limited travel benefits
- Cashback categories may be restrictive
5.
American Express
Pros
- Wide acceptance
- Excellent customer service
- Rewards programs
- Purchase protection
- Travel benefits
Cons
- High annual fees
- Limited merchant acceptance
- Requires good credit
- High interest rates
- Foreign transaction fees
6.
Wells Fargo
Pros
- Wide range of services
- extensive branch network
- innovative digital banking
- strong customer rewards
- competitive mortgage rates
Cons
- History of scandals
- high fees
- average customer service ratings
- slow loan processing
- limited international presence
7.
U.S. Bank
Pros
- Extensive branch network
- diverse financial products
- strong online banking
- reliable customer service
- competitive rates.
Cons
- Fees on some accounts
- limited international presence
- mixed reviews on mobile app
- occasional service outages
- strict credit requirements.
8.
Capital One
Pros
- Competitive interest rates
- user-friendly mobile app
- extensive credit card options
- 24/7 customer service
- no foreign transaction fees.
Cons
- Limited branch locations
- high fees on some accounts
- occasional account freezes
- mixed customer service reviews
- limited investment options.
9.
Barclays
Pros
- Global presence
- Diverse financial services
- Strong brand
- Innovative banking solutions
- Robust customer support.
Cons
- High fees
- Complex product offerings
- Occasional technical issues
- Strict lending criteria
- Scandals affecting reputation.
10.
HSBC
Pros
- Global presence
- Wide range of services
- Strong digital banking
- Comprehensive wealth management
- Competitive interest rates.
Cons
- High fees
- Customer service issues
- Complex fee structure
- Limited branch access in some regions
- Regulatory challenges.