Credit card debt. It’s not something any of us really want in our lives. Whether we rack it up unintentionally or need it to cover an important purchase, the debt from credit cards can put you in a tough financial spot. And when you take on high interest rates from your debt, you’ll end up losing out on even more money.
Thankfully, certain types of credit cards can help relieve a little bit of that debt burden. The remedy? Balance transfer. A balance transfer is when you move an amount of your credit card debt from one card or location to another. The purpose of this transfer is to reduce the amount of interest you pay on that debt you’ve accumulated. Being charged a lower interest rate can help you take care of that debt faster and move toward a debt-free lifestyle.
If you’re dealing with credit card debt and are looking for a card that can help you alleviate some of that burden, it’s best to find a card with lower interest rates and are tailored to support balance transfers. To help, here we share five of the best balance transfer credit cards to get you on your way to living debt-free.
With the word “freedom”, this card from Chase offers you several opportunities to save and reap rewards on however you spend your card without extra hoops to jump through.
Like the name suggests, this credit card gets you unlimited cash back on every single purchase. You’ll receive 1.5 percent cash back on all your purchases from filling up your gas tank to adding to your wardrobe. With this card, you also won’t have to meet any minimum amount in order to redeem that cash back that you’ve accumulated.
Annual fee: $0 for your first year, then $95 following
Intro Purchase APR: 0% for first 15 months and balance transfers
Regular APR – 16.99%-25.74% variable APR
Intro Balance Transfers – Either $5 or just 3% of each transfer
Other benefits of this card include a new cardmember offer of earning up to a $200 bonus. When you spend $500 in your first three months, you’ll earn a $150 bonus with an extra $50 bonus added on if you spend $5,000 in your first 12 months. In addition to these offers, there are various ways you can redeem those valuable rewards you’ve accumulated and your cash back rewards never expire as long as your account is open. You’ll also have the opportunity to use tap to pay functionality to make shopping a breeze. The low intro balance transfer fee can also help you get rewarded. With a low APR and no annual fee, this card can be a great choice for you for a balance transfer card.
When you’re looking to alleviate some debt burden, you can discover savings with this card.
Discover offers a variety of cards that can meet you where you’re at in your finances. If you’re looking to help take care of some debt, the balance rewards card from Discover gets you 0% balance transfer APR for your first 18 months. You’ll also earn cash back on your purchases so you can save even as you spend.
Annual fee: $0
Intro Purchase APR: 0% for first 6 months and balance transfers
Regular APR – 14.24%-25.24% variable APR
Intro Balance Transfers – 0% for first 18 months
With this card’s additional features that cater to your needs of managing your debt, you can quickly rack up your earnings with cash back opportunities. With Discover, you can earn 5% cash back at various places you visit depending on the quarter’s category, up to a quarterly maximum. For all other purchases you make not in those categories, you’ll still earn 1% on those. As a new cardmember, you’ll also get to receive a match from Discover on all the cash back you’ve earned. You can redeem your rewards anytime you want and your rewards never expire, either. To protect you as you amp up your financial stability, you’ll also get a free credit scorecard with your FICO Credit Score and other helpful information to keep you on track. You’ll also get free social security number alerts to make sure your money is protected. With this card, you don’t have to give up earning rewards on your card usage due to balance transfers. With the perks offered in this card, you can get the best of both worlds.
This card makes moving toward financial stability more simple.
With the Citi Simplicity credit card, you can work toward paying off your credit card debt, simply. The low balance transfer APR for your first 21 months allows you to take advantage of spending your money on paying off your balance rather than accruing interest on your payments.
Annual fee: $0
Intro Purchase APR: 0% for first 12 months and balance transfers
Regular APR – 16.24%-26.24% variable APR
Intro Balance Transfers – 0% for first 21 months, then 16.24%-26.24%
Get on your way to greater financial health with this card that allows you to transfer balances so you can focus on what matters. The Citi Simplicity card’s low APR saves you from spending excess amounts of your hard earned money on interest on your loans. With this card, you’ll enjoy not having to pay an annual fee and a plethora of other benefits that allow you to spend with confidence. Be protected against identity theft through Citi’s Identity Theft Solutions that help you deal with compromised accounts. As you travel, you’ll also get enhanced security with travel protection with EMV chip technology and purchase protection with $0 liability for unauthorized charges. Stay constantly connected to your account with 24/7 customer services, ability to choose your payment date, automatic alerts and the opportunity to pay quickly and easily with Apple Pay. With the City Simplicity card, you can save on balance transfer costs and earn rewards that matter to you.
Take advantage of the balance transfer convenience with this card from Wells Fargo.
Get on your way to controlling your financial situation with a card that offers a 0% introductory APR on balance transfers for your first 18 months with the card. After that, your APR is only between 13.74% and 27.24% based on your credit. With low numbers like that, you’ll be spending more on taking care of your debt and less on building up interest.
Annual fee: $0
Intro Purchase APR: 0% for first 18 months and balance transfers
Regular APR – 13.74%-27.74% variable APR
Intro Balance Transfers – 0% for first 18 months, then 13.74%-27.74% variable APR
In addition to impressively low interest rates for both purchases and balance transfers, this card also brings you perks you can take advantage of as you shop. Additional card features include account protection services that have you covered with unauthorized transactions or other alerts. You’ll also get to manage your finances with tools like My Money Map and access to your FICO Credit Score when you access their online services. Travel with security with additional features like rental damage waiver, accident insurance and roadside dispatch to keep you protected as you travel. Lose your card? Wells Fargo provides an emergency card replacement. Receive alerts if there appears to be suspicious activity on your card. Stay protected and improve your financial health with a card perfect for balance transfers.
This versatile and practical card is great for racking up rewards and getting closer to financial stability.
Save on interest as you work to pay down your balances with the BankAmericard that offers a 0% APR for your first 15 billing cycles for purchases and balance transfers made within your first 60 days of having your card. Then, your APR stays fairly low so you can continue to save on interest as you move toward financial security.
Annual fee: $0
Intro Purchase APR: 0% for first 15 billing cycles and balance transfers made within first 60 days
Regular APR – 15.24%-25.24% variable APR
Intro Balance Transfers – $0 for first 60 days, then 3% of each transfer
As you work to pay down your balances faster with this card, you’ll also be able to take advantage of other perks this card offers like no annual fee and no penalty APR if you make a late payment. You’ll also be able to access your FICO Score every month for free. In providing you the resources you need, you’ll also be able to gain knowledge about using credit as well as using credit cards responsibly. Shop smart and safe with additional security features offered through this card such as cards with chip technology, account alerts and blocking of potential fraud. You’ll also be able to access your account with ease through text banking and online and mobile banking services.
Gain Financial Health With a Balance Transfer Card
With these credit cards designed with lower interest rates, you can free yourself of your balances faster. Cards such as these allow you to put your money more toward paying off that debt rather than continuing to build up harmful interest. Make a move toward greater financial health and check out a card today.