With more Americans using credit cards than ever before, it is essential to get the most out of your credit card. That is why balance transfer cards are so popular for consumers who want to pay off debt faster. With a balance transfer card, you can move your existing balances onto one single card with a lower interest rate or no interest at all. In this blog post, we will take a look at the best balance transfer credit cards in 2023. From zero-interest introductory offers to long-term rewards programs and more, we have you covered so you can find the right card for your needs. Read on to find out which cards stand out from the pack!
Discover it® Balance Transfer
If you’re looking to save on interest and pay down your debt faster, a balance transfer credit card could be a good option for you. With a balance transfer card, you can transfer your high-interest debt from one credit card to another with a lower interest rate. This can help you save money on interest and pay off your debt faster.
When considering a balance transfer credit card, it’s important to look at the interest rate, balance transfer fee, and any other fees that may apply. You’ll also want to make sure the card has a 0% intro APR period for balance transfers.
The Discover it® Balance Transfer card offers all of this and more. With no balance transfer fee and a 0% intro APR period for 18 months on balance transfers (16.74% – 25.49% Variable after that), this card can help you save on interest and pay down your debt quickly. Plus, there’s no annual fee.
To learn more about the Discover it® Balance Transfer card and other great balance transfer options, check out our list of the best balance transfer credit cards of 2020.
Citi Simplicity® Card
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The Citi Simplicity® Card is one of the best balance transfer credit cards on the market. It offers an introductory 0% APR on balance transfers for 18 months, and there is no annual fee. With this card, you can also get up to $100 in statement credits each year for your first eligibleLate Payment Fee or Returned Payment Fee.
Chase Slate® is one of the best balance transfer credit cards on the market. With a 0% intro APR on balance transfers for 15 months and no balance transfer fee, it’s a great option for those looking to pay down their debt. Additionally, Chase Slate® offers a 0% intro APR on purchases for 15 months, so you can save on interest while you’re making purchases as well.
Wells Fargo Platinum Card®
If you’re looking for a balance transfer credit card with a long introductory APR period, the Wells Fargo Platinum Card® is a good option to consider. This card offers an introductory APR of 0% for 18 months on purchases and balance transfers, which can give you some breathing room to pay down your debt. After the intro period ends, the APR increases to a variable rate of 16.49%-24.99%.
In addition to the lengthy intro APR period, the Wells Fargo Platinum Card® also offers some other nice perks, like no annual fee and a rewards program that lets you earn points on every purchase. If you’re looking to transfer a balance from another credit card and want to take advantage of a intro APR period, the Wells Fargo Platinum Card® is definitely worth considering.
Bank of America® Cash Rewards Credit Card
The Bank of America® Cash Rewards Credit Card is a great choice for those looking to transfer their balances from high-interest cards. This card offers a 0% introductory APR on balance transfers for 18 months, and also provides 3% cash back on gas and 2% cash back at grocery stores (1% on all other purchases). There is no annual fee for this card, making it an excellent option for those who want to save money on interest and earn rewards.
How to use balance transfer credit cards
Assuming you already have a good credit score, there are a few things to keep in mind when using balance transfer credit cards.
First, make sure you understand the terms and conditions of the card before you use it. Some cards will have a balance transfer fee, so you’ll want to make sure you’re not paying more in fees than you’re saving in interest.
Second, use your balance transfer card to pay off high-interest debt as quickly as possible. Once you’ve paid off your debt, be sure to cancel the balance transfer and start paying down your other debts.
Finally, remember that balance transfer credit cards are only a temporary solution to your debt problems. If you continue to spend more than you can afford to pay off each month, you’ll just end up with even more debt. So use your balance transfer card wisely and make a plan to get out of debt for good.
Do balance transfers hurt your credit?
Balance transfers can be a great way to save money on interest and pay down debt faster. But, if not managed properly, they can also hurt your credit score.
When you transfer a balance, you are effectively taking out a new loan. This loan will show up on your credit report and will impact your credit score. The new balance will also increase your credit utilization ratio, which is the amount of debt you have compared to your available credit. A high credit utilization ratio can hurt your credit score.
To avoid hurting your credit score, make sure to pay off your balance transfer as quickly as possible. And, if possible, try to keep your credit utilization ratio below 30%.
Who has the longest 0% balance transfer?
There are a few different ways to look at this question. One way is to simply compare the length of 0% balance transfer offers from different credit card companies. Another way is to look at the terms and conditions of each offer to see if there are any restrictions or requirements that would shorten the length of the 0% balance transfer.
Assuming you are looking for the longest 0% balance transfer in terms of time, Citi currently has the longest offer at 21 months. This offer does come with a 3% balance transfer fee, but it also has no annual fee.
If you are looking at the overall value of the balance transfer, Chase Slate currently has the best offer. They have a $0 intro balance transfer fee for transfers made within 60 days of account opening, and their 0% APR period lasts for 15 months. After that, your APR will revert to the standard variable rate, which is currently 16.49%.
Is a 3% balance transfer fee good?
When you’re trying to pay off debt, a balance transfer can be a helpful tool. By transferring your balance to a new credit card with a lower interest rate, you can save money on interest and pay off your debt faster.
Most balance transfer cards come with a fee, typically 3% of the amount you transfer. So if you transfer a $5,000 balance, you’ll owe a $150 fee.
Is a 3% balance transfer fee good? It depends. If you can find a card with no balance transfer fee, that’s ideal. But if you can’t, a 3% fee is still better than paying high interest on your current card.
To decide if a 3% balance transfer fee is worth it for you, compare the interest you’ll pay on your new card with the fee. For example, if you have a $5,000 balance and you’re paying 18% interest on your current card, transferring to a new card with a 15% APR and a 3% balance transfer fee will save you $250 in interest (18% x $5,000 = $900; 15% x $5,000 =$750; $900 – $750 =$250). So even though you’ll have to pay the $150 fee, it’s worth it because you’ll save money in the long run.
Is there a downside to balance transfers?
Yes, there are a few potential downsides to balance transfers. First, if you’re not careful, it’s easy to end up in a cycle of debt where you’re constantly transferring balances and paying high interest rates. Second, balance transfer fees can add up, especially if you’re transferring a large balance. Finally, if you don’t pay off your transferred balance within the promotional period, you’ll be stuck paying interest on the entire amount.
How much is too much for a balance transfer?
Assuming you have good credit, you can qualify for a balance transfer credit card with 0% APR for anywhere from 12 to 21 months. After that, a variable APR applies, currently 14.49% – 24.49%.
There are a few things to consider when deciding how much to transfer:
-Your credit limit: If your balance transfer is close to your credit limit, your credit score could take a hit. You want to keep your credit utilization (the amount of debt you’re carrying compared to your credit limit) below 30%, and ideally closer to 10%.
-The transfer fee: Most balance transfer cards charge a 3% fee on the amount you’re transferring. So if you’re transferring $5,000, it’ll cost you $150 in fees. Make sure the savings you’ll get from the 0% APR outweighs this fee.
-Your ability to pay off the debt: Do you have a plan in place to pay off the debt before the introductory period ends? If not, you could end up paying interest on the entire balance, negating any savings from the 0% APR.