[DISCLOSURE: Cards from our partners are mentioned below.]
If you’re trying to pay down a large credit card balance and you feel like you’re getting nowhere, one potential solution is to move your debts to a balance transfer card. Balance transfer cards often offer introductory periods of 0% interest, giving you time to pay down your balance without accruing additional debt.
If you’re looking for a balance transfer credit card, you should be examining the introductory period, transfer fees and any additional benefits the cards provide to help you decide which one is right for you. To help you get started, check out these cards, which all offer solid intro periods for you to pay down your balances interest-free. (Paying your debt down means you’ll be on the path to improving your credit utilization and, in turn, your credit scores. You can see two of your scores free on Credit.com.)
Citi Simplicity® Card - No Late Fees Ever
- The ONLY card with No Late Fees, No Penalty Rate, and No Annual Fee…EVER
- 0% Intro APR on Balance Transfers and Purchases for 18 months. After that, the variable APR will be 15.74% - 25.74% based on your creditworthiness*
- There is a balance transfer fee of either $5 or 5% of the amount of each transfer, whichever is greater
- The same great rate for all balances, after the introductory period
- Save time when you call with fast, personal help, 24 hours a day – just say “representative”
- Enjoy the convenience of setting up your own bill payment schedule on any available due date throughout the month
Card Details +
Balance Transfer Fee: $5 or 3% of the transfer amount, whichever is greater
APR: 0% intro APR for 18 months, then 15.74% - 25.74%* (Variable)
Annual Fee: None
Why We Picked It: Citi’s 18 months of interest-free financing is impressive. (Full Disclosure: Citibank advertises on Credit.com, but that results in no preferential editorial treatment.)
Benefits: With 18 months interest free, Citi Simplicity sets the bar high for balance transfer cards. That’s almost two years to pay down your balance. There are no late fees or penalty APRs.
Drawbacks: There are no rewards policies.
Alliant Visa Platinum Rewards Card
Balance Transfer Fee: None
APR: 0% to 5.99% intro APR for 12 months, then variable 13.99% to 23.99%
Annual Fee: None
Why We Picked It: Alliant Credit Union’s rewards card offers no balance transfer fees and a year with no interest. Plus, cardholders earn rewards points for valuable redemptions.
Benefits: Qualifying cardholders get a year of 0% APR and no balance transfer fees. They’ll also earn two points for every dollar spent in purchases and 5,000 bonus points when spending $500 in the first three months. Points can be redeemed for travel, gift cards, cash back and more.
Drawbacks: You’ll have to be an Alliant Credit Union member to access this card, although a simple $10 donation to Foster Care to Success can make you eligible. Beyond that, you need the right credit to qualify for the 0% intro APR offer. If you don’t, Alliant may impose an intro APR up to 5.99%.
Discover it® Balance Transfer
- INTRO OFFER: Discover will match ALL the cash back earned at the end of your first year, automatically.
- Earn 5% cash back at different places each quarter like gas stations, grocery stores, restaurants, Amazon.com, or wholesale clubs up to the quarterly maximum each time you activate. Plus, earn unlimited 1% cash back on all other purchases – automatically.
- Redeem cash back any amount, any time. Rewards never expire.
- 100% U.S. based customer service.
- Get your free Credit Scorecard with your FICO® Credit Score, number of recent inquiries and more.
- Receive FREE Social Security number alerts—Discover will monitor thousands of risky websites when you sign up.
- No annual fee.
Card Details +
Balance Transfer Fee: 3% of the transfer amount
APR: 0% intro APR for 18 months on balance transfers (6 months on purchases), then 13.74% - 24.74% Variable on purchases & balance transfers
Annual Fee: None
Why We Picked It: Discover it offers 18 months of 0% APR on balance transers and earns cash back with a nice bonus the first year.
Benefits: Eighteen interest-free months is a solid time frame to catch up on debt. Cardholders also earn 5% cash back on up to $1,500 in purchases for quarterly rotating spending categories such as gas, dining and home improvement. All other purchases get unlimited 1% cash back. Discover matches all earned cash back for the first year of the card.
Drawbacks: Earning cash back requires spending on the card, which may be counterproductive if you’re trying to pay down debt.
Barclaycard Ring® Mastercard®
- Enjoy a 0% intro APR for 12 months on balance transfers made within 45 days of account opening. After that, a variable 13.74% APR will apply
- Low 13.74% variable APR on purchases and cash advances
- No annual fee
- No foreign transaction fees
- International Chip and PIN
Card Details +
Balance Transfer Fee: $0
APR: Intro: 0% intro APR for 12 months on balance transfers made within 45 days of account opening. After that, a variable 13.74% APR will apply. for Within 45 days of account opening
Annual Fee: None
Why We Picked It: This card no balance transfer fees and a low APR compared to other cards.
Benefits: Cardholders pay nothing for balance transfer fees and get a low interest rate
Drawbacks: The card’s Giveback rewards program is a profit-sharing feature that offers cardholders little control.
Choosing & Using a Balance Transfer Card
Assuming you intend to use your balance transfer card to pay down large balances, there are some things you should know about selecting and using these cards.
Before you apply for any card, you’ll want to check the APR that kicks in after the 0% intro period. If it’s higher than the APR on your current cards, think twice about applying. If you don’t manage to pay off your balance transfers before the intro period runs out, a card with a higher APR will slap you with a worse interest rate than you currently have.
The balance transfer fee also requires close attention. Some balance transfer cards won’t charge a fee on transfers, while others will charge $5 or 3% to 5% of the transfer amount. Depending on your current balances, this could wind up costing hundreds of dollars.
When you open a card, transferring your balances immediately will pay off. That’s because you’ll get the full intro period to pay down your balance interest-free. Also, if your card only offers free balance transfers for a limited time, you’ll want to take advantage while you can.
Finally, you’ll want to use the card in the most fiscally responsible way. Paying off your entire balance within the intro period will save you the most money, so you may want to figure out the minimum monthly payment required to accomplish that. Using the card for everyday spending will add to that balance, and if your focus is reducing debt, you’ll probably want to limit or completely avoid using the card for purchases until the balance reaches zero.
At publishing time, the Chase Slate, Citi Simplicity, Discover it and Barclaycard Ring MasterCard credit cards are offered through Credit.com product pages, and Credit.com is compensated if our users apply and ultimately sign up for this card. However, this relationship does not result in any preferential editorial treatment. This content is not provided by the card issuer(s). Any opinions expressed are those of Credit.com alone, and have not been reviewed, approved or otherwise endorsed by the issuer(s).
Note: It’s important to remember that interest rates, fees and terms for credit cards, loans and other financial products frequently change. As a result, rates, fees and terms for credit cards, loans and other financial products cited in these articles may have changed since the date of publication. Please be sure to verify current rates, fees and terms with credit card issuers, banks or other financial institutions directly.