Here are some of the best balance transfer credits cards right now – and a breakdown of how each could help you optimize spending and save money.
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Is It a Good Idea to Do a Balance Transfer?
The current state of the economy has many people worried about making ends meet. If you find yourself needing additional time to pay off credit card debt, then balance transfer credit cards could help.
Balance transfer credit cards are a special type of card that enables you to transfer high interest credit card debt to a new card. The new “balance transfer” card usually doesn’t charge interest during the introductory rate period. These offers can last anywhere from 12 to 20 months.
What Credit Cards Do Balance Transfers?
I never recommend carrying a credit card balance because interest rates are just too high. However, 0% APR balance transfer credit cards offer a surprisingly convenient way to carry a balance for a set amount of time without paying any interest.
0% balance transfer credit cards could save you hundreds or even thousands of dollars in interest payments. Here are the best credit cards with balance transfers offers right now.
U.S. Bank Visa Platinum
The U.S. Bank Visa Platinum card can help you get your financial life in order. Whether you need to get back on your feet or take your small business to the next level, this card gives you 20 billing cycles of 0% introductory APR on balance transfers and purchases. Plus, there’s no annual fee.
I talk with countless small business owners each week on my one one one private consult calls, and we often discuss how difficult it can be to get access to capital. A card like this allows you nearly two years to launch, grow, pivot, and scale your business.
The 0% introductory APR applies to balance transfers made within 60 days of account opening. There is a balance transfer fee of 3% for each transfer amount or $5, whichever is greater.
This card can help you handle emergencies with grace while keeping your finances manageable. You could also use it to make overdue upgrades and enjoy a long 0% intro APR.
You need a Good/Excellent credit score, so I recommend at least 690. You can read more about the U.S. Bank Visa Platinum card here.
Wells Fargo Platinum Visa Card
The Wells Fargo Platinum card is nearly the frontrunner when it comes to 0% intro APR balance transfer cards. It offers 18 months 0% intro APR on both qualifying balance transfers and purchases.
You read that correctly. 0% intro APR for 18 months both on purchases and qualifying balance transfers. This is a rare promotion that everyone should consider, especially if you have a big purchase or a large amount of spend planned soon.
With one of the longest intro APR offers, the Wells Fargo Platinum card counts qualifying balance transfers as those made within the first 120 days of opening your account. The introductory balance transfer fee is 3% for each transfer or $5, whichever is greater. You need Excellent to Good credit to be approved for this card, so a credit score of 690 or better.
The $0 annual fee and up to $600 of cell phone protection against damage or theft make this card one everyone should consider. Compare this card to other balance transfer cards here.
The Simmons Visa card is the epitome of a strategic balance transfer card. It offers 0% intro APR for 12 months on balance transfers completed within 60 days of the account opening date.
There is a fee of 3% for each transfer or $10, whichever is greater. No one likes fees, but I’ll gladly pay 3% once to avoid paying higher interest rates month after month. This card also has no annual fee and one of the lowest APRs on new purchases of 8.25%.
The Simmons Visa is a card on my radar because I can transfer balances then give myself 12 months no interest. I would then strategically pay off that balance before the end of the 0% intro APR period.
Keep in mind, you need excellent credit of 750 or higher to be approved for this card.
What is the Best 0% Balance Transfer Credit Card?
Balance transfer credit cards are a smart strategy for people looking to pay down debt and avoid industry standard double digit super-high interest rates. Remember, you must do a balance transfer from one bank like American Express to another bank, like Wells Fargo or Simmons Bank. You can’t transfer balances within the same bank.
The U.S. Bank Visa Platinum card wins out for longest 0% introductory APR for balance transfers with 20 billing cycles. This is the first card I would consider using to help float a large purchase or pay down existing credit card debt.
The Wells Fargo Platinum Visa card comes in a close second, offering 18 months 0% intro APR on balance transfers. It’s possible to use this card to continue paying down preexisting credit card balances while avoiding high interest rates.
The Simmons Visa card is an option for those more advanced in their credit card journey. Because it requires excellent credit, I’d consider using this card to take advantage of the shockingly low APR on purchases in addition to the valuable balance transfer offer.
Have any good balance transfer success stories? Let me know in the comments.
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As always, I’m Rich and until next time.
“RichSmithEDU.com has partnered with CardRatings for our coverage of credit card products. RichSmithEDU.com and CardRatings may receive a commission from card issuers. Opinions, reviews, analyses & recommendations are the author’s alone, and have not been reviewed, endorsed or approved by any of these entities. Responses are not provided or commissioned by the bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser’s responsibility to ensure all posts and/or questions are answered. I am not a financial advisor. The information I share is for educational purposes only and shouldn’t be considered as certified financial or legal advice. It is imperative you conduct your own research. I am sharing my opinion only.”