When it comes to transferring a balance on your credit card you likely want to know about balance transfers, right?
Now, you should first know that you can only transfer an amount up to the total of the credit limit on that card. That means if you have a credit limit of $1,000 you can only transfer a balance of $1,000 (plus whatever fees you’re charged) even if the amount you’d like to transfer is $2,000.
What’s really happening here is that you’re using one credit card to pay off the balance of the other credit card. This can be a good idea if you’re able to get a new credit card that actually offers you a 0% interest rate.
You’ll be able to save a lot of money on the interest that you would have been paying with the first credit card if you left the balance on the first one.
That’s one of the biggest reasons that people choose to make these types of balance transfers.
Card | Rewards | 0% Intro | Annual Fee |
| 2%* | 18 months on balance transfers | $0 |
|---|---|---|---|---|
| 1X – 2X
2X at U.S. supermarkets (up to $6,000 each year), then 1x on all purchases
| 15 months on purchases | $0 | |
| None | 12 months on purchases and 21 months on balance transfers | $0 | |
| 2%
2% cash rewards on purchases (unlimited)
| 15 months on purchases and qualifying balance transfers | $0 | |
| 1% – 3%
earn unlimited 3% cash back on dining, entertainment, popular streaming services and grocery store purchases (excluding superstores like Walmart® and Target®), 1 percent on all other purchases.
| 15 months on purchases and balance transfers | $0 | |
| None | 20 billing cycles on purchases and balance transfers | $0 |
Who Should Use a Balance Transfer?
If you’re currently saddled with high-interest rates on your credit cards you may want to look at a balance transfer.
It can move your debt from that high interest to a card that has low or no interest (at least for a period of time).
If you’re carrying a lot of different credit cards that all have balances on them and all have high-interest rates you may want to take a closer look at that as well. Especially if you’re struggling to try and keep everything in check and make all of your monthly payments.
If you can put everything onto a single card that just might make a big difference for you and improve your ability to make the payments you need to. Also, for those who simply don’t want to have to deal with the hassle of paying a lot of payments in a single month this type of process is actually going to consolidate your debt at the same time.
So you won’t have to worry about keeping track of those different payment dates.
Citi® Double Cash Card
Reward details
Current Offer
Credit Rating
Annual Fee
0% Intro
APR
On Citi Secure Website, Terms Apply
The Double cash card is one of the best cards for 0% intro and balance transfers, as well as flat-rate cash rewards on every purchase.
You can get up to 1% cashback when you use the card plus an additional 1% whenever you make payment. The flexible redemption options of this card make it a potentially lucrative option for its users. Some of the benefits you can get from using this card include outstanding cashback on unlimited purchases and generous intro APR on balance transfers.
- Rewards Plan: 2% cash back rewards rate – 1% every time you swipe and another 1% upon payment.
- APR: 18.99% - 28.99% (Variable)
- Annual fee: $0
- Balance Transfer Fee: $5 or 5%
- Foreign Transaction Fee: 3%
- Sign Up bonus: None
- 0% APR Introductory Rate period: 18 months on balance transfers
- Simple and Generous Rewards System
- Competitive Balance-Transfer Policy
- Fee Waiver on First Late Payment
- No Annual Fee
- No Intro 0% APR on Purchases
- Balance Transfer Fee
- Foreign Transaction Fee
- Is there a limit to cash back rewards? No limit in place
- Can I get car rental insurance with Citi Double Cash? Yes, it offers rental insurance for cars if you pay for the full cost with this credit card and you decline the rental company’s insurance.
- What are the income requirements? No out and out income requirements and normally you will not have to provide proof of income.
- Does cash back rewards expire? They don’t expire once you keep your account open.
- Does card Citi Double Cash Credit Card offer pre approval? Yes, pre-approval is a possibility.
- What is the initial credit limit? It will normally be at least $500.
- How do I redeem cash back? You will be able to redeem the cashback points through direct deposit, check, or as a statement credit. You can also use them in other ways, such as spending on gift cards, Amazon.com, and on travel.
- What purchases don't earn cash back? All purchases earn cashback
- Should You Move to Citi Double Cash Card? If you like predictability and want an incentive to meet your payment commitments.
- How to maximize rewards on Citi Double Cash ? Make sure that you make your minimum due payments.
- Top Reasons NOT to get the Citi Double Cash? If you want a higher cashback rate you may need to look for another card.
The Amex EveryDay® Credit Card
Reward details
Current Offer
Credit Rating
Annual Fee
0% Intro
APR
Rates & Fees, Terms Apply
The Amex EveryDay® Credit Card is a very good option among rewards cards for individuals that rank up spending at the grocery checkout and gas pump. The Everyday card offers 2X at U.S. supermarkets (up to $6,000 each year), then 1x on all purchases . Terms Apply.
It also offers a nice welcome bonus - 10,000 points after you spend $1,000 in purchases on your new card within the first 3 months. Lastly, you'll enjoy 0% intro for 15 months on purchases , so if you plan a big purchase - it's another reason to consider this card.
- APR: 17.49% - 28.49% variable
- Annual fee: $0
- Balance Transfer Fee: N/A
- Foreign Transaction Fee: 2.7%
- Rewards Plan: 2X at U.S. supermarkets (up to $6,000 each year), then 1x on all purchases . Terms Apply.
- Welcome Bonus: 10,000 points after you spend $1,000 in purchases on your new card within the first 3 months
- 0% APR Introductory Rate period: 15 months on purchases
- Welcome Bonus
- Rewards Plan
- No Annual Fee
- 0% APR Introductory
- No Balance Transfer Fee
- Foreign Transaction Fee
- Variations in Reward Points’ Worth
- Cap on higher cashback rewards
- Not as Widely Accepted as Other Cards
- Is there a limit to cash back? You can get the premium cashback rate on groceries until you have annual purchases in this area of $6,000. The rate then goes to 1%.
- Can I get car rental insurance with Amex Everyday Card? Yes, you will get this insurance if you refuse the car rental company’s insurance coverage and you pay for the entire cost of the rental with this card.
- Can I get pre-approved? Yes, you can get pre-approval.
- What is the initial credit limit? It will be at least $1,000 and usually greater.
- How do I redeem cash back? The rewards will be credited to you in the form of a statement credit.
- What purchases don't earn cash back? All purchases currently will earn some level of cashback with this card.
- Should You Move to Amex Everyday Card? If you are looking for a good all-round card that has some solid rewards and no annual fee.
- Why did Amex deny me? What to Do Next? You might not have met some requirements. You can ask the customer support team where your application failed and seek a remedy to this situation.
- How to maximize rewards on Amex Everyday Card? Take advantage of the welcome bonus and make sure that you know what selected stores are eligible for the premium cashback rates.
- Top reasons NOT to get the Everyday Card? You spend enough on the likes of groceries that mean you will benefit from the Preferred card more than the Everyday card.
Citi Simplicity® Card
Reward details
Current Offer
Credit Rating
Annual Fee
0% Intro
APR
On Citi Secure Website, Terms Apply
If you need a card that will give you the freedom to pay off your debt without pesky fees, Simplicity by Citi offers you a perfect solution. While this is not the best rewards card of Citibank, it offers the longest 0% intro on balance transfer.
The main benefit the card offers is the long 0% intro APR - it applies for 12 months on purchases and 21 months on balance transfers (18.99% - 29.74% (Variable) after that), so the card can be a perfect fit if you need to payoff your debt or in case you plan a big purchase soon.
- APR: 18.99% - 29.74% (Variable)
- Annual fee: $0
- Balance Transfer Fee: $5 or 5% (whichever is greater)
- Foreign Transaction Fee: 3%
- Rewards Plan: None
- Sign Up bonus: None
- 0% APR Introductory Rate period: 12 months on purchases and 21 months on balance transfers
- No Annual Fee
- Long 0% intro APR
- Citi Perks
- No Rewards System
- 5% Balance Transfer Fee
Wells Fargo Active Cash
Reward details
Current Offer
Credit Rating
Annual Fee
0% Intro
APR
On Wells Fargo Website, Terms Apply
The Wells Fargo Active Cash Card does not charge any annual fee and stands out by it offers. You can earn 2% cash rewards on purchases (unlimited) on every purchase you make with this card, as well as a decent bonus for a card with no annual fee and an introductory 0% APR with a cash bonus that can be great for balance transfer.
Wells Fargo also offers built in protections against unauthorized transactions with additional security features such as Voice verification.
- Rewards Plan: 2% cash rewards on purchases (unlimited)
- APR: 19.74% to 29.49% variable APR
- Annual fee: $0
- Balance Transfer Fee: $5 or 5% (the greater)
- Foreign Transaction Fee: 3%
- Sign Up bonus: $200 cash rewards bonus when you spend $500 in purchases in the first 3 months
- 0% APR Introductory Rate period: 15 months on purchases and qualifying balance transfers
- Sign-Up Bonus
- No Foreign Transaction Fee
- Cashback on All Other Categories
- No Annual Fee
- 0% APR on Balance Transfers and Purchases
- Minimum Redemption Amounts
- Balance Transfer Fee
- Lower Cashback Rate
- Can I get car rental insurance? Yes, it offers rental insurance for cars if you pay for the full cost with this credit card and you decline the rental company’s insurance.
- Is there a cash-back rewards limit? No cap
- Does Wells Fargo Active Cash Card ask for proof of income? No out and out income requirements and normally you will not have to provide proof of income.
- Can I get pre-approved on card Wells Fargo Active Cash Card? Yes, pre-approval is a possibility.
- What is the initial credit limit ? It will usually be at least $500.
- How do I redeem cash back? You are able to redeem the rewards in numerous ways. This includes as statement credit, as cash, withdrawn at an ATM, or redeemed as a gift card. You can also use the rewards when paying through PayPal at an online checkout.
- What purchases don't earn cash back? All purchases will earn you cashback
- Why did Wells Fargo Active Cash Card deny me? What to Do Next? Perhaps you did not meet all of the requirements. You can ask the customer service team what you need to do to get accepted or you can look at other card options.
- How to Use Wells Fargo Active Cash Card Benefits? Use in conjunction with other cards and make the most of the signup offer.
- Top reasons NOT to get the Wells Fargo Active Cash Card? If you want bigger cashback rates or don’t want to pay any foreign transaction charges.
Capital One SavorOne Rewards
On Capital One website, Terms Apply
Capital One SavorOne Rewards
Reward details
Current Offer
Credit Rating
Annual Fee
0% Intro
APR
On Capital One website, Terms Apply
The Capital One SavorOne Cash Back rewards credit card is a no annual fee card that will help you earn cash back rewards on everyday activities, but also can be a great option for balance transfers. It offers earn unlimited 3% cash back on dining, entertainment, popular streaming services and grocery store purchases (excluding superstores like Walmart® and Target®), 1 percent on all other purchases..
The card offers a long period of 0% intro - 15 months on purchases and balance transfers (19.74% - 29.74% variable after that), as well as sign up bonus of $200 cash bonus once you spend $500 on purchases within the first 3 months from account opening. Overall, in addition to the nice cashback rate, the card has a variety of potential uses such as payoff your debt, buying a large item with no annual fees
- Rewards Plan: earn unlimited 3% cash back on dining, entertainment, popular streaming services and grocery store purchases (excluding superstores like Walmart® and Target®), 1 percent on all other purchases.
- APR: 19.74% - 29.74% variable
- Annual fee: $0
- Balance Transfer Fee: 3%
- Foreign Transaction Fee: None
- Sign Up bonus: $200 cash bonus once you spend $500 on purchases within the first 3 months from account opening
- 0% APR Introductory Rate period: 15 months on purchases and balance transfers
- Sign Up Bonus
- No Rotating Spending Categories
- Cash Back Rewards
- No Annual Fee
- 0% APR on Balance Transfers and Purchases
- Redemption Limitss
- Balance Transfer Fee
- High credit Needed
- High APR
- Can I get car rental insurance with SavorOne Card? Yes, once you refuse the insurance offered by the rental company you will automatically get coverage if you fund the entire purchase through this card.
- Does SavorOne Card ask for proof of income? No out and out request for proof of income and no transparent income requirements.
- What is the initial credit limit of card SavorOne Card? The credit limit will be at least $5,000.
- How do I redeem cash back? You can get them sent to you in the form of a check, as a statement credit, or get them given to you through gift cards.
- What purchases don't earn cash back with the SavorOne Card? All purchases will earn you cashback.
- Should You Move to SavorOne Card? If you want access to a good range of rewards without any annual fee.
- How hard is it to get SavorOne Card? Not awfully hard, but you'll need at least a good credit score.
- How to Use SavorOne card Benefits? Use this card for the premium cashback types of purchases and maximize the signup offer.
- What are the top Reasons NOT to get the SavorOne Card? If you can get better cashback rates elsewhere in equally as a cost-effective manner.
U.S. Bank Visa® Platinum Card
Reward details
Current Offer
Credit Rating
Annual Fee
0% Intro
APR
On US Bank Website, Terms Apply
The US Bank Visa Platinum card is for people who are looking to either finance a major purchase or pay off a debt interest-free through its long 0% intro . It is one of the best credit card options in the market for a one-time buy. This is because the card does not charge an annual fee, and offers a long zero percent introduction offer on an interest rate for all purchases.
The card does not earn you any rewards, such as the other cards above do, but it comes with very many benefits such as cell phone insurance. For everyday spending and uses, many customers will find that other cards offering rewards and cash back will be a better value.
- Rewards Plan: None
- APR: 16.74% - 26.74% (Variable)
- Annual fee: $0
- Balance Transfer Fee: $5 or 3% (the greater)
- Foreign Transaction Fee: 3%
- Sign Up bonus: None
- 0% APR Introductory Rate period: 20 billing cycles on purchases and balance transfers
- 0% APR Introductory Rate on Balance Transfers and Purchases in the First 20 Months
- No Annual Fee
- Cell Phone Protection
- Free Credit Score
- No Sign-Up Bonuses
- No Rewards
- Balance Transfer Fee
Find The Best Balance Transfer Card
Factors to Consider When Choosing a Balance Transfer Credit Card?
- How Long is the Intro Period?
You want to make sure that you know how long you have with that 0% interest rate.
After all, it’s only going to give you a set amount of time (usually 12 to 18 months).
After you get to that point you’re going to have to pay interest, so you want to make sure that you’re getting as long of a period as you can.
It’s going to help you rack up the payments without all your money going into the interest and not really taking down the debt itself.
- APR
This is the annual percentage rate and it’s the interest that you’re going to pay over the course of a year.
Now, you’re not always going to get the APR that’s advertised on the materials because it’s based on how you use the card, your balances and of course any introductory periods that are being offered.
If you’ve been given a card with 0% APR for 15 months that means in the first 15 months you’re not going to be charged any interest.
After that 15 months, however, you’re going to end up paying APR on the balance that you have and any additional balance that you add to the card.
Now, the most important thing is to get a low APR card, but you want to be careful about this. It’s not as easy as you might think because it’s going to be based on your credit score.
If you have great credit that’s great for you. If you don’t you may want to look for fixed rate credit cards.
- Balance Transfer Fee
If you’ve just opened a new account or if you have one of the really good cards you may actually get free balance transfers for a short amount of time.
Otherwise, you’re generally going to be paying as much as 3-5% of the amount that you transfer over.
Now, you want to make sure that you look at the rules if you do have an offer for no fee balance transfers and see how you can actually make it work.
- Foreign Transaction Fee
If you’re using your card to make any type of purchase in a foreign currency you can be charged this fee.
And that doesn’t even mean you have to be in a different country. You can be charged it anytime the currency that’s billed isn’t U.S. currency.
- Credit Limit
You want to make sure that you have some freedom and flexibility when it comes to your credit limit, but don’t let yourself get too overboard where you can go too wild.
You also want to make sure that you can consolidate everything you want to without running into problems.
If you can’t transfer all of the balances, add fees and interest and more then you’re going to have a hard time getting what you planned on.
Now, if you’re just getting started with credit and you don’t really know all of what you’re doing you may want to go with a card that has a low limit.
These cards are going to help you get started and help you better understand the process of using credit cards.
If you’re the type who gets into debt easily or the one who isn’t quite as responsible with your money this is definitely an important way to go and it’s going to make it easier for you to stay out of trouble.
If you have a higher limit as you get to know more about credit it may help because it can keep your utilization rates low (as long as you aren’t spending too much of it).
Just make sure that you’re paying attention to yourself and what you’re actually going to be able to do. You don’t want to get yourself in trouble with credit.
- Annual Fees
These are the fees that are charged to you each year and they basically only allow you to have the card.
If you’re using a balance transfer card you’re generally not going to have one of these fees.
- Overall Fees
For those who are able to pay off their credit cards each month you don’t really need to worry a lot about interest because you’re already taking care of that problem.
It’s something you could just worry about at a later time.
But any credit card that you have is going to have some type of fees. If you aren’t going through all of the details on your credit card application that’s okay.
You generally get all of these fees listed right in the main body of the information. You want to be looking for things like:
Pros and Cons of Balance Transfers Cards
Before choosing a balance transfer card, make sure you fully understand the pros & cons of such type of cards:
- Low Introductory APR
You can cut down on how long you’re going to be in debt by working with a low APR.
That’s because more of the money that you pay is actually going to the debt itself and not to the interest rate.
- Balance Transfer Fee
Look for a card that’s going to offer you 0% APR for your balance transfer and even that will offer you that same rate for purchases for a limited time.
- Debt Consolidation
If you’re looking to turn all those payments into a single payment you’re definitely going to want to take a look at this option.
It lets you pull everything into one card, with one interest rate (and 0% is a great way to go) and a single payment. All of that is going to make it easier for you to keep track of everything.
- Increase Your Credit
This isn’t necessarily guaranteed, but it’s actually possible to lower your debt to credit ratio or your credit utilization rate.
Then you can improve the credit rating that you’re given.
- No Rewards
The downside is you’re not going to get a balance transfer card that also offers you rewards.
This means you’re not going to get the benefits that you might get on some of the other cards that you’ve been checking out.
- Limits on Transfers
You may not be able to transfer all of the different types of debt that you were hoping to. There are situations where you may not be able to transfer from specific types of accounts as well.
- Total Amount Limitations
You’re going to have a set credit limit and that limit is going to be the total amount that you’re able to transfer.
If you were hoping to transfer more than that you’re not going to have the opportunity and that could mean you’re still stuck with multiple payments and cards to pay off.
Balance Transfer Card Requirements
In general, you’re going to need to meet a few important requirements in order to get a balance transfer card.
For one thing, you usually need a FICO score of at least 650. You may want to check out what the website of the company says because it may tell you that you can get a card with a poor, average or good score.
You may also be able to prequalify for a credit card, which is going to be an even more important aspect.
Note that your debt-to-income ratio is going to be an important aspect to getting that card, as well as the credit score you have.
If you have delinquent accounts or bankruptcy declarations you may have trouble.
How To Maximize Your Balance Transfer Credit Card?
When you apply for a new credit card, you have to make sure you use all the new card features and maximize its benefits:
- Take Advantage Of Introductory Period
Make the absolute best of the balance transfer intro period. Use this time to transfer as much as you can and to make as big of a dent in it as you possibly can. All of your money is going to the debt now, not toward an interest payment and you want to make sure that you’re getting as much paid down as you can.
If you aren’t making payments and getting it paid down even when it’s at 0% you may want to look into a new option.
- Use the Balance Transfer
You may be able to get a low APR (not 0%) and also get the balance transfer fee waived. If that’s available you definitely want to see how you can make it work for you and if it’s going to help you pay down that debt even faster.
Look at the situation you’re in and make sure you know what you’re getting into.
- Pay Attention to Terms
There are always going to be terms and conditions so you want to make sure you look at those. You may want to spend on your 0% credit card, but first, you want to be sure that your interest rate applies to new purchases as well as transfers.
Plus, you want to make sure you’re not using the card you just transferred a balance from. You may only be able to use the 0% or low rate for a transfer and you may have new purchases billed at a high-interest rate. Make sure that you know exactly what you’re getting into and just how you’re going to be billed and charged for the interest.
- Keep Making Payments
If you have a payment due on your credit card balance and it hasn’t transferred to the new card yet you want to make sure that you are still making the payments. Don’t skip out because you’re in the process of a transfer. Make sure that you pay attention to the due dates and keep them up until you get a confirmation that the transfer has happened.
You may even want to make sure that once you get the transfer completed you have automatic payments set up. If you’re late even once you could actually end up losing out on the promotional rate or offer that you’ve been given. You definitely don’t want that.
- Make a Plan
You should be paying attention to just how you’re actually going to pay off that balance transfer.
After all, you want to do as much of it as you can before the promotional period is gone.
Also, make sure you know how you’re going to pay for any other balances that you weren’t able to transfer at the same time.
Balance Transfer or Personal Loan?
You may have been told that it’s only a good idea to get a balance transfer if you can pay it off during the promo period. After all, once that ends you’ll have a much higher rate of interest again. On the other hand, a personal loan has a fixed rate of interest that can be appealing.
The downside is that you’re going to have a secured loan with a personal loan. That means you’re going to have to put something in the mix as your collateral and that may not be something you want to get involved with. The creditor could come after your assets if there’s ever a problem with the payments.
- All information about The Amex EveryDay® Credit Card has been collected independently by The Smart Investor. The Amex EveryDay® Credit Card is no longer available through The Smart Investor.
