List of Balance Transfer Credit Cards

Below is a list of balance transfer credit cards with long introductory periods. The longest intro period at the moment is 21 months. These cards enable you to transfer a credit card with high interest and not get charged any interest rate for an introductory period. This will help you pay down your debt faster.
 

• Sphere Credit Card - 0% APR for 24 Months for Balance Transfers
• Citi Diamond Preferred Credit Card - 0% APR For 21 Months on Balance Transfer and 12 Months on Purchases
• Citi Double Cash - 0% APR for 18 months on Balance Transfers
• Well Fargo Platinum Card - 0% APR For 18 Months on purchases and balance transfer
• Blue Cash Everyday From American Express - 0% APR for 15 Months on Purchases and Balance Transfers
• Discover It - 0% APR for 14 Months on purchases and balance transfer
• Discover It Chrome - 0% APR for 14 Months on purchases and balance transfer
• Discover It Miles Card - 0% APR for 14 Months on purchases and balance transfer

Citi Simplicity

Balance Transfer Deal: 0% for 21 months

Balance Transfer Fee: Greater of 3% or $5

Annual Fee: $0

Reward Program: No Rewards.

Should You Keep This Card After Intro Period?: The Citi Simplicity has no rewards program so I do not view this as a keeper card. I would suggest a PC (product change) request to another Citi credit card like the Citi Double Cash.

Citi Diamond Preferred Credit Card

Balance Transfer Deal: 0% for 21 months

Balance Transfer Fee: Greater of 5% or $5

Annual Fee: $0

Reward Program: No Reward Program.

Should You Keep This Card After Intro Period?: The Citi Diamond Preferred Card has no reward program so I am not enthusiastic about keeping it after the introductory period ends.Having said that, Citi has other great cards and you could request a PC (product change) to a better Citi credit card.

Citi Double Cash

Balance Transfer Deal: 0% for 18 months

Balance Transfer Fee: Greater of 3% or $5

Annual Fee: $0

Reward Program: 2X Cash Back on all purchases. Points can be transferred to ThankYou points when paired with a premium Citi ThankYou Card.

Should You Keep This Card After Intro Period?: This card is definitely a keeper because it is the only cash back credit card where you can earn 2% cash back on all purchases. Most flat back cash back credit cards only give you 1.5% cash back on all purchases. Furthermore, if you also have the Citi ThankYou Premier Card, you can transfer cash back you earned to Thankyou Points, which can be transferred to airline partners.

Well Fargo Platinum Card

Balance Transfer Deal: 0% for 18 months

Balance Transfer Fee: Greater of 3% or $5

Annual Fee: $0

Reward Program: This card has no reward program.

Should You Keep This Card After Intro Period?: Since this card has no reward program, there is really no reason to keep using it. Wells Fargo has other better credit cards with reward programs and you could request a PC (product change).

Blue Cash Everyday From American Express

Balance Transfer Deal: 0% for 15 months

Balance Transfer Fee: Greater of 3% or $5

Annual Fee: $0

Reward Program: You can earn 3% cash back for spending on up to $6,500 at US Supermarkets and 2% at gas stations and select US Department stores.

Should You Keep This Card After Intro Period?: This is a very decent cash back credit card for earning cash back at supermarkets, gas stations and certain department stores. SO I would consider this card a keeper after the balance transfer introductory period ends.

Discover It

Balance Transfer Deal: 0% for 14 months

Balance Transfer Fee: Greater of 3% by 10 September 2020, then 5%.

Annual Fee: $0

Reward Program: You can earn 5% cash back on bonus categories that rotate and change every 3 months.

Should You Keep This Card After Intro Period?: Discover has arguably one of the best customer service among credit card issuers. It is also a good cash back credit card. If you want to earn cash back from your credit card spending, then I would keep using this card after the introductory period ends.

Discover It Chrome

Balance Transfer Deal: 0% for 14 months

Balance Transfer Fee: Greater of 3% by 10 September 2020, then 5%.

Annual Fee: $0

Reward Program: You earn earn 2% cash back at gas stations and restaurants for up to $1,500 spending during a quarter.

Should You Keep This Card After Intro Period?: I would say this card is just OK as far as earning cash back goes. I do not like the the fact that you are only limited to $1,500 in spending on gas and dining to earn the 2% cash back each quarter. Having said that, this card has no annual fee and there is no harm keeping this card.

There are two key things to look out for when choosing a card to transfer a balance to. They are:

• Length of Introductory Period - You obviously want to choose a card with the longest 0% APR introductory period. Right now, the longest intro period you can get on a balance transfer deal is 21 months.


• Balance Transfer Fee - It is important to check what the balance transfer fee is. Occasionally, you get a card with a long 0% APR offer with no fees but this is relatively rare. For example, for the longest time, Chase Slate offered 0% APR for 15 months with no balance transfer fee. However, this card is no longer offered on Chase website.


• You cannot transfer a balance to cards with the same issuer - One thing to take note of is that you cannot transfer balances to cards with the same issuer. For example, if you have a Citi Diamond Preferred (with 0% APR on balance transfer for 21 months right now), you cannot transfer a balance to Citi Simplicity (which also has 0% APR for 21 months on balance transfer).

There are a few best practices you should adhere to.

• Transfer Your Balance Within the Stipulated Time - Most 0% balance transfer deals impose a few conditions. One of them is always that you have to transfer within a stipulate time to get the 0% offer. For example, a credit card may give you 60 days to do so.


• Transfer as early as possible - Thought credit card issuers require you to transfer within a certain period after you get approved to actually get the 0% APR deal, most introductory period starts after you get approved for your card. It is best to apply for the transfer as soon as possible and better yet, do it when you are apply for the card.


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• Pay Your Bills On Time - When you take advantage of a 0% balance transfer deal, you have to pay your bills on time or the rates would change to the regular APR rate. I suggest setting up autopay so that you will not miss a payment.


• Do not use your card until the introductory period ends
- This is especially true when you get a credit card with just a 0% APR on balance transfers only and not on purchases. If you make a purchase on your card after you transfer your balance, that purchase may be charge an interest rate that is the regular APR if there is no 0% deal for purchases. Your monthly payments will first apply to that purchase first and you will not pay down the balance on your balance transfer (which you are not paying interest on) as fast as you want.

FAQS

What is a balance transfer?

What is a balance transfer?

A balance transfer is the process of transferring a balance from one credit card to another. The reason why most people do that is because the card that is offering a balance transfer opportunity has a permanent lower APR or a temporary one for a period of time.

How do you do a balance transfer?

How do you do a balance transfer?

Most balance transfers occur when you apply for a new credit card with a great balance transfer deal. You will be asked to give details of your existing credit card and the amount of balance you want transferred to your new credit card.

You could also transfer a balance to an existing credit card. You will normally get offers for an existing balance transfer through the mail or on your online account.

Is balance transfer a good idea?

Is balance transfer a good idea?

It generally is if you have a decent size balance and paying a high rate on it. Transferring the balance to a card with a much lower rate will help you pay off that balance faster and if you pay less interest.
[labelDoes a balance transfer cancel a credit card?

What is the minimum payment on balance transfer?

What is the minimum payment on balance transfer?

Most of the time, it is at least 4% of your balance.

What is "creditor to pay" for balance transfer?

What is "creditor to pay" for balance transfer?

The Credit To Pay is the name of the lender or credit card company that owns the debt before the balance transfer. It is the account which you want to transfer the balance from.