Which Balance Transfer Credit Card Is The Best For You?

By Jason Steele. Last updated 24 September 2018. 0 comments

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Which balance transfer credit card should you apply for? That depends on your goal. If you need as long as possible to pay off your outstanding balances, then you'll want a card with the longest 0% APR financing available. Depending on your balance though, you might want to look for a card with no balance transfer fee. Perhaps you’re just looking for a card with a lower APR, or if you are close to paying off your debt, you might be able to take advantage of a large sign up bonus of a generous rewards credit card.

To narrow down your choice of balance transfer cards available, consider these cards that meet your particular goal.

Lowest Standard Interest Rate

Once the promotional interest rate expires, any remaining unpaid balance will incur interest charges at the standard interest rate. So if you think you might need to carry a balance, you might consider a card that offers a low standard interest rate. The Barclaycard Ring® Mastercard® offers a regular variable APR of 13.74%. The card also has no annual fee. See Terms.

Longest Interest Free Offer

Citi's Simplicity from our partner Citi feature an industry leading offer of 18 months of interest free financing on both new purchases and balance transfers, with a 5% or $5 balance transfer fee, whichever is greater. The Simplicity card lives up to its name by having no late fee or penalty interest rate. There is no annual fee.

Big Sign-Up Bonus

There is no reason why you can't enjoy both a big sign-up bonus and an attractive promotional financing offer for balance transfers. The best sign-up bonus in a credit card that offers interest free promotional financing on balance transfers is the Barclaycard Arrival® Plus World Elite MasterCard®. It offers 60,000 bonus miles, worth $600 in travel statement credits, after new cardholders spend $5,000 in the first 90 days. In addition, new cardholders get 12 months 0% Intro APR for the first 12 billing cycles following each balance transfer that posts within 45 days of account opening (after that a variable APR of 17.74%, 21.74% or 24.74% will apply). There is a 3% balance transfer fee ($5 minimum), and an $89 annual fee that is waived the first year. See Terms.

Your Favorite Bank

Some credit card users prefer to open an account with a particular bank in order to perform a balance transfer. If you plan on doing this, just be aware that you will not be able to transfer a balance between two accounts with the same bank. Here are the best balance transfer offers from each of the major banks.

Capital One

Capital One's best balance transfer offer is its Capital One® Quicksilver® Card - 0% Intro APR for 15 Months, which offers 0% intro APR for purchases and balance transfers for 15 months (then a 14.74%-24.74% variable APR applies). There is a 3% balance transfer fee and no annual fee for this card. (See also: Best Capital One Credit Cards)

Citi

The Citi Simplicity® Card offers a 0% intro APR for 18 months for purchases and balance transfers made within 4 months of account opening (then 15.74% - 25.74% variable APR). There is a 5% or $5 balance transfer fee, whichever is greater, and no annual fee.

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