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Review of Top 5 Balance Transfer Cards

September 18, 2018

If you have a lot of accumulated credit card debt, one way to reduce it is to sign up for a balance transfer card. Balance transfer cards are those credit cards that offer an APR of 0% for a specified period. Cardholders are not charged any interest during the introductory period, so you can use these cards to transfer balances from high-interest charging cards as long as you pay it off before the period ends. Alternatively, many consumers take advantage of a 0% introductory APR to make expensive purchases, and then they pay off the balance before the period expires. No matter how you use it, balance transfer cards can be extremely advantageous. Thus, for your benefit, we have compiled a list of the best balance transfer cards available:

Discover it® Balance Transfer: This one offers 0% on purchases for 6 months and 0% on balance transfers for 18 months, after which its APR may vary between 13.74% and 24.74%. However, this card is a keeper even after its introductory period expires due to its great rewards program. You get 5% cash back in rotating categories that you activate on up to $1,500 in purchases each quarter, and 1% on everything else. It has no annual fee, but a 3% balance transfer fee. Just keep in mind that in this case, you cannot transfer balances from other Discover cards.

Amex EveryDay® Credit Card: You get 0% on purchases and balance transfers for 15 months; after that, the APR may vary between 14.74% - 25.74%. Rewards include 10,000 Membership Rewards® points after you use your new card to make $1,000 in purchases in your first 3 months, 2x points at US supermarkets on up to $6,000 per year in purchases (then 1x), and 1x points on other purchases. However, the unique selling proposition of this card is that there is no balance transfer fee. This makes the card a great choice for someone who is looking for a cost-effective balance transfer card that also earns rewards. Moreover, it is American Express’s only zero-annual-fee card that earns rewards points. 

Citi® Diamond Preferred® Card: This provides 0% on purchases for 12 months and 0% on balance transfers for 21 months, making it a great option for someone who is looking for extra time to pay down debt interest-free. After the introductory period ends, your APR may vary between 14.74% and 24.74%. The card provides free access to FICO scores, and you can transfer any kind of debt to your card, including student loans and auto loans, as long as the account number is at least five digits long and doesn’t include any letters. While there is no annual fee, there is a balance transfer fee of 5% or $5, whichever is greater. Two drawbacks are that you cannot transfer balances from other Citi accounts, and there are no rewards.

Wells Fargo Platinum Visa® Card: This one offers 0% on purchases and balance transfers for 18 months, after which the APR will vary between 16.90% - 26.74%. Benefits include free access to your FICO® Credit Score with Wells Fargo Online® and up to $600 protection on your cell phone (subject to $25 deductible) against covered damage or theft when you pay your monthly cellular telephone bill with this card. The card charges no annual fee, but there is a balance transfer fee of 3% of the amount transferred or $5, whichever is greater, for the first 18 months. After that, you'll pay 5% or $5, whichever is greater. Another point to remember is that the card does not offer same-issuer transfers.

Barclaycard Ring® Mastercard®: You get 0% on balance transfers for 12 months on balance transfers made within 45 days of account opening. After that, a variable APR of 13.74% will apply. Transfers in the first 45 days (which qualify for the 0% intro APR) incur a fee of 3% (minimum of $5). After 45 days, there is no transfer fee, but you'll need to pay the ongoing interest rate — which is still lower than what typical 0% cards charge after the introductory period ends. This makes it a good choice for consumers looking for a long-term option to transfer balances to a lower rate with no fee. There is no annual or foreign transaction fee, and you also get an international chip and PIN.

$50,000 - $250,000 of Unsecured Credit at 0% Interest

At Fund&Grow, we help clients with good credit obtain $50,000 - $250,000 of unsecured credit at 0% interest for a period of 6, 12 or 18 months. The amount can be used for anything from funding a business to providing a down payment on a property. So, if you have this kind of requirement, call us at (800) 996-0270, and we’ll do our best to help you out.

Ari Page Ari Page is the CEO of Fund&Grow. He resides in Spring Hill, Florida with his wife and two children.

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