Best Balance Transfer Credit Cards in 2023

Managing credit card debt can be a balancing act. One tool many use is a balance transfer credit card. These cards help to consolidate and pay off debts by offering low or zero percent introductory APR on transferred balances for a set period.

What is a Balance Transfer Credit Card?

A balance transfer credit card allows you to move existing debt from one or more credit cards to a new card with lower interest rates. It provides an interest-free period to pay off the debt without racking up more interest. This can make a significant difference in how quickly you can pay off debt.

Benefits of Balance Transfer Credit Cards

• Lower Interest Rates: Many cards offer 0% APR for an introductory period, usually 12 to 18 months.
• Debt Consolidation: Combine multiple debts into one payment, simplifying monthly finances.
• Save Money on Interest: Reduce the total amount paid over time by minimizing interest charges.

Key Factors to Consider

Not all balance transfer credit cards are the same. It’s essential to consider several factors:

• Introductory APR: Look for a 0% APR offer for the longest period possible.
• Balance Transfer Fees: Some cards charge a fee for each transfer, typically around 3% of the amount transferred.
• Regular APR: Understand what the interest rate will be after the introductory period ends.
• Credit Limit: Ensure the new card’s limit can accommodate your debt amount.

Best Balance Transfer Credit Cards in 2023

Chase Slate Edge

The Chase Slate Edge card is known for its 0% introductory APR for the first 18 months on balance transfers. This card doesn’t have an annual fee, making it cost-effective. However, it charges a balance transfer fee of 3% or $5, whichever is greater.

Discover it® Balance Transfer

Discover it® Balance Transfer offers 18 months of 0% APR on balance transfers. The card comes with no annual fee and offers a 5% cashback on rotating categories each quarter on up to $1,500 in purchases. There is a 3% introductory balance transfer fee, which can go up to 5% for future transfers.

Citi® Diamond Preferred® Card

This card provides 0% APR for a full 21 months on balance transfers. One of the most extended intro periods available. There is no annual fee, but it has a balance transfer fee of 5% or $5, whichever is greater. The regular APR ranges from 14.74% to 24.74%, depending on your creditworthiness.

BankAmericard® Credit Card

The BankAmericard® offers 0% APR for 18 billing cycles on balance transfers made within the first 60 days. There is no annual fee, and the balance transfer fee is 3% or $10, whichever is greater. The card’s regular APR ranges from 12.99% to 22.99%.

Wells Fargo Reflect® Card

This card comes with an 18-month 0% APR on balance transfers, which can extend to 21 months with on-time minimum payments. The card has no annual fee, and the balance transfer fee is 3% for the first 120 days, then it rises to 5%. The regular APR range starts from 12.99% to 24.99%.

How to Apply for a Balance Transfer Credit Card

Apply for a balance transfer credit card like you would for any other credit card. Some steps to follow include:

• Check Your Credit Score: A higher score increases the chances of approval for cards with the best terms.
• Compare Offers: Look for cards that offer the best balance transfer terms suited to your needs.
• Read the Fine Print: Understand fees, the duration of 0% APR, and what happens when the introductory period ends.
• Apply Online: Most issuers provide a straightforward online application process.

Tips for Making Balance Transfers

Successfully managing a balance transfer involves more than just getting the card.

• Act Quickly: Many 0% APR offers are limited to transfers made within a specified time frame.
• Pay More Than the Minimum: To pay off your balance within the intro APR period, calculate the monthly payment needed to clear your debt and stick to it.
• Avoid New Purchases: New purchases might not have the same 0% APR offer and can accrue interest immediately.
• Monitor Your Progress: Keep an eye on your statements to ensure payments post correctly.

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