What is Balance Transfer Credit Cards? Credit cards are the choice of the people these days. These cards are liked by people for many reasons.
They provide good offers and rewards to the customer with much ease in their financial life. One of the features mostly liked by people these days in the credit cards is the feature of transferring credit from one account to another.
The cards which cost the lowest fees for these transfers are more liked by people. In this way, they can meet their transfers and a low amount of money is deducted from their accounts.
We are going to discuss such cards in our article.
These all cards are offering great balance transfer offers to the customers all over the world.
Firstly, let us discuss the ways in which you need to use to transfer the balance from one account to another.
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How to use balance transfer?
The first thing which you need to do is that payment of all of your debt. Then check the current balance of the account and also check the interest rate of the account.
Then you need to select the balance transfer cards as per your needs. The card which best suits you is good for you.
Make sure you have read all the terms and conditions of the transfer card of the company. Now you are fully eligible for the balance transfer card of the company.
The application for the balance transfer card is very easy and you can fill it out in nearly 10 minutes. When the card is ready you can contact the credit card company and tell them for the balance transfer.
Now pay off all of your debt as well using the balance transfer credit card of the company which you are using.
Best Balance Transfer Cards
Citi Diamond Preferred Card
This is one of the best cards when it comes to the balance transfers in the world. They will charge you 0% intro for the APR in all the balance transfers. This offer is valid for the customers for the first 21 months from the start date.
You need to make sure that all the transfers are completed in the first 4 months. After you completed the criteria for the first 4 months than a standard APR rate of the company is applicable to the company.
The APR of the company is 14.74% to 24.74% and it also depends on the creditworthiness.
- Intro APR
From the date of the opening, the APR of the purchases is also 0% for the first 12 months. Once these 12 months are complete a standard APR rate will be applicable on all the purchases.
- Standard APR
The standard APR rate of the company these days is 14.74% to 24.74% but it keeps on changing as per your creditworthiness.
You can also face some issues in the interest rate after availing this offer of the company. Once you transfer a balance using this offer of the company and the 0% intro APR purchases expires then all the new purchases and other unpaid purchases will accrue interest rate.
This will also include your transfer balance that too which is paid in full.
- Balance transfer fee
They also have a balance transfer fee which you need to pay them at all costs. The balance transfer fee of the credit card is $5 or 5% of the amount which is being transferred.
They are also providing $0 liability on all the unauthorized purchases and the Citi Identity Theft Solutions.
They don’t have any annual fees for the credit card. They will also give you complete and free access to the FICO scores which determine your credit scores as well.
Wells Fargo Platinum Visa Card
This is another card which is giving good balance transfer rates to its customers all over the world.
This credit card gives you 0% intro APR that too for the first 18 months on all the purchases and balance transfers as well.
Then the APR becomes 16.90% to 26.74% but it is also variable. After these 18 months, balance transfer fees also apply on your credit card.
You can pay your cellular cell phone bill as well using this credit card and get a good amount of discount from them. You can get up to $600 in protection on your cell phone against damage or theft.
If you are using Well Fargo Online then you can have free access to the FICO credit score as well.
They have zero liability protection for the reported unauthorized transactions using the credit card of the company.
They also have a very useful app which helps you manage all of your spending’s and create a very useful budget.
This credit card is not charging any fee from the customers annually.
You can visit the website of the credit card and send an application to them. You can also get a detailed idea about other services of the credit card and its term and conditions from the credit card website.
- Chase Freedom Unlimited
They have 1.5% cash back as well that too on all the purchases made using the chase credit card. It’s automatically sent to your account which means you don’t need to subscribe for an offer of the company.
You can also get a bonus from this company. They are providing a bonus of $150 to its customer when they spend $500 for the purchases in the first three months after opening the account with them.
They are also having 0% APR for the customers for the first 15 months. This discount is on the purchases and all the balance transfer and starts right after you open an account with the company.
This APR is later variable and becomes 16.74% to 25.49%. There is a balance transfer fees as well after the first 15 months. The customer’s needs to pay 5% of the total amount which being transferred. If the amount is less then they need to pay a minimum amount of $5.
They don’t have any annual fees so you can use this card for free for the whole year.
Capital One Quicksilver Credit Card
This is another great for you if you are looking to avail good balance transfer fees.
If you spend a total amount of $500 on the purchases during the first three months then you are given a bonus of $150 by the company.
You can also earn cash back from the company that too on daily basis. You can get cash back from them that too 1.5% on every purchase made using the credit card.
- Intro APR
The APR for the first 15 months on all the purchases is 0% which is a great benefit. The APR becomes variable after the 15 months and you need to pay 14.74% to 24.74% to the company as far as the late payments are concerned.
The APR for the balance transfers is also 0% for the first 15 months. This also becomes variable after the first 15 months and then you need to pay 14.74% to 24.74% to the credit card for the APR.
There would a 3% fees as well on all the balance transfers after the first 15 months.
They are not charging any foreign transaction fees from the customer which is a great benefit. You don’t need to pay the annual fee for using the credit card.
Citi Simplicity Card
They have some of the best offers in the market for their customers. This card is considered the only card on the market which has no penalty rate for the customers. They don’t charge any late fees from the customers of the credit card.
The best thing about this card is you don’t have to pay any annual fees to the company.
- Intro APR
The intro APR of this credit card is 0% for all the balance transfers and the purchases made during the first 18 months of the account opening.
When these 18 months are over a variable APR is applicable on all the customers of the credit card. The variable APR of the company is from 15.74% to 25.74% and is also based on your creditworthiness.
After these 18 months, you also need to pay the balance transfer fee to the company. The balance transfer fee is either $5 or the 5% of the amount which is being transferred. The amount which is greater will be deducted from the account.
The same rate is applicable on all the credit card once the introductory period of the company is over.
They have a very good customer care as well for their cardholders. You can contact them if you have any problem with the service of the company. They are at your service for 24 hours a day.
They also provide you with the leverage to choose your own day for the bill payment to the company. You can schedule your date by yourself and then pay on that date. You also have the option of paying on any available date of the month.
Wells Fargo Cash Wise Visa Credit
This is another card which is giving good balance transfer rates to its customers all over the world.
They will provide you with bonus reward that too at the very start. You can get a cash reward of $200 from this card by spending just $$1,000 in the first three months of the account opening.
They also have the offer of unlimited cash reward for the customers on all of their purchases during the whole year.
They have cash rewards for the customers on mobile wallet purchases as well which are qualified for the cash rewards.
You can enjoy a cash reward of 1.8% on the Apple Pay, Android Pay but this offer is for the first 12 months only to all the customers.
The cash backs and other points systems of the company don’t expire at all if your account remains open. They also don’t have any restrictions on the category and sign-ups which mean you are free to use it.
They are also providing you an additional protection of $600 for the cell phone against the covered damage or any other kind of theft. The only thing you need to do is pay your bill using the Fargo Cash Wise Visa Card.
- Balance Transfer rates
The APR for the first 12 months is also 0% which is a great benefit. The same goes for the balance transfers as well.
When the first 12 months expire then you need to pay the variable APR to the card when applicable. The variable APR is 14.74% to 26.74%. After these 12 months, the balance transfer fees also apply on these credit cards.
This card also comes with 0$ annual fees which are another great benefit of the credit card. You can learn more about this credit card by visiting its website.
- Chase Freedom
They are also giving a cash bonus to the customers that too on the very start. If you are spending more than $500 on the purchases during the first 3 months then you are eligible for a cash back of $150 as a bonus.
They will also provide you c cash back of 5% on purchases of $1,500 in each quarter for the active purchases you made in it.
All other purchases of the company are also eligible for 1% cash back which is a great benefit of the credit card.
The intro rate of this credit card is also 0% when it comes to APR for the first 15 months. The same rate is for the balance transfers in the first 15 months.
After the first 15 months, a variable APR rate is applicable on all the purchases and the balance transfers from the card. The standard APR of the credit card is 16.74% to 25.49%.
When the first 15 months are expired they need to pay the balance transfer fees as well the card which is 5% of the amount which is being transferred and if the amount is minimum then they need to pay at least $5.
Ink Business Cash Credit Card
This is another good card with a bonus at the start for the customer. You are given a bonus of more than $500 to the customers for spending $3,000 in the first 3 months after opening the account with the company.
They are also named as the best reward card in the market for the small business owners in July 2017.
You can also get a cash back of 5% from them on the first $25,000 spent on the purchases for the card for the internet, cable and phone services as well.
They will also provide you with cash back on the gas stations all over the country and on restaurants as well. You are given cash back of 2% that too for the first $25,000 spent.
You can earn unlimited from them for the whole year. You are also eligible for 1% cash back on all the purchase made using this credit card.
The APR is 0% on all the balance transfers and purchases but for only 12 months.
They are also not having any kind of annual fees which is another benefit of the card.
The Blue Business Plus Credit Card
This is a credit card by American Express.
You can earn a handsome reward right at the start of the account. They will provide you a reward of 10,000 rewards for spending more than $3,000 in the first 3 months.
They will also provide you with different kind of rewards for all other purchases you made for your business. This also includes your office supplies and the dinners for clients.
For the first $50,000 you are given 2 rewards and then afterward you can get a single reward for each purchase.
The intro APR of the credit card is 0% for all of the customers. This offer is on the purchases and all the balance transfers as well. After the first 15 months, a variable APR is applicable which is 12.99%, 16.99% or 20.99% as well.
Mostly the APR is based on the creditworthiness of the customers. There are some other factors as well which determine this APR rate.
There is no annual fee for this credit card. There are some terms and conditions for the usage of this card which you can see on the website of the card.
Now that you have a complete list of the credit cards which are offering good APR rates for the balance transfers and the purchases as well. Which of the mentioned cards is your favorite and why? Do share any other card which is good for balance transfer so that we can share information regarding it.