Best Credit Cards for Transferring Debt:

Table of Contents

Introduction

If you’re carrying a high-interest balance on your credit card, a balance transfer credit card can help you save money and get out of debt faster. Balance transfer credit cards offer a 0% APR introductory period, which means you won’t pay any interest on transferred balances for a set period of time, typically 12 to 21 months. This gives you a chance to pay off your debt without incurring any additional interest charges. So We Have Compared the Best Credit Cards for transferring debt to guide you with your issue

The Best Credit Cards for Transferring Debt: Zero APR, Low Fees, and Rewards

What is a Balance Transfer Credit Card?

A balance transfer credit card is a type of credit card that allows you to transfer balances from other credit cards to it. This can be a good way to consolidate your debt and save money on interest, especially if you have high-interest credit cards.

How do Balance Transfer Credit Cards Work?

To transfer a balance to a balance transfer credit card, you typically need to apply for the card and then contact the issuer to initiate the transfer. The issuer will then pay off the balance on your old credit card, and you will be responsible for making payments with Your new  Best Credit Cards for Transferring Debt.

Why should you use a Balance Transfer Credit Card?

There are several reasons why you might want to use a balance transfer credit card At First Place when Dealing with Debt.

To save money on interest:

If you have a high-interest balance on your credit card, a balance transfer credit card can help you save money on interest. Many balance transfer credit cards offer a 0% APR introductory period, which means you won’t pay any interest on transferred balances for a set period of time.

To consolidate your debt:

If you have multiple credit cards with balances, a balance transfer credit card can help you consolidate your debt into one place. This can make it easier to manage your payments and track your progress.

To improve your credit score:

When you transfer a balance to a new credit card, it reduces your credit utilization ratio, which is a factor in your credit score. A lower credit utilization ratio can help improve your credit score over time.

 

The Best Credit Cards for Transferring Debt:

Here are some of the best credit cards for transferring debt in 2023:

Wells Fargo Reflect® Card: 

Wells Fargo Reflect® Card one of the best cards to transfer debt

Here are some of the benefits and features of the Wells Fargo Reflect® Card regarding debt transfer:

Long introductory period:

The Wells Fargo Reflect® Card offers a 21-month 0% APR introductory period on balance transfers and purchases. This is one of the longest introductory periods available on the market.

Low balance transfer fee:

The balance transfer fee is 3% of the amount transferred, with a minimum of $5. This is a relatively low fee compared to some other balance transfer credit cards.

Here is a summary of the Wells Fargo Reflect® Card’s 0% APR introductory period and balance transfer fee:

Feature Benefit
Introductory period 21 months
Balance transfer fee 3% of the amount transferred, with a minimum of $5

In addition to its generous introductory period and low balance transfer fee, the Wells Fargo Reflect® Card also offers other benefits, including:

No annual fee:

This means you won’t pay an annual fee to keep the card open.

Rewards program:

The card offers a 5% cash back bonus on rotating categories, plus 1% cash back on all other purchases.

Purchase protection:

The card offers purchase protection benefits, such as extended warranties and return protection.

Overall, the Wells Fargo Reflect® Card is a great option for people who are looking to transfer debt and save money. The long introductory period, low balance transfer fee, and no annual fee make it a very competitive card.

Citi® Diamond Preferred® Card:

Citi® Diamond Preferred® Card:

Sure, here are some of the benefits and features of the Citi® Diamond Preferred® Card regarding debt transfer:

Long introductory period:

The Citi® Diamond Preferred® Card offers a 21-month 0% APR introductory period on balance transfers and purchases. This is one of the longest introductory periods available on the market.

Low balance transfer fee:

The balance transfer fee is 3% of the amount transferred, with a minimum of $5. This is a relatively low fee compared to some other balance transfer credit cards.

No annual fee:

This means you won’t pay an annual fee to keep the card open.

Here is a summary of the Citi® Diamond Preferred® Card’s 0% APR introductory period and balance transfer fee:

Feature Benefit
Introductory period 21 months
Balance transfer fee 3% of the amount transferred, with a minimum of $5
Annual fee None

Additional Benefits:

In addition to its generous introductory period and low balance transfer fee, the Citi® Diamond Preferred® Card also offers other benefits, including:

Travel rewards:

The card offers a 5% cash back bonus on travel purchased through Citi Ultimate Rewards®, 3% cash back on dining and drugstores, 1.5% cash back on all other purchases, and 5% cash back on quarterly rotating categories (activation required).

Purchase protection:

The card offers purchase protection benefits, such as extended warranties and return protection.

This card offers a 21-month 0% APR introductory period on balance transfers and 12 months on purchases. It also has a low balance transfer fee of 3% (min. $5).

 

Discover it® Balance Transfer:

Discover it® Balance Transfer

 

Here are some of the benefits and features of the Discover it® Balance Transfer regarding debt transfer:

Long introductory period:

The Discover it® Balance Transfer offers an 18-month 0% APR introductory period on balance transfers and purchases. This is a generous introductory period that gives you plenty of time to pay off your debt without accruing interest.

Low balance transfer fee:

The balance transfer fee is 3% of the amount transferred, with a minimum of $5. This is a relatively low fee compared to some other balance transfer credit cards.

No annual fee:

This means you won’t pay an annual fee to keep the card open.

Rewards program:

The card offers a 5% cash back bonus on rotating categories each quarter on up to $1,500 in purchases after activation (up to $750 cash back per year), plus 1% cash back on all other purchases.

Here is a summary of the Discover it® Balance Transfer’s 0% APR introductory period, balance transfer fee, and rewards program:

Feature Benefit
Introductory period 18 months
Balance transfer fee 3% of the amount transferred, with a minimum of $5
Annual fee None
Rewards program 5% cash back bonus on rotating categories each quarter on up to $1,500 in purchases after activation, plus 1% cash back on all other purchases

Additional Benefits:

In addition to its generous introductory period, low balance transfer fee, and no annual fee, the Discover it® Balance Transfer also offers other benefits, including:

Purchase protection:

The card offers purchase protection benefits, such as extended warranties and return protection.

Free FICO score access:

The card provides free access to your FICO® Score from Experian®, which can help you track your credit progress over time.

 

What is the limit of Debt Transfer IN Balance Transfer Credit Cards:

 

The limit of debt transfer in balance transfer credit cards depends on the credit card issuer and your creditworthiness. Most issuers will allow you to transfer up to your full credit limit, but some may cap it at a lower percentage. For example, some issuers may limit balance transfers to 75% of your credit limit.

There may also be a minimum balance transfer amount, such as $500 or $1,000. And, most balance transfer credit cards charge a fee, typically 3% of the amount transferred.

Before you transfer a balance, it’s important to compare different balance transfer credit cards and choose one that offers the best terms and conditions for your needs. Consider the following factors:

0% APR introductory period:

How long will you have to pay off your balance before interest starts accruing?

Balance transfer fee:

How much will you be charged to transfer your balance?

Credit score requirements:

What credit score do you need to qualify for the card?

Other benefits:

Does the card offer any other benefits, such as rewards or purchase protection?

Once you’ve chosen a balance transfer credit card, be sure to read the terms and conditions carefully before you transfer your balance. And, make sure to make on-time payments each month to avoid interest charges.

Other Great Balance Transfer Credit Cards

Here are some other great or close to Best Credit Cards for Transferring Debt

Chase Slate Edge℠:

This card offers a 15-month 0% APR introductory period on balance transfers and purchases, and a $0 annual fee.

BankAmericard® credit card:

This card offers a 12-month 0% APR introductory period on balance transfers, and a $0 annual fee.

U.S. Bank Visa® Platinum Card:

This card offers a 12-month 0% APR introductory period on balance transfers and purchases, and a $0 annual fee.

 

Comparison of All the Balance Transfer Credit Cards:

 

credit Card 0% APR Intro Period Balance Transfer Fee Rewards Program Credit Score Requirement
Wells Fargo Reflect® Card 21 months 3% (min. $5) None Good to excellent
Citi® Diamond Preferred® Card 21 months 3% (min. $5) None Good to excellent
Discover it® Balance Transfer 18 months 3% (min. $5) 5% cash back rotating category each quarter on up to $1,500 in purchases when activated (up to $750 cash back per year), plus 1% cash back on all other purchases Good to excellent
Chase Slate Edge℠ 15 months $0 None Good to excellent
BankAmericard® credit card 12 months $0 None Good to excellent
U.S. Bank Visa® Platinum Card 12 months $0 None Good to excellent

CONCLUSION:

If you’re looking for the longest 0% APR introductory period, the Wells Fargo Reflect® Card and Citi® Diamond Preferred® Card are both great options. If you’re looking for a card with a rewards program, the Discover it® Balance Transfer is a good choice. And if you have good to excellent credit, you should be able to qualify for any of the balance transfer credit cards on this list.

When choosing a balance transfer credit card, it’s important to consider your individual needs and goals. Consider the following factors:

  • How much debt do you need to transfer?
  • How long do you need to pay off your debt?
  • Are you interested in a rewards program?
  • What is your credit score?

Once you’ve considered these factors, you can compare the different balance transfer credit cards and choose the one that’s right for you.

Here are some additional tips for transferring debt to a credit card:

  • Make sure to compare the terms and conditions of different balance transfer credit cards before you apply.
  • Be aware of any balance transfer fees.
  • Make a plan to pay off your debt during the 0% APR introductory period.
  • Avoid adding new charges to your balance transfer credit card.
  • Pay your bill on time and in full each month to avoid interest charges.

How to choose the Best Balance Transfer Credit card for you:

Consider the 0% APR introductory period.

While choosing the Best Credit Cards for Transferring Debt there is the amount of time you will have to pay off your balance before interest starts accruing. The longer the introductory period, the better.

Compare balance transfer fees.

Most balance transfer credit cards charge a fee, typically 3% of the amount transferred. However, some cards waive the fee for the first year or offer a lower fee for transferring balances during a certain promotional period.

Look for rewards programs.

Some balance transfer credit cards offer rewards programs, such as cash back or travel rewards. If you plan on using the card for other purchases, consider choosing a card with a rewards program that aligns with your spending habits.

Check the credit score requirements.

Balance transfer credit cards typically have higher credit score requirements than other types of credit cards. Be sure to check the requirements before you apply to make sure you are eligible.

Here is a step-by-step guide on how to Transfer your Debt to a Credit Card:

Apply for a balance transfer credit card.

Be sure to compare different cards and choose one that offers the best terms and conditions for your needs.

Activate your new credit card.

Once you have been approved for a balance transfer credit card, you will need to activate it. You can do this online or by calling the issuer.

Initiate a balance transfer.

Once your new credit card is activated, you can initiate a balance transfer. You can usually do this online, by phone, or by mail.

 

Tips for using a balance transfer credit card successfully:

Make all of your payments on time and in full.

This will help you avoid interest charges and pay off your debt faster.

Avoid adding new charges to your balance transfer credit card. 

If you add new charges to your card, the 0% APR introductory period will not apply to those charges.

Pay off your balance before the 0% APR introductory period ends.

 Once the introductory period ends, your interest rate will revert to the card’s standard APR, which could be much higher.

By following these tips, you can choose the best balance transfer credit card for your needs and use it successfully to pay off your debt.

Balance transfer credit cards can be a good option for anyone with a high-interest balance on their credit card. This is especially true if you have good to excellent credit and can qualify for a card with a 0% APR introductory period.

Here are some specific people who may benefit from using a balance transfer credit card:

People with multiple credit card balances:

If you have multiple credit cards with balances the best Credit Cards for Transferring Debt or a balance transfer credit card can help you consolidate your debt into one place. This can make it easier to manage your payments and track your progress.

People with high-interest credit cards:

If you have a credit card with a high interest rate, a balance transfer credit card can help you save money on interest. Many balance transfer credit cards offer a 0% APR introductory period, which means you won’t pay any interest on transferred balances for a set period of time.

People who want to pay off their debt faster:

A balance transfer credit card can help you pay off your debt faster by giving you a 0% APR introductory period and allowing you to transfer balances from multiple cards to one.

People who are trying to improve their credit score:

when you transfer a balance to a new credit card, it reduces your credit utilization ratio, which is a factor in your credit score. A lower credit utilization ratio can help improve your credit score over time.

However, it’s important to note that balance transfer credit cards are not a magic bullet. They can be a helpful tool, but they should only be used as part of a comprehensive debt payoff plan. If you’re struggling to manage your debt, you may want to consider other options, such as debt consolidation loans or credit counseling.

Other offers of Balance Transfer Credit cards:

In addition to the benefits listed above, some balance transfer credit cards also offer other perks, such as:

Extended 0% APR introductory periods on purchases:

Some balance transfer credit cards offer extended 0% APR introductory periods on purchases, in addition to the introductory period on balance transfers. This can be a great way to save money on interest on new purchases as well as your existing debt.

Sign-up bonuses:

Some balance transfer credit cards offer sign-up bonuses, such as a statement credit or travel rewards. This can be a nice way to earn some extra rewards while you are paying off your debt.

Annual fee waivers:

Some balance transfer credit cards waive the annual fee for the first year, or even for the life of the card. This can save you money on fees, especially if you plan on using the card for a long period of time.

Purchase protection:

Some balance transfer credit cards offer purchase protection benefits, such as extended warranties and return protection. This can give you peace of mind when you are making purchases with your card.

Travel benefits:

Some balance transfer credit cards offer travel benefits, such as travel insurance and airport lounge access. This can be a nice bonus if you travel frequently.

It’s important to note that not all balance transfer credit cards offer these additional perks. Be sure to compare the different cards available to find one that offers the features and benefits that are most important to you.

Case Study:

Let’s say you have a credit card with a $10,000 balance and a 20% interest rate. You are making the minimum monthly payment of $200, but it is taking you a long time to pay off your debt and you are paying a lot in interest.

You decide to apply for a balance transfer credit card with a 15-month 0% APR introductory period on balance transfers. You are approved for the card and transfer your $10,000 balance.

During the 15-month introductory period, you make monthly payments of $200. You do not pay any interest on your balance, so you are able to save $1,600 in interest charges.

After the introductory period ends, your interest rate will revert to the card’s standard APR, which is 18%. However, you have already paid off a significant portion of your debt, so your monthly payments will be lower and you will pay less in interest overall.

Here is a summary of how much you saved by transferring your balance to a 0% APR credit card:

  • Interest savings during the introductory period: $1,600
  • Total interest savings over the life of the loan: $3,000

Of course, your actual savings will vary depending on the amount of debt you transfer, the interest rate on your existing card, and the length of the 0% APR introductory period. However, this case study shows that you can save a significant amount of money by transferring your balance to a 0% APR credit card.

Here are some tips for maximizing your savings on a balance transfer credit card:

  • Choose a card with a long 0% APR introductory period. This will give you more time to pay off your debt without interest.
  • Transfer your entire balance. The more debt you transfer, the more money you will save in interest.
  • Make on-time payments and pay more than the minimum each month. This will help you pay off your debt faster and save even more money in interest.
  • Be aware of the balance transfer fee. Most balance transfer credit cards charge a fee, typically 3% of the amount transferred. However, the savings on interest typically outweigh the cost of the fee.

If you are struggling to pay off high-interest debt, a balance transfer credit card can be a great way to save money and get out of debt faster.