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Best Balance Transfer Offers - Compare Balance Transfer Credit Cards
High interest rates on large balances can really have a detrimental impact on your overall financial health. A popular way to help you play catch-up is by transferring that balance to a lower rate card, preferably with a 0% introductory term. Be aware that this is not as simple as it sounds. Just because a balance transfer credit card comes with a 0% intro APR, it doesn't necessarily mean that it will save you money. Unfortunately, there are other factors involved such as balance transfer fee, length of intro term, and annual fee. Don't get enticed by marketing tactics surrounding these deals. Make sure that the math works in your favor and that the resulting transaction will result in an actual savings. To help you with this process, we have taken the following credit cards that offer balance transfers. The top is a balance transfer credit card offer that does not have a transfer fee while the second has a slightly longer 0% term but does come with the fee. The no fee offer is almost always a better deal unless you are currently trying to transfer a balance from that financial institution (in this case Chase). If not, the Discover deal is a viable alternative. Note that you will need the account number for the cards you wish to transfer balances from to complete your transaction.
| Discover® More Card - 18 Month Promotional Balance Transfer |
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- 0% intro APR on purchases for 6 months, then the variable standard purchase APR of 10.99% - 20.99%*
- 0% intro APR on balance transfers for 18 months, then the variable standard purchase APR of 10.99% - 20.99%*
- 5% Cashback Bonus® in categories that change like gas, restaurants, department stores and more. Limitations apply*
- Discover is ranked #1 in customer loyalty--16 years in a row! (2012 Brand Keys Customer Loyalty Engagement Index report)
- 24/7 access to a U.S.-based Account Manager within 60 seconds
- $0 Fraud Liability plus automatic mobile and email fraud alert options
- Great rewards with no annual fee, no rewards redemption fee, and no additional card fee
- *Click apply to view rates, fees, rewards, limitations and other important information
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Intro APR
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Intro APR Period
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APR
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Annual Fee
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Balance Transfer
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Minimum Credit Required
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0%
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18 months on Balance Transfers; 6 on Purchases*
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10.99% - 20.99% (Variable)*
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No*
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Yes*
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Excellent
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Balance Transfer Rewards Cards
After you compare balance transfer credit cards you will need to determine which one is the best for your particular situation. If there are several that will result in savings, the next step is to look at the other elements of the product. This comes into play especially when dealing with balance transfer rewards cards. We suggest that you first identify whether or not you plan on using the new credit card for purchases. If you do, view the additional perks that the product offers. If you are looking for strictly a low rate alternative that will allow you to pay off your debt more quickly and are deciding between two standard platinum credit cards that allow balance transfers, it makes the most sense to go with the one that will result in the most savings. However, if you are in fact planning on using the new one for purchases, the rewards program in conjunction with the possible savings are both important.
It does get tricky when weighing your options when dealing with rewards cards. Because some of these come with perks such as travel rewards cards with 25,000 bonus miles or cashback credit cards with 3%-5% on particular purchases, you will need to examine your lifestyle and spending habits to decide which is the best choice. In some cases, the rewards benefits may even sway your decision one way or the other. Our advice is that when you compare balance transfer credit cards is that you select one that saves you the most money first and foremost. Our experience has been that most people looking to save interest do so because they are having difficulty becoming debt free. Though the incentives for spending on many deals are enticing, in many cases putting yourself in a position where you can let your wallet breath a little bit on a monthly basis is more important both short and longterm. If you are compelled to do save and accrue points, cashback or miles, another approach is to apply for two different products, a balance transfer deal and a rewards credit card that you would use for every day spending. Obviously, with a better credit history you will have more options available. If you have excellent credit, a good option in our opinion is to apply for a charge card from American Express. These come with competitive programs that are points based but mandate that you pay your balance in full every month. This option allows you to earn while staying within your current budget without accruing interest.
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