BEST Balance Transfer Credit Cards 2024 💳 Top 10 Cards for 0% Interest on Transferred Balances

Summary

In this video, Jco from PRMoney.com presents a top 10 list of the best 0% balance transfer credit card offers currently available. He explains how balance transfers work and highlights cards offering long promotional 0% APR periods, with details on balance transfer fees, rewards, and potential bonuses. Cards from major issuers like American Express, Capital One, and Chase are featured, each with their own pros and cons. Jco also covers the importance of credit scores for approval and warns about high interest rates after the promotional periods. The video serves as a useful guide for those looking to transfer credit card balances and save on interest.

Takeaways

• 😀 A balance transfer allows you to move a balance from an existing credit card to a new one offering 0% interest for a promotional period.
• 😀 Most cards on the list charge a 3% balance transfer fee, though some may offer a higher fee, like the Wells Fargo Reflect card, which charges 5%.
• 😀 The Blue Cash Everyday card from American Express offers 0% for 15 months, with rewards on grocery, gas, and online purchases.
• 😀 The Capital One SavorOne Rewards Card offers 0% for 15 months and provides 3% cash back on groceries, dining, and entertainment, plus 5% on travel bookings.
• 😀 The US Bank Visa Platinum Card has the longest 0% balance transfer offer on the list, lasting 21 months, but it doesn’t offer rewards or bonuses.
• 😀 Cards with longer 0% balance transfer offers, like the Wells Fargo Reflect card (21 months), typically come with higher fees (5%).
• 😀 Credit score plays a role in approval for balance transfer cards. Those with scores over 700 are more likely to get approved.
• 😀 The Capital One Quicksilver card offers 0% on balance transfers for 15 months and provides 1.5% cash back on all purchases.
• 😀 Discover’s 0% balance transfer offer applies to both the Discover It and Discover It Miles cards, with cash back on certain categories and purchases.
• 😀 Chase offers two notable cards—Chase Freedom Unlimited and Chase Freedom Flex—both with 0% on balance transfers for 15 months, offering different cash back categories like dining, travel, and drugstore purchases.

Q & A

What is a 0% balance transfer offer on a credit card?

A 0% balance transfer offer allows you to transfer an existing credit card balance to a new card with no interest charged for a promotional period, which typically lasts from 12 to 21 months. This helps you pay off debt faster without accruing interest.

Are there any fees associated with balance transfers?

Yes, most credit cards offering balance transfers charge a balance transfer fee, usually around 3% of the transferred amount. This fee is typically charged upfront when you move your balance to the new card.

Why might paying the balance transfer fee still be a good idea?

Although the 3% balance transfer fee might seem like an extra cost, you can often save more in the long run by avoiding the high interest charges on your current credit card. The balance transfer fee is often a small price to pay for eliminating interest on your debt.

What factors should be considered when choosing a 0% balance transfer card?

When selecting a 0% balance transfer card, consider the length of the 0% APR offer, the balance transfer fee, whether the card offers rewards or bonuses, and the interest rate after the introductory period ends. Each of these factors can impact your overall savings.

What are some notable rewards or benefits that come with balance transfer credit cards?

Some balance transfer cards offer valuable rewards such as cash back on purchases, points, or miles. For example, cards like the Blue Cash Everyday® from American Express offer 3% cash back on grocery store purchases, while the Capital One SavorOne Rewards Card offers 3% on dining and entertainment.

What happens after the 0% APR offer expires?

Once the 0% APR offer expires, the card will revert to a standard interest rate, typically ranging from 18% to 30%, depending on your creditworthiness. It's important to pay off the balance before the offer ends to avoid high interest charges.

Are there any balance transfer cards with no rewards or bonuses?

Yes, some cards, like the U.S. Bank Visa Platinum Card and the BankAmericard® Credit Card, focus purely on providing a long 0% APR period for balance transfers but do not offer rewards or upfront bonuses. These cards are ideal for individuals who prioritize debt repayment over earning rewards.

How long do the 0% APR balance transfer offers last?

The duration of the 0% APR offer typically ranges from 12 to 21 months, depending on the card. Cards like the U.S. Bank Visa Platinum Card offer the longest period, with 21 months of 0% APR on balance transfers.

What is the impact of a higher balance transfer fee, like the 5% fee on the Wells Fargo Reflect® Card?

While the Wells Fargo Reflect® Card offers a longer 0% APR period of 21 months, it charges a higher 5% balance transfer fee. This means you'll pay more upfront compared to cards with a 3% fee, which may negate the benefit of the longer 0% APR period if you're transferring a large balance.

Can I get approved for a balance transfer card if I have a lower credit score?

It depends on the card and your credit history. Cards like the Capital One QuicksilverOne Rewards Card may be more lenient for those with lower credit scores (650-700), while higher-end cards generally require a credit score of 700 or above for approval.