Credit cards are a big help when you wish to keep yourself or your business safe against unexpected expenses. However, it is equally crucial to manage credit card debts efficiently to avoid defaults and keep enjoying all the perks it offers. One of the most reliable tools for tracking high-interest debt is balance transfer credit cards in the USA.
Using this card, you can consolidate your entire dent on a single card that often comes with a 0% introductory interest rate. You only have to find the card out of countless options available in the market.
In this article, we will explore what balance transfer credit cards are and what are some of the reliable options that you can opt for.
Before diving into the details check out this blog: Types of Credit Cards in the USA
Table of Contents
What is a Balance Transfer Credit Card?
It is a specially designed credit card option that aims to help individuals manage and reduce their existing credit card debt. The best balance transfer credit cards allow you to transfer your balances from one or more high-interest credit cards to a new card with a lower interest rate. The best part is that it can often be as low as 0% for an introductory period ranging from 6 months to one year. So, you get a window of time, making it easier for you to pay the principal balance.
The fundamental advantage of this unique card is significant interest savings. You can move your debt to a card that offers a lower rate, reducing the amount of money you pay as interest, and freeing up more funds to apply directly to the debt itself. So, whether you aim to save on interest, fast debt payment, or simply streamline your finances, your balance transfer credit card can prove to be a boon.
Eligibility to opt for Balance Transfer Credit Cards in the USA
There are certain requirements that you have to fulfill to be eligible for balance transfer credit cards in the USA. Though the criteria can vary for different credit card options, the generic requirements remain the same. Here are the key factors that determine eligibility.
Impressive Credit Score
You should have an excellent credit score, typically higher than 680. You may find a card that you can get with a lower credit score, but it may not offer favorable terms.
Credit History
Lenders ensure that your credit history is positive and you have previously used the credit with utmost responsibility. Your lender will preferably check payment schedules and whether you have maintained the required account balance.
Employment and Yearly Income
You should have a stable income source, assuring the lender that you will repay the debt on time. At the same time, your employment details will be checked to ensure you have a sustainable source of income.
Existing Credit Card Balances
The lender checks the amount of debt you wish to transfer does not exceed the credit limit of your new card. Moreover, some card-issuing bodies may set a limit on the total amount you can transfer.
If you qualify for these requirements and all others set by your desired credit card issuing body, you can apply for the Balance Transfer Credit Cards in the USA and enjoy all its perks.
Top 11 Balance Transfer Credit Cards in USA
Citi Simplicity® Card
This Card is suitable for individuals who wish to avoid fees and penalties over rewards. It is an ideal option for people who often miss a payment or do not like to pay an additional fee. The rewards program is smooth and the earnings are customer-friendly.
Key Features
- The highlight feature of this card is that it doesn’t charge any late fees.
- Another perk is that you wouldn’t have to face any hike in your interest rate even if you miss a payment.
Wells Fargo Reflect® Card
This Card is ideal for individuals who want to enjoy an extended 0% introductory APR period to pay off purchases or transferred balances over time without incurring interest. It also comes with added benefits, like cell phone protection and roadside assistance.
Key Features
- If you pay your monthly cell phone bill using this card, you get cell phone protection against damage or theft.
- It offers a pay-per-use roadside assistance program that can be helpful in case of emergencies.
U.S. Bank Visa® Platinum Card
It is best suited for individuals who want to take advantage of a long 0% introductory APR period for purchases or balance transfers. Moreover, you can also avoid annual fees while using this card. The card comes in handy when you prefer constant credit monitoring over earning rewards.
Key Features
- You can earn cell phone protection against damage or theft if you pay your cell phone bill using this card.
- Get access to tools that let you constantly monitor your credit score.
Discover it® Balance Transfer
It is one of the best Balance Transfer Credit Cards ideal for individuals who want to transfer high-interest balances. Additionally, it allows you to pay them off over an extended period without accruing interest. It’s also a good fit for those who want to earn cash back on their purchases.
Key Features
- You get free access to their FICO® credit score online and on monthly statements.
- It matches all the cash back you’ve earned at the end of your first year automatically. So, if you earned $200 in cash back during your first year, Discover will match it, giving you a total of $400.
BankAmericard® Credit Card
This is amongst the category of Balance Transfer Credit Cards in the USA best suited for individuals who want a long 0% introductory APR period. It is also a well-suited option for those who prefer debt management rather than earning rewards.
Key Features
- You can access their FICO® credit score for free through online banking or the mobile app.
- You can link it to your credit card to prevent overdrafts (fees may apply) if you have a Bank of America checking account.
Chase Slate Edge℠
It is a promising credit card designed for consumers looking to manage debt and improve their credit scores. It offers an attractive introductory APR period and opportunities for interest rate reductions. It is also a good choice for those who want opportunities for credit line increase while avoiding annual fees.
Key Features
- You can be considered for a credit line increase in as little as six months with good credit behavior.
- You can access your credit score for free through the Chase Credit Journey tool, which helps you monitor and improve your credit health.
Citi® Diamond Preferred® Card
The card is best suited for individuals looking to transfer high-interest balances and pay them off over an extended period without attracting more interest. It is also a practical choice for those who want to avoid annual fees and enjoy exclusive access to multiple events.
Key Features
- You get special access to ticket presales for concerts, dining, and more through Citi Entertainment.
- You also get protection against unauthorized charges if your card is lost or stolen.
Amex EveryDay® Credit Card
The Amex EveryDay® Credit Card is for those who want to earn rewards on everyday purchases. You get rewards for popular U.S. supermarkets and the advantage of a 0% introductory APR period on purchases and balance transfers. It is also suitable for those who want to avoid annual fees and enjoy additional card perks like purchase protection and Amex Offers.
Key Features
- Get access to Amex offers on shopping, dining, and more.
- The card also offers purchase protection, covering you for eligible purchases made using the card.
- You also get travel and shopping perks, such as damage insurance, and a global assist hotline.
Citi Rewards+® Card
It is best suited for individuals who want maximum rewards on everyday purchases. This card makes you eligible for a reward system at supermarkets and gas stations and lets you take advantage of the unique rounding-up feature. You can also enjoy zero annual fees and benefit from a 0% introductory APR period on purchases and balance transfers.
Key Features
- You can get 10% of your points back for the first 10k points you redeem every year.
- The card offers exclusive access to events, concerts, sports, and more.
Barclaycard Ring® Mastercard®
This card is the perfect choice if you are looking to minimize costs with a low APR and no balance transfer fees. It is also suitable for those who carry a balance or want to transfer high-interest debt. Moreover, you can opt for it if you are a traveler who wishes to avoid the foreign transaction fee.
Key Features
- The card features a community where cardholders can share ideas and vote on features and benefits.
- You get access to FICO credit score for free, monitoring your credit health constantly.
PNC Core® Visa® Credit Card
It is apt for individuals who prefer a no-frills credit card with a low introductory APR. It’s ideal for those who may carry a balance occasionally and want travel and emergency benefits.
Key Features
- This card provides access to travel and emergency assistance, offering help in case of lost or stolen cards.
- It offers coverage for damage due to collision or theft.
- You will not be held responsible for unauthorized charges made through the card.
Comparison Table for Best Balance Transfer Credit Cards
Card Name | Introductory Offer | Annual Fee | Balance Transfer Fee |
Citi Simplicity® Card | 0% APR on balance transfers for 21 months | $0 | 5% (minimum $5) |
Wells Fargo Reflect® Card | 0% APR on balance transfers for up to 21 months | $0 | 3% (if transferred within the first 120 days) |
U.S. Bank Visa® Platinum Card | 0% APR on balance transfers for 20 billing cycles | $0 | 3% (minimum $5) |
Discover it® Balance Transfer | 0% APR on balance transfers for 18 months | $0 | 3% |
BankAmericard® Credit Card | 0% APR on balance transfers for 18 billing cycles | $0 | 3% (minimum $10) |
Chase Slate Edge℠ | 0% APR on balance transfers for 18 months | $0 | 3% (minimum $5) |
Citi® Diamond Preferred® Card | 0% APR on balance transfers for 21 months | $0 | 5% (minimum $5) |
Amex EveryDay® Credit Card | 0% APR on balance transfers for 15 months | $0 | 3% (minimum $5) |
Citi Rewards+® Card | 0% APR on balance transfers for 15 months | $0 | 3% (minimum $5) |
Barclaycard Ring® Mastercard® | 0% APR on balance transfers for 15 months | $0 | 2% |
PNC Core® Visa® Credit Card | 0% APR on balance transfers for 15 billing cycles | $0 | 3% (minimum $5) |
End Note
Choosing the best Balance Transfer Credit Cards in the USA is a challenging task, owing to all the options available in the market. This decision depends largely on your financial goals and spending habits. You would have to consider whether you prioritize a long introductory APR period, low fees, rewards, or other additional perks. You can refer to the list above and consider going through the comparison table to choose a card that is a perfect fit as per your requirements. Carry out thorough research and make a well-informed decision to enjoy all the perks.
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