If you’re trying to pay off debt, a 0% balance transfer credit card could save you hundreds – even thousands – of dollars in interest payments. I took advantage of multiple 0% interest offers from Citi, Chase, and Discover on my own journey to debt freedom. So I’ve learned how to spot the best balance transfer cards available.
To help you find the best balance transfer offer, below you’ll find a long list of current 0% cards. I’ve included the length of the 0% offer, the balance transfer fee, and links for more details and to apply for each card. Below the table you’ll also find more details on selection cards and some tips on how to use balance transfer credit cards.
The Best 0% Balance Transfer Offers
1. Barclaycard Ring™ MasterCard®
Perhaps the best balance transfer credit card on the market today, the Barclaycard Ring™ MasterCard® has a 0% introductory APR on balance transfers for 15 months with NO balance transfer fee. The standard 3% fee you see charged on most every balance transfer credit card is not found here; meaning there are no pesky initial fees cutting into your savings.
- No Fees: There are no foreign transaction fees, no annual fees and as stated above, no balance transfers fees on the Barclaycard Ring™ MasterCard® and the variable APR after the intro period of 0% for 15 months expires is 13.49%. A free FICO score is also included.
Bottom Line: While sacrificing a few months of 0% interest, cardholders will be gaining a fee free balance transfer and 15 months to pay their debt down. The Barclaycard Ring™ MasterCard® is one of the strong balance transfer credit cards on the market today.
2. Discover it®
Discover it® comes in several different “flavors.” The Discover it®- 18 Month Balance Transfer Offer version offers the longest introductory period on balance transfers–0% APR for 18 months. The card has no annual fee. It makes our top spot due to is combination of its 0% offer and excellent cash back rewards.
- Cash Back: The Discover it® cash back card offers 1% cash back on every purchase, plus 5% cash back on categories that rotate every 3 months. You can redeem your cash back anytime as a deposit, statement credit, or payment at Amazon.com. And if that weren’t enough, Discover will also “double all the cash back you’ve earned at the end of your first year – only for new cardmembers.”
- Other Benefits: If you’re trying to get out of debt and raise your credit score, this card offers free access to your current FICO® score. You’ll get score updates on your monthly statement, or you can log into your online account anytime for score updates. It also has no annual fee, and there’s no late fee for your first late payment. If you travel often, you’ll appreciate that this card has no foreign transaction fee, and it comes with a $0 Fraud Liability Guarantee.
Bottom Line: If you want to transfer a balance or finance a large purchase, the 18 months of 0% interest on balance transfers is a great deal on the Discover it® – 18 Month Balance Transfer Offer. And after that, you can reap the benefits of solid cash-back rewards. This is also a great score for building credit, with its average credit score requirements.
3. Wells Fargo Platinum Visa® Credit Card
The Wells Fargo Platinum Visa credit card offers 0% on balance transfers AND purchases for 15 months. There is no annual fee. It also offers a unique benefit that we’ve not seen from other credit cards:
- Get up to $600 protection on your cell phone (subject to $25 deductible) against covered damage or theft when you pay your monthly cellular telephone bill with your Wells Fargo Platinum Visa® Credit Card
Bottom Line: The Wells Fargo Platinum Visa credit card offers an excellent balance transfer offer along with an interesting perk for those looking to protect their cell phone. The no annual fee is also a big plus.
4. The Amex EveryDay® Preferred Credit Card from American Express
American Express is best known for its credit card rewards, not 0% offers. But with the Amex EveryDay Preferred card, they combine both a 0% balance transfer offer with some incredible credit card rewards.
- 0% Offer: Get 0% APR on both balance transfers and purchases for 12 months, then a variable APR based on credit worthiness.
- Everyday Rewards: 3x points at US supermarkets on up to $6,000 per year in purchases (then 1x); 2x points at US gas stations; 1x points on other purchases. Terms and limitations apply.
- Bonus Reward #1: Earn 15,000 Membership Reward® points after you use your new Card to make $1,000 in purchases in your first 3 months.
- Bonus Reward #2: Use your Card 30 or more times on purchases in a billing period and earn 50% more points on those purchases less returns and credits. Terms and limitations apply.
Bottom Line: This card offers a good 0% offer on purchases and balance transfers along with excellent rewards.
Learn how to apply here.
5. Capital One® Quicksilver® Cash Rewards Credit Card
Capital one also offers cards with 0% offers that combine rewards. With the Capital One Quicksilver Cash Rewards credit card, you’ll get 0% on purchases and balance transfers for nine months. While that’s not the longest offer available, there’s another huge perk with this card, its rewards:
- You earn unlimited 1.5% cash back on every purchase, every day
- One-time $100 cash bonus after you spend $500 on purchases within 3 months of approval
Bottom Line: The Quicksilver card offers excellent everyday cash back rewards, a chance to earn a $100 bonus, and good 0% terms.
Learn how to apply here.
More Options: See a complete list of balance transfer offers, and learn how to apply online, here.
0% Balance Transfer Tips and Tricks
How do you choose a balance transfer credit card? And how do you know which one of these deals – or another that you find online – will work best for you? Here are a few tips and tricks:
1. Look at the length of the offer. Typically, the longer the 0% offer lasts, the better. Now, if you know you can pay down the balance within 6 or 8 months, then you don’t really need that 21-month introductory offer from Citi. But in general, the longer the introductory APR, the better off you are
2. Consider balance transfer fees. Nearly all balance transfer cards charge a fee for the balance transfer. As you can see, three of the four cards listed above charge a 3% or $5 fee. Read the fine print and calculate how much it will cost you to transfer the balance. Some transfers have a high enough fee that the balance transfer isn’t even worth your while. This balance transfer calculator can help you see how much difference that fee can make.
3. Don’t use the card for spending. The point of these balance transfer offers is to more quickly reduce your overall debt. Reducing the interest rate reduces your payment – leaving you more money to pay down principle month by month. It’s tempting to spend more money once you’ve freed up space on your other credit cards. But you’ll quickly regret that – especially after your introductory APR is over.
4. Have a plan for after the introductory rate expires. Credit card companies often lure in consumers with an introductory rate, only to hike up the rate to 20% or more after that few months. Most people will make minimum payments, leaving the balance on the card until the introductory rate expires. Try to pay off the card before the introductory rate expires. If you can’t, consider moving the balance to a new 0% introductory APR card or paying it offer with a home equity line of credit.
5. Know what your interest rate will be. The reason we highlight post-offer APRs here is that you need to know the interest rate you’ll be charged after the introductory period. Some cards have a reasonable general APR, while others have a very high adjusted rate.
6. Check the fine print for balance transfers vs. purchases. Some cards have a 0% introductory rate for purchases, but this is not the same thing as balance transfers. 0% APR on purchases is great for financing larger purchases for free, but it’s not the same thing as a balance transfer introductory rate.
7. Look for cards that also offer rewards. If you’re looking for a longer-term credit card deal, rather than just an option to pay off debt with less interest, check out cards that offer rewards later on. You may not cash in on these rewards right away, but once you get out of debt, you can use the card for everyday expenses and reap the rewards.
8. Remember that even at 0% interest, it’s still debt. When you have a credit card sitting there with a 12-month 0% interest offer, it’s easy to forget about it. You should still work to pay off credit card balances with the eventual goal of using them without carrying a balance.
“Disclaimer: The responses below are not provided or commissioned by the bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser’s responsibility to ensure all posts and/or questions are answered.”Topics: