Some of the best 0% balance transfer cards offer no rewards. Some of the best rewards cards offer no 0% introductory rate. The Chase Slate is a good example of the first, offer 0% on balance transfers for 15 months with no transfer fee (for transfers made in the first 60 days). The Starwood Preferred Guest® Credit Card from American Express is a good example of the second.
In this article, we’ll review cards that offer both. Like having your cake and eating it too, there are a few credit cards that offer balance transfer deals and rewards.
Chase Freedom Visa
There’s a reason this particular credit card pops up often here on DoughRoller. It offers good all-around benefits and relatively low fees. Right now, the Chase Freedom Visa is offering a introductory APR on balance transfers, plus cash back rewards.
- The 0% Offer: Chase Freedom Visa offers 0% APR for 15 months on balance transfers.
- The Rewards: You earn 5% cash back on up to $1,500 in combined purchases in quarterly bonus categories. You’ll also earn unlimited 1% cash back on all other purchases. You do have to activate each quarter’s bonus categories, so be sure you pay attention to this.
- The Bonus: Chase Freedom pays a $150 bonus after you spend $500 on purchases within the first 3 months of opening your account.
- The Bottom Line: With no annual fee, this card is a good option for a balance transfer if you’d also like to spend on the card to earn rewards. Plus, the introductory APR also applies to new purchases, so you can use this card for combined purposes.
Recommended: List of some of the best 0% balance transfer cards
Citi® Double Cash Card
The Citi® Double Cash Card’s interesting rewards program pays you twice: once on purchases and once when you pay for your purchases. And with it’s introductory APR, it’s another good combined deal.
- The 0% Offer: Citi is offering 18 month 0% APR on all balance transfers. The balance transfer fee is the greater of $5 or 3%.
- The Rewards: With this card, you’ll earn unlimited 1% cash back on all your purchases. Then, you’ll earn 1% cash back on all your payments, as long as you pay the minimum payment each month. There are no category restrictions or spending caps, making this card an easy option for earning rewards.
The Bottom Line: This is another card with no annual fee, making it a great option if your goal is to do a balance transfer to save money as you pay off debt.
Discover it® Cash Back
The Discover it® Cash Back offers the longest 0% balance transfer deal in a card that also combines rewards.
- The 0% Offer: Discover it® offers a 0% introductory APR for 18 months on balance transfers. It has a 3% balance transfer fee for each balance transfer.
- The Rewards: This card offers 5% cash back in quarterly rotating categories, which you must activate. Each quarter’s reward category has its own spending cap, usually around $1,500 in purchases. Then, you get 1% cash back on all other purchases, with no limit.
- The Bonus: Discover is currently offering double cash back the first year.
The Bottom Line: With an 18-month balance transfer, up to 5% cash back, and double cash back the first year, Discover it® Cash Back is a top option.
Citi Thank You® Preferred Card
With this card, you can earn extra points for everyday spending and get a good introductory APR.
- The 0% Offer: The Citi Thank You® Preferred card is currently offering 12 months of introductory 0% APR on both purchases and balance transfers. The balance transfer fee is the greater of $5 or 3%.
- The Rewards:You’ll earn 2 points per every $1 spent on dining and entertainment. All other purchases earn 1 point per $1 spent. There are no rotating categories to worry about, either.
- The Bonus: You can earn 20,000 bonus points if you make $1,500 in purchases within three moths of opening your account. You can redeem these points through Citi’s Thank You rewards program for up to $200 in gift cards from a variety of merchants.
The Bottom Line: If your main credit card spending is for dining and entertainment, this card is a good way to earn rewards for that spending. And with a 12-month introductory APR period and no annual fee, it’s not an expensive card to maintain either.
Blue Cash Preferred® from American Express
As an everyday spending credit card, you can’t beat the Blue Cash Preferred® from American Express. It offers bonus cash back for grocery store, gas station, and department store purchases.
- The 0% Offer: American Express is offering 0% introductory APR on purchases and balance transfers for 12 months.
- The Rewards: Earn cash back in the form of a statement credit on three major categories: supermarket purchases (6% cash back on up to $6,000 per year), gas stations and select department stores (3% cash back). Plus, you’ll get 1% cash back on all other purchases.
- The Bonus: When you spend $1,000 in purchases within three months of card membership, you’ll get $200 back in the form of a statement credit.
The Bottom Line: This has always been a great everyday rewards card. With an introductory balance transfer offer right now, it might be the credit card you’re looking for. With a $95 annual fee, however, this is a card where you need to make sure your rewards outstrip your annual payment.
American Express EveryDay®
If you don’t quite have the credit to qualify for the Blue Cash Preferred® from American Express, consider applying for this one instead. It’s still geared towards everyday rewards, and offers a 0% introductory APR.
- The 0% Offer: You’ll get a 0% introductory APR on purchases and balance transfers for the first 15 months of card ownership. No balance transfer fee if the transfer is made inside of the first 60 days of card ownership.
- The Rewards: This card gives you 2 points per $1 spent at US supermarkets, on up to $6,000 per year, and 1 point per $1 spent everywhere else.
- The Bonus: Right now, if you spend $1,000 on purchases within the first three months of card ownership, you’ll get 15,000 bonus points. Plus, you can earn 20% extra bonus points any time you use your card 20 or more times during a billing period.
The Bottom Line: With no annual fee, this card is much cheaper to maintain than the Blue Cash Preferred®. It still offers good rewards on everyday spending categories, making it easy to use. But your rewards may be worth less, since they’re in the form of points rather than cash back. Still, it’s a good all-around deal for card with a balance transfer deal.
Using These Cards
When it comes to choosing and using a balance transfer card, there are some things you’ll need to keep in mind. Remember that you won’t be able to take advantage of spending-related points and cash back if you max out your credit limit with your balance transfer. So if you’re transferring a high balance to a card with a 0% introductory rate, think long-term.
Choose a card whose rewards system you can stick to and make use of for several years. Then, you’ll still be able to take advantage of the rewards once your balance is paid off or the introductory APR deal runs out.
As always, if you’re using card-hopping as a way to get out of paying high interest debt, be sure you’re actually paying down the debt. Before the introductory APR runs out, either pay off the credit card or switch the remaining balance to another introductory deal.
Further Reading: Complete Guide to Cash Back Credit CardsTopics: Credit Cards