How to Choose Your Balance Transfer Credit Card: Discover the Tips!

Opting for the ideal balance transfer credit card is a smart way to reduce your debt and ease the burden of high interest rates.  

However, finding the best option among many in the market requires attention to several details, such as fees, the introductory APR (Annual Percentage Rate) period, and the benefits offered.  

Follow each element you should consider when looking for a balance transfer credit card and check out some of the best options available in the U.S. market.

Understand How to Decide Which Balance Transfer Credit Card is Right  

Balance transfer credit cards are very useful financial tools for those looking to consolidate their debts and save on interest.  

The choice of the ideal card strictly depends on your specific needs and your credit profile. We’ve listed the main factors for you to consider when making this choice:

Know How Much Debt You Have  

Before choosing a balance transfer credit card, it’s important to have a clear understanding of your debt amount.  

Knowing how much you owe will help you better evaluate which balance transfer card offers the most suitable credit limit and whether the 0% APR period will be enough to pay off your debt.  

Thus, knowing the exact amount of your debt will help you calculate whether the savings on interest justify the balance transfer fee.  

If you have $5,000 in debt on a card with 18% APR and transfer that balance to a balance transfer credit card with 0% APR for 18 months, you save hundreds of dollars in interest during the promotional period.  

The main goal of using a balance transfer card is to eliminate your debt as quickly as possible. Therefore, saving is necessary.  

Avoiding new purchases while still paying off the debt in question is one of the best ways to achieve this goal faster.

Know the Card’s Introductory APR Period  

One of the main advantages of a balance transfer credit card is precisely the introductory 0% APR period, during which you pay no interest on the transferred balance.  

This is the most attractive point for those looking to reduce or eliminate their credit card debt. The introductory APR period typically ranges from 12 to 21 months.  

The longer the period, the more time you have to pay off your debt without accumulating interest. When choosing a card, check if the introductory APR period is enough to pay off or reduce your debt before regular interest rates begin to apply.  

If you have a high debt and need more time to pay it off, a card with 18 to 21 months of 0% APR might be the best option.  

However, if your debt is smaller and you can pay it off quickly, a card with a shorter period could still be advantageous.

Evaluate the Balance Transfer Fee  

Most balance transfer credit cards charge a transfer fee, which typically ranges from 3% to 5% of the transferred amount. If you transfer $5,000 and the transfer fee is 3%, you’ll pay $150 for the transfer.  

Although this fee may seem like an additional cost, it can be worth it if you save much more in interest over time.  

Some cards offer promotions with no balance transfer fee, which is a plus if you find an option that suits your situation.  

Therefore, when choosing a balance transfer credit card, always compare the transfer fees and see if the amount saved in interest outweighs this cost.

Compare Rewards and Bonuses  

Some balance transfer credit cards also offer rewards, such as cashback or travel points.  

Although the primary focus should be eliminating your debt, rewards are a nice bonus, as long as they don’t distract you from your main financial goal.  

Cards may offer initial bonuses, such as extra cashback or reward points for spending a certain amount in the first few months.  

If you plan to use the card for future purchases, these rewards can be attractive, but be careful not to accumulate more debt while trying to pay off the balance transfer.

Now that we know what to look for, let’s also analyze the top balance transfer credit card options available in the United States. Check them out!

Balance Transfer Credit Card Options  

With many balance transfer credit cards available in the U.S. market, each has its own features and benefits.  

We’ve gathered some of the best cards for balance transfers, with information on what they offer in terms of fees, introductory APR period, and, of course, rewards.

1. Discover it Cash Back  

The Discover it Cash Back is a good option for those seeking a balance transfer credit card. This card offers 0% APR on balance transfers for 15 months. After the introductory period, the standard APR ranges between 17.24% and 28.24%.  

• Balance transfer fee: 3% for transfers made in the first quarter, then 5%.  
• Rewards: Up to 5% cashback in rotating categories, which change each quarter, such as grocery stores and gas stations.  
• Annual fee: $0.  

Additional benefit: Discover automatically matches all cashback earned in the first year, so if you earn $100 in cashback, they’ll match it with another $100.

2. Citi Simplicity Card  

The Citi Simplicity is known for its simplicity and absence of late fees or penalties, which can be very appealing for those looking to avoid extra charges.  

• Introductory APR period: 0% for 21 months on balance transfers.  
• Balance transfer fee: 5% (minimum of $5).  
• Standard APR: Between 19.24% and 29.99% after the introductory period.  
• Annual fee: $0.  

This card is a good choice if you need a long 0% APR period to pay off your debt.

3. Wells Fargo Reflect Card  

The Wells Fargo Reflect offers one of the longest introductory APR periods available, ideal for those who need more time to pay off their debt.  

• Introductory APR period: 0% for up to 21 months on balance transfers if the minimum payment is made on time.  
• Balance transfer fee: 5% (minimum of $5).  
• Standard APR: 18.24% to 28.24%.  
• Annual fee: $0.  

It’s perfect for those who need an extended period to pay off debt without the pressure of accumulating interest.

4. Citi Double Cash Card  

The Citi Double Cash is a great choice for those looking for a balance transfer credit card that also offers consistent rewards.  

• Introductory APR period: 0% for 18 months on balance transfers.  
• Balance transfer fee: 5% (minimum of $5).  
• Standard APR: 19.24% to 29.99%.  
• Rewards: 2% cashback on all purchases (1% when you buy and 1% when you pay).  
• Annual fee: $0.  

This card is ideal for those who want to continue earning rewards while paying off transferred debt.

5. BankAmericard 

The BankAmericard is a basic but efficient card if you’re looking for a balance transfer credit card without too many complications.  

• Introductory APR period: 0% for 18 months on balance transfers.  
• Balance transfer fee: 3% (minimum of $10).  
• Standard APR: 17.24% to 27.24%.  
• Annual fee: $0.  

Although this card doesn’t offer rewards, it’s great for those seeking a solid introductory period with a simple fee structure.

Choosing the right balance transfer credit card is an effective way to manage your debt and save on interest.  

By considering your debt amount, the introductory APR period, the transfer fee, and any additional benefits, you can make a well-informed decision that fits your financial situation.  

Cards like Discover it Cash Back, Citi Simplicity, Wells Fargo Reflect, Citi Double Cash, and BankAmericard offer good terms for those looking to consolidate their debt.  

Evaluate your options carefully, always prioritizing debt repayment before any other details or purchases.  

Also, read our post about how debt consolidation works and whether or not you should do it. You’ll surely gain valuable insights for managing your debts!