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billion casino royal:The Motley Fool Ascent:
On Wells Fargo's Secure Website.
On Wells Fargo's Secure Website.
On Wells Fargo's Secure Website.
Good/Excellent (670-850)
Intro APR 0% intro APR for 15 months from account opening on purchases and qualifying balance transfers
Purchases: 0% intro APR, 15 months from account opening
Balance Transfers: 0% intro ༺APR, 15 months from account 🍬opening on qualifying balance transfers
20.24%, 25.24%, or 29.99% Variable APR
Rewards Earn unlimited 2% cash rewards on purchases.
2% cash rewardsAnnual Fee N/A
$0Welcome Offer Earn a $200 cash rewards bonus after spending $500 in purchases in the first 3 months.
$200 cash rewardsThis card’s unlimited 2% cash rewards on purchases is the highest we’ve seen for a flat-rate rewards card with no annual fee. It also has an incredibly easy-to-earn $200 welcome bonus and a generous intro APR offer. We simply haven’t come across this combination of top perks in one card before. billion casino royal:Read Full Review
On Discover's Secure Website.
On Discover's Secure Website.
Good/Excellent (670-850)
Intro APR
Purchases: 0%, 6 months
Balance Transfers: 0%, 18 months
17.24% - 28.24% Variable APR
Rewards 2% cash back at Gas Stations and Restaurants on up to $1,000 in combined purchases each quarter. 1% unlimited cash back on all other purchases - automatically
1% - 2% CashbackAnnual Fee
$0Welcome Offer N/A
Discover will match all the cash back you’ve earned at the end of your first year.Features the typically impressive slate of Discover card perks, but without the big bonus cash back. billion casino royal:Read Full Review
On Wells Fargo's Secure Website.
On Wells Fargo's Secure Website.
Good/Excellent (670-850)
Intro APR 0% intro APR for 21 months from account opening on purchases and qualifying balance transfers
Purchases: 0% intro APR, 21 months from account opening
Balance Transfers:🐬 0%🅘 intro APR, 21 months from account opening on qualifying balance transfers
18.24%, 24.74%, or 29.99% Variable APR
Rewards
N/AAnnual Fee N/A
$0This no-frills card is a solid choice if your priority is to avoid credit card interest for as long as possible. It offers an incredible 0% intro APR for 21 months from account opening on purchases and qualifying balance transfers. The balance transfer fee (5%, min: $5) is higher than some cards — but if you want an equally long intro APR on purchases, then this card is hard to beat. billion casino royal:Read Full Review
On Chase's Secure Website.
On Chase's Secure Website.
Good/Excellent (670-850)
Intro APR 0% Intro APR on Purchases
Purchases: 0% Intro APR on Purchases, 15 months
Balance Transfers: 0% Intro APR on Balance Transfers, 15 months
20.49%-29.24% Variable
Rewards 5% cash back on up to $1,500 in combined purchases in bonus categories each quarter you activate. Enjoy new 5% categories each quarter! Plus, earn 5% cash back on travel purchased through Chase Ultimate Rewards®, 3% on dining and drugstores, and 1% on all other purchases.
5% cash back offerAnnual Fee N/A
$0Welcome Offer Earn a $200 Bonus after you spend $500 on purchases in your first 3 months from account opening!
$200 bonusThis Chase card is one of our favorites, and with good reason. You earn 5% cash back on up to $1,500 in combined purchases in bonus categories each quarter you activate, alongside other standout perks (and at least 1% on all purchases). Plus, this one comes without an annual fee and with a generous welcome bonus. billion casino royal:Read Full Review
On Bank of America's Secure Website.
On Bank of America's Secure Website.
Good/Excellent (670-850)
Intro APR 0% Intro APR for 15 billing cycles for purchases. 0% Intro APR for 15 billing cycles for any balance transfers made in the first 60 days. After the intro APR offer ends, 19.24% - 29.24% Variable APR on purchases and balance transfers will apply. A 3% for 60 days from account opening, then 4% fee applies to all balance transfers.
Purchases: 0% Intro ✱APR for 15 billing cycles for purchases
Balance Transfers: 0% Intro𝕴 APR for 15 billing cycles for any balance transfers made in the first 60 days
19.24% - 29.24% (Variable)
Rewards 3% cash back in your choice category, 2% at grocery stores & wholesale clubs (up to $2,500 in combined choice category/grocery store/wholesale club quarterly purchases), 1% on all other purchases.
1% - 3% cash backAnnual Fee
$0Welcome Offer $200 online cash rewards bonus after you make at least $1,000 in purchases in the first 90 days of account opening
$200 cash rewardsThis card's wide range of extra cash back options speaks for itself, with a choice of six bonus categories you can change monthly for 3% earnings in the category of your choice. And you can earn 2% back automatically at grocery stores and wholesale clubs. No annual fee and a nice welcome bonus also make this one a winner. Plus, if you're a Bank of America Preferred Rewards member, this card will be even more valuable for you. billion casino royal:Read Full Review
On Citi's Secure Website.
On Citi's Secure Website.
Fair to Excellent (580-850)
Intro APR N/A
Purchases: N/A
Balance Transfers: 0%, 18 months
19.24% - 29.24% (Variable)
Rewards 2% cash back: 1% when you buy plus 1% as you pay
Up to 2% cash backAnnual Fee
$0Welcome Offer Earn $200 cash back after you spend $1,500 on purchases in the first 6 months of account opening. This bonus offer will be fulfilled as 20,000 ThankYou® Points, which can be redeemed for $200 cash back.
20,000 ThankYou® PointsThis card combines a top-notch balance transfer offer for 18 months with best-in-class unlimited 2% cash back on purchases. There's no introductory APR for purchases, so if you use that long balance transfer offer you'll be charged interest on all new purchases until the full balance is paid off. However, once you conquer that balance transfer, this may become your go-to card thanks to the high cash back rate. billion casino royal:Read Full Review
U.S. Bank Visa® Platinum Card
Great for: Balance transfers and purchasesGood/Excellent (670-850)
Intro APR 0% on purchases and balance transfers for the first 21 billing cycles on purchases billing cycles, and after that 18.74% - 29.74% (Variable).
Purchases: 0%, 21 billing cycles on purchases
Balance Transfers: 0%, 21 billing cycles
18.74% - 29.74% (Variable)
Rewards
N/AAnnual Fee
$0Welcome Offer
N/A"Using this card was an all-around win because I was able to knock a few hundred dollars off the total of my home improvement project from the bonus and cash back. The 0% intro APR let us keep a big chunk of our savings." Rachel Zinanti, The Motley Fool Ascent
billion casino royal:Apply for Discover it® Chrome
billion casino royal:Apply for the Wells Fargo Reflect® Card
billion casino royal:Apply for Chase Freedom Flex℠
Apply for Bank of America® Customized Cash Rewards credit card
billion casino royal:Apply for Citi Double Cash® Card
Generally speaking, if the balance transferred can be paid off within the 0% APR intro period, the transfer is probably a good idea. If the balance cannot be paid within that period of time, it's important to know what the APR will be. It's probably better to avoid using the card for anything else than paying the transfer balance. So customers should steer clear of using the card for both transfer and new purchases. Francisca Beer, Ph.D. Professor of Finance, California State University, San Bernardino
One thing you don't need to consider are the rewards. You won't earn rewards on transferred balan🦩ces, and balance transfers won't count toward any kind of welcome or sign-up bonus requirements.
Card | Rating | Great For |
---|---|---|
Rating image, 5.00 out of 5 stars.
5.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best = Excellent = Good = Fair = Poor |
Great For: Unlimited cash back | |
Rating image, 4.50 out of 5 stars.
4.50/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best = Excellent = Good = Fair = Poor |
Great For: Balance transfers and cash back | |
2024 Award Winner
|
Rating image, 4.50 out of 5 stars.
4.50/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best = Excellent = Good = Fair = Poor |
Great For: Long 0% intro APR |
2024 Award Winner
|
Rating image, 5.00 out of 5 stars.
5.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best = Excellent = Good = Fair = Poor |
Great For: Rewards versatility |
Rating image, 4.50 out of 5 stars.
4.50/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best = Excellent = Good = Fair = Poor |
Great For: Rewards | |
Rating image, 4.50 out of 5 stars.
4.50/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best = Excellent = Good = Fair = Poor |
Great For: Balance transfers and cash back | |
Rating image, 4.50 out of 5 stars.
4.50/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best = Excellent = Good = Fair = Poor |
Great For: Balance transfers and purchases |
Yes, billion casino royal:balance transfers can be a great way to save money on your credit card balances, but only if you can qualify for a 0% intro APR credit card offer. Otherwise, you're likely just moving from a card with a high APR to another card with a high APR -- and you're stuck paꦍying a 3% to 5% balance transfer fee, to boot.
When you have a good intro APR offer, however, you can essentially go from a double-digit interest rate to no interest rate. Our study by The Motley Fool Ascent found that the billion casino royal:average credit card APR is 22.77% -- that's a lot high🐬er than 0%. Especially when you also consider that the avﷺerage cardholder has $6,501 in debt.
What does all that mean in real numbers? Here's how much an intro 0% APR offer could save the average cardholder:Card Name | Balance Transfer Offer | Regular APR | Balance Transfer Fee | Potential Savings* |
---|---|---|---|---|
billion casino royal:Discover it® Chrome | 0%, 18 months | 17.24% - 28.24% Variable APR | $195.03, (3% intro balance transfer fee, up to 5% fee on future balance transfers (see terms)*) | $1,039.15 |
billion casino royal:Citi Double Cash® Card | 0%, 18 months | 19.24% - 29.24% (Variable) | $195.03, (3% ($5 min.) on transfers in the first four months, 5% ($5 min.) thereafter) | $1,039.15 |
B🌌ank of America® Customized Cash Re𒊎wards credit card | 0% Intro APR for 15 billing cycles for any balance transfers made in the first 60 days | 19.24% - 29.24% (Variable) | $195.03, (3% for 60 days from account opening, then 4%) | $835.05 |
BT fee: They all have a 3% fee, so𒐪 $6501 x 0.03 = $195.03
Discover/Citi Savings: $6,501 at 22.77%,♛ paid o൩ff over 18 months, would cost $1,234.18 in interest fees.
$1234.18 - $195.03 = $1,039.15 in savings.(The monthly payment drops from $429.73 to $361.17.)BofA Savings: $6,501 at 22.77%, paid off over 15 months, would cost $1,030.08 in interest feღes.
$1,030.08 - $195.03 = $835.05 in savings.(The monthly payment drops from $502.07 to $433.40.)Take full advantage of a Balance Transfer Ca🎃rd and save ${{ computedData.btMaxSavings.savings | withCommas }} by computedMonthlyPayment">increasingdecreasing your monthly payment by ${{ computedData.btMaxSavings.monthlyChange | withCommas }}.
If you pay the same amount (${{ computedData.btSameMonthlyPayment.monthlyPayment | withCommas }}) each month, it will take you {{ computedData.btSameMonthlyPayment.payoffTime }} total month 1">s (* {{ computedData.btSa🎀meMonthlyPayment.payoffChange }} month 1">s less൲) (* {{ comput꧋edData.btSameMonthlyPayment.payoffChange }}&nbsﷺp;month 1">s more) (* same as current plan) to pay off your credit card balance of ${{ computedBalanceOwed | withCommas }}. Your total interest amount will be ${{ 💦computedData.btSameMonthlyPayment.interestPaid | withCommas }}, and you will still save ${{ computedData.btSameMonthlyPayment.savings | withCommas }}. This assumes you do not make any additional charges during this period.
If you computedMonthlyPayment">increase the amount you pay to decrease the amount you pay to keep the amount you pay as ${{ computedData.btMa🤡xSavings.monthlyPayment | withCommas }} each month, it will take you {{ computedBtIntroPeriod }} month 1">s to pay off your credit card💟 balance of ${{ computedBalanceOwed | withCommas }}. Your total interest amount will be ${{ computedData.btMaxSavings.interestPaid | withCommas }}. This assumes you do not make any additional charges during this period.
Fee Disclosure: Some balance transfer credit cards 🐷may charge additional fees. These can include both annual fees and balance transfer fees. Check your card's terms and conditions for fee amounts. Your credit card will also have a balance transfer limit that restricts how much you can transfer. This limit should be listed in your cardholder agreement and will often be available by logging into your online account.
Balance transfers can hurt and help your credit. When you use a balance transfer card, it affects three factors used to calculate yourbillion casino royal: credit score:
Although your credit score may or may not drop after a balance transfer, it will likely go up as you pay down your credit card debt. After all, building a positive payment history is one of the best ways tobillion casino royal: rebuild credit. And balance transfer credit card🍌s allow you to do that faster while also saving on interest.
A balance transfer credit card billion casino royal:moves a balance from one account to ano🃏ther. Once you'✃ve completed a balance transfer, the original account is paid off, and you make payments on the account that received the transfer.
You're essentially using the balance transfer card tobillion casino royal: pay off your debt. The best balance transfer credit cards come with a 0% introductory APR -- similar to billion casino royal:0% intro APR credit cards -- on a qualifying balance transfer. This means that you won't paybillion casino royal: credit card interest on the balance transferred for the intro period,🍸 which can be anywhere from a few months to 20 or more billing cycles. After the introductory APR ends, the card issuer will start charging the card's regular variable APR on any remaining balance. Paying off your balance quickly will help youꦉ avoid getting an interest charge when the intro APR period ends.
The total amount of the transfer, plus any balance transfer fees, must be less than the balance transfer card's credit limit. If it isn't, you'll find your balance transfer denied. You can't do a credit card transfer between two cards from the same card issuer, either. A balance transfer from a Chase credit card to a Citi credit card is fine, but a transfer between twobillion casino royal: Chase credit cards wouldn't be allowed.
A balance transfer fee is an extra fee charged by the receiving credit card -- the card you're transferring to -- to process the balanc🀅e transfer. Typical balance transfer fees range from 3% to 5% of the total amount transferred.
The transfer fee is generally added to your overall credit card balance. For example, if you transfer $1,000 to a credit card with a 3% balance transfer fee, you'll be charged an extra $30. Your new balance on the balance transfer card will be $1,030. In other words, you need to consider the transfer fee when determining how much you can transfer to a new card, since your total balance -- including the fee -- cannot exceed your credit limit.In addition to an introductory 0% APR, many of our favorite balance transfer cards also come with a promotional balance transfer fee. A fee drop from 5% to 3% can save you $20 per $1,000 transferred, so these promotional rates can be a big money saver.About our expertise with balance transfer credit cards: Brittney has spent more than seven years researching the best credit cards for her readers and for herself.
My personal card collection comprises many types of cards, which gives me both professional and personal experience to draw from in my research. I know what to look for in a balance transfer card, including the fees and gotchas that might be hidden in the fine print or behind financial jargon. I also have a ton of experience crunching the numbers, so I can help readers understand the real-life impacts of a balance transfer on their finances.
Ordering within lists is influenced by advertiser compensation, including featured placements at the top of a given list, but our product recommendations are NEVER influenced by advertisers. Learn more about how The Ascent rates credit cards.
Francisca Beer, Ph.D.
Professor of Finance, California State University, San BernardinoDr. Francisca Beer, Professor of Finance at California State University, San Bernardino, is renowned for her expertise in corporate finance, capital markets, and international finance. With over 50 p🀅ublications in esteemed journals and recipient of numerous awards, she is a respected thought leader. Her commitment to financial literacy extends to WalletHub contributions, community workshops, and speaking engagements across the globe.
We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. The Ascent, a Motley Fool service, does not cover all offers on the market. The Ascent has a dedicated team of editors and analysts focused on personal finance, and they follow the same set of billion casino royal:publishing standards and editorial integrity while maintaining professional separation from the analysts and editor𝄹s on other Motley Fool brands.