2017 RANKING & REVIEWS
TOP RANKING CREDIT CARDS FOR BALANCE TRANSFERS
Finding the Best Zero-Interest Free Balance Transfer Credit Cards
Are you among the 65% of Americans who do not pay their credit card bill in full every month? At the end of last year, the Federal Reserve released data stating that there was $935.6 billion in revolving credit card debt.
This number is staggering, and if you are the average American carrying about $4,717 in credit card debt, it might seem impossible to get out from underneath it. Fortunately, zero-interest balance transfer credit cards can help you get out of credit card debt.
Award Emblem: Top 6 Best Zero-Interest Balance Transfer Credit Cards
The best transfer credit cards offer you 0% interest on balance transfers for an introductory period of some length, typically between 9 and 21 months. If you are in credit card debt, zero balance transfer credit cards are definitely worth looking into to boost your credit and get out of debt.
When looking into an interest-free credit card balance transfer to help you get out of debt, there are many interest-free balance transfer credit cards to consider.
Selecting the best interest-free balance transfer card is not always an easy task — which is why we put together a list of the top six zero-interest balance transfer credit cards to help you pick the best interest-free balance transfer card for you.
AdvisoryHQ’s List of Top 6 Best Transfer Credit Cards
List is sorted alphabetically (click any of the credit card names below to go directly to the detailed review section for that credit card):
- American Express Blue Cash Preferred® Card
- BankAmericard® Credit Card
- Chase Freedom® Credit Card
- Chase Slate® Credit Card
- Citi Simplicity® Card
- Discover it® Card
Source: TaxAct
Top 6 Best Zero Percent Balance Transfer Credit Cards | Brief Comparison
Credit Card Names | Introductory 0% Offer Duration | Annual Percentage Rate (APR) | Balance Transfer Rate | Annual Fee |
| American Express Blue Cash Preferred® Card | 12 months | 13.24-23.24% | 3.0% | None |
| BankAmericard® Credit Card | 18 months | 11.24-21.24% | 3.0% | None |
| Chase Freedom® Credit Card | 15 months | 14.24-23.24% | 5.0% | None |
| Chase Slate® Credit Card | 15 months | 13.24-23.24% | 5.0% (0% for first 60 days) | None |
| Citi Simplicity® Card | 21 months | 13.24-23.24% | 3.0% | None |
| Discover it® Card | 12 months | 11.24-23.24% | 3.0% | None |
Table: Top 6 Interest Free Transfer Credit Cards| Above list is sorted alphabetically
Detailed Overview of How Zero-Interest Balance Transfer Cards Work
If you are wondering how interest-free balance transfer credit cards work, look no further. If you find yourself in credit card debt, zero percent balance transfer credit cards can help you out.
The idea behind an interest-free balance transfer is simple. You open a new credit card that has an interest-free credit card balance transfer offer for some specified period. You will then move the balance from your old card – or cards – to the new, interest-free balance transfer card, which has an introductory 0% offer. This means that you will not be accumulating interest on your balance transfer for however long the introductory period lasts.
These zero balance transfer credit cards give you some relief from the high interest rates on your other credit cards. Transferring your current balance to zero-interest balance transfer credit cards can save you hundreds, if not thousands, in interest payments, depending on how much debt you are carrying.
Detailed Overview of What to Look for in a Zero Perfect Balance Transfer Card
If you are wondering what features to look for in zero balance transfer credit cards, it is important to note that there are a few things to consider. The best credit cards for transfers will have the following features:
- Lengthy introductory APR period
- Low balance transfer fee
- Low ongoing APR
- No annual fee
- Ability to transfer debt from other sources
The longer an introductory APR offer that an interest-free transfer credit cards has, the better. This gives you more time to pay down your debt without accumulating more interest. You will also want to find a free balance transfer credit card that has lower interest rates after the introductory offer expires. This ensures that if you still have a balance remaining on your free balance transfer card, you will accrue less interest.
Image Source: Best Zero Interest Balance Transfer Credit Cards
When looking for the best credit cards for transfers, you also need to look at the balance transfer fee. An interest-free credit card balance transfer is only a good option if the free balance transfer credit card that you are using has a low fee or no fee. Interest-free transfer credit cards often charge a percentage, generally between 3% and 5%, on the balance that you are transferring. The lower this rate is, the better.
If you are looking for a zero-interest balance transfer credit card to reduce your debt, you also want to find one with no annual fee. Paying an annual fee on zero percent balance transfer credit cards will only increase your balance. There are zero-interest balance transfer credit cards out there with no annual fee; if you qualify, these are a good option.
Overall, when looking into an interest-free credit card balance transfer, it is best to look into interest-free balance transfer credit cards that have lengthy introductory APR periods, low regular APRs, a low balance transfer rate, the ability to transfer student loans and auto loans, and no annual fee. Though you might not find a zero percent balance transfer credit card with everything on this list, the best transfer credit cards will have all, or at least most, of these features.
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Selection Methodology
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Please click here “AdvisoryHQ’s Ranking Methodologies” for a detailed review of AdvisoryHQ’s selection methodologies for ranking top rated credit cards, financial accounts, firms, products, and services.
Detailed Review – Top Ranking Best Transfer Credit Cards
Below, please find the detailed review of each card on our list of the best zero-interest balance transfer credit cards. We have highlighted some of the factors that allowed these best credit cards for transfers to score so highly in our selection ranking.
American Express Blue Cash Preferred® Card Review
The American Express Blue Cash Preferred® Card is one of the best transfer credit cards. This interest free balance transfer card offers an introductory 0% APR for purchases and balance transfers that lasts for 12 months. After the intro period, the APR jumps to somewhere between 13.24% and 23.24%, which falls in the middle of the range on our zero-interest balance transfer credit cards list.
Benefits
- You will get a year to take advantage of the 0% introductory offer for purchases and balance transfers.
- There is no annual fee.
- The balance transfer fee of 3.o% is one of the lowest on our list of zero percent balance transfer credit cards.
- Unlike some of the other zero balance transfer credit cards, you can earn cash back rewards. You will earn 3% at supermarkets, 2% at gas stations and 1% on everything else.
- If you apply by 1/11/2017, you can get 10% cash back on Amazon purchases for the first 6 months.
Drawbacks
- Other best transfer credit card options have longer intro APR periods than this one.
- There is a cap on cash back rewards that you can earn, and the earning rates are not as high as other zero percent balance transfer credit cards.
- You cannot redeem rewards for travel.
- There is a foreign transaction fee of 2.7% on this free balance transfer credit card.
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BankAmericard® Credit Card Review
The BankAmericard® Credit Card easily makes our list of the best zero balance transfer credit cards due to the 0% APR offer that lasts 18 months for balance transfers. With a balance transfer rate of 3.0%, this credit card is a good option. After the initial period, you will see an APR between 11.24% and 21.24%.
Benefits
- The introductory period lasts for 18 months on this free balance transfer credit card.
- The continual APR for balance transfers is one of the lowest on our list of zero balance transfer credit cards.
- There is no annual fee.
- The fee of 3% for balance transfers is consistent with other credit cards.
Drawbacks
- The 0% APR offer only extends to balance transfers made within the first 60 days.
- The credit card has no rewards, which many of the other zero percent balance transfer credit cards on our list do.
- There is no 0% APR offer for purchases on this free balance transfer credit card.
- There is a 3% foreign transaction fee, so you will not want to use this card internationally.
Chase Freedom® Credit Card Review
With an introductory APR offer of 15 months, the Chase Freedom® Credit Card is one of the best zero-interest balance transfer credit cards on our list. After that 15-month period ends, you will see APRs between 14.24% and 23.24%. The balance transfer rate of 5% is higher than others on our list, but there is no annual fee.
Benefits
- The introductory APR lasts for 15 months.
- There is no annual fee on this interest-free balance transfer card.
- You can earn rewards. There are 5% cash back categories that rotate every three months, and you can earn 1% cash back on all other purchases.
- This card has a nice bonus offer. Spend $500 in the first three months and you will get $150 cash back.
Drawbacks
- At 5%, the balance transfer fee is the highest on our list.
- The variable APR is higher than other cards on the list.
- There is a 3% foreign transaction fee for this zero percent balance transfer card, so don’t use it for international purchases.
Chase Slate® Credit Card Review
The Chase Slate® Credit Card has an introductory APR period that lasts for 15 months. After that 0% APR period for balance transfers, it will jump up between 13.24% and 23.24%. While this zero-interest balance transfer credit card usually has a 5% balance transfer fee, for the first 60 days, the fee is waived. That alone easily makes this one of the best transfer credit cards.
Benefits
- This is the only credit card with 0% APR on balance transfers AND a 0% balance transfer fee.
- The 15-month introductory APR period is one of the longer periods available on zero-interest balance transfer credit cards.
- You can get this card with an average credit score.
- There is no penalty APR.
- This credit card has no annual fee.
Drawbacks
- After the original 60-day, 0% balance transfer fee offer expires, the 5% fee on balance transfers is highest on our list of best transfer credit cards.
- You cannot transfer more than$15,000 from other cards.
- You cannot transfer balances from other Chase credit cards.
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Citi Simplicity® Card Review
At 21 months, the Citi Simplicity® Card has the longest 0% introductory APR period for balance transfers on our list of zero percent balance transfer credit cards. After this period, your interest rate will be between 13.24% and 23.24%. Balance transfer fees are 3%, which is on the lower end. If you want long-term relief from interest rates to get yourself out of debt, this card is the best interest-free balance transfer card.
Benefits
- The intro APR period is the longest on our list of best transfer credit cards.
- There are no late fees or penalty APRs.
- This card has no annual fee.
- You can also transfer student loan debt and auto loan debt to your Citi card.
- If you are trying to build up credit, you will have access to free FICO credit scores.
Drawbacks
- You cannot earn rewards with this zero-interest balance transfer card.
- You will need excellent credit to qualify for the Citi Simplicity® Card.
Discover it® Card Review
The Discover it® Card offers a 12-month, introductory 0% APR period for balance transfers. Although the intro offer period is short, the continuing APR at 11.24% to 23.24% is among the lowest on our list of zero balance transfer credit cards. The balance transfer fee of 3% is also lower, and there is no annual fee with this interest-free balance transfer credit card.
Benefits
- There is no annual fee.
- You can transfer all types of loans onto this credit card.
- There are no foreign transaction fees.
- This interest-free balance transfer credit card allows you to earn cash back, and as a bonus, Discover will double the cash back that you earn the first year. You can also earn 5% cash back on rotating categories and 1% on all others.
Drawbacks
- The introductory APR period only lasts for 12 months, which is lower than others on our list.
- There is a balance transfer fee of 3% for this interest-free balance transfer card.
- You will need a credit score over 700 to qualify for this card.
- You will need to go online to opt into bonus 5% cash back categories every few months.
Source: The Simple Dollar
Conclusion — Top 6 Best Zero Percent Balance Transfer Credit Cards
Zero percent balance transfer credit cards can be a great way to get yourself out of debt. The best transfer credit cards give you reprieve from lofty interest rates for a set amount of time. If you utilize this correctly, you can pay off lingering debt and save yourself hundreds to thousands of dollars.
If you have been wondering what features to look for in zero balance transfer credit cards, we have broken it down for you. It is important to get an interest-free balance transfer credit card that has the following features:
- A long introductory 0% APR period that gives you more time to get out of debt
- A zero percent balance transfer card with a low balance transfer rate
- Lower APRs after the introductory period ends
- A card that does not charge an annual fee
- The ability to transfer debt from sources other than credit cards
All of the credit cards on our list of the best zero balance transfer credit cards are good options, but it is important to select the best zero interest balance transfer credit card for you.
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