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08-16-2016, 04:21 PM #1
My Top Recommended Balance Transfer Cards of 2016
Sure 2016 may almost be over. But it is not too late for me to give you my top tips for balance transfer cards, as well as my top recommendations.
Tip #1: Check the Balance Transfer Fee
There are a ton of balance transfer cards out there offering a zero percent introductory offer. Some for as long as 21 months. But before you just sign up, check the balance transfer fee. These fees can add up, especially on bigger balances.
The industry standard is 3$. I've found a couple that offer $0 balance transfer fees. (Those are listed below.) I've also seen some top cards offer 12 months 0% APR on transfers, but charge a 5% fee! And this is not just sketchy cards. The Chase Freedom is one of the culprits here.
Tip #2: Make Your Transfer in a Timely Manner
Many transfer cards have restrictions on how long you have to take advantage of the introductory APR offer. Usually, you will need to make your transfer within the first 60 days after opening the account.
Recommended No Balance Fee, 0% APR Cards
My favorite balance transfer cards charge no balance fee. If you can pay off one of these cards before the introductory period expires, you are golden!
Did you know that Chase Slate was named "Best Credit Card for Balance Transfers" three years in a row by MONEY Magazine! Here is why:
- $0 Introductory balance transfer fee for transfers made during the first 60 days of account opening
- 0% Introductory APR for 15 months on purchases and balance transfers. The regular APR is 13.24%-23.24% Variable.
- Monthly FICOŽ Score and Credit Dashboard for free
- No Penalty APR - Paying late won't raise your interest rate (APR). All other account pricing and terms apply
- $0 Annual Fee
The downside: You need Excellent or Good credit to qualify.
Click Here to Apply for Chase Slate
Capital OneŽ QuicksilverOneŽ Cash Rewards Credit Card
The QuicksilverOneŽ Cash Rewards card is more the balance transfer card for everyone. This is because it only requires Fair Credit to qualify. In fact, this card also is my top recommended balance transfer card for those with limited, average or fair credit!
- Earn unlimited 1.5% cash back on every purchase, every day
- Every 10th Uber ride is free up to $15 when you pay with your QuicksilverOne card through March 31, 2017
- No rotating categories or sign ups needed to earn cash rewards; plus, cash back doesn't expire and there's no limit to how much you can earn
- 0% intro APR on purchases for 9 months; 23.24% variable APR after that
- Get access to a higher credit line after making your first 5 monthly payments on time
- Fraud coverage if your card is ever lost or stolen
- Enjoy unlimited access to your credit score and tools to help you monitor your credit profile with CreditWise.
The downside is QuicksilverOneŽ comes with a $39 annual fee. But you pay for this with the 1.5% cash back reward and no fee on your transfer. (As long as you transfer at least $1,300, you already paid for the typical 3% transfer fee.)
Click Here to Apply for Capital OneŽ QuicksilverOneŽ on CreditSoupŽ.
No Fee Balance Transfer Cards With Low APRs
If require more time to pay off their balance transfer, you may be interested in a card that has a low APR, even if it does not have an introductory zero percent APR offer. We found a few cards that might fit the bill.
NASA Federal VisaŽ Platinum Advantage Rewards
First up is card with no annual fee and a lifetime 7.9% APR on balance transfers.
- Enjoy rewards like free travel and brand name merchandise
- Transfer balances and lock-in a low 7.9% APR* for life on balance transfers made within 90-days of account opening for qualified applicants.
- Enjoy purchase rates as low as 10.15% APR*.
- No balance transfer fee.
- No annual fee
- Credit limits up-to $30,000.
- Credit Needed: Excellent/Good
Click here to apply for the NASA Federal VisaŽ Platinum Advantage Rewards card
Barclaycard Ring™ MastercardŽ
Barclaycard also offers a no fee balance transfer card, currently with a 15-month intro APR offer and 13.49% Variable APR. This card has no annual fee. But it does require excellent credit to qualify.
- 0% Introductory APR for the first 15 months on purchases. Plus, you'll get a 0% introductory APR for 15 months on Balance Transfers made within 45 days of account opening. After that, a variable APR will apply, 13.49%
- No balance transfer fees
- No foreign transaction fees
- Chip technology, so paying for your purchases is more secure at chip-card terminals in the U.S. and abroad
- Free online access to FICOŽ Credit Score
Click here to apply for Barclaycard Ring™ MastercardŽ
0% Intro APR (But with a Fee)
As I said earlier, there are a ton of cards that are offering 0% introductory APR offers with 3%, 4% and even 5% transfer fees. Personally, I would go with a card from this category offering a 3% transfer fee and the longest interest free period.
CitiŽ Diamond PreferredŽ Card
- Get 0% Intro APR on Balance Transfers and Purchases for 21 months. After that, the APR will be 12.24%-22.24% based upon your creditworthiness.*
- There is a balance transfer fee of either $5 or 3% of the amount of each transfer.
- 24/7 access to CitiŽ Concierge for help in booking hotels, flights and more.
- $0 liability on unauthorized purchases and CitiŽ Identity Theft Solutions.
- No annual fee
- Free access to FICOŽ Scores
- Credit Needed: Excellent/Good
Click here to apply for the CitiŽ Diamond PreferredŽ Card
08-18-2016, 12:37 PM #2
5% BT Fees! That's outrageous!
Glad you posted this resource. Hope it saves people from bad transfer deals.
01-12-2017, 08:33 AM #3
Sadly, CapitalOne is no longer offering an intro APR on balance transfers. Hopefully, thy will bring it back. Because that only leaves the Chase Slate with a no-fee zero percent balance transfer option among major cards. Also, there are now no no fee transfer offers for those with less than excellent credit out there.
01-19-2017, 01:44 AM #4
Glad to here it.
02-15-2017, 09:30 AM #5
It's 2017 now. Any new recommendations?
02-15-2017, 03:08 PM #6