Geeky Insights:
Best Balance Transfer Credit Cards - May 2023
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DollarGeek's team has spent countless hours researching and analyzing the best balance transfer credit cards. Start comparing this month's best offers and see which balance transfer credit card fits your needs best. We focus on the features that matter: transfer fees, affordable APRs, welcome offers, annual fees and a lot more. Browse the top balance transfer cards below that made our list. Use our "compare card" feature to get a side-by-side analysis on your picks.
Citi® Diamond Preferred® Card
BEST FOR: One of the lengthiest 0% balance transfer durations
Citi® Diamond Preferred® Card
- Purchase Intro APR:
0% for 21 months - Transfer Intro APR:
0% for 12 months | Transfer Fee: 5% (min $5) - Regular APR:
13.74% - 23.74% (Variable Rate)
Geeky Insight:
- 0% Intro APR for 21 months on balance transfers from date of first transfer and 0% Intro APR for 12 months on purchases from date of account opening. After that the variable APR will be 16.74% - 26.74%, based on your creditworthiness. Balance transfers must be completed within 4 months of account opening.
- There is a balance transfer fee of either $5 or 5% of the amount of each transfer, whichever is greater
- Get free access to your FICO® Score online.
- With Citi Entertainment®, get special access to purchase tickets to thousands of events, including concerts, sporting events, dining experiences and more.
Citi® Double Cash Card 18 month BT offer
BEST FOR: Flat rate cash back
Citi® Double Cash Card 18 month BT offer
- Purchase Intro APR:
0% for 18 months - Transfer Intro APR:
N/A | Transfer Fee: 3% intro fee ($5 min) for each transfer in first 4 months, after that 5% ($5 min) for each transfer - Regular APR:
13.99% - 23.99% (Variable Rate)
Reward Details:
- Earn 2% on every purchase with unlimited 1% cash back when you buy, plus an additional 1% as you pay for those purchases.
- For a limited time, earn $200 cash back after spending $1,500 on purchases in the first 6 months of account opening.
Geeky Insight:
- Balance Transfer Only Offer: 0% intro APR on Balance Transfers for 18 months. After that, the variable APR will be 16.99% - 26.99%, based on your creditworthiness.
- Balance Transfers do not earn cash back. Intro APR does not apply to purchases.
- If you transfer a balance, interest will be charged on your purchases unless you pay your entire balance (including balance transfers) by the due date each month.
- There is an intro balance transfer fee of 3% of each transfer (minimum $5) completed within the first 4 months of account opening. After that, your fee will be 5% of each transfer (minimum $5).
Blue Cash Everyday® Card from American Express
BEST FOR: Ongoing rewards in different categories
Blue Cash Everyday® Card from American Express
- Purchase Intro APR:
0% for 15 months - Transfer Intro APR:
0% for 15 months | Transfer Fee: 3% (min $5) - Regular APR:
12.99% - 23.99% (Variable Rate)
Reward Details:
- Earn a $200 statement credit after you spend $2,000 in purchases on your new Card within the first 6 months.
- 3% Cash Back at U.S. supermarkets on up to $6,000 per year in purchases, then 1%.
- New! 3% Cash Back on U.S. online retail purchases, on up to $6,000 per year, then 1%.
- 3% Cash Back at U.S. gas stations, on up to $6,000 per year, then 1%.
- Get $7 back each month after using your Blue Cash Everyday® Card to spend $13.99 or more each month on an eligible subscription to The Disney Bundle, which includes Disney+, Hulu, and ESPN+. Enrollment required.
- Terms Apply.
Geeky Insight:
- No Annual Fee.
- Balance Transfer is back! Enjoy 0% intro APR on purchases and balance transfers for 15 months from the date of account opening. After that, 16.99% to 27.99% variable APR.
Best balance transfer Credit Cards Recap
Overall Rating
Best For
Regular APR
Balance Intro APR
Annual Fee
OTHER GEEKY PICKS
From Our Editors
Best for: Delta Loyalist With No Annual Fee
The Delta SkyMiles® Blue American Express Card is a no-annual-fee rewards card that’s best for people with good credit or better who want to save extra at restaurants and on their Delta flights. This card will give you 2 miles per $1 in eligible restaurant and Delta purchases, compared to 1 mile per $1 on all other purchases. New cardholders who spend $500 in the first three months after opening an account also get 10,000 miles, worth roughly $127 in Delta airfare, per our calculations. Plus, the Blue Delta SkyMiles Credit Card provides a 20% statement credit after eligible in-flight purchases: food, beverages and headphones.
Best Balance Transfer Credit Cards of May 2023
Gain some clarity on the best business credit cards with our geeky insight.
Rewards Rate
Rewards Bonus
Annual Fee
Rewards Details:
Geek Point Of View:
The Citi Diamond Preferred card offers some attractive perks, check them out below:
- Intro rates of 0%: This card offers cardholders 0% for 12 months on new purchases and it will also give you 0% for 21 months on balance transfers (must be completed within 4 months of account opening). These 0% periods are longer than what most other cards are offering.
- High balance transfer fee: Yes the 0% for 21 months on balance transfers is attractive, but the fee for that balance transfer will cost you 5% (min of $5). You’ll have to weigh the costs and see if the 21 months at 0% is worth it.
- No annual fee: The Citi Diamond Preferred card comes with no annual fee so you’ll be able to shave off some dollars every year with this perk.
- High potential APR: After your intro APR of 0% runs out, you’ll need excellent credit to get on the bottom end of this cards APR range which starts at 13.74% (V) and gets as high as 23.74 (V). If you take care of your balance in full you won’t have to worry about the APR.
- Best if used with another card: The Citi Diamond Preferred card isn’t known for it’s rewards – it is used for balance transfers. We recommend pairing this card with a rewards credit card to get the best of both worlds.
Bottom line: If you have great credit, are in need of a balance transfer credit card that provides you 0% interest for an extended period of time, this credit card is right up your alley.
APPLY ON THE LINK BELOW:
Rewards Rate
Rewards Bonus
Annual Fee
Rewards Details:
- Earn 2% on every purchase with unlimited 1% cash back when you buy, plus an additional 1% as you pay for those purchases.
- For a limited time, earn $200 cash back after spending $1,500 on purchases in the first 6 months of account opening.
Geek Point Of View:
The Citi Double Cash card is one of the best credit cards available right now. The combination of top cash-back rewards and no annual fee can let cardholders rack in the both rewards and savings. Aside from the no annual fee, the card gives you a total of 2% cash back in rewards on all purchases. How it works is, when you purchase something you will receive 1%, and after you pay the balance you will receive the other 1%. Having this 2% cash back rewards is a great perk that many cash rewards programs can’t compete with.
A couple of other things cardholders should be conscious of with this card is that while it does offer 0% interest for 18 months on balance transfers, it will also charge a balance transfer fee of 3% (min $5), which could make you think of some other options of your priority is a balance transfer. For those looking for a big sign up bonus, prepared to be disappointed. The Citi Double Cash card does not have any sign-up bonuses or initial rewards bonuses for spending a certain amount within the first few months of opening your account. The absence of an initial sign up bonus might be a disadvantage, but don’t forget you will be getting 2% cash back and no annual fees!
Below you will find a breakdown of the Citi Double Cash. Make sure to look these over before applying.
Citi Double Cash Review Highlights:
- Double your cash back rewards: The Citi Double Cash Card offers cardholders 1% cash back twice – once when you make purchases and again when you pay your bill. The average cash back rewards credit card doesn’t compete with this high rate. 2% is a lot more attractive than the common 1% cash back.
- No huge intro bonus: While this card offers much more ongoing value than most of the other cash back credit cards, the card does not include an initial bonus like most. So, if you’re looking to make a big-ticket purchase and get a big initial bonus for spending during the first months of owning the card, you might want to look elsewhere.
- No annual fee: A lot of the best rewards cards charge annual fees, and it forces you to make a lot of purchases just to get your money’s worth. But with the Citi Double Cash card and it’s $0 annual fee, you can save unneeded cost. By not having an annual fee you can complement this card with another credit card and not worry about wasting money. As for an example, some cardholders will use the Citi Double Cash card for purchases in categories their other rewards cards won’t provide higher bonus earning rates for.
- Zero-interest balance transfer intro offer: New applicants will get a promotional APR of 0% for 18 months on balance transfers (18 months is longer than most other cards provide cardholders). Balances transferred within four months of account opening are eligible for the introductory rate. Terms apply.
- Balance transfers will cost you: The Citi Double Cash balance transfer offer is one of the best deals available (0% for 18 months), but it would be even better if it was paired up with a lower balance transfer fee. The transfer fee is 3% (min $5) so make sure to run the numbers.
- High regular APR: This card comes with a high regular APR so if you’re not going to pay your bill in full every month you might want to look elsewhere.
- You need a healthy credit score: You must excellent credit to qualify for the Citi Double Cash card.
The bottom line: The Citi Double Cash is among 2020’s best cash back credit cards due to its stellar rewards rate, no annual fee, and incentive for paying your monthly balance. If you are looking for a great card with simple, big cashback rewards, and no annual fee, you can’t go wrong with Citi Double Cash card.
APPLY ON THE LINK BELOW:
Rewards Rate
Rewards Bonus
Annual Fee
Rewards Details:
- Earn a $200 statement credit after you spend $2,000 in purchases on your new Card within the first 6 months.
- 3% Cash Back at U.S. supermarkets on up to $6,000 per year in purchases, then 1%.
- New! 3% Cash Back on U.S. online retail purchases, on up to $6,000 per year, then 1%.
- 3% Cash Back at U.S. gas stations, on up to $6,000 per year, then 1%.
- Get $7 back each month after using your Blue Cash Everyday® Card to spend $13.99 or more each month on an eligible subscription to The Disney Bundle, which includes Disney+, Hulu, and ESPN+. Enrollment required.
- Terms Apply.
Geek Point Of View:
The Blue Cash Everyday Card offered by American Express has a variety of perks that’s makes it one of the best rewards credit cards around. The card comes with a $0 annual fee, an intro APR of 0% (for 15 months) on purchases and balance transfers, and a initial bonus of $150 if you spend $1,000 on the card within the first three months. This card is best suited for those with a good to excellent credit score (700+ score). This card offers big benefits to cardholders who spend a lot of gas and groceries.
Blue Cash Everyday Review Highlights:
- Intro Bonus of $150: The AMEX Blue Cash Everyday Card will give you a $150 bonus for spending at least $1,000 in the first three months. Sure, its not the biggest bonus available, but it’s definitely a perk.
- Best for spending cash at gas stations, grocery stores and department-store purchases: This card will give you 3% cash back on purchases at U.S. supermarkets each year (up to $6,000 per year in purchases), 2% cash back at U.S. gas stations and also certain U.S. department stores (see list here), and everything else is 1% back on purchases.
- 0% intro APR always helps: AMEX’s Blue Cash Everyday offers 0% intro rates on both new purchases and balance transfers for the first 15 months. But the offer is better for purchases because Blue Cash also charges a 3% (min $5) balance-transfer fee. If you decide to take advantage of this card’s 0% APR, make sure you pay off your balance before the card’s regular APR takes effect.
- No Annual Fee: No annual fees always help. As long as you pay your bill on time and in full each month, you can completely avoid having to pay anything extra for this card.
The bottom line: The Blue Cash Everyday from American Express offers a lot of perks for those who want to avoid an annual fee. If you spend a lot at the grocery store and gas pump you can reap in great rewards. Have a 0% intro APR for 15 months is a perk that might be appealing to many. This card offers cardholders multiple options and can be a great addition to most wallets.
APPLY ON THE LINK BELOW:
Learn About Balance Transfer Credit Cards
Balance transfer credit cards have both positive as well as negative effects on your credit score. When you apply for a new credit card, it requires a hard inquiry, which can lower your score. However, a new credit card also lowers your credit utilization rate by boosting your credit access.
When it comes to a balance transfer credit card, you need to look for the processing charges, annual fees and compare the promotional interest rates across different cards.
- Citi® Diamond Preferred® Card
- Citi® Double Cash Card 18 month BT offer
- Blue Cash Everyday® Card from American Express
Some of the best balance transfer credit cards with 0% APR are:
- Citi® Diamond Preferred® Card: 0% for 18 months (Transfer Intro)
- Citi® Double Cash Card 18 month BT offer: 0% for 18 months (Transfer Intro)
- Blue Cash Everyday® Card from American Express: 0% for 15 months (Transfer Intro)
There are some shortcomings of balance transfers.
- Credit card balance transfers offer a limited promo discount.
- You have to pay balance transfer charges.
- Your credit score can take a hit because of a new hard inquiry.
- You cannot discharge all debt on one card.
- Missing payments leads to penalties.
Individuals with good credit scores can qualify for a balance transfer. Some companies offer balance transfers for medium or low credit score applicants, but the rates are usually high with higher balance transfer charges.
- Check the validity of the promo period for your new card.
- Analyze the processing charges as balance transfers can get expensive with higher fees.
- You have to check late-payment charges as these are quite high.
- What will happen if you miss one or two payments? Make sure to check it before applying.
If you have received balance transfer card offers from multiple companies:
- Check the initial transfer interest rate on both cards.
- Check the transfer fees on both cards.
- Compare the length of the promo interest period on both cards.
- Check penalty fee for missing payments.
The total time it takes for a balance transfer may vary from one card issuer to another. In most cases, a credit card balance transfer should be completed within 14 to 21 days. However, some issuers may take longer than the standard range of 2 to 3 weeks.
Some companies may offer balance transfer cards to individuals with fair or even bad credit scores. However, the interest rates and processing charges are usually higher for applicants with bad credit. It is critical to evaluate the overall charges of the balance transfer before applying.
Some companies send balance transfer checks to their customers. These are blank checks that customers can fill (up to the limit of the credit card) and submit to the relevant account for repaying their debt. Some creditors even offer convenience checks that can be used for different purposes.
If you applied for a balance transfer card, but your application was denied, find out the reason for the denial. Most companies state the reason for denial, which can be used to address the problem. If you were denied because of a low credit score, improve your credit score before reapplying.
A balance transfer is a strategy to consolidate your debts. You can apply for a new credit card with a lower promotional interest rate and repay your current outstanding credit card debt with this offer. Balance transfers come with processing fees, so evaluate benefits before applying for one.
- You apply and qualify for a balance transfer card.
- The new card issuer repays your existing debt up to the maximum credit limit of the card.
- You have to start repaying the installments of the new card.
- Most balance transfer cards offer lower (0%) interest rates for the first 18 months.
A balance transfer can help your credit score in multiple ways.
- Lower your credit utilization rate.
- Boost available credit limit.
- Repaying your current debt with a lower APR during the promotional period will lower your debt levels.
While balance transfer cards allow credit card debt holders to repay their debt with a lower promotional period rate, there are some shortcomings of balance transfer cards. If you fail to repay your debt within the promotional period, your new rates could be higher than the original APR.
- Balance transfers require a hard inquiry, which may temporarily lower your credit score.
- If you miss any payments, you will lose the promotional interest rates and even pay high penalties.
- You have to pay the balance transfer fee (2%-5%), which can be several hundred dollars.
In theory, you can keep transferring credit card balances, but some card issuers set a minimum time limit between two transfers. Additionally, you’ll have to pay balance transfer fees every time, which makes the process expensive and not worth it.
If you overpay your credit card debt through a balance transfer, your credit card issuer will owe you. In most cases, these payments are adjusted in future purchases. You can seek a refund for the excess amount. However, overpaying will not improve your credit score or boost your credit limit.
Not all credit card debts die with you. The credit card issuer can make a claim on your estate up to the amount of money you owed. If you do not have any estate, your credit card debts are likely to be written off.
