Top Best Balance Transfer Credit Cards In 2023

Hello folks, today, we will be talking about some of the Best Balance Transfer Credit Cards In 2023 to use. Balance transfer Credit Cards come in handy in those cases where paying off, old-fashioned debts seem insurmountable.

A credit card’s interest rate is the price you pay for borrowing money. For credit cards, the interest rates are typically stated as a yearly rate. This is called the annual percentage rate (APR). On most cards, you can avoid paying interest on purchases if you pay your balance in full each month by the due date.

But if you have a credit card with a 0% annual percentage rate (APR) you are sure to save money by having all of your payments go towards knocking out the principal balance instead of some being siphoned away to pay interest charges.

What is a balance transfer credit card? 

With a bank transfer credit card, you can transfer the credit from a credit card or customer card, on which you may be paying interest, to another credit card. This can be a great way to keep track of your balance and payments in one place. If you’ve recently compared credit cards and found a credit card that charges less interest, you can save money by transferring debt from one credit card to another.

Transferring your card balance could help you pay off your outstanding balance sooner and even reduce your spending. Transferring high-interest balances to a credit card with a promotional offer or a lower interest rate can save you money on interest payments.

What types of debts can I transfer to a credit card? 

When you transfer funds, you are transferring the amount you owe from one credit card to another credit card. The receiving card can be a card you already have or a new account you have. You can enjoy free balance transfer using balance transfer checks from the bank issuing the credit card. Please note that most issuers do not allow you to transfer funds from another card from the same bank. 

What Is a Balance Transfer?

A balance transfer lets you move debt from one account to another. One of the big reasons to get a balance transfer card is that moving high-interest debt to a credit card with 0% APR can be a big money-saver.

A balance transfer is a type of credit card transaction in which debt is moved from one account to another. For those paying down high-interest debt, such a move can save serious money on interest charges if done strategically. For example, debt that’s moved to a credit card with a 0% introductory APR offer on balance transfers could potentially be paid off interest-free.

Balance transfers come with certain costs and limitations, though. Generally, you’ll have to pay a balance transfer fee — usually, 3% to 5% of the total transferred. And if your balance transfer card’s limit is low, you might not be able to transfer your full balance.

How balance transfers work

While the exact process for balance transfers can vary widely, here are the steps you generally have to take when working with major issuers:

1. Apply for a card with an introductory 0% APR offer on balance transfers or use an offer on a card you already have. To qualify for the best offers, you generally have to have good or excellent credit (typically, FICO scores of at least 690). Something to keep in mind: Same-issuer transfers generally aren’t allowed. For example, if you want to transfer a balance from a Citi card, you can’t transfer it to another Citi card.

2. Initiate the balance transfer. If you’re doing this online or by phone, you’ll need to provide information about the debt you’re looking to move, such as the issuer name, the amount of debt and the account information.

Sometimes, balance transfers can also be initiated using convenience checks, or the checks issuers send you in the mail. Before using one, though, read the terms to find out if it will count as a balance transfer and what your interest rate will be.

3. Wait for the transfer to go through. Once the balance transfer is approved, which could take two weeks or longer, the issuer will generally pay off your old account directly. That old balance — plus the balance transfer fee — will show up in your new account.

4. Pay down the balance. When that balance is added to the new card, you’ll be responsible for making monthly payments on that account. And if you pay it down during the introductory 0% APR period, for example, you could potentially save a bundle.

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    When should you consider a balance transfer? 

    A balance transfer can be useful if, for example, you have high-interest debts. With a balance transfer, you can save money by moving debt from a high-interest account to a low-interest account. If you also don’t want to juggle multiple payments every month, you may be able to use a balance transfer credit card to combine debts so you have fewer monthly payments to track and manage.

    A 0% introductory credit transfer rate could help you settle your debts faster by reducing the interest you pay on the transferred balance.

    Top Best Balance Transfer Credit Cards In 2023

    Bank of America® Unlimited Cash Rewards credit card:

    Bank of America® Unlimited Cash Rewards credit card

    Not only do cardholders enjoy a starting APR of 0% for both credit transfers in the first 60 days and purchases over 15 billing cycles (then 13.99% to 23.99% variable APR), they can also enjoy an unlimited cashback of € 5 on all eligible purchases. Bank of America Preferred Rewards members earns even more with an additional 25% to 75% increase in Cashback Rewards (the value of the increase depends on the amount of your eligible Bank of America accounts) 90 days after opening an account and start earning an online cash rewards bonus of $ 200. There is no annual fee for this card. Cash rewards never expire as long as your account is in good condition.5.

    Wells Fargo Platinum card:

    An 18-month introductory period of 0% APR for both qualifying purchases and credit transfers makes the Wells Fargo Platinum Card a great option to pay off debt or fund a major purchase. It comes with a $0 annual fee and FICO Score Tracking

    Discover it® Balance Transfer:

    Discover it® Balance Transfer:

    If you want to pay off high-interest credit card debt, switching to the Discover it® Balance Transfer credit card can make a big contribution to paying it interest-free (0% APR intro on balance transfers for the first 18 months, then 11.99% – 22, 99% Variable APR thereafter).

    Bank of America® Customized Cash Rewards credit card:

    Bank of America’s Personalized Cash Rewards card comes with an excellent introductory APR of 0% for the first 15 billing cycles if initiated within the first 60 days, then 13.99% by 23, 99% effective APR variable (balance transfer fee applies, minimum USD 10 and cardholders earn USD 3.99 in a monthly category of their choice, e.g. purchases) and 1% for general purchases. The option to choose their monthly bonus category offers a lot of flexibility to maximize potential revenue. This card does not have an annual fee.

    Citi® Double Cash Card:

    The simple cashback structure of the Citi Double Cash card and the long-lasting APR offer make the Citi Double Cash card a favourite for those who want to set it up and forget about it, with their  0% introductory APR offer, all without an annual fee.

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    Citi® Diamond Preferred® Card:

    Those looking to consolidate debt and pay it off over time will appreciate the long introductory offer on balance transfers. The zero annual fees further increase their economical attractiveness. On the other hand, this card offers a few advantages and comes with a high transfer fee.

    Wells Fargo Active Cash℠ Card:

    Keeping the Wells Fargo Active Cash℠ card in your wallet after the initial APR has expired is well worth it, as you get a high, fixed price on everything you buy. The card offers an initial APR of 0% for 15 months from account opening for qualifying purchases and credit transfers, then the ongoing APR of 14.99% 24.99% variable APR. and there’s a hefty sign-up bonus too, all for a $ 0 annual fee.

    Citi Rewards® Card:

    Citi Rewards® Card:

    The Citi Rewards + ® card offers a solid credit transfer offer for new cardholders. You will receive an introductory APR of 0% for 15 months from the date of the first transfer and for purchases made from the date you opened the account, then the ongoing APR of 13.49% 23.49% variable APR.

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      Discover it® Balance Transfer:

      If you want to pay off high-interest credit card debt, switching to the Discover it® Balance Transfer credit card can make a big contribution to paying it interest-free (0% APR intro on balance transfers for the first 18 months, then 11.99% – 22, 99% Variable APR thereafter).

      U.S. Bank Visa® Platinum Card:

      The USBank Visa® Platinum card offers a very long introductory APR and no annual fee. There are two caveats, namely the transfer fee and the lack of a rewards program. The interest savings during the introductory phase can, however, be dwarfed.  The pros of getting the U.S. Bank Visa Platinum Cards are: No APR Penalty, 0% Long Initial APR Period, and Cell phone protection is a helpful benefit.


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