10 Best Balance Transfer Cards in June 2023 – Reviewed & Ranked
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Many people are always on the lookout for the best balance transfer cards. When you can find such cards with zero intro APR or low-interest APR, you can be sure of having a new way of saving money.
With a good balance transfer card, you can work on paying off your balance with ease. This is because some have a 0% intro APR lasting up to 21 months. During this whole time, you can manage your affairs even better.
There will be several enticing options available. However, it makes sense to only go for the best options in the market. That is why we created this list to help you out. You can be sure that by the end of the guide, you will be able to make an informed decision.
Top 10 Best Balance Transfer Cards in June 2023
- Discover it® Balance Transfer – Editor’s Choice
- Citi® Diamond Preferred® Card – Best Card for Value
- BankAmericard® Credit Card – Best for Long 0% Period on Transfers
- Wells Fargo ReflectSM Card – Best for Cell Phone Protection
- U.S. Bank Visa® Platinum Card– Best for Payment Flexibility
- Wells Fargo Active CashSM Card – Best for Cash Rewards
- Citi Custom CashSM Card – Best for High Cashback
- Citi Simplicity® Card – Best for No Penalties
- Citi® Double Cash Card – Best for Customer Experience
- Bank of America® Customized Cash Rewards credit card – Best for Secure Card
The Lineup At A Glance
Top 10 Best Balance Transfer Cards in June 2023
Discover it® Balance Transfer
The introductory offer of 0% APR for 18 months should be a sweet deal for anyone who wants to benefit from using this type of card.
- It has no annual fee
- The 0 intro APR period is long
- Affordable balance transfer fee
- Users feel it could use more features
This is our top best balance transfer credit card because of its unlimited cashback match feature. This means that Discover will automatically match the cashback that you earn during the first year. There are no maximum rewards you can earn from this program.
The 5% cashback also applies to everyday purchases. You are talking about purchases in grocery stores, gas stations, restaurants, and Amazon. When you also pay with PayPal but use the card as the default option, you also earn cashback on the purchase.
The balance transfer fee for this card is 3% as the introductory offer. However, once the grace period from account opening is over, a balance transfer rate of 5% applies. This should be good enough to suit your spending habits generally.
As for the 0% intro APR period, you get it for up to 18 months. This period is enough to help you repay the charges even with slight delays and not worry about the high APR. The regular APR is 11.99% to 22.99%.
Citi® Diamond Preferred® Card
This credit card will give you a good period for 0% intro APR. This will leave you with enough time to pay the charges on time and build credit too.
- Good period where you have no APR
- Good for buying sporting event tickets
- Works for many people with different credit scores
- Not many chances for earning a cash back
We also had to include this as the best balance transfer credit card. This is because of the 0% intro APR of 21 months on the balance transfers. You also get the same rate for 12 months on the purchases you make with the card from account opening. Once these periods are over, you get an APR rate of 13.74% to 23.74%.
The balance transfer fee will be either 5% of the transferred amount or $5, whichever is greater. We all know that 5% will be used more often. Nevertheless, this is the rate you can expect to get with most options available.
It is good to know that you can also get free access to your FICO score online. This helps you know if you have improved your credit score over the months since you started using the card.
You can use the same credit card on Citi Entertainment. This is a service where you will access tickets to various events that you may like. These events include sporting events, concerts, and more. It also comes with a policy that protects you from fraud charges.
BankAmericard® Credit Card
Since you do not get a penalty APR, you can pay the card charges at a later date without risking an increase in APR.
- Zero annual fee
- There is no penalty APR
- You get contactless cards
- You do not get ongoing rewards or cash back
This is on our list of balance transfer credit cards because of the many offers the company has available. Make sure you check out the website for updated information on new offers. A good example is that right now you can get a $100 statement credit after having at least $1,000 in purchases during the first 90 days from account opening.
As for the 0% intro APR period, the bank applies it on the first 18 billing cycles for the purchases and balance transfers you do during the first 60 days. Once the introductory offer is over, the APR will be kept at 12.99% to 22.99%. This depends on your credit history and credit score.
Anyone who likes a credit card would be thrilled to learn that there are zero annual fees. Also, there is no penalty APR. So, you paying late for the charges does not mean you end up with a raised interest rate.
Users can access their FICO score free online using their mobile banking app or the bank’s website. We also have to appreciate its contactless design. Such a design makes it easy for you to tap and make payments faster.
Wells Fargo ReflectSM Card
The balance transfer fee has an initial offer of 3%, attracting more people to consider it. You also need good or excellent credit to access the card.
- You get cell phone protection
- It is easy to earn cash back
- Good intro APR period
- Does not have the best rewards
Anyone looking for balance transfer credit cards would want one with a good APR from the beginning. Well, you are in luck with this card. It comes with a 0% intro APR for 18 months from account opening. This applies to purchases and any qualifying balance transfers.
You can also expect to get an APR extension of three months. This can only happen if you can make on-time minimum payments. Once the intro period is over, the APR will be 12.99% to 24.99%.
Like most balance transfer cards, you can also get intro rates on balance transfers. For this card, you will get a balance transfer fee of 3% for the first 120 days, and then it is moved to 5% or $5.
Considering that this card gives you a zero annual fee, anyone who loves credit cards would enjoy such an offer.
You also receive cell phone protection with the card. The protection is up to $600 for those who pay their monthly cell phone bill using the card. Keep in mind that the card may be subject to a deductible of $25.
You can earn cashback when using this type of card. It will be given as a statement credit while using the card during shopping, dining, and other uses.
U.S. Bank Visa® Platinum Card
Having fast customer support means you get the best information about the credit card before choosing. As such, you will always get the right help at all times.
- Good protection for your cell phone
- Has zero annual fee
- Affordable balance transfer fees
- High late payment fee
This is another popular choice among balance transfer credit cards. It is loved mostly because it will come with a good offer of 0% intro APR. We find that the card offers this option for the balance transfers during the first 20 billing cycles. Then, the regular APR will be 14.49% to 24.49%.
The bank has been regarded as the most ethical company. So, you will get this card knowing that it will have some of the best features too. You will choose this credit card fast because of the zero annual fee feature, knowing it should be good enough for your lifestyle.
The credit card account also gives you the option of choosing a strategic repayment date. With such flexibility, you can have a due date you will always be able to meet over time.
How about the balance transfers? How much will they cost? The balance transfer fee is 3% on each amount that you transact, or $5 as the minimum, whichever is greater. There is no balance transfer grace period, unfortunately, but what you get with the card is the normal rate of the other cards too.
Wells Fargo Active CashSM Card
Most people find it easier to earn rewards with this type of card. You also get to enjoy impressive perks when using it at specific hotels.
- Earning cash rewards is quite easy
- Relatively good intro APR period
- Has no annual fee
- Foreign transaction fee is high
Wells Fargo is known for being a top bank with great offers. That is what you get with the Fargo credit card. With this card, you can earn up to $200 in rewards and cashback when you spend $1,000 on purchases. This is only valid when you spend the amount within the first 3 months of opening the account, but such an amount is easy to achieve.
Many people like the fact that you can also earn a 2% cash reward on purchases. We cannot forget to mention the 0% intro APR that is offered for 15 months from the time you open the account. This rate is applied to qualifying balance transfers and purchases. After the 15th month, a regular APR of 14.99% to 24.99% is applied.
The balance transfer fee will be 3% during the first 120 days. This charges up to 5% on the transferred amount or a minimum of $5. To make it even better, there is a zero annual fee. As for the credit score requirements, you need a score of 690 to 850 to qualify for this card.
You can also enjoy a wide range of benefits when you use the card at various hotel properties. Make sure to check out their website to learn more about the different properties you can use the credit card at for more perks.
Citi Custom CashSM Card
If you have hopes of earning good rewards, this would be a nice choice for you. You will not need to spend too much to get the bonus.
- It has an affordable balance transfer rate
- Easy to earn cashback
- It has no annual fee
- It lacks rotating bonus categories
You will love this balance transfer card because it gives you the chance to earn cashback while saving you more on the balance transfer fees. For example, you will earn $200 after spending $750 on various purchases within your first 3 months of owning the card.
This new balance transfer card will have a 0% intro APR on the balance transfers. This introductory offer will last for 15 months. Once that is over, the regular APR 13.99% – 23.99% applies. Most people should find this an acceptable APR. The variation is based on the creditworthiness of the person applying for the card.
There is also 5% cashback on using the card. However, this will be limited to a certain amount. Always check the website for more details on such offers. Once the offer is over, the cashback is maintained at 1%.
This card does not have rotating bonus categories that you can get, unlike some other options in the market. With no annual fee, however, it should be able to redeem itself even more. Like many similar cards, the issuer keeps it free from annual fees to attract more users.
Citi Simplicity® Card
The long 0% intro APR period of 21 months easily appeals to many people looking for this type of credit card. Also, you get protection against unauthorized charges.
- Offers protection against fraud activities
- No late fees and no penalty rates
- Affordable balance transfer rate
- Not many rewards are available
The balance transfer offer you get is the 0% intro APR for 21 months that applies to the balance transfers. This balance transfer offer should be good enough to help you enjoy using the credit card for almost two years. Compared to the other options mentioned above, few of them come close.
The balance transfer fees can either be $5 or it will be 5% for each amount you transfer, whichever is greater. Having the standard APR of 14.74% to 24.74% should be affordable for most users. The variation will be based on the applicant’s credit score.
It is possible that at times you may end up with a hard time meeting the repayment period. The good news is that there are no late fees or penalty rates while using this card. You can always be sure of an affordable card to maintain for several years down the line.
There is also no annual fee. This is probably the biggest selling point for most cards. In addition, there is protection from the bank’s Citi Quick Lock feature. This helps to easily protect your card from fraudulent activities. The $0 liability feature on any unauthorized charges can save you money.
Citi® Double Cash Card
Since the approval process is generally faster, you will find it to be a good balance transfer card. Also, the company has a quick support team that will make your choice easier.
- Fast approval times
- Get good customer support service
- Affordable balance transfer fee
- Lacks introductory purchase APR
This is a great choice as a balance transfer card because you get a great 0% intro APR period of 18 months. That is a good period, considering that few options will be available if you have a low credit score. We also see that the balance transfers will cost you 3% or $5, whichever is greater.
Those who want rewards will also like this card. You will get the chance to earn 1% cashback on your general purchases. However, this excludes gift cards. You can also get an additional 1% cashback when you pay off your purchases on the card.
How about fees and penalties? You will like the fact that there is no annual fee on the card. Also, you get a low charge on foreign transactions. A charge of 3% is affordable for those who like to travel. As for penalties, you may have to pay up to a $40 late fee if you do not make on-time payments.
So as long as you keep up with the on-time minimum payment, the chances are you will always end up with better rates and a better credit score. Their good customer service will help you get all the information you want about the card before applying for it.
Bank of America® Customized Cash Rewards Credit Card
Being able to earn 25% to 75% more cashback should make it a great card. To do this, make sure you are a Preferred Rewards member with the bank.
- Earning cash rewards is easy
- Offers secure credit cards
- Get more cash back as a Preferred Rewards member
- Not the best for bad creditselling
This balance transfer card comes with some amazing rewards. One of them is that you will earn 1.5% cashback on each purchase that you make. With no annual fee, there is no reason why you would not consider this card for balance transfers.
There is no doubt you will also like the cash reward bonus of $200 that comes with the card. This bonus is only possible when you spend $1,000 on the purchases within the first 90 days of opening the account. For those who are Preferred Rewards members, you could end up earning up to 75% in cashback rewards.
When looking at the 0% intro APR, we find it is applied to the first 15 billing cycles of purchases and also to balance transfers you make in the first 60 days of account opening. Thereafter, you will have a regular APR of 13.99% to 23.99%.
A balance transfer fee of 3% or a minimum of $10 is applied to the transfers. It is within the range you get from many other companies in the same niche. Having the security chip card in the card improves its security and makes it convenient to use.
Making the most of your 0% balance transfer credit card
Now that you know the importance of a balance transfer credit card, here are tips for you to utilize it even better:
- When applying for a card, ensure it will still give you a high credit limit. The last thing you want is a card that would not help in accessing more credit after the balance transfer.
- You might be tempted to spend more just to earn a few rewards. We recommend that you avoid such unplanned charges. If you do not take care of your spending habits, you might end up with more debt than what you had before.
- You are also advised to consider having an auto payment option enabled. This would help you make payments on time and avoid late fees and penalty APRs.
- The 0% balance transfer card will have an offer where it does not charge APR, so take advantage of this period by clearing your debt. Always come up with a payment plan so that you clear the debt faster and improve your credit score.
- Sometimes you may notice that it will be impossible to clear your debt before the APR lapses. For this reason, consider those cards with low regular APRs. A good regular APR should be from 10% to 23%.
Alternatives to a 0% balance transfer
Pay more than the minimum due.
Paying the minimum due shows that you can manage your debt without necessarily incurring a penalty. We recommend that you pay more than your minimum payment amount to help reduce the principal faster. Sometimes balance transfers can also have a higher minimum amount that you have to pay, depending on the card of your choice.
Use a debt payment calculator.
A debt payment calculator can also be a great tool for you. It helps you see how much you can save by paying down the current credit card without a balance transfer. If you see that you can save up to 50% without transferring the balance, then it would not be worth making the transfer.
Ask if you qualify for a lower rate.
You may have been paying the balance on time, and your credit score has improved. At this point, you can always ask for a lower interest rate. Yes, it is possible to get some points removed from your interest rate, making it unnecessary to transfer your balance.
Consider a personal loan.
You can get a personal loan from credit unions, banks, or some online lenders. You can streamline the loan in a way that it is sent to the creditor directly. If you can clear the high-interest debt faster, the better it is for you.
Frequently Asked Questions (FAQs)
Each card issuer will have its own requirements, but you generally need a good to excellent credit score to qualify. This means your score should be 690 and above.
By extension, a balance transfer will not affect your credit score a lot. This is because the debt still remains, you only moved it to a new place. The advantage is that you now have breathing room to clear the debt.
The timeline varies from one card issuer to another. You should expect the transfer to take from a few days to several weeks to complete.
We recommend that you consider other methods of clearing the high-interest debt. This can include getting a personal loan or asking the card issuer to give you a lower interest if possible.