Managing credit card debt can be overwhelming, especially when interest rates start to pile up, making it harder to pay off your balance. A balance transfer credit card offers a great solution for those looking to consolidate debt, pay it off faster, and avoid high interest charges. As of December 2024, there are numerous options available, each with its own benefits, fees, and terms. In this article, we’ll explore the best balance transfer credit cards available, so you can make an informed decision based on your financial situation.
What is a Balance Transfer Credit Card?
A balance transfer credit card allows you to transfer existing credit card debt from one or more high-interest cards to a new card with a lower interest rate—often as low as 0%. This provides you with an opportunity to pay off your debt faster and save on interest, as long as you are able to pay off the balance within the promotional period.
However, these cards typically come with a balance transfer fee (usually 3% to 5% of the transferred balance), and if you fail to pay off the balance within the introductory period, the remaining balance will be subject to the card’s standard APR, which can be high.
Why Choose a Balance Transfer Credit Card?
- Lower Interest Rates: With a 0% APR introductory period, you can make significant progress on your debt without worrying about high interest.
- Debt Consolidation: You can consolidate multiple credit card balances into one, simplifying your payments.
- Flexible Payment Plans: A lower interest rate gives you more flexibility to pay off your debt at your own pace, potentially saving you hundreds or even thousands of dollars in interest charges.
12 Best Balance Transfer Credit Cards of December 2024
Now that we understand the basics of balance transfer credit cards, let’s look at the top 12 options for December 2024. These cards have been selected based on their introductory 0% APR offers, balance transfer fees, rewards, and additional benefits.
1. Chase Slate Edge℠
- Intro APR: 0% for 18 months on balance transfers
- Balance Transfer Fee: 3% or $5, whichever is greater
- Regular APR: 18.24% – 27.24% Variable
- Annual Fee: $0
Chase Slate Edge offers one of the longest 0% APR introductory periods for balance transfers, allowing you to pay off your debt over 18 months without accruing interest. After the introductory period ends, the card’s APR is competitive. Plus, there’s no annual fee.
2. Citi® Diamond Preferred® Card
- Intro APR: 0% for 21 months on balance transfers
- Balance Transfer Fee: 5% (minimum $5)
- Regular APR: 18.24% – 28.24% Variable
- Annual Fee: $0
The Citi® Diamond Preferred® Card offers an industry-leading 21-month 0% APR on balance transfers, which is ideal for those with significant balances to pay off. The 5% balance transfer fee is higher than some others, but the extended 0% APR period compensates for it if you’re planning to pay off your debt slowly.
3. Wells Fargo Reflect® Card
- Intro APR: 0% for 18 months on balance transfers
- Balance Transfer Fee: 3% for the first 120 days, then 5%
- Regular APR: 19.24% – 27.24% Variable
- Annual Fee: $0
This card offers an 18-month 0% APR period, and the introductory balance transfer fee of 3% is one of the lowest in the industry. Wells Fargo Reflect® also provides a 3-month window to take advantage of the lower fee.
4. Discover it® Balance Transfer
- Intro APR: 0% for 18 months on balance transfers
- Balance Transfer Fee: 3%
- Regular APR: 16.24% – 27.24% Variable
- Annual Fee: $0
Discover it® Balance Transfer offers a long 0% APR period, which can be extended up to 18 months. Additionally, Discover matches all the cash back you earn in the first year, making it an attractive choice if you want to earn rewards while paying off your debt.
5. BankAmericard® Credit Card
- Intro APR: 0% for 18 billing cycles on balance transfers
- Balance Transfer Fee: 3% (min. $10)
- Regular APR: 16.24% – 26.24% Variable
- Annual Fee: $0
With an 18-month 0% APR offer and a low balance transfer fee, the BankAmericard® Credit Card is a solid choice for consolidating debt. Its lack of an annual fee is another benefit, making it affordable for those looking to pay off their debt without extra costs.
6. U.S. Bank Visa® Platinum Card
- Intro APR: 0% for 20 months on balance transfers
- Balance Transfer Fee: 3% (min. $5)
- Regular APR: 18.24% – 28.24% Variable
- Annual Fee: $0
U.S. Bank Visa® Platinum Card offers a generous 20-month introductory 0% APR, giving you nearly two years to pay off your debt interest-free. Its 3% balance transfer fee is standard, and it has no annual fee, making it a top pick for those seeking flexibility and time.
7. American Express® Blue Cash Everyday® Card
- Intro APR: 0% for 15 months on balance transfers
- Balance Transfer Fee: 3%
- Regular APR: 18.24% – 29.24% Variable
- Annual Fee: $0
In addition to offering 0% for balance transfers for 15 months, the American Express® Blue Cash Everyday® Card earns cash back on everyday purchases. If you plan on making purchases in addition to transferring a balance, the rewards can add significant value.
8. Capital One QuicksilverOne® Cash Rewards Credit Card
- Intro APR: 0% for 15 months on balance transfers
- Balance Transfer Fee: 3%
- Regular APR: 29.24% Variable
- Annual Fee: $39
Capital One’s QuicksilverOne® card is a great option for those with average credit scores who want a solid 0% APR offer on balance transfers. You also earn 1.5% cash back on every purchase, making it a good choice for ongoing expenses.
9. Chase Freedom Unlimited®
- Intro APR: 0% for 15 months on balance transfers
- Balance Transfer Fee: 5%
- Regular APR: 19.24% – 27.99% Variable
- Annual Fee: $0
Chase Freedom Unlimited® stands out with its cash back rewards program—1.5% on all purchases, with higher rewards on select categories. The 5% balance transfer fee may be a drawback for some, but the card’s versatility in rewards can outweigh that.
10. Citi® Double Cash Card
- Intro APR: 0% for 18 months on balance transfers
- Balance Transfer Fee: 3%
- Regular APR: 18.24% – 28.24% Variable
- Annual Fee: $0
The Citi® Double Cash Card is a unique option in that it provides cash back on all purchases—1% when you make a purchase and an additional 1% when you pay it off. The card also offers an 18-month 0% APR on balance transfers, making it a great pick for those wanting to earn rewards while managing their debt.
11. PenFed Gold Visa® Card
- Intro APR: 0% for 12 months on balance transfers
- Balance Transfer Fee: 3%
- Regular APR: 17.99% – 18.99% Variable
- Annual Fee: $0
PenFed Gold Visa® is a great option for those who want a shorter 0% APR period but still want a competitive regular APR. With a low balance transfer fee and no annual fee, it’s a simple card with good benefits.
12. The Platinum Card® from American Express
- Intro APR: N/A
- Balance Transfer Fee: 3%
- Regular APR: 18.99% – 25.99% Variable
- Annual Fee: $695
Although The Platinum Card® from American Express doesn’t offer an introductory 0% APR for balance transfers, it does offer premium perks like lounge access and travel benefits for frequent travelers. It’s ideal for those who have higher spending needs and want to combine rewards with balance transfer benefits.
Conclusion
Choosing the right balance transfer credit card can significantly impact your ability to pay down your debt and save on interest charges. Whether you are looking for a long 0% APR period, low fees, or additional rewards, there is a card on this list that suits your needs. Keep in mind that balance transfers come with fees and certain terms, so it’s crucial to plan your repayment strategy to avoid higher interest charges once the introductory period ends. By selecting the right card and making timely payments, you can save money and reduce your debt more effectively.
