Credit Cards, Insights

Best Credit Cards For Balance Transfers in 2022

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If you are looking for a new credit card, and you want to take advantage of a balance transfer offer, you have come to the right place. In this article, we will discuss the best credit cards for balance transfers.

We will also provide information on what to look for when choosing a credit card. So, if you are ready to learn more about the best balance transfer offers out there, keep reading!

What Are Credit Cards For Balance Transfers?

Credit cards for balance transfers are a type of credit card that allows you to transfer the balance of one credit card to another. This can be useful if you have a high interest rate on your current credit card and want to save money on interest.

What Are The Different Types of Credit Cards For Balance Transfers?

There are a few different types of credit cards for balance transfers. The first type is called a 0% APR card. This means that for a certain period of time, usually between 12 and 18 months, you will not be charged any interest on your balance transfer.

The second type of credit card for balance transfers is called a low APR card. These cards typically have an APR of around 13%. However, some cards may have an introductory APR that is lower than this.

The third type of credit card for balance transfers is called a rewards card. These cards offer you points or cash back on your purchases. Additionally, some rewards cards also offer 0% APRs on balance transfers for a certain period of time.

What Are The Benefits of Getting Credit Cards For Balance Transfers?

There are a few benefits to getting credit cards for balance transfers. One benefit is that it can help you save money on interest payments. If you have a high interest rate on your current credit card, transferring your balance to a new card with a lower interest rate can help you save money on future interest payments.

Another benefit of getting credit cards for balance transfers is that it can help you pay off your debt faster. By transferring your balance to a new card with a lower interest rate, you can free up more of your monthly payment to go towards paying off the principal balance of your debt.

Finally, getting credit cards for balance transfers can also help improve your credit score. By consolidating your debt onto one low-interest card, you can reduce your credit utilization ratio, which can help improve your credit score over time.

What Are The Best Credit Cards For Balance Transfers and Their Offers?

There are a lot of great balance transfer credit card offers out there. And, to be honest, almost any offer will save you money if you’re currently paying interest on a high-rate credit card. With that being said, some offers are better than others. 

Here are the best balance transfer credit cards and their current offers:

Citi® Double Cash Card

The Citi® Double Cash Card allows you to earn cash back twice on every purchase with unlimited potential. There’s no minimum to redeem for cash back and your rewards don’t expire.

Plus, get 0% intro APR on Balance Transfers for 18 months – that’s nearly two years! After that, the variable APR will be 14.49% – 24.49%, based on your creditworthiness.

Chase Slate® Card

The Chase Slate® Card offers 0% Intro APR on Balance Transfers for 15 months and doesn’t charge a balance transfer fee during the first 60 days your account is open.

Plus, you’ll get 0% intro APR on Purchases for 15 months as well. After that, the variable APR will be 16.49% – 25.24%, based on your creditworthiness.

Capital One® VentureOne® Rewards Credit Card

With the Capital One® VentureOne® Rewards Credit Card, you’ll earn unlimited miles with a $0 annual fee and no foreign transaction fees. You can also enjoy a 0% intro APR on Purchases for 12 months; after that, the ongoing APR is 14.74% – 24.74% Variable.

How to Decide Which Type of Credit Cards For Balance Transfers You Want?

There are many types of credit cards for balance transfers, and it can be confusing to decide which one is right for you. The most important factor to consider is the interest rate.

You want a card with a low interest rate so that you can save money on your monthly payments. Another factor to consider is the length of the intro APR period. Some cards offer 0% intro APR for 18 months, while others offer 0% intro APR for 21 months.

How Many Credit Cards For Balance Transfers Should Someone Have?

The answer to this question is not as simple as it may seem. It all depends on your individual financial situation and needs. If you are someone who often carries a balance on your credit cards, then having a few cards with low interest rates can be beneficial. This way, you can transfer your balances to the card with the lowest rate and save money on interest payments.

However, if you are someone who pays off their credit card balances in full each month, then you may not need to worry about balance transfer fees or interest rates.

In this case, it might be more beneficial to focus on finding a card that offers rewards such as cash back or points for every purchase you make.

What Credit Limit Do Credit Cards For Balance Transfers Have?

Most balance transfer credit cards will have a credit limit of at least $500. Some may even go as high as $25,000. This is because when you’re transferring a balance, you’re essentially borrowing money from the new card issuer. They want to make sure you can repay that debt.

Do Credit Cards For Balance Transfers Report to The Three Major Credit Bureaus?

Most balance transfer credit cards report to the three major credit bureaus (Experian, TransUnion, and Equifax), so you can use them to help improve your credit score. Just make sure you keep up with your payments and don’t carry a balance on the card from month to month.

What is The Best Way to Use Credit Cards For Balance Transfers?

There are a few things to keep in mind when using credit cards for balance transfers. First, make sure you understand the terms and conditions of the transfer. Some cards will charge a fee for the transfer, so be sure to read the fine print before you agree to anything.

Second, understand the interest rate you’ll be paying on the transferred balance. Many cards will offer 0% APR for a promotional period, but after that, the rate will jump significantly. Make sure you know how much interest you’ll be paying and factor that into your decision.

Finally, remember that balance transfers can have an impact on your credit score. If you’re transferring a large balance from one card to another, it can temporarily ding your score. So, if you’re planning on applying for a major loan in the near future, you may want to hold off on balance transfers until after you’ve gotten approved.

Overall, balance transfers can be a great way to save money on interest and pay down debt faster. Just make sure you do your research and understand the terms and conditions before you agree to anything.

Do The Best Credit Cards For Balance Transfers Have Any Annual Fees?

The best credit cards for balance transfers will have no annual fees. This is important because you want to be able to save as much money as possible when you are transferring your balance. The last thing you want to do is pay an annual fee just to keep your account open.

Do The Best Credit Cards For Balance Transfers Have Rewards Programs?

The best credit cards for balance transfers usually have great rewards programs. This is because they want to encourage you to use their card more often. They may offer cash back, points, or miles for every purchase you make. And, they may even offer special deals on balance transfers. So be sure to compare the different offers before you decide which card is right for you.

Do The Best Credit Cards For Balance Transfers Offer 0% APR?

The best credit cards for balance transfers offer 0% APR for a certain period of time. This can be helpful if you’re trying to pay off high-interest debt, like a credit card balance.

But beware: Some cards charge a fee for balance transfers, so it’s important to do your research before making a decision.

Do The Best Credit Cards For Balance Transfers Come With Sign-Up Bonuses?

The best credit cards for balance transfers usually come with sign-up bonuses. For example, the Chase Slate® Card offers a $0 intro APR on balance transfers and purchases for 15 months.

After that, your APR will be 16.74% – 25.49% variable. There is also no annual fee. This card also gives you access to your FICO® Score for free online so you can keep track of your credit score.

Another great option is the Citi Simplicity® Card – No Late Fees Ever which has no late fees, no penalty rate, and no annual fee. Plus, there’s 0% intro APR on Balance Transfers and Purchases for 21 months from account opening (then 13.99% – 23.99% Variable).

This card also offers Citi Private Pass®, which gives you access to presale tickets and VIP experiences to thousands of events each year.

So, if you’re looking for the best credit cards for balance transfers, be sure to look for ones that come with sign-up bonuses and perks like 0% intro APR periods and no annual fees. And, don’t forget to check your FICO® Score for free online so you can keep track of your credit score.

Best Credit Cards For Balance Transfers With Bad Credit

When it comes to finding the best credit cards for balance transfers, there are a few things you need to take into account. The first is your credit score. If you have bad credit, your options for Balance Transfer Cards are going to be limited.

That being said, there are still a few good choices out there for those with bad credit. The key is to look for cards with low interest rates and fees. Here are a few of the best options:

Capital One® Platinum Credit Card

The Capital One® Platinum Credit Card offers 0% APR on balance transfers for 18 months (with a fee of $0-$39). After that, the APR goes up to a variable rate of 24.99%.

Discover it® Secured Credit Card

The Discover it® Secured Credit Card offers 0% APR on balance transfers for 12 months (with a fee of $0-$30). After that, the APR goes up to a variable rate of 23.99%.

Citi® Diamond Preferred® Card

The Citi® Diamond Preferred® Card offers 0% APR on balance transfers for 21 months (with a fee of $0-$95). After that, the APR goes up to a variable rate of 14.74%-24.74%.

These are just a few of the best options out there for those with bad credit. If you have good credit, your options will be much better. However, if you have bad credit, these are still some decent choices.

Does Amex Have Credit Cards For Balance Transfers?

Yes, American Express has several credit cards that offer balance transfer capabilities. However, it’s important to note that not all Amex cards come with this feature. If you’re looking for an Amex card with balance transfer capabilities, you’ll need to do some research to find the right one for you.

The best way to find out if an Amex card offers balance transfers is to call the customer service number on the back of your card and ask. Alternatively, you can check the website or terms and conditions of each individual card to see if balance transfers are offered.

Is It Easy to Qualify for Credit Cards For Balance Transfers?

The good news is that you don’t need to have perfect credit to qualify for most balance transfer credit cards. In fact, many balance transfer cards are available to people with fair or even bad credit.

However, the better your credit score is, the more likely you are to be approved for a balance transfer card with a low interest rate.

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About Jermaine Hagan (The Plantsman)

Jermaine Hagan, also known as The Plantsman is the Founder of Flik Eco. Jermaine is the perfect hybrid of personal finance expert and nemophilist. On a mission to make personal finance simple and accessible, Jermaine uses his inside knowledge to help the average Joe, Kwame or Sarah to improve their lives. Before founding Flik Eco, Jermaine managed teams across several large financial companies, including Equifax, Admiral Plc, New Wave Capital & HSBC. He has been featured in several large publications including BBC, The Guardian & The Times.

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