Which Credit Card is Best for Balance Transfer?

Top Answer: Submitted by Josh D.

Balance transfer credit cards allow users to transfer some or all of a balance on an old credit card onto a new credit card. Generally done to help individuals to save due to low fees, this method is one of the best ways to consolidate debt. Don’t be fooled – some offers are simply bad deals.

Here’s the Deal

Zero percent APR for 12 months…

Zero percent APR for 18 months on balance transfers and purchases…

These are good offers that can tempt anyone into investing into the card. However, you have to look further to know which offer is truly the one for you. If you want to minimize your debt, use balance transfers, but do so wisely. With 74.9 percent of all US families using credit cards and 58 percent of them carrying a balance, that’s millions of dollars in interest payments Americans are paying each month, according to the Federal Reserve Bulletin.

What if you could get a break from interest for a few months, pay off your debt during that time and not have to worry about it long term? Balance transfers allow this.

The Top Balance Transfer Credit Card

Getting out from heavy credit card debt is hard but a balance transfer can help you escape high interest rates. Use them to pay off those high rate credit cards. The following are the top balance transfer credit cards.

Citi Platinum Select Visa

The Citi Platinum Select Visa gives you zero percent APR for 21 months on balance transfers and purchases. It has a low regular APR of 11.99 percent up to 21.99 percent after that period. However, you have almost two years to pay off your debt interest free with this card. There’s no annual fee either. You will need to have excellent credit, but this card is one of the best tools available for getting a balance transfer free period.

Capital One Platinum Prestige Credit Card

The Capital One Platinum Prestige card for those with excellent credit has advantages. This card will give you a zero percent APR for balance transfers and on purchases for up to 16 months. The Regular APR is even lower at 10.9 percent to 18.9 percent variable. There’s no annual fee either. Plus, this card comes with numerous travel rewards.

The best balance transfer credit cards provide a simple and straightforward way for you to reduce the costs associated with your credit cards and give you the opportunity to pay off those rewards without interest. Keep in mind that if you do not pay off your balance in full during the intro period, you will need to pay the APR. Make it your goal to pay it off during that introductory offer.