Best Balance Transfer Credit Cards in 2019
Things You May Like
Credit card debt often feels like a never-ending cycle due to high interest rates. According to Nerd Wallet, 48 percent of American households have a revolving credit card balance and owe an average of $6,929. Even worse, these credit card holders rack up an annual interest rate that averages $1,141.1
Clearly, help is needed to reduce these astronomic figures, which is where balance transfers can make a huge difference. By choosing a balance transfer that offers a temporary zero percent interest rate, you can dramatically speed up the time frame of paying off your debt.
If you want to make your debt disappear faster in 2019, be sure to consider one of the following balance transfer credit cards. Keep in mind that it's always wise to carefully consider each card's pros and cons before you make a decision. Per CreditCards.com, each of these cards is meant for consumers who have a credit score ranging from 670 to 850.2
Discover It Balance Transfer Card
Do you want to reduce your expenses without giving up the perks associated with a rewards card? That's exactly what Discover provides! You'll also receive free Social Security number alerts and free FICO credit score updates. Plus, customer service for this card is 100 percent U.S. based.
- Zero percent balance transfers for 18 months.
- Zero percent APR on new purchases for six months.
- No annual fee.
- Reward rates are one percent back on all purchases and five percent back on select purchases.
- Cash Back Match for the first 12 months.
- Regular variable APR of 14.24 to 25.24 percent.
- Balance transfer fee of three percent.
If your current APR is 15 percent, you can save an estimated $335 for every $2,500 you transfer to the Discover It card.3
Capital One Quicksilver Rewards Card
Consumers who are looking for a way to reduce their debt and increase their spending power at the same time should definitely check out Capital One's Quicksilver Rewards Card. This card has two very nice perks. You'll get zero percent interest on new purchases for 15 months, plus a $150 cash bonus if you spend more than $500 in the first three months.
- Zero percent APR on balance transfers and new purchases for 15 months.
- $0 annual fee.
- 5 percent cash back on every purchase.
- $0 foreign transaction fees.
- Variable regular APR of 15.24 to 25.24 percent.
- Three percent balance transfer fee.
Consumers who transfer $2,500 from an existing 15 percent APR account to the Capital One Quicksilver card will save $335.4
BankAmericard Credit Card
BankAmericard, from Bank of America, gives new cardholders up to 60 days to transfer a balance for their intro rate. This credit card also offers something very special for consumers who occasionally pay late. Unlike most other cards, BankAmericard doesn't impose an automatic APR penalty. In other words, you don't have to worry about automatically triggering a higher APR because you made a payment after the due date. On top of that, cardholders get free access to their FICO score online.
- Zero percent APR for 18 months on balance transfers.
- Zero percent APR on new purchases for 18 months.
- $0 annual fee.
- Regular variable APR of 15.24 to 25.24 percent after 18 months.
- Balance transfer fee of three percent or $10, whichever is highest.
If you transfer $2,500 from a card with a 15 percent APR, you'll save an average of $430.5
Chase Freedom Unlimited
This credit card offers a nice extra incentive. If you spend $500 within the first 90 days, you'll receive a $150 bonus. The Chase Freedom Unlimited rewards card also features a cash back option that never expires as long as your account remains active. There's no minimum requirement to redeem your cash back bonus. Weekly credit card score updates are provided via CreditJourney.
- Zero percent APR on balance transfers for 15 months.
- 15 months interest-free for new purchases.
- $0 annual fee.
- 5 percent cash back on all purchases.
- 24 to 25.99 percent variable APR after 15 months.
- Balance transfer fee of $5 or three percent, whichever is greater.
You can save $317 by transferring $2,500 from a credit card with a 15 percent APR.6
Citi Simplicity Card - No Late Fees Ever
As the name implies, the Citi Simplicity Card stands out by offering no late fees for life. Additionally, the card comes with the promise of zero penalty rates, which makes this a very enticing option for many consumers. You'll also be able to select your due date.
- Zero percent APR for 21 months on all balance transfers completed within the first 120 days.
- Zero percent APR for 12 months on new purchases.
- No annual fee.
- Balance transfer fee of five percent.
- Variable APR of 16.24 to 26.24 percent after the introductory period ends.
Save approximately $455 by transferring $2,500 from an existing card with a 15 percent APR.7