Balance Transfer Credit Cards are an easy way to save money. If you have a balance on a credit card that is currently charging you interest, you can transfer your existing balance to the new card that offers an introductory 0% APR on balance transfers. If you choose the right card you will save yourself a good deal of money by avoiding the interest charges.
A 0% card is is also great way to get out of credit card debt faster. Because you won’t be spending money on interest, all of your payments will go to reduce your debt.
One important factor you should consider when choosing a balance transfer offer is the transfer fee. All balance transfer cards charge a transfer fee, and it’s generally between 3% and 5% of the amount you transfer. Don’t be afraid of this fee because even when you factor the fee in you still come out on top by avoiding the high interest charges. But when deciding on which card to go with, be sure to consider the transfer fee when making your decision.
To get you started, we have researched and listed below the Best Balance Transfer Credit Cards of 2012.
EDITOR’S CHOICE – Citi® Platinum Select® Visa Card®
The Citi® Platinum Select® Visa Card® is one of my personal favorites, and I recently recommended this card for my mom. This is one of the best cards for a balance transfer because it offers 0% for a full 21* months. This is one of the longest balance transfer offers out there! With the balance transfer, there is a 3% transfer fee. The card also gives 0% on purchases for 21* months. After the introductory period, regular APR is between 11.99%-21.99%* (Variable), based on your creditworthiness.
Discover® More Card – 18 Month Balance Transfers
This version of the Discover® More® Card gives 18 months interest free on your balance transfers. The transfer fee is 3% of the amount you transfer to the card. The card also gives 0% on purchases for 6 months and you can earn up to 5% cash back in rotating categories. After the introductory rate, the APR you receive is 10.99-20.99% (Variable)*, based on your creditworthiness. You enroll in each spending category as the calendar date arrives, giving you even more chances to accrue Cashback bonuses every quarter. You can earn up to 1% Cashback bonus on all other purchases. Top all that off with no annual fee and you see why Discover More is one of the most popular cards out there.
For more details, check out our Discover® More Card – 18 Month Balance Transfers review.
Chase Freedom® Visa – $100 Bonus Cash Back
The Chase Freedom® Visa card combines a solid rewards program with a nice 0% balance transfer offer. The card gives 0% on balance transfers for the first 12 months and the balance transfer fee is 3%. When you combine that with 0% for 6 months on purchases and $100 cash back bonus when you spend $500 in 3 months, this card looks pretty good. After the introductory period is over your rate will be between 12.99-22.99% (Variable)*, based on your creditworthiness. Plus, with this card you earn 5% cash back offers in popular categories like gas, home improvement and department stores. On top of that, earn a full 1% cash back on everything else – no spending tiers or caps on how much you can earn.
See our Chase Freedom® Visa – $100 Bonus Cash Back review for more details.
Citi® Diamond Preferred® Card
The Citi® Diamond Preferred® Card is another Citi Card that is tough to beat when it comes to a balance transfer card. This card gives 0% for 18 months on balance transfers* months on balance transfers and purchases. The balance transfer fee is 3% of the amount you transfer. This is a hard one to beat if you need a long term balance transfer card. The regular APR is between 11.99-21.99% (Variable)*, based on your creditworthiness. This card does not offer a rewards program, but there is no annual fee. This is a great card if you strictly need a solid balance transfer card.
See our Citi® Diamond Preferred® Card review for more details.
Citi® Dividend World MasterCard®
The Citi® Dividend Platinum Select® Visa® Card is another one of Citi’s cards that offers a nice balance transfer deal. You will get 0% for 15 months when you transfer a balance to this card. The transfer fee is 3% of the amount you transfer. The card also gives 0% on purchases for the first 15 months. After the introductory rate, the APR will be between 12.99-22.99% (Variable)* and is based on your creditworthiness. As a bonus, you will get $100 cash back when you spend $500 within the first 3 months and this applies to balance transfers. You will earn 5% cash back in rotating categories and 1% on everything else. There is no annual fee with this card.
See our Citi® Dividend World MasterCard® review for more details.
Discover® More® Card
This version of the Discover® More® Card has a slightly different offer than the one we featured above. This card gives 15 months of no interest on balance transfers and 12 months no interest on purchases. The other version of the card gives 18 months on balance transfers, but only 6 months on purchases. This version of the card would be ideal if you only need 15 months on your balance transfers, but need a longer 0% offer for your purchases. After the introductory rate, the APR you receive is 10.99-20.99% (Variable)*, based on your creditworthiness. This card also offers 5% cash back in rotating categories and 1% on all other purchases. The balance transfers fee is 3% and there is no annual fee.
See our Discover® More® Card review for more details.
Capital One® Platinum Prestige Credit Card
The best feature of the Capital One® Platinum Prestige Credit Card is the 0% introductory rate on both purchases and balance transfers until Until 09/2013 on purchases*. This feature benefits those who may want to carry a balance or transfer balances from other cards with high interest rates. Another great feature is the low go-to APR. After the 0% introductory period, the APR for both purchases and balance transfers is a low go-to APR of 10.90-18.90% (Variable)*.
See our Capital One® Platinum Prestige Credit Card review for more details.
Slate® from Chase
The Slate® from Chase is currently the only card that offers a No Balance Transfer Fee. This is a limited time offer and you are required to make your balance transfer within the first 30 days to avoid the fee. The card offers 0% for up to 15 months with no balance transfer fee. If you make the balance transfer after 30 days then there will be a balance transfer fee of 3% of the amount transferred with a minimum of $5. After the introductory rate, the APR you receive is 11.99-21.99% (Variable)*, based on your creditworthiness.
For more details, see our Slate® from Chase review.
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