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 2013.
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* months on balance transfers and purchases. The balance transfer fee applies with this offer and is 3% of each balance transfer; $5 minimum. 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 Platinum Select® Visa® Card – $100 Cash Back
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 12 months when you transfer a balance to this card. The balance transfer fee applies with this offer and is 3% of each balance transfer; $5 minimum. The card also gives 0% on purchases for the first 12 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. Earn 5% cash back from Citi at Home Depot, Home furnishing stores and home and garden stores between 4/1/13 and 6/30/13, with enrollment. There is no annual fee with this card.
See our Citi® Dividend Platinum Select® Visa® Card review for more details.
Discover IT™ (14 months*)
The Discover IT™ has got you covered with both balance transfers and purchases. The card offers an introductory rate of 0% for 14 months* on balance transfers and 0% for 14 months* on purchases. This is ideal when you you need a little extra time to pay off the charges on a big purchase or need to transfer the balance from a high rate card. There is a 3% balance transfer fee. After the introductory rate, the APR you receive is 10.99% - 22.99%* (Variable), based on your creditworthiness. This card gives 5% cash back in rotating categories and 1% on all other purchases.
Check out our Discover IT™ review for more details.
Discover IT™ (18 months*)
This version of the Discover IT™ is a good choice for those that need a longer balance transfer offer because it has a longer introductory rate of 0% for 18 months* on balance transfers and 6 months* on purchases. The regular APR is 10.99% - 22.99%* (Variable) based on your creditworthiness. The transfer fee is also 3%. This card gives 5% cash back in rotating categories and 1% on all other purchases.
For more details check out our Discover IT™ Review.
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