As everyone continues navigating through the uncertainties caused by the coronavirus outbreak and its drastic economic impact, some might find themselves in need of a little extra time to pay off their balance. A balance transfer credit card enables you to move high-interest debt onto a credit card with a lower or even 0% annual percentage rate (APR) for a certain period of time. A 0% APR period varies from issuer to issuer and often is between twelve to fifteen months. Transferring your higher interest balance to one of these 0% APR balance transfer cards can save you a sizable amount in interest, which you can in turn make use of and pay off your debt sooner. We handpicked the best balance transfer credit cards of 2020 to help you pay off your debt more quickly and for less.
No Fee Balance Transfer Cards
Chase Slate Credit Card
0% intro APR for 15 months on purchases and balance transfers from account opening.
Transfer balances with an introductory fee of $0 during the first 60 days your account is open. After that, the fee for future balance transfers is 5% of the amount transferred, with a minimum of $5.
The Chase Slate doesn’t offer any kind of rewards such as cash back or points. If you are looking for an introductory Chase card that earns rewards, check out the Chase Freedom instead.
Everyday Card from American Express
Earn 10,000 points after you spend $1,000 in purchases on your new card within the first 3 months.
0% for 15 months on purchases and balance transfers from the date of account opening, then a variable rate, currently 12.99% to 23.99%. Balance transfers must be requested within 60 days of account opening to qualify for the 0% rate. This card has no balance transfer fee.
The Amex Everyday card earns 2x points at US supermarkets on up to $6000 per year in spending. American Express will also increase your points by 20% if you make 20 or more transactions per month. The fact that this card has no transfer fee and earns rewards on spending, makes it stand out somewhat in the category.
BankAmericard from Bank of America
The BankAmericard offers you 15 months of 0% APR on purchases and balance transfers made in the first 60 days your account is open. There is also no balance transfer fee for the first 60 days as well, and after that the fee is 3% of each balance transfer transaction with a minimum of $10.
Other than the balance transfer function, this card doesn’t really offer anything in the way of rewards, the features it does have are limited to things someone building or repairing credit might find useful: a free FICO score, no penalty APR (for missed payments), no annual fee and access to credit education.
Balance Transfer Cards that Earn Cash Back
American Express Cash Magnet Card
Earn a $150 statement credit after you spend $1,000 or more in purchases with your new card within the first 3 months of Card Membership. Unlimited 1.5% Cash Back on your purchases.
0% APR for 15 months on purchases and balance transfers from the date of account opening, then a variable rate, currently 13.99% to 23.99%. 0% introductory plan fee on each purchase moved into a plan during the first 15 months from the date of account opening with Plan It®, a feature that lets you split up big purchases into monthly payments with a fixed fee. After that, your plan fee will be up to 1.33% of each purchase moved into a plan based on the plan duration, the APR that would otherwise apply to the purchase.
Longest 0% APR Balance Transfer Cards
Citi Diamond Preferred
0% Intro APR on balance transfers for 21 months from date of first transfer. Which is nearly double the average 0% APR period currently on the market. After that, the variable APR will be 13.74% – 23.74%, based on your creditworthiness. All transfers must be completed in first 4 months. There is a balance transfer fee of either $5 or 5% of the amount of each transfer, whichever is greater. This is also a no annual fee card.
Wells Fargo Platinum card
Pay down balances instead of interest with Wells Fargo’s 0% for 18 months on purchases and qualifying balance transfers, 15.49%-24.99% after that. Convenient tools to help create a budget and manage your spending with the My Money Map. This is also a no annual fee card.
These are our six best balance transfer credit cards picks in 2020. Credit Shifu has always advised not to spend beyond your means: pay down as much debt as you possibly can to your balance during the zero-introductory APR period. The last thing you want to do is to let the low introductory APR period slide and pay a fortune in interest on your balance when the higher interest rate period begins.
