Do you grit your teeth every time you read your monthly credit card statement and see how much interest you’re paying? Worse yet, are you paying interest on high balances on more than one card?
Maybe it’s time to transfer the balance — or several balances — to a new card with an intro 0% APR on balance transfers. And as a bonus, look for one that also has an intro 0% APR on new purchases.
Balance transfers enable you to pay off a balance without paying on high interest rates for a period generally ranging from 12 to 21 months.
Best case, you might snag an extended 0% intro APR on balance transfers and new purchases with certain rewards cards. However, those offers are rare. With a few notable exceptions, the longer the introductory APR, the fewer the card’s rewards.
If you plan to transfer a balance to a card with a balance transfer introductory period APR, you’ve got plenty of credit card offers to choose from. Here are some of the best balance transfer cards of 2019.
Best Balance Transfer Card
Citi Simplicity® Card
Best for: People who want a longer-than-usual period to pay off a transferred balance without paying interest.
Rewards: None
Other perks: This card’s 21-month intro APR on balance transfers is a few months longer than the more common 18-month 0% intro offers out there. And those three months might provide the extra time you need to zap your balance while avoiding interest. You also can choose a flexible payment date at beginning, middle, or end of month to avoid late fees, and you can access your credit score at no cost.
Annual fee: None
Bonus: None
Citi® Double Cash
Best for: People who want a long period to pay off balance transfers without paying interest, and consumers who don’t mind waiting until they pay for purchases to receive all of the rewards.
Rewards: Unlike many other cards with lengthy periods for 0% intro APRs, Citi® Double Cash provides a rewards program that lets you earn up to 2X points on every dollar you spend. You collect 1% when you make a purchase with the Citi® Double Cash card and an additional 1% when you pay for the purchase after it appears on your statement. How’s that for motivation to pay off your balance every month?
Other perks: No caps on cash back rewards. Citi Private Pass for special access to purchase tickets, including presale and VIP packages, to concerts, sporting events, movie screenings, and other events. Citi Concierge services for travel, shopping, dining, and entertainment.
Annual fee: None
Bonus: None
Barclay Ring® Mastercard®
Best for: Consumers with high credit card balances or several balances to transfer, and consumers wanting a generous amount of time to pay off an expensive purchase with no interest.
Rewards: None. However, Barclay Ring Mastercard imposes a 2% balance transfer fee instead of the 3% fee charged by most other cards. So when you transfer a large balance, this lower fee makes a difference.
For example, if you transfer a $9,000 balance and pay a 3% balance transfer fee, you’ll wind up with a $270 fee. However, the Barclay Ring Mastercard® offers a 2% balance transfer fee that would add up to only $180 for the same $9,000 transfers. Of course, the bigger the balance being transferred, the better the low transfer fee looks.
Other perks: Ability to lock your card, set transaction limits, and block certain purchase categories for yourself and authorized users; free FICO credit score.
Annual fee: None
Bonus: None
Wells Fargo Platinum Visa Card
Best for: Consumers seeking more time to pay off a balance transfer and who don’t want a rewards program.
Rewards: None. However, the 18-month 0% intro APR can offset the no-rewards drawback if you’re eliminating interest by transferring a large balance.
Other perks: Track your finances with the Wells Fargo My Money Map budgeting and money management tools; cellphone protection up to $600 (minus $25 deductible) for damage or theft of a cellphone when you pay your cellphone bill every month with the card; free FICO credit score.
Annual fee: None
Bonus: None
Discover it® Balance Transfer
Best for: Homeowners, families, and people who want to transfer balances, shop online, and earn 5% cash back on rotating categories.
Rewards: Discover it has a narrower 0% intro APR window but easily makes up for that with an impressive rewards program and a year-end bonus. You earn 5% cash back on purchases in rotating quarterly categories, including grocery stores, gas stations, Amazon.com, and restaurants. Mark your calendar, though: You must activate the card every quarter to gain that higher percentage. Unlimited 1% cash back on all other purchases. Redeem rewards in any amount, any time.
Other perks: Discover it automatically matches all cash back you’ve earned at the end of your first year and credits the amount to your account.
Annual fee: None
Bonus: No welcome bonus. However, this card’s year-end automatic cash back match adds up fast for everyday users who stay on top of the rotating rewards categories.
HSBC Gold Mastercard®
Best for: Consumers who want to transfer a balance and pay it off over a lengthy no-interest span.
Rewards: None
Other perks: For travel purchased with the card, you get access to HSBC MasterAssist for travel planning and help with lost luggage; $1 million in travel accident insurance; roadside assistance for vehicle breakdowns in the U.S.
Annual fee: None
Bonus: None
The bottom line
If you have a high balance that’s costing you a lot of interest every month and adding to your credit card debt, the longer the 0% intro APR, the better. In that case, the Citi Simplicity Card (21 months) could bring some serious joy to your wallet.
On the other hand, those with several balances to transfer should consider the Barclay Ring® Mastercard® and its lower-than-usual (2%) balance transfer fee. But if you like to earn rewards on purchases and don’t have several balances to transfer, the Citi® Double Cash card is a great cash rewards credit card that still offers 18 months to pay off a transferred balance after account opening. Meanwhile, you can earn up to 2X rewards on every dollar.
