A major enticement for getting consumers consider credit card offers is the ability to transfer debt from one credit card account to another. The ability to exchange high-interest credit cards for low-interest rate cards is a critical part of any debt reduction strategy.
Taking advantage of a balance transfer to pay less interest is a “no-brainer.” However, you must evaluate other factors like the cash back rewards, balance transfer fees, and other incentives to determine which credit cards offer the best deal.
Here are the top five balance transfer credit cards currently available:
1. Discover it
This Discover it cash back card has been redesign by Discover Financial. It has a 0% intro APR offers on purchases and balance transfers. You will also benefit from a great cash rewards program. Earn cash rebates for your daily spending.
Some other features and benefits:
- No annual fee
- Zero percent interest for the first 14 months on balance transfers
- APR increases to 10.99% to 22.99% after 14 months (based on credit score)
The card has a balance transfer fee of 3%. You must pay off the balance within 14 months or the account will be automatically subjected to the higher non-promotional fee. Discover Financial, offers the same card, but with a 0% introductory APR on balance transfers for 18 months. The card has a 0% intro APR on purchases for the first six months.
2. Citi Diamond Preferred Card
The Citi Diamond Preferred Card it is one of the best credit cards deals in the U.S.This card makes a good choice if you are now paying interest on an existing account and desire a 0% introductory offer credit card for a balance transfer. You can take advantage of the to 0% introductory offer for 18 months for balance transfers and purchases.
The card does not have an annual fee. However, after the introductory period expires, depending on your credit score, the regular variable interest rate on the card increases to 11.99%, 16.99% or 21.99%. The issuer charges a 3% balance transfer fee or a minimum charge of $5.
Some of the features and benefits of the Diamond card are:
- 24/7 Diamond Preferred concierge service
- Free auto rental insurance.
- Citi Easy Deals program – earns points on purchases
The card does not offer cash back on day-to-day purchases.
3. Chase Freedom
The Chase Freedom card is JP Morgan Chase’s flagship product. It offers a lot of value and has a very generous cash back rewards program. Cardholders get up to 5% cash rebates on specific types of purchases that rotate each quarter. For all other goods and services, you receive a standard 1% rebate. The scheme does not require you to make a minimum purchase and the cash rewards never expire.
New cardholders receive an introductory 0% APR on balance transfers and purchase for the first 15 months. You can receive $100 bonus cash back after spending $500 within first three month. And there is no annual fee to pay.
4. Ink Cash Business
For entrepreneurs and small business owners, business credit cards provide a line of credit for your business expenses. In addition, you can receive rebates when you spend on the card. The Ink Cash Business card from Chase arguably is the best credit card for business owners looking for one of the largest cash back bonuses available.
If you use the card for telecommunication services, office supplies and cable services, you can receive up to a maximum of $25,000 annually. Thereafter, you receive cash back for dining and gas purchases–1% and 2% respectively– for the first $25,000 spent each year. The program gives you a 1% rebate on other purchases and 10% cash back when you shop at its online mall.
The program does not have a limit on the amount of cash back you can receive. Spend $3,000 in the first three months will earn you 20,000 bonus points. The card has a 0% introductory APR for the first six months on both balance transfers and purchases and does not charge an annual fee.
5. American Express SimplyCash Business Card
The American Express SimplyCash Business Card provides business owners a liberal cash back program to help you save money. Based on your creditworthiness, you can receive a 0% introductory APR for 6 months, 9 months or an entire year. Your credit score also determines if you will pay a regular variable APR of 12.24%, 16.24% or 19.24%. Its a good credit cards for a 5% rebate on wireless telephone services and office supplies purchase from retailers like Office Depot and Staples.
However, the offer applies only to the first $12,000 spent per rebate year in each category. Additional spending above the limit earns a 1% rebate. You receive 3% cash back on gasoline purchases and the card does not have an annual fee.