Most credit card users recognize the advantage of transferring their balances to another credit card. By means of a balance transfer, you can save money on interest and pay off your credit card balances faster. Although balance transfer credit cards are highly useful, you shouldn’t select a random card. Card features vary, and to benefit the most from a balance transfer, look for credit cards that offer a low interest rate and a low balance transfer fee. Balance transfer fees typically start at 4% of the outstanding balance. But with a little research, you can find credit cards that offer a lower balance transfer fee or no balance transfer fee.
Tired of paying a high interest rate on your credit cards? Here are the top five credit cards that have a low balance transfer fee.
Transfer an existing balance to your new Slate credit card within the first 60 days of opening an account and pay no balance transfer fee. After the first 60 days, the balance transfer fee is 3% of the total or a minimum of $5. Other card features include 0% APR on purchases and balance transfers for the first 15 months. There is no annual fee.
Also featuring a low 3% balance transfer fee, the Citi Dividend Platinum Visa credit card
offers 1% cash back on all purchases, plus 5% cash back on select categories each quarter. Enjoy 0% APR on balance transfers and purchases for the first 12 months, and pay an interest rate as low as 12.99% thereafter. Spend $500 in purchases within the first 90 days of opening an account and enjoy a $100 cash back bonus. There is no annual fee.
With a low 3% balance transfer fee and no annual fee, the U.S. Bank Visa Platinum credit card offers 0% APR on purchases and balance transfers for the first 15 billing cycles. Apply for this credit card and you’ll receive free access to your monthly credit score. Additionally, the card features fraud protection which notifies you in the event of any unusual card activity. You can also sign up for online account management and receive account alerts. There is no annual fee and the interest rate after your introductory period starts at 13.99%.
Applicants with an excellent credit history may be eligible for the Barclaycard Rewards MasterCard. This credit card features a 3% balance transfer fee, plus 0% interest on purchases and balance transfers for the first 12 months. As a rewards credit card, you earn two points per every dollar you spend on gas, groceries and utility purchases. Plus, one point for every dollar you spend elsewhere. There is no limit on the number of points you can earn and no blackout dates.
If you’re looking for balance transfer credit card that’s also a travel rewards credit card, apply for the Miles by Discover Card. Pay a 3% balance transfer fee and no annual fee, plus 0% interest on balance transfers for the first six months. Make a purchase on your credit card every month for the first 12 months and earn 1,000 miles each month. Earn double miles on the first $3,000 you spend on travel and restaurant purchases, plus 1 mile for every other dollar you spend.