Balance transfer credit card guide

If done properly and carefully, balance transfer credit cards will help manage credit card debt that is spread across several cards. Each balance transfer credit card is different, so know the balance transfer basics, but there are several benefits. By having fewer accounts, the monthly amount spent on reducing debt can be concentrated, and in some cases increased. Most balance transfer cards offer a 0% APR for balances transferred. This is usually only available when the consumer is approved, so having the other accounts' information available is important. Still more balance transfer credit cards offer an overall lower APR, freeing the user from unfavorable existing long-term rates.

Balance transfer cards are often not for general use—just as each consumer's situation varies, the benefits of the cards also change. No card is perfect, creating many balance tranfer pitfalls—there's always a trade out between benefits. Often, those cards with longer intro periods lack in other benefits. Another factor to consider is the balance transfer transaction fee. Many cards have this charge, which is typically around 3% of the transferred balance. This is added to the consolidated balance, so it should be considered when transferring large amounts.

Below is our list of the best balance transfer credit cards available online. Be sure to check all terms and conditions before applying.

BankAmericard Cash Rewards™ Visa Signature® Card - $50 Statement Credit

Get a $50 statement credit after spending $100 in retail purchases within the first 60 days of the account opening date Earn 3% cash back on gas, grocery, and drug store purchases for the first 6 months and 1% on all other purchases Redeem rewards for a check, statement credit, direct deposit or pay toward your eligible Bank of America® mortgage Get a 25% bonus for all cash reward redemptions of $300 or more Get redemptions starting at $25, with the capability to set up automatic redemption No limits to amount of cash back you can earn each year

Discover® More® Card

0% intro APR on Balance Transfers for 15 full months, then the Regular APR 0% intro APR on Purchases for 6 full months, then the Regular APR 5% Cashback Bonus® in categories that change like travel, gas, groceries, restaurants, home improvement stores and more Up to 1% unlimited Cashback Bonus on all other purchases No Annual Fee

BankAmericard® Power Rewards® Visa Signature® Card - $50 Statement Credit

Get a $50 statement credit after spending $100 in retail purchases within the first 60 days of the account opening date Earn three points per $1 on gas, grocery and drug store purchases for the first 6 months and 1 point on all other purchases Redeem rewards points for cash, unrestricted travel, hotel benefits, car rentals, merchandise, unique experiences, gift certificates, and more Rewards start at 2,500 points No limit to the number of points you can earn each year

Discover® More Card - $75 Cashback Bonus®

0% intro APR on Balance Transfers for 12 full months, then the Regular APR 0% intro APR on Purchases for 6 full months, then the Regular APR Earn $75 Cashback Bonus when you make $500 in purchases in your first three months 5% Cashback Bonus in categories that change like travel, gas, groceries, restaurants, home improvement stores and more Up to 1% unlimited Cashback Bonus on all other purchases No Annual Fee

Chase Freedom^SM Visa - $50 Bonus Cash Back

Earn $50 Bonus Cash Back after first purchase 0% Intro APR and No Annual Fee 5% cash back in quarterly bonus categories like gas, home improvement and department stores, subject to quarterly maximum. Signing up is free and easy Unlimited 1% Cash Back on all other purchases with no spending tiers Up to an additional 20% cash back when you shop online at select merchants through Chase

Miles by Discover® Card

12, 000 Bonus Miles – Earn 1,000 Miles each month you make a purchase for your 1st year 1 Mile per $1 on every purchase Plus, 2 Miles on travel and restaurant purchases on your first $3,000 each year No limit on the Miles you earn and Miles don't expire* Fly on any airline, book any hotel or car, with no blackout dates Use Miles for travel, merchandise, gift cards or cash 0% intro APR on purchases and balance transfers for 6 months then the regular APR No Annual Fee, No Overlimit Fee, No Redemption Fee

Discover® More Card – Black

0% intro APR on Balance Transfers for 12 full months, then the Regular APR 0% intro APR on Purchases for 9 full months, then the Regular APR 5% Cashback Bonus in categories that change like travel, gas, groceries, restaurants, home improvement stores and more Up to 1% unlimited Cashback Bonus on all other purchases No Annual Fee

Discover® Open Road Card

2% Cashback Bonus automatically at any gas station and any restaurant 5% to 20% Cashback Bonus at top retailers through our online shopping site Up to 1% unlimited Cashback Bonus on all other purchases 0% intro APR on Balance Transfers for 12 full months, then the Regular APR 0% intro APR on Purchases for 6 full months, then the Regular APR

Chase Freedom^SM Visa - $100 Bonus Cash Back

Earn $100 Bonus Cash Back after you make $799 in purchases in your first three months 5% cash back in quarterly bonus categories like gas, home improvement and department stores, subject to quarterly maximum. Signing up is free and easy Unlimited 1% Cash Back on all other purchases with no spending tiers Up to an additional 20% cash back when you shop online at select merchants through Chase

Discover® Motiva Card

Cash rewards for your good credit management Each time you make 6 on-time payments in a row, you'll get a Pay-On-Time Bonus equal to a full month's interest 5% to 20% Cashback Bonus® at over 150 top retailers through our exclusive online shopping site Up to 1% unlimited Cashback Bonus on all other purchases 3.99% intro APR on Balance Transfers for 15 full months, then the Regular APR 3.99% intro APR on Purchases for 12 full months, then the Regular APR