For consumers shopping around for the best balance transfer credit cards now available, there are many cards options out there. Some of the comparison criteria a consumer should make when looking for the best balance transfer deals include:
- The length of the introductory period
- The introductory interest rate
- Annual card fees
- The regular annual percentage rate that will be charge once the intro period has expired
It may also be important when trying to find the best balance transfer deals now available to consider what is important to a consumer, which may be card rewards, availability for imperfect credit and terms and conditions applied to late payments or other card agreement terms.
Balance Transfer Credit Card for People with Great Credit and Wanting Benefits
One of the best balance transfer deals now available for consumers is with the Discover More Card. This particular deal is targeted towards consumers with excellent credit ratings. With a 0% intro APR and a split intro APR period for new purchases (6 months) and balance transfers (12 months), no annual fees and a regular APR that can start as low as 10.99%, this card has some of the lowest fees and interest rates from major card providers.
What puts the Discover More Card over the top is its 5%-20% Cashback Bonus program at top online retailers as well an unlimited 1% Cashback Bonus on all other standard purchases. There are also additional rewards options for gift cards purchased from participating Cashback Bonus partners.
The Best Balance Transfer Credit Card for Average Credit
The Citi Platinum Select Card does not come with flashy rewards or rebates, but could be an option for those with good, but not great credit. This card also has an introductory APR period of up to 12 months and a 0% intro APR. Consumers will be glad to find a regular APR as low as 8.49% but as high as 16.49% depending on your credit rating. However, consumers should be careful to note that even if you apply for this card you may not qualify for the lowest APR rate which can run as high as 16.49%. Additionally, even one violation of the credit agreement- a late payment for example- could immediately suspend your introductory period and apply a 28.99% interest rate.
The Best Balance Transfer Credit Card for a Good Credit
The Capital One Platinum Prestige Credit Card has a 7.9% rate on both purchases as well as balance transfers. This card is primarily only available for consumers with excellent credit. What sets this card apart is the terms and conditions Capital One applies to late payments and fees. Unlike many credit card companies, Capital One will not immediately increase your interest rate due to going over your credit limit or a single late payment. It is still important to head to the credit terms and agreement which will provide additional details. Unlike most companies who have a zero allowance policy for late payments, for the Capital One Platinum Prestige Credit Card a late payment can occur twice within 12 billing periods before an APR penalty will be incurred. However, the rate will return to the prior APR if at least the designated minimum payment has been made for another consecutive 12 billing periods.
The best balance transfer credit cards available now will depend on interest and balance transfer rates but also on other criteria that is found within the terms and agreements. What is also important to know, is that the exact credit rating that will have you in the average pool for one card may put you in the excellent consumer pool for another. The rating criteria for credit card companies is considered proprietary by the banks and credit companies issuing the cards so it is not going to be immediately clear which companies you should target simply based on your rating. Focus on the reason for you balance transfer, whether it is better interest rates, rewards benefits of better credit agreement terms.
Sheryl Platte is a freelance writer based in the Seattle, WA area. With ten years of business and industry experience, Sheryl focuses her writing on strategy and consumer information writing.
