The end of tax season is virtually upon us, and you’ve probably been had your personal finances in the forefront of your mind for the past couple of months. Once you file those taxes, however, and before you move on with the rest of your life, you should take a brief look at your credit card situation and see if you can improve on that aspect of your finances.
If you’re carrying any significant credit card debt that you’re stuck paying interest on, it may benefit you to transfer that high-interest balance to a credit card that offers 0% interest on balance transfers for a long period of time. Understanding the terms offered by many credit cards designed for no interest balance transfers can be difficult, however, so I’ve done the research and listed my favorite balance transfer credit cards below.
Here are the best balance transfer credit cards currently on the market:
Slate from Chase – The Slate from Chase Card is my favorite balance transfer credit card currently available. The reason I like the Slate from Chase Card so much is because it allows cardholders to transfer a balance for free if they conduct the transfer in the first 60 days that they have the card. In addition, the card offers a 0% introductory APR on both purchases and balance transfers for 15 months.
The Slate from Chase Card also offers Patented Fraud Protection and zero liability on unauthorized purchases, and requires no annual fee. While you may be able to find a balance transfer credit card that offers a rewards program, or a longer 0% intro APR period, there’s not another card on the market that requires no balance transfer fee and still has a very long 0% APR on balance transfers intro period. Lastly, the Slate from Chase Card requires no annual fee.
Discover it – The Discover it Card is a fairly new credit card from Discover. With the Discover it Card, Discover is looking to simplify the credit card process by making the terms simple and easy to understand. With the Discover it Card, cardholders receive a 0% introductory APR period on balance transfers for 18 months, as well as a 0% introductory APR period on purchases for 6 months.
Cardholders also receive 5% cash back on purchases in categories that rotate throughout the year, and 1% cash back on all other purchases. The card also does not require any annual fee, over limit fee, foreign transaction fees, or pay-by-phone fees. In my opinion, the Discover it Card is the best balance transfer credit card on the market that offers a rewards program.
Citi Simplicity Visa – The Citi Simplicity Visa rounds out my list of the best balance transfer credit cards currently available. With the Citi Simplicity Visa, cardholders receive an extra-long 18-month 0% introductory APR period on both balance transfers and purchases. The Citi Simplicity Visa never requires late fees, penalty rates, or an annual fee.
The only reason this card is rated lower than the comparable Slate from Chase Card is because the Citi Simplicity Visa requires a balance transfer fee equal to 3% of the amount of the transfer, or $5, whichever is greater.
This article was written by Logan Abbott. Logan is a credit card expert with over a decade of experience writing about credit and personal finance. He is also the editor of MyRatePlan.com, an authority credit card comparison site.