Top 5 Balance Transfer Credit Cards of 2021
Introduction
When it comes to credit cards, balance transfer cards can be a useful tool to help you manage your debt. These cards allow you to transfer your high-interest debt from one or more cards onto a single card with a lower interest rate, often with a promotional 0% introductory period.
But with so many balance transfer credit cards on the market, how do you choose the best one for your needs? In this article, we'll review the top 5 balance transfer credit cards of 2021.
1. Citi Simplicity® Card
Features
- 0% intro APR for 18 months on balance transfers
- No annual fee
- No late fees or penalty rates
- Free FICO® credit score online
- Citi® Identity Theft Solutions
Pros
- Long 0% intro period
- No annual fee or late fees
- Provides free FICO® credit score
Cons
- No rewards program
- 3% balance transfer fee (minimum $5)
The Citi Simplicity® Card is a great option if you're looking for a long 0% intro period and want to avoid fees. With no annual fee or late fees, this card helps you save money while tackling your debt. Plus, you can access your FICO® credit score for free and get identity theft solutions from Citi®. However, keep in mind that there's a 3% balance transfer fee (minimum $5) with this card.
2. Chase Freedom Unlimited®
Features
- 0% intro APR for 15 months on purchases and balance transfers
- No annual fee
- Unlimited 1.5% cash back on every purchase
- $200 bonus after spending $500 on purchases in the first 3 months
- Free credit score and credit monitoring
Pros
- Long intro period on purchases and balance transfers
- Provides cash back and bonus offer
- Free credit score and monitoring
Cons
- 3% balance transfer fee (minimum $5)
- Requires good to excellent credit
The Chase Freedom Unlimited® card offers a great balance transfer option with an intro 0% APR for both purchases and balance transfers for 15 months. Plus, you can earn unlimited 1.5% cash back on every purchase, along with a $200 bonus offer after spending $500 on purchases in the first 3 months. And you can keep an eye on your credit score and monitoring for free. However, keep in mind that you'll need good to excellent credit to qualify, and there's a 3% balance transfer fee (minimum $5) with this card.
3. Discover it® Balance Transfer
Features
- 0% intro APR for 18 months on balance transfers
- No annual fee
- Earn 5% cash back at different places each quarter like gas stations, grocery stores, restaurants, Amazon.com and more up to the quarterly maximum, each time you activate.
- Free credit score and monitoring
- No foreign transaction fee
Pros
- Long intro period
- Provides cash back and bonus offer
- No foreign transaction fee
Cons
- 3% balance transfer fee (up to 5% for future balance transfers)
- Cash back categories rotate every quarter
The Discover it® Balance Transfer card offers an impressive 0% intro APR for 18 months on balance transfers, along with cash back rewards and a bonus offer. You'll earn 5% cash back on purchases in rotating categories each quarter, up to the quarterly maximum. Plus, there's no foreign transaction fee and you can access your credit score and monitoring for free. Keep in mind, though, that the balance transfer fee is 3% (up to 5% for future balance transfers) and the cash back categories rotate every quarter.
4. BankAmericard® credit card
Features
- 0% intro APR for 18 billing cycles on balance transfers made in the first 60 days
- No annual fee
- $0 balance transfer fee for the first 60 days
- Free FICO® credit score online
Pros
- Longest 0% intro period
- No balance transfer fee for first 60 days
- Provides free FICO® credit score
Cons
- No rewards program
- 3% balance transfer fee (minimum $10)
The BankAmericard® credit card offers an impressive 0% intro APR for 18 billing cycles on balance transfers made in the first 60 days, making it the card with the longest 0% intro period. Plus, there's no balance transfer fee for the first 60 days. This card also provides a free FICO® credit score online. However, keep in mind that there's no rewards program and a 3% balance transfer fee (minimum $10) with this card.
5. Wells Fargo Platinum card
Features
- 0% intro APR for 18 months on purchases and balance transfers
- No annual fee
- Free FICO® credit score online
- Cell phone protection
Pros
- Long intro period on purchases and balance transfers
- Provides cell phone protection
- Provides free FICO® credit score
Cons
- No rewards program
- 3% balance transfer fee (minimum $5)
The Wells Fargo Platinum card offers an intro 0% APR for 18 months on both purchases and balance transfers, along with additional benefits like cell phone protection and access to a free FICO® credit score online. However, keep in mind that there's no rewards program and a 3% balance transfer fee (minimum $5).
Conclusion
When choosing a balance transfer credit card, it's important to consider the length of the introductory period, fees, and any potential rewards or benefits. The top 5 balance transfer credit cards of 2021 include the Citi Simplicity® Card, Chase Freedom Unlimited®, Discover it® Balance Transfer, BankAmericard® credit card, and Wells Fargo Platinum card. Compare these cards against your own needs and financial situation to determine which is the best fit for you.