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Best Balance Transfer Credit Cards for January 2022

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Balance Transfer

1. Compare the best balance transfer credit card offers from our partners
2. Save money on interest & earn valuable rewards
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Sponsored Earn an additional 1.5% cash back during the first year - worth up to $300

Chase Freedom Unlimited®
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On Chase's secure site
Rewards Rate
Enjoy 5% cash back on travel purchased through Chase Ultimate Rewards®, our premier rewards program that lets you redeem rewards for cash back, travel, gift cards and more; 3% cash back on drugstore purchases and dining at restaurants, including takeout and eligible delivery service, and 1.5% on all
Welcome Offer
Earn an extra 1.5% on everything you buy (on up to $20,000 spent in the first year) — worth up to $300 cash back. That’s 6.5% on travel purchased through Chase Ultimate Rewards®, 4.5% on dining and drugstores, and 3% on all other purchases.
Low Intro APR
0% Intro APR for 15 months from account opening on purchases and balance transfers, then a variable APR of 14.99% - 23.74%.
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Sponsored 0% Intro APR for 21 months on balance transfers from date of first transfer

Citi® Diamond Preferred® Card
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On Citi's secure site
0% Intro Balance Transfer APR
0% Intro APR for 21 months on balance transfers from date of first transfer
0% Intro Purchase APR
0% Intro APR for 12 months on purchases form date of account opening
Extra Perks
With Citi Entertainment®, get special access to purchase tickets to thousands of events, including concerts, sporting events, dining experiences and more
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Sponsored 5% cash back on purchases in your top eligible spend category

Citi Custom Cash℠ Card
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On Citi's secure site
Rewards Rate
Earn 5% cash back on purchases in your top eligible spend category each billing cycle, up to the first $500 spent, 1% cash back thereafter. Also, earn unlimited 1% cash back on all other purchases.
Welcome Offer
Earn $200 in cash back after you spend $750 on purchases in the first 3 months of account opening. This bonus offer will be fulfilled as 20,000 ThankYou® Points, which can be redeemed for $200 cash back.
Intro APR
0% Intro APR on Balance Transfers and Purchases for 15 months.
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Sponsored 0% intro APR on Balance Transfers for 18 months

Citi® Double Cash Card – 18 month BT offer
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On Citi's secure site
Rewards Rate
Earn 2% on every purchase with unlimited 1% cash back when you buy, plus an additional 1% as you pay for those purchases
Intro Balance Transfer APR
0% intro APR on Balance Transfers for 18 months. After that, the variable APR will be 13.99% – 23.99%, based on your creditworthiness
Extra Benefits
No annual fee and free access to Citi Entertainment®
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Wells Fargo Active Cash℠ Card
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On Wells Fargo's secure site
Rewards Rate
Earn unlimited 2% cash rewards on purchases
Welcome Offer
Earn a $200 cash rewards bonus after spending $1,000 on purchases in the first 3 months
Regular Purchase APR
14.99%, 19.99%, or 24.99% (Variable)
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Sponsored No Late Fees, No Penalty Rate, and No Annual Fee

Citi Simplicity® Card
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On Citi's secure site
Intro Purchase APR
0% Intro APR for 12 months on purchases from date of account opening
Goodbye to Fees
No Late Fees, No Penalty Rate, and No Annual Fee
Intro Balance Transfer APR
0% Intro APR for 21 months on balance transfers from date of first transfer
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U.S. Bank Altitude® Go Visa Signature® Card
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U.S. Bank Altitude® Go Visa Signature® Card
Apply Now
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Rates & FeesTerms Apply
On US Bank's secure site
Rewards Rate
4X points on takeout, food delivery and dining, 2X points at grocery stores, grocery delivery, gas stations and on streaming services, 1x points per dollar spent on all other eligible purchases
Welcome Offer
Earn 20,000 bonus points when you spend $1,000 in eligible purchases within the first 90 days of account opening.
Regular Purchase APR
14.99% - 23.99% Variable
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Balance Transfer Credit Cards

Balance transfer credit cards are for the specific purpose of reducing your credit cards debt. Balance transfer cards allow you to move your existing debt that you’re paying interest on and move it to a new card with a lengthy 0% interest period. Accordingly, these cards are great for paying down your debt since most cards offer twelve or more months of 0% interest. Ideally, by the end of the offer period, you will have paid off all or most of your outstanding balance. To take advantage of this 0% interest period, you will likely have to pay a balance transfer fee of 3-5% of the transferred balance.

The most important factors to consider when looking for a balance transfer card is the length of the 0% balance transfer period and the regular purchase APR that comes after the introductory period ends. The best cards will offer a long introductory 0% interest period and low regular APR.

Typically you will not be able to transfer your balances from one card to a balance transfer card offered by the same bank. Accordingly, if you want to take advantage of a balance transfer offer, it’s best to spend your time comparing cards of banks that you don’t have an existing relationship with.

Why Use a Balance Transfer Card?

The savings! Normal credit card interest rates range from 15 to 25% whereas a balance transfer card will typically provide you with more than a year or 0% interest. Depending on the size of your outstanding balance, the savings can be quite significant.

The average American household has about $6,000 in outstanding credit card debt each year. As an example, the difference between 20% APR on that balance and 0% will save you $1,200 the first year! Instead of losing that money to interest, you can transfer your debt to a balance transfer card and use it to get yourself out of debt.

How to Perform a Balance Transfer

1. Apply for a balance transfer offer above.

2. Let the bank offering your new card know how much debt you want to transfer. Note this cannot exceed the credit limit of the new credit card.

3. Wait until the transfer is complete, which can take 1-2 business days.

4. Keep your old card open but make new purchases on your balance transfer card to avoid interest payments.

5. Pay down your debt by making payments on your balance transfer card.

Credit Requirements for Balance Transfers

Unfortunately, balance transfers are not available to everyone because getting approved depends on your credit score. Usually a Good or Excellent credit score is required to be approved for a balance transfer card.

Apart from credit card accounts, auto loans, student loans and personal loans can also be transferred.

Considerations

Keeping all these details in mind should help you make the best decision in terms of acquiring the ideal balance transfer card. Furthermore, it is also important to note that the amount of debt that can be moved depends on the issuer. Taking factors such as the credit limit on the balance transfer card into account when deciding which balance transfer card best suits your financial needs. In most cases, however, an issuer will only disclose the credit limit of a card after your application has been approved.

A balance transfer card is a great start but you will also need a robust plan as to how you are going to pay back your debt. You can transfer more than just credit card debt to a balance transfer card. Many consumers use balance transfer cards to transfer debt from personal and auto loans too.

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