What are some good balance transfer credit cards?


Quick Answer

When considering new credit cards for a balance transfer, the Forbes website recommends looking for a card that allows fee-free balance transfers and offers a long introductory period with a 0 annual percentage rate, or APR. The Chase Slate card fits this description. It does not charge cardholders a balance transfer fee for transfers in the first two months, and it offers 0 APR for a 15-month introductory period, reports an article in Time's money section.

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Full Answer

A card that allows free balance transfers is much more difficult to find now than in the early 2000s, explains Forbes, but a card that charges a fee can still be a good option for transfers.

The Citi Simplicity card offers 0 APR on purchases and transfers for the first 21 months, continues Forbes, but the card does charge a 3-percent fee for all balance transfers with a $5 minimum. At almost two years, this card has one of the longest zero-interest periods in the industry, as of October 2015.

The Discover it card charges an initial 3-percent transfer fee, reports Forbes, but it has no annual fees or over-limit fees. Balance transfers accrue 0-percent interest for the first 14 months, and the card also comes with a rewards program that offers up to 5-percent cash back on purchases.

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