Are you drowning in high-interest credit card debt? It’s time to take control of your finances and consider a balance transfer credit card. These cards can offer you a lifeline by allowing you to transfer your existing debt to a new card with a lower interest rate.
Wells Fargo Reflect® Card
If you want as much time as possible to pay off your debt, look no further than the Wells Fargo Reflect® Card. With an impressive 21-month introductory 0% APR, this card gives you a significant window to tackle your balance. After the introductory period, the variable APR ranges from 18.24% to 29.99% (see rates and fees).
What sets this card apart is that the same long intro APR term applies to both balance transfers and new purchases. So, if you’re dealing with existing high-interest debt and also need a break on new purchases, this card has you covered. Plus, it can help you save on both types of balances (as long as your limit holds out).
Who should consider the Wells Fargo Reflect® Card?
This best balance transfer credit card is perfect for those who have a mix of new purchase and balance transfer debt and want to save on interest for both. With its competitively long intro term for both types of balances, it offers a comprehensive solution.
When should you consider an alternative?
The Wells Fargo Reflect® Card does come with a balance transfer fee of 5% (minimum $5). If you’re transferring a large amount, it might be worth considering a card with a lower or promotional balance transfer fee. A 2% fee, for example, could save you a significant amount of money if you’re transferring $5,000 or more.
To apply for a Wells Fargo Reflect® Card, visit the Wells Fargo website.
Discover it® Balance Transfer
Our top pick for balance transfer credit cards is the Discover it® Balance Transfer card. Not only does it offer a competitive 18-month 0% intro APR on balance transfers, but it also provides a range of additional benefits.
After the introductory period, the variable APR is between 17.24% and 28.24%. While it might not have the longest intro term, it compensates with a lower promotional balance transfer fee.
But that’s not all! This card has long-term potential as a keeper-card because you can earn cash back rewards on purchases when you activate your rotating categories. Plus, Discover’s customer service consistently wins awards for its quality.
Who should consider the Discover it® Balance Transfer card?
If you’re looking for a balance transfer card now and a rewards card in the future, this card is an excellent choice. It offers a competitive intro APR offer on balance transfers and allows you to earn cash back rewards on eligible new purchases.
When should you consider an alternative?
While the balance transfer offer on this card is great, the one for new purchases isn’t as impressive: 0% intro APR for 6 months (after which the regular APR mentioned above applies). If you’re looking to save on interest for future purchases, you may want to explore other options.
To apply for the Discover it® Balance Transfer card, visit the Discover website.
Citi® Double Cash Card – 18 month BT offer
The Citi® Double Cash Card is another solid choice for balance transfers. It stands out with its long introductory 0% APR offer and a promotional balance transfer fee that can help you save even more money. Additionally, you have up to four months to transfer your balances and still qualify for the intro APR, which is longer than what most other issuers provide.
For those seeking a card primarily for balance transfers, the Citi® Double Cash Card is an excellent option.
To sum up, if you’re burdened with high-interest credit card debt, balance transfer credit cards can be a game-changer. The Wells Fargo Reflect® Card, Discover it® Balance Transfer, and Citi® Double Cash Card all offer compelling features that can help you save money and regain control over your finances. Choose the one that suits your needs best and start your journey towards debt-free living.
Apply for the Citi® Double Cash Card – 18 month BT offer on the Citi website.