Low Interest Credit Cards With Balance Transfer: Cards You Need To See

man holding up card showing low interest credit cards with balance transfer

Top Low Interest Credit Cards With Balance Transfer You Need to Know About

Struggling to pay down debt from multiple credit cards with a high interest rate, can be a challenge. You may be making payments, but you’re also racking up tons of interest. This can make it seem as though you aren’t making any progress. If you’re also paying annual fees on those cards, you’re paying even more. Luckily, there’s an easier way to pay off credit card debt, using low interest credit cards with balance transfer.

black credit card

If you’re ready to start tackling your credit card debt to give you more money in your pocket and a stronger credit score, keep reading to learn what you need to know to choose a card, and a few of the best options on the market today.

What You Need to Know About Low Interest Credit Cards with Balance Transfer

Before you start searching for the right low interest credit cards with balance transfer, there are a few things you should know.

There are a few things you need to focus on when looking at potential credit cards. The first is the APR rate. While many low interest credit cards with balance transfer offer an introductory period that gives you zero percent APR on balance transfers, this is sometimes followed by a high APR rate when that intro period runs out.

You’ll also want to pay attention to the fees associated with transfering a balance to the card. Some cards charge between 3 and 5 percent to transfer a balance. If you’re transferring several thousand dollars to the new card, that percent can add up quickly.

Other cards offer free balance transfers for a period of time after you open the new card. If you choose a card that has this policy, it’s important to make sure that you make the transfer before the deadline, to avoid additional fees.

One final detail you’ll want to pay attention to when choosing a credit card to transfer is an annual fee.

Some cards charge anywhere from $40, $60, or several hundred dollars a year in order to keep your account open. Others waive the fee, but only if you open a checking account and keep a certain amount in it.

Luckily, there are plenty of cards, including the ones on this list, that do not charge an annual fee.

Now that you know what to look for, it’s time to take a look at a few of the best low interest credit cards for balance transfer.

BankAmericard Credit Card

When it comes to choosing low interest credit cards with balance transfer, the last thing you want to do is choose a card that’s going to put you further in debt.

That’s what makes the BankAmericard Credit Card a great choice.

With no annual fee, a 15 billing cycle zero percent APR period, and free transfers for the first 60 days. In addition, this card allows you to start working to pay off your debt without worrying about adding additional costs.

After 60 days, your APR will jump to between 13.24 percent and 23.24 percent. Furthermore, the fee for balance transfers increases to 3 percent or $10, whichever is higher.

Visa Card

There are a few drawbacks to this card.

You’ll need to have a fairly good credit score, of at least 690 or higher. In addition, you can’t consolidate debt from another Bank of America card.

Amex Everyday Credit Card from American Express

If you’re looking to start planning for future financial success while also consolidating your debt, the Amex Everyday Credit Card from American Express is a great choice.

With this card, you’ll start earning 2 points for every dollar you spend in supermarkets, up to the first $6,000 a year. You’ll also earn one point for every dollar spent on everything else.

After opening your account, you’ll have to pay a 3 percent fee per transfer. But you’ll also get zero percent APR for the first 12 months. After that, it will increase to between 14.24 percent and 24.24 percent.

In addition, you can request a transfer when you first open your card. If approved, you’ll get one free transfer within the first 60 days.

Like with any low interest credit cards with balance transfers, there are a couple of drawbacks.

One is that the card’s 2 points per dollar bonus only works at true supermarkets. It does not include stores like Costco or Target.

In addition, if you don’t think that you’ll be able to pay off your debt within a year, you’ll face higher APR rates than you might find with other low interest credit cards with balance transfer.

Chase Slate Card

If you have a smaller amount of debt, or if you plan to aggressively work to pay it down, then the Chase Slate Card might be the right option for you.

That’s because it comes with a 15 month zero percent APR on balance transfers. With no annual fee and no transfer cost for the first 60 months, this is one of the best low interest credit cards with balance transfers for those dedicated to paying off their debt quickly.

If you don’t think you’ll be able to pay off your debt within 15 months, you’ll want to choose a different card. Otherwise, you’ll be hit with an APR rate between 15.99 percent and 24.74 percent.

Citi Double Cash Card

If you think you’ll need a little longer than 15 months to pay off your debt, or you just want a small safety net just in case, then this is the card for you.

The Citi Double Cash Card offers an 18 month zero percent APR period. After that, your APR rate will jump to between 14.74 percent and 24.74 percent.

There’s also no annual fee to worry about.

wallet with credit cards

However, there is a drawback to the longer zero percent APR period. All balance transfers will cost you 3 percent or $5, whichever amount is higher.

If you’re wondering why it’s called the “double” cash card, that’s because you’ll earn points twice during your billing cycle.

First, you’ll earn one percent back in cash for every dollar that you spend. Then, when you pay at least the minimum balance on your card each month, you’ll earn back an additional one percent of your payments.

You’ll earn this cash back on all purchases, with no cap on how much you can earn.

Start Consolidating Your Credit Card Debt Today

If you’re sick of struggling to make your credit card payments, its time to start looking at these options.

If you don’t see a card on the list that appeals to you, don’t worry. There are tons of other great options out there.

Check out this list to discover a few other low interest cards that could help you start paying off your debt faster and easier.

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