September 18, 2023
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The Choice Rewards World Mastercard® is one of a handful of credit cards that offers an intro APR on balance transfers for a year or longer while also charging a $0 balance transfer fee. What sets it apart is its extraordinarily long balance transfer window and reasonable ongoing APR, as well its decent sign-up bonus and rewards rate.
Citi is an advertising partner.
Do you ever feel as though high interest charges are making it virtually impossible to put a dent in your credit card balance each month — even though you pay at least the minimum amount due? If you’re struggling to pay down your credit card debt, a balance transfer card that offers an interest-free period for a year or longer can bring some relief.
But while these cards can help you save a significant amount on interest charges, be aware that they often charge balance transfer fees of 3% to 5% of each transfer — which can add up to hundreds of dollars, depending on the size of your transfer. If you want to avoid balance transfer fees altogether, you should consider one of the cards below — each of which offers a $0 balance transfer fee, a $0 annual fee and an intro APR for a year or longer.
The Choice Rewards World Mastercard® is a great option because — along with a $0 balance transfer fee — it charges a $0 annual fee and offers rewards for every purchase you make. Plus, if you can’t pay off your transferred balance within the 12-month promotional period, there’s a very reasonable ongoing APR that follows. Note, however, that balance transfers won’t earn rewards.
Who’s this card best for?
If you think you may need longer than the typical 60-day window to complete your balance transfer, the Choice Rewards World Mastercard® is ideal, since it allows new cardholders to transfer balances within the first 90 days of account opening.
And if you want to earn rewards on every purchase you make, this $0 annual fee card offers 2 points per $1 spent on groceries, gas, electronics, medical, household goods and telecommunications, and 1 point per $1 spent on everything else. Plus, earn 20,000 bonus points for spending at least $3,000 in first 60 days. Just know that when it comes to balance transfer credit cards, we recommend focusing on paying off your transferred balance within the promotional period, rather than earning rewards.
You should also keep in mind that since First Tech FCU is a credit union, membership is required. If you don’t qualify for membership, you can become a member by either joining the Financial Fitness Association for $8 or the Computer History Museum for $15.
With the Navy Federal Platinum Credit Card, you can potentially qualify for one of the lowest ongoing APRs currently available (10.99% to 18.00%) once the intro period on balance transfers ends.
Who’s this card best for?
If there’s a chance you won’t be able to pay off the transferred balance in full before the introductory period ends, you may want to consider the Navy Federal Platinum Credit Card. That’s because the card comes with the lowest ongoing balance transfer APR of any card listed in this post: 10.99% to 18.00% APR.
In addition, the Navy Federal Platinum Credit Card charges a $0 annual fee and a $0 foreign transaction fee.
Note, though, to be eligible for this card, you need to be a member of Navy Federal Credit Union; you may qualify if you or one of your family or household members has ties to the armed forces, Department of Defense or National Guard. Learn more about the qualification requirements here.
Because the Wings Visa Platinum Credit Card doesn’t have a balance transfer window, you’re able to transfer an existing balance to the card at any time.
Who’s this card best for?
While balance transfer credit cards typically require cardholders to transfer a balance within a given time frame — often 60 days from account opening — to take advantage of the promotional intro APR, the Wings Visa Platinum Credit Card doesn’t have a deadline. And because there’s no balance transfer window, cardholders can transfer a balance at any time.
Keep in mind, though, that the intro APR period starts at account opening — so the later you transfer your balance, the less time you’ll have to take advantage of the interest-free period. For example, if you transfer a balance three months after opening your account, you’ll have nine months remaining of your interest-free period. If, however, you transfer your balance after seven months, you’ll have just five months remaining.
You’ll also need to become a member of Wings Financial Credit Union to apply for this card. To qualify, you or an immediate family member must work or live in the following areas: an eligible Minnesota or Wisconsin county, the Seattle-Tacoma, Wash. metro area, the Detroit metro area, the Orlando, Fla. metro area or the Atlanta metro area. You’re also eligible if you or an immediate family member is an employee of an airline, a government agency working in the aviation industry or an airport, or if you or an immediate family member is a current Wings member or a member of the Wings Financial Foundation. If you don’t meet any of these eligibility requirements, you can join by making a donation of $5 or more to the Wings Financial Foundation. Learn more about how to qualify here.
While there are some business credit cards available that offer intro APRs on balance transfers, the Edward Jones Business Plus MasterCard Credit Card may be the only one that doesn’t charge a balance transfer fee.
Who’s this card best for?
If you’re a business owner who needs some breathing room to pay off high interest credit card debt, the Edward Jones Business Plus MasterCard Credit Card could be a good fit, since it offers an introductory APR on balance transfers for a year.
Cardholders also earn 1.5 Loyalty Points on every net $1 spent up to $40,000 and 2 Loyalty Points on every net $1 spent over $40,000. Plus, earn 15,000 loyalty points after you spend $1,000 in the first 90 days of account opening.
The Edward Jones Business Plus MasterCard Credit Card comes with a $0 annual fee. The card also has a $0 foreign transaction fee.
Note, the Edward Jones Business Plus MasterCard Credit Card is available to current Edward Jones customers. To apply, you can either ask your Edward Jones financial advisor, or log in your account and visit the Loans & Credit section under the Accounts tab.
| Credit Cards | Our Ratings | Intro Balance Transfer APR | Regular Balance Transfer Rate | Recommended Credit | |
|---|---|---|---|---|---|
Choice Rewards World Mastercard®
|
Winner
|
0.00% introductory APR for the first twelve billing cycles on balances transferred during the first 90 days after account opening. | 13.25% to 18.00% | Excellent/Good | |
|
Navy Federal Platinum Credit Card
|
Low ongoing APR
|
0.99% introductory APR for 12 months* *Applies to balance transfers requested within 60 days of account opening | 10.99% to 18.00% | Excellent/Good/Fair | |
|
Wings Visa Platinum Credit Card
|
Transfer balance any time
|
0.00% Introductory rate is good for the first 12 months from the date that your new credit card account is opened | 12.90% to 18.00% (variable) | Excellent/Good | |
|
Edward Jones Business Plus MasterCard Credit Card
|
Business
|
0% introductory APR for the first 12 billing cycles for balances transferred within 60 days from account opening | 20.24%–29.99% | N/A |
Picking a card with no balance transfer fee can help you save money on the front end of your journey out of debt, but it could be worth your while to choose a card that does charge a balance transfer fee. That’s because these cards usually offer considerably longer intro APR periods — which can save you even more money on interest charges and easily offset the cost of the balance transfer fee.
As you compare the best balance transfer cards that do charge balance transfer fees, look for options that offer interest-free periods on balance transfers of a year and a half (or longer), no annual fees or hidden fees and cardholder benefits you can use.
Citi is an advertising partner.
How LendingTree Rates Credit Cards?
Our experts rate credit cards based on several factors including card benefits, bonus offers and independent research. Credit card issuers do not influence or have a say in our card ratings. Read our credit card methodology here.
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The Citi® Diamond Preferred® Card offers one of the longest interest-free periods currently available for a balance transfer. Cardholders receive an intro APR of 0% for 21 months on balance transfers, while an APR of 18.24% - 28.99% (variable) applies afterward.
Who’s this card best for?
If you need an extremely long time to pay off your transferred balance, you should consider the Citi® Diamond Preferred® Card. This no-frills card is designed for those with excellent/good credit and offers an intro APR on balance transfers for nearly two years.
The $0-annual-fee card also comes with an intro APR of 0% for 12 months on purchases. After that, a 18.24% - 28.99% (variable) APR applies.
Similar to the Citi® Diamond Preferred® Card, the Wells Fargo Reflect® Card offers an intro APR on balance transfers for close to two years.
Who’s this card best for?
With the Wells Fargo Reflect® Card, you can receive a 0% intro APR for 21 months from account opening on qualifying balance transfers. A 18.24%, 24.74%, 29.99% variable APR applies afterward.
How LendingTree Rates Credit Cards?
Our experts rate credit cards based on several factors including card benefits, bonus offers and independent research. Credit card issuers do not influence or have a say in our card ratings. Read our credit card methodology here.The Citi Simplicity® Card also offers an exceptionally long intro APR of 0% for 21 months on balance transfers, with a 19.24% - 29.99% (variable) APR applying afterward.
Who’s this card best for?
The $0 annual fee Citi Simplicity® Card doesn’t assess late fees or a penalty APR if you pay your bill late. This can be a huge relief if you accidentally miss your bill due date — still, we recommend always paying your bill on time.
The card also offers an intro APR of 0% for 12 months on purchases, then an APR of 19.24% - 29.99% (variable). Just know, however, that the Citi Simplicity® Card doesn’t come with a rewards program.
How LendingTree Rates Credit Cards?
Our experts rate credit cards based on several factors including card benefits, bonus offers and independent research. Credit card issuers do not influence or have a say in our card ratings. Read our credit card methodology here. Apply Now
In addition to offering an intro APR on balance transfers and purchases for more than a year and a half, the U.S. Bank Visa® Platinum Card gives you the freedom to choose your own payment due date.
Who’s this card best for?
The U.S. Bank Visa® Platinum Card is ideal if you want the flexibility to choose your own payment due date, as well as a long intro APR on balance transfers and purchases.
Not to mention, in addition to its balance transfer APR, it features a great intro offer on new purchases. You’ll get a 0% intro APR for 18 billing cycles on Balance Transfers, then an APR of 18.74% - 29.74% (variable).
How LendingTree Rates Credit Cards?
Our experts rate credit cards based on several factors including card benefits, bonus offers and independent research. Credit card issuers do not influence or have a say in our card ratings. Read our credit card methodology here. Apply Now
You’re unlikely to find a better balance transfer and cash back combination than the Citi® Double Cash Card – 18 month BT offer. In addition to its long intro APR on balance transfers, it earns a high rate of cash back on every purchase you make.
Who’s this card best for?
If you love the idea of signing up for a card that you can keep in your wallet once the balance transfer offer ends, you won’t find much better than the Citi® Double Cash Card – 18 month BT offer. Along with a long intro APR on balance transfers, it lets you earn 2% on every purchase with unlimited 1% cash back when you buy, plus an additional 1% as you pay for those purchases. However, while it comes with a $0 annual fee, it does not offer a 0% intro APR on purchases.
If you’re feeling stressed or overwhelmed about the amount of credit card debt you’re currently carrying, a balance transfer card can help bring some relief. Balance transfer credit cards offer 0% introductory APR periods on balance transfers ranging from six months to over a year. This means they allow every penny of your monthly payments to go toward the balance during the promotional interest-free period instead of the balance plus interest charges.
Plus, as an added bonus, a few of these cards don’t charge balance transfer fees (typically 3% to 5% of the amount of each transfer). For context, if you transfer a balance of $15,000, this could save you upwards of $750.
There are a few things to look out for when it comes to choosing a balance transfer credit card. In addition to selecting a card with no or a low balance transfer fee, you’ll also want to do your best to pay off the total amount of the transfer within the promotional time period. Any balance remaining after the promotional period ends will be subject to the card’s ongoing APR.
Most balance transfer credit cards charge a fee each time you transfer a balance to the card — this is known as the balance transfer fee. Balance transfer fees are typically 3% or 5% of the amount of each transfer (with a minimum fee of either $5 or $10).
When you transfer an existing balance to a card that charges a balance transfer fee, the fee will be added to the card balance at the time of the transfer. So instead of paying the balance transfer fee in full upfront, you can pay it off over time as you pay down your transferred balance.
You should also know that the amount of the balance transfer fee will reduce the amount you’re allowed to transfer. For example, let’s say you’re approved to transfer $5,000 to a card with a 3% balance transfer fee. The balance transfer fee of $150 ($5,000 x 3% = $150) will lower the amount you’re initially able to transfer to $4,850 ($5,000 – $150 = $4,850).
With that in mind, you’ll want to make sure the amount you’re eligible to transfer to your new card is high enough to accommodate your existing credit card debt as well as the balance transfer fee.
Calculating how much a balance transfer fee will cost you is pretty straightforward. Simply multiply the amount you plan to transfer by the balance transfer fee. For example, if you want to transfer a $10,000 balance to a card that charges a 5% balance transfer fee, the fee will equal $500 ($10,000 x 5% = $500).
As mentioned earlier, the balance transfer fee will be subtracted from the initial amount you’re allowed to transfer — reducing that amount to $9,500 ($10,000 – $500 = $9,500).
If you’re not able to pay your credit card balance in full every month, it can be frustrating to see your hard-earned money go toward interest charges in addition to your balance — especially when the average APR on new credit cards is 24.37%, according to a recent study by LendingTree.
It may seem counterintuitive to open another credit card when you’re trying to get out of debt — though if you crunch the numbers, you’ll likely find that a no-fee balance transfer credit card with an introductory 0% APR period is an excellent tool to tackle high-interest debt.
That said, we recommend you don’t use your balance transfer card for new purchases until after the transferred balance is paid off — the main goal of the card should be to eliminate the entire transferred amount before the promotional period ends, and not add more debt.
Plus, it’s a good idea to create a budget to pay off your debt before the introductory period ends. You can do this by calculating the amount you need to pay each month until the promotional period ends and setting up automatic payments.
A balance transfer window is the amount of time you have to transfer your balance and take advantage of the promotional intro APR. Typically, issuers require you to make the transfer within the first 60 days of opening your account.
Just know that issuers may require your account to be open for a set period of time before you’re able to transfer your balance. For example, with Discover, your account must be open for 14 days before a balance transfer can start being processed.
After you’re approved for a balance transfer credit card, you’ll need to contact the credit card company online or by phone to initiate the transfer. Be sure you’re ready to provide the name of the credit card company from which you’re transferring the balance, the account number and the amount you want to transfer.
Once you request a balance transfer, it could take up to three weeks to complete.
It’s important to note, you should remain current on your existing credit card payments until you receive confirmation that your transfer has been completed.
Some card issuers allow you to transfer up to the amount of your approved credit limit on the new card, but other issuers only allow you to use a portion of your credit limit for a transfer. It’s best to read the card’s terms and conditions page on the issuer website or contact the issuer directly before you apply to find out exactly what their balance transfer policy is.
You cannot transfer balances between two cards from the same issuer. For example, you cannot transfer a balance from one Citi card to another Citi card.
An intro balance transfer APR is an introductory interest rate that applies to balance transfers for a limited time. During this promotional period — which usually lasts anywhere from six to 21 months from account opening — the card will offer a low or even 0% APR on balances transferred to the card.
Balance transfer credit cards often allow you to transfer up to the amount of your approved credit limit.
That said, some credit card issuers set additional limits on balance transfers. For example, Chase only allows you to transfer up to $15,000 within a 30-day period, and balance transfer fees are included in this amount.
If you apply for a new balance transfer credit card, a hard inquiry will appear on your credit report. This will lower your credit score by a few points each time it occurs and will remain on your credit report for two years (although the negative impact will lessen over time).
On the other hand, having more available credit can decrease your total credit utilization ratio, which has the potential to improve your credit score. You can also improve your credit score as you make on-time payments on your credit and the total amount of debt you have decreases over time.
Depending on the issuer, a balance transfer can take several weeks to process. With Chase, for example, most transfers are processed within one week; however, they may take up to 21 days.
To select the best card for each of these categories, our credit card experts compared balance transfer credit cards on LendingTree.com and on major issuer and credit union sites. We should note the following — while the number of credit cards that offer 0% intro APRs on balance transfers is currently very limited, the number of balance transfer cards that charge a $0 balance transfer fee is even lower.
We chose our top picks primarily based on factors such as the balance transfer fee, the length of the intro APR on balance transfers, the length of the transfer window and the ongoing APR once the promotional balance transfer offer ends.
Other factors that come into play when making our selection may include the annual fee, the rewards program and benefits offered by the card, like purchase protection and extended warranty.
The information related to the Choice Rewards World Mastercard®, Navy Federal Platinum Credit Card, Wings Visa Platinum Credit Card, Edward Jones Business Plus MasterCard Credit Card and Wells Fargo Reflect® Card has been collected by LendingTree and has not been reviewed or provided by the issuer of this card prior to publication. Terms apply.
The above offers and/or promotions may have since changed, expired, or is no longer available. Check the Issuers’ website for more details.
