Bank Of America Credit Card Balance Transfer Fee

Best Credit Cards for Balance Transfer in 2021

Hello friends, are you looking for the best option to transfer a balance from a high-interest credit card to a card with a lower interest rate? If so, you’re in the right place. In this article, we’ll discuss some of the best credit cards for balance transfer available in 2021.

Why Should You Consider a Balance Transfer Credit Card?

Before we dive into the best balance transfer credit cards, let’s understand why transferring a balance to a new card can be beneficial. The primary reason for transferring is to save money on interest payments.

When you have a high balance on a credit card with a high interest rate, you might spend more money on interest charges than the amount you actually owe. By transferring the balance to a credit card with a lower interest rate, you can decrease your overall debt and save money on interest.

Factors to Consider When Choosing a Balance Transfer Credit Card

When selecting a balance transfer credit card, several factors should be taken into consideration. Key factors include:

Introductory period length: The length of the introductory 0% APR period is an essential aspect of any balance transfer credit card. The longer the period, the more time you have to pay your debt without accruing interest charges.

Balance transfer fee: Some credit cards charge a fee for transferring balances. Ensure you consider these fees as they can quickly accumulate, wiping out potential savings on interest charges.

Interest rates: Once the introductory 0% APR period ends, the card’s regular interest rate will apply. Consider the interest rate when selecting a balance transfer credit card as some cards offer lower regular rates than others.

Credit score: Qualifying for a balance transfer credit card usually requires a good credit score. Make sure you check your credit score before applying for a new card.

Best Balance Transfer Credit Cards

After careful research and consideration, we’ve compiled a list of the best balance transfer credit cards available in 2021.

1. Bank of America® Cash Rewards Credit Card

The Bank of America Cash Rewards Credit Card offers a 0% APR on balance transfers for 15 billing cycles, making it an excellent option for those looking to pay off debt without incurring interest charges. The card also has no annual fee, and you can earn cashback rewards on purchases.

However, keep in mind that there’s a balance transfer fee of either $10 or 3% of the amount transferred, whichever is greater. This fee can eat into your potential savings.

2. Chase Freedom Unlimited®

The Chase Freedom Unlimited® offers a 0% APR on balance transfers for 15 months, making it another excellent choice for those looking to pay off debt without accruing additional interest charges. The card also has no annual fee and offers cashback rewards on purchases.

However, there’s a balance transfer fee of 3% of the amount transferred, up to $5. This fee can add up quickly if you’re moving large balances.

3. Citi® Diamond Preferred® Card

Citi® Diamond Preferred® Card offers an impressive 18-month introductory period with a 0% APR on balance transfers, making it an excellent option for those looking to pay off debt over a more extended period. The card also has no annual fee.

However, there’s a balance transfer fee of $5 or 3% of the amount transferred, whichever is greater. Additionally, the card has no rewards program, so you won’t earn any cashback or points on purchases.

4. American Express® Gold Card

The American Express® Gold Card is an excellent option for those looking to transfer a balance and earn rewards simultaneously. The card offers a 0% APR on balance transfers for 12 months and the opportunity to earn rewards points on purchases. You can also receive statement credits, travel benefits, and a welcome bonus.

Keep in mind, however, that the card comes with a balance transfer fee of $10 or 3% of the amount transferred, whichever is greater.

Conclusion

In conclusion, balance transfer credit cards are an excellent option for those looking to pay off credit card debt while minimizing interest fees. When selecting a balance transfer credit card, consider the introductory period length, balance transfer fee, interest rates, and your credit score.

Based on our research, Bank of America® Cash Rewards Credit Card, Chase Freedom Unlimited®, Citi® Diamond Preferred® Card, and American Express® Gold Card are some of the best balance transfer credit cards available in 2021. Choose a credit card that’s the best fit for your financial goals and credit score.

Thank you for reading, and we hope you found this article helpful. See you in our next informative piece on personal finance!

Bank Of America Credit Card Balance Transfer Fee

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