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Best Balance Transfer Offers

balance transfer credit cardsTired of paying interest on your credit card purchases?

When you transfer your high-interest balance to a credit card offering an introductory 0% APR (Annual Percentage Rate) you may be able to pay off the balance much faster.

A fixed interest rate of zero financing for a year or more allows you to make affordable payment on only the balance you owe. Note that minimum monthly payments are still due until the intro period ends. Once the special 0% rate expires regular rates will apply to the remaining balances.

CHECKLIST

Most major banks charge upfront balance transfer fees that are added to the balance. Usually the fees are less than interest you’re currently paying, but check with a professional financial advisor before proceeding with a balance transfer. Fees such as balance transfer, annual, late payment, etc. could swallow up any savings on interest.

See if credit line with the new card covers the amounts you want to transfer. For instance if you have a $10,000 balance to transfer and only get a $2,500 credit line with the new card, that may not be enough to save a meaningful amount. You’ll also be complicating life by having more credit card payments to keep track of.

Never charge anything on the card since purchases often are mixed in with transfers. When that happens the entire balance may be due way before the expiration of the introductory period. If not paid in full you might even pay regular interest rates on the amounts transferred.

Normally you cannot transfer balances between cards from the same bank or issuer. Inquire whether funds from the new card can be sent to the original card. Otherwise an excess of “hard” inquiries could damage your credit score.

Allow a lag time between transfer request and its posting to the old card. A month might pass before balance is erased from the high-interest account. That delay might result in an unexpectedly large amount due for the first card.

THE CARDS

The credit cards below feature longer 0% APR periods so you can pay bills in a planned manner under the guidance of trusted financial mentor.


20 MONTH INTRO 0% APR

US Bank Visa Platinum Card

  • 20 month 0% intro APR
  • Balance transfer fee: 3%
  • No annual fee
  • Regular APR is 13.99% to 23.99% once intro period expires

Elan Financial Services issues numerous 20-month 0% APR credit cards on behalf of several firms. Its cards usually have the following terms:

  • 0% APR financing for first 20 months after opening account
  • Balance transfer fee: 3%
  • No annual fee
  • Regular APR of 13.49% to 23.49% once intro period expires

A small sampling of places offering 20-month 0% APR cards, issued by Elan Financial, are:

BOK Financial Visa Platinum Card
Chesapeake Bank of Maryland Platinum Visa Card
Community Banks of Colorado Platinum Visa Card
Exchange Bank Platinum Visa Card
Fulton Bank Visa Platinum Card
People’s United Bank Mastercard Platinum Card
Suncrest Bank Platinum Visa Card
The Bank of Missouri Platinum Visa Card

18 MONTH INTRO 0% APR

Citi Double Cash Mastercard

  • 18 month zero-interest intro APR
  • Balance transfer fee: 3%
  • No annual fee
  • Regular APR is 13.99% to 23.99% after intro period expires

Citi Diamond Preferred Mastercard

  • 18 month zero-interest intro APR
  • Balance transfer fee: 3%
  • No annual fee
  • Regular APR is 14.74% to 24.74% once intro period expires

Citi Simplicity

  • No interest intro APR for 18 first months
  • Balance transfer fee: 3%
  • No annual fee
  • Regular APR is 14.74% to 24.74% once intro period expires

Wells Fargo Platinum Visa

  • 0% APR for 18 months on transfers within 120 days of opening account
  • Balance transfer fee: 3%
  • No annual fee
  • Regular APR is 16.49% to 24.49% once intro period expires

HSBC Gold Mastercard

  • 0% APR for 18 months on transfers within 60 days of opening account
  • Balance transfer fee: 4%
  • No annual fee
  • Regular APR is 13.99% to 23.99% after intro offer expires

Clear Value Mastercard

  • No interest APR for first 18 months on balance transfers
  • Balance transfer fee: 3%
  • No annual fee
  • Regular APR is 13.99% to 21.99% after intro offer expires

15 MONTH INTRO 0% APR

Citi Rewards+ Mastercard

  • 15 month introductory 0% APR for transfers within 4 months opening
  • Balance transfer fee: 3%
  • No annual fee
  • Regular APR is 13.49% to 23.49% after intro offer expires

Wells Fargo Cash Wise Visa®

  • 15 month introductory 0% APR on transfers within 120 days of account opening
  • Balance transfer fee: 3%
  • No annual fee
  • Regular APR is 14.49% to 24.99% after intro offer expires

SunTrust Cash Rewards World Mastercard

  • 15 month introductory no interest APR
  • Balance transfer fee: 3%
  • No annual fee
  • Regular APR is 11.24% to 21.24% after intro offer expires

Key Bank Latitude Credit Card

  • 15 month introductory no interest APR
  • Balance transfer fee: 3%
  • No annual fee
  • Regular APR is 9.99% to 19.99% after intro offer expires

PNC Core Visa

  • 15 month introductory no interest APR
  • Balance transfer fee: 3%
  • No annual fee
  • Regular APR is 9.99% to 19.99% after intro offer expires

Fifth Third Bank Truly Simple Mastercard

  • 15 month introductory no interest APR
  • Balance transfer fee: 4%
  • No annual fee
  • Regular APR is 11.99% to 22.99% after intro offer expires

TD Cash Visa Card

  • 15 month introductory no interest APR
  • Balance transfer fee: 3%
  • No annual fee
  • Regular APR is 12.99% to 22.99% after intro offer expires

 

NO BALANCE TRANSFER FEE & INTRO 0% APR

Union Bank Platinum Visa Credit Card

  • 15 month introductory no interest APR
  • Balance transfer fee: $0 for transfers made within 60 days; 3% after that (terms)
  • No annual fee
  • Regular APR is 8.49% to 19.99% after intro offer expires

Navy Federal Credit Union®Credit Card (members only)

  • 12 month introductory 0% APR
  • Balance transfer fee: 0%
  • No annual fee
  • Regular APR is 5.99% to 18.00% after intro offer expires

Purdue Federal Visa Signature (members only)

  • 12 month introductory 0% APR
  • Balance transfer fee: 0%
  • No annual fee
  • Regular APR is 11.50% to 17.50% after intro offer expires
  • General membership via one-time $50 fee to join Purdue University Alumni Association as a Friend of the University

La Capitol FCU Prime Plus or Rewards Visa Card

  • 12 month introductory 0% APR on transfers within 90 days of account opening
  • Balance transfer fee: 0%
  • No annual fee
  • General membership via one-time $20 fee to join the Louisian Association for Personal Financial Achievement

First Tech FCU Platinum Mastercard (members only)

  • 12 month introductory 0% APR
  • Balance transfer fee: 0%
  • No annual fee
  • Regular APR is 6.99% to 18.00% after intro offer expires
  • General membership via one-time fee to join Computer History Museum or the Financial Fitness Association

Best No Interest Credit Card Introductory offers

wallet with credit cardsTired of paying interest on your credit card purchases?

If you open a new account you may not have to pay interest charges for a year or more with 0% APR (Annual Percentage Rate) credit card introductory offers.

You get peace of mind with a fixed interest rate of zero financing until 2022. Note that small minimum monthly payments are still due until the intro period ends. Once the special 0% rate expires regular rates will apply to the remaining balances.

Locking in a guaranteed 0% APR until 2022 allows knowing what your payments will be for 2021 without worrying about unexpected rate increases.

Some even have introductory bonus offers and/or pay cash back on purchases. In other words, you’re getting paid to use the card for a limited time. That may even apply to credit cards with annual fees when introductory bonuses are larger than the annual fee.


20 MONTH INTRO 0% APR

US Bank Visa Platinum Card

  • 20 month 0% intro APR financing on purchases
  • No rewards
  • No annual fee
  • Regular APR is 13.99% to 23.99% once intro period expires

Elan Financial Services issues numerous 20-month 0% APR credit cards on behalf of several firms. Its cards usually have the following terms:

  • 0% intro APR financing for 20 months on purchases
  • No rewards
  • No annual fee
  • Regular APR of 13.49% to 23.49% once intro period expires

A small sampling of places offering 20-month 0% APR cards, issued by Elan Financial, are:

BOK Financial Visa Platinum Card
Chesapeake Bank of Maryland Platinum Visa Card
Community Banks of Colorado Platinum Visa Card
Exchange Bank Platinum Visa Card
Fulton Bank Visa Platinum Card
People’s United Bank Mastercard Platinum Card
Suncrest Bank Platinum Visa Card
The Bank of Missouri Platinum Visa Card
Trustco Home Town Credit Cards

18 MONTH INTRO 0% APR

Citi Diamond Preferred

  • 18 month zero-interest intro APR financing on purchases
  • No rewards
  • No annual fee
  • Regular APR is 14.74% to 24.74% once intro period expires

Citi Simplicity

  • No interest intro APR for 18 first months on purchases
  • No rewards
  • No annual fee
  • Regular APR is 14.74% to 24.74% once intro period expires

Wells Fargo Platinum Visa

  • No interest APR for first 18 months on purchases and balance transfers
  • No rewards
  • No annual fee
  • Regular APR is 16.49% to 24.49% once intro period expires

HSBC Gold Mastercard

  • No interest APR for first 18 months on purchases and balance transfers
  • No rewards
  • No annual fee
  • Regular APR is 13.99% to 23.99% after intro offer expires

15 MONTH INTRO 0% APR

American Express Cash Magnet

  • 15 month introductory no interest APR period on purchases
  • Intro Bonus: $200 after spending $1000 on purchases in first 3 months from account opening
  • Rewards: 1.5% cash back on eligible purchases
  • No annual fee
  • Regular APR is 13.99% to 23.99% after intro offer expires

Chase Freedom Flex

  • 15 month introductory no interest APR period on purchases
  • Intro Bonus: $200 after spending $500 during first 3 months of account opening
  • Rewards: 5% cash back (up to $1,500) on combined purchases in bonus categories; 5% cash back on travel purchased through Chase; 3% on dining including takeout and drugstores; 1% on all other purchases.
  • No annual fee
  • Regular APR is 14.99% to 23.74% after intro offer expires

Chase Freedom Unlimited

  • 15 month introductory no interest APR on purchases
  • Intro Bonus: $200 Bonus after spending $500 during first 3 months of account opening
  • Rewards: 5% cash back on groceries, 5% on travel purchased through Chase Ultimate Rewards, 3% on dining & drug stores, 1.5% elsewhere
  • No annual fee
  • Regular APR is 14.99% to 23.74% after intro offer expires

American Express Blue Cash Everyday

  • 15 month introductory no interest APR period on purchases
  • Intro Bonus: $150 after spending $500 on purchases in first 3 months from account opening
  • Rewards: 3% back on groceries, 2% back on gas, 1% back elsewhere
  • No annual fee
  • Regular APR is 13.99% to 23.99% after intro offer expires

Capital One Quicksilver Visa or Mastercard

  • 15 month introductory no interest APR on purchases
  • Intro Bonus: $150 after charging $500 on card within first 3 months
  • Rewards: 1.5% cash back
  • No annual fee
  • Regular APR is 15.49% to 25.49% after intro offer expires

Capital One SavorOne Visa or Mastercard

  • 15 month introductory no interest APR on purchases
  • Intro Bonus: $150 after charging $500 on card within first 3 months
  • Rewards: 3% cash back on dining and entertainment, 2% at grocery stores, 1% on other eligible purchases
  • No annual fee
  • Regular APR is 15.49% to 25.49% after intro offer expires

TD Cash Visa Card

  • 15 month introductory no interest APR on purchases
  • Intro Bonus: $150 after charging $500 on card within first 3 months
  • Rewards: 3% cash back on dining, 2% at grocery stores, 1% on other eligible purchases
  • No annual fee
  • Regular APR is 12.99% to 22.99% after intro offer expires

Wells Fargo Cash Wise Visa®

  • 15 month introductory 0% APR on purchases
  • Intro Bonus: $150 introductory bonus after charging $500 with first 3 months
  • Rewards: 1.5% cash back on eligible purchases
  • No annual fee
  • Regular APR is 14.49% to 24.99% after intro offer expires

Citi Rewards+ Mastercard

  • 15 month introductory no interest APR on purchases
  • Intro Bonus: 15,000 Rewards Points (not cash) after charging $1,000+ within 3 months of opening
  • Rewards: 2 Rewards points per dollar at supermarkets & gas stations for the first $6,000 per year and 1 point per $1 spent other eligible items.
  • No annual fee
  • Regular APR is 13.49% to 23.49% after intro offer expires

SunTrust Cash Rewards World Mastercard

  • 15 month introductory no interest APR on purchases
  • Intro Bonus: none
  • Rewards: 5% cash back on gas and groceries ($6,000 maximum) within first 12 months, 2% thereafter; 1% cash back after that
  • No annual fee
  • Regular APR is 11.24% to 21.24% after intro offer expires

KeyBank Latitude® Credit Card

  • 15 month introductory no interest APR on purchases
  • Intro Bonus: none
  • Rewards: none
  • No annual fee
  • Regular APR is 9.99% to 19.99% after intro offer expires

PNC Core Visa

  • 15 month introductory no interest APR on purchases
  • Intro Bonus: none
  • Rewards: none
  • No annual fee
  • Regular APR is 9.99% to 19.99% after intro offer expires

Fifth Third Bank Truly Simple Mastercard Credit Card

  • 15 month introductory no interest APR on purchases
  • Intro Bonus: none
  • Rewards: none
  • No annual fee
  • Regular APR is 11.99% to 22.99% after intro offer expires

Regions Life Visa Credit Card

  • 15 month introductory no interest APR on purchases
  • Intro Bonus: none
  • Rewards: none
  • No annual fee
  • Regular APR is 11.99% to 21.99% after intro offer expires

L.L.Bean Credit Card

Receive a one-time discount of 20% off your llbean.com purchase when you pay with your new L.L.Bean Credit Card

L.L.Bean gear on mountain L.L.Bean Credit Card members receive generous rewards when shopping online at llbean.com.

  • 4% Bean Bucks on L.L.Bean purchases
  • 2% Bean Bucks at gas stations
  • 2% Bean Bucks at restaurants
  • 1% Bean Bucks on L.L.Bean purchases

1 Bean Buck = $1 in savings on future L.L.Bean purchases

Card holders also get

  • Free shipping
  • Free return shipping
  • Free monograms to personalize items — a savings of $6 per line.
  • Express checkout online after registration
  • No Annual Fee

Active military personnel 6 percent APR maximum

soldier jeans backpackThe little-known Servicemember’s Civil Relief Act (SCRA) prevents credit card issuers from charging individuals entering, called to active duty in the military, or deployed service members more than 6% APR on what they owe the institutions.

Military.com writes the limit applies to other loans besides credit card debt.

  • Outstanding credit card debt
  • Mortgage payments
  • Pending trials
  • Taxes
  • Terminations of lease

The article later clarifies the conditions for the 6% APR maximum.

“The SCRA unambiguously states that no interest above 6 percent can accrue for credit obligations (that were established prior to active duty or activation) while on active duty, nor can that excess interest become due once the servicemember leaves active duty – instead that portion above 6 percent is permanently forgiven.”

“Furthermore, the monthly payment must be reduced by the amount of interest saved during the covered period.”

“Note: This law only covers debt incurred prior to military service.”

Recently Lexology.com reported “The U.S. Department of Justice is Ramping Up its Enforcement of the Servicemembers Civil Relief Act.”

“Contrary to beliefs held by many, the SCRA applies to all companies, not just banks. The current law is very broad in scope, providing benefits and protections related to rental agreements, security deposits, prepaid rent, evictions, installment contracts, interest rates on all debt: including home loans, credit cards and student loans, mortgage foreclosure, civil judicial proceedings, automobile leases and repossessions, life insurance, health insurance and income tax payments.”

“On November 2, 2016, DOJ announced a new program, the Servicemembers Civil Relief Act Enforcement Support Pilot Program, to support its enforcement efforts related to protecting the rights of current and former military personnel as part of DOJ’s Servicemembers and Veterans Initiative.”

“The new pilot program funds Assistant U.S. Attorney and trial attorney positions to assist with SCRA enforcement, and also designates military judge advocates currently serving as legal assistance attorneys to serve as Special Assistant U.S. Attorneys to support DOJ’s enforcement efforts related to the SCRA.”

Wells Fargo paid a hefty fine for not following the SCRA guidelines.

“The Justice Department announced that Wells Fargo Bank, doing business as Wells Fargo Dealer Services, has agreed to change its policies and pay more than $4.1 million to resolve allegations that it violated the SCRA by repossessing 413 vehicles owned by protected servicemembers without obtaining a court order.”

“In a separate announcement, the Office of the Comptroller of the Currency (OCC) assessed a $20 million civil money penalty against Wells Fargo for the same infractions.”

The AOG USAA World Mastercard goes one step further for active-duty individuals.

  • Special 4% SCRA rate: When you have a balance on your account at the time you enter active military duty, get 4% on that existing balance during the period that you serve your country.
  • 100% rebate of finance charges: We’ll rebate all finance charges accrued during a qualified military campaign.

Bank of America has an entire FAQ page on the SCRA.

“For example, the SCRA places a limit on the amount of interest that may be collected on financial obligations of any kind: 6 percent per year during the time of military service. Any amount over and above that 6 percent is permanently forgiven.”

“There are 3 conditions you need to fulfill in order to benefit from the 6 percent interest rate cap provided by the SCRA. You need to have taken out the loan before you began active duty (a loan taken out while on active duty is not eligible for SCRA benefits), you must make a request for benefits within 180 days after the end of your active duty and you must request the benefits by supplying a copy of your active duty orders or other qualifying documentation.”

“If you have a credit card or installment loan amount with Bank of America, we will extend your benefits on those accounts for an additional 6 months. If you have a mortgage account with us, we will extend your benefits for an additional 12 months.”