Best Balance Transfer Credit Cards Of June 2020

Citi Double Cash isn’t the only cashback credit card giving cardholders perks beyond the signup introductory APR for balance transfers. Before we touch on what those rewards are, we should briefly go over what the two Discover it cards offer for balance transfers.

The Discover it® chrome * Gas and Restaurant card is offering the same exact introductory APR and fee on balance transfers. The difference between the two cards lies in the cash back offerings. The Cash Back card gives users 5% back on their purchases in certain rotating shopping categories subject to spending caps. The categories change quarterly so there’s an opportunity to maximize certain major purchases like ordering from Amazon during the holiday season. In fact, from October to December Discover it made Amazon, Walmart.com, and Target.com its 5% cash back category, subject to a spending cap of $1,500.

With the Discover it Chrome Gas and Restaurant card, users receive 2% on gas stations and restaurants on up to $1,000 in combined purchases per quarter. With both cards, you can continue to earn cash back at a 1% rate after you’ve reached the limit on top-earning categories and all other purchases.

With no penalty APR and no annual fee, the BankAmericard® credit card* also offers a 0% Intro APR for 18 billing cycles for any balance transfers made in the first 60 days. Balance transfer fees will be Either $10 or 3% of the amount of each transaction, whichever is greater.

Intro APR: 0% Introductory APR on purchases for 18 billing cycles.

The downside? The BankAmericard credit card also comes with a 3% foreign transaction fee, a late payment fee of up to $40 and a returned payment fee of up to $29.

The Citi® Double Cash Card credit card offers 0% intro for 18 months on Balance Transfers. All balance transfers must be completed within four months of opening the account, 13.99% – 23.99% (Variable) APR applies thereafter.

At first glance, one might be tempted by Citi Simplicity® Card’s* 21 month balance transfer offer. Yet two things favor the Citi Double Cash. First, its balance transfer fee is $5 or 3% of the amount of each transfer, whichever is greater, whereas Simplicity charges 5%. Second, the Citi Double Cash card has something that Simplicity cannot deliver–cash back rewards.

This card gives up to 2% cash back. You earn 1% cash back on regular everyday purchases. There’s no shopping category to consider, just an automatic 1%. Then, when you pay off those purchases by paying your bill, you earn an additional 1% in cash back. Once your cash back earnings reach at least $25 you can request a check, turn it into a statement credit or have it deposited into a checking or savings account.

The card charges no annual fee.

You can read our full review of the Citi Double Cash Card here.

The Capital One® Quicksilver® Cash Rewards Credit Card* charges a balance transfer fee, but in exchange offer a competitive 3% Intro APR on balance transfers for 15 months.

This card is great if you’re looking for minimal fees and a fair introductory offer. The Capital One Quicksilver Rewards credit card offers a 3% Intro APR on balance transfers for 15 months, and a variable APR of 15.49%-25.49% after that. There is a balance transfer fee of None.

Other than a late payment fee of up to $39, there aren’t many other fees associated with this card. There are no foreign transaction fees and no annual fee. It also offers unlimited 1.5% cash back on all purchases, which can be redeemed for statement credit, checks or gift cards. These cash back rewards don’t expire.

New card holders can One-time $150 cash bonus after you spend $500 on purchases within 3 months from account opening.

The Citi Simplicity credit card charges a balance transfer fee, but in exchange offer a competitive 0% Intro APR on balance transfers for 21 months.

With one of the longest balance transfer introductory APRs, the Citi Simplicity card offers a 0% Intro APR on balance transfers for 21 months from date of the first transfer. It does stipulate that all transfers must be completed in the first four months, though.

But this card does charge a balance transfer fee — Either $5 or 5% of the amount of each transfer, whichever is greater.

There is another perk. The card offers a 0% Intro APR on purchases for 12 months from the date the account is opened. After that period, the variable APR jumps to 14.74% to 24.74%, based on your creditworthiness. There are no annual fees associated with this card, but there is a 3% foreign transaction fee. Better yet, there is no penalty APR, just a returned payment fee of up to $40.

The Chase Slate credit card* is one of the few that offer no-fee balance transfers. For the first 60 days your account is open, Chase charges no fees for balance transfers. However, after this time period, the fee for balance transfers is Either $5 or 5% of the amount of each transfer, whichever is greater

The Chase Slate credit card offers 0% APR on purchases and balance transfers for 15 months. But be warned. After 15 months, your APR jumps up to 14.99–23.74 Variable, based on your creditworthiness. The good news is that Chase won’t raise your APR if you pay your credit card bill late.

It will, however, charge late payment penalty fees. These can be up to $15 if your balance is less than $100, up to $27 if your balance is $100 to less than $250 and up to $37 if your balance is more than $250.

With the Chase Slate card, there is no annual fee, though there is a 3% fee for foreign transactions. Like many other cards, it offers a free FICO score to its users, updated monthly, and based on data from Experian.

HSBC hasn’t made many of our lists, but its balance transfer offer deserves to be mentioned. The HSBC Gold Mastercard gives new cardholders 0% APR on purchases and balance transfers for 18 months as long as the balance transfers are posted within 60 days of account opening. Balance transfer fee of Either $10 or 4%, whichever is greater, will apply on each balance transfer and credit card check. There’s no annual fee, no foreign transaction fee, and no penalty APR. HSBC will even waive a late fee once per year.

Once you’ve used the card past its introductory offer, the card has travel perks such as insurance for damage or theft of car rentals. Cardholders can also use the Mastercard Airport Concierge service. You can also get discounted offers to select golf courses across the country and access to events exclusive to HSBC Mastercard holders.

With the U.S. Bank Visa Platinum credit card, balance transfers made within 60 days will receive a 0% APR for 18 billing cycles (or months). After that the APR will be based on your creditworthiness. The fee on each balance transfer is Either 3% of the amount of each transfer or $5 minimum, whichever is greater.

Beyond the introductory APR, there aren’t many frills. Many of the rewards are very much practical such as cell phone protection insurance and free TransUnion credit scores. The card charges no annual fee.