Best Balance Transfer Credit Cards that also offer rewards
November 7, 2017
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When you have an outstanding balance, an interest free financing offer can be of tremendous value. These offers allow you to transfer your existing balances to a new account, and take a break from the interest charges for a limited time. By law, these balance transfer offers must last at least six months, but many continue for 15 months or longer.
At the same time, you don’t have to give up your ability to earn rewards in order to use a promotional financing offer. There are many cards that have both a competitive rewards program and strong promotional financing on balance transfers.
Here are 6 of the best balance transfer cards that also offer rewards:
1. Capital One® Quicksilver® Cash Rewards Credit Card.
The Capital One® Quicksilver® Cash Rewards Credit Card offers 15 months of 0% APR financing on both new purchases and balance transfers; 15.24% - 25.24% (Variable)APR after that; 3% fee on the amounts transferred within the first 15 months. New applicants also receive $150 in cash back after using their card to spent $500 on new purchases within three months of account opening.
When used for spending, you earn 1.5% cash back on all purchases, every day. There’s no annual fee for this card, and no foreign transaction fees.
2. Barclaycard Arrival Plus® World Elite Mastercard®
This card offers new applicants 12 months of 0% APR financing on balance transfers completed within 45 days of account opening. New accounts can also receive a one-time 70,000 miles bonus after you spend $5,000 in Net Purchases within the first 90 days of opening the account and paying the annual fee.
Cardholders earn unlimited 2X miles spent on every purchases, and miles are worth one cent each as statement credits towards travel purchases including flights, hotels, rental cars and cruises. You also receive 5% of your miles back each time you redeem them. Finally, you have access to all of the benefits of the World Elite MasterCard® program which includes numerous travel and shopping offers. There’s an $89 annual fee for this card that’s waived the first year, and no foreign transaction fees.
3. Chase Freedom®
This card offers new applicants 15 months of 0% APR financing on both new purchases and balance transfers, then a variable APR of 16.99-25.74%. Balance transfer fee is 3% of the amount transferred, $5 minimum. New accounts can also receive $150 when they spend $500 on new purchases within three months of account opening.
This card offers 5% cash back on up to $1,500 spent each quarter at select categories of merchants, and 1% cash back everywhere else. There’s no annual fee for this card, but it does have a 3% foreign transaction fee.
This version of the Chase Freedom card offers 1.5% cash back on all purchases, with no limits. But like the other version of Chase Freedom®, you still receive 15 months of 0% APR financing on new purchases and balance transfers, then a variable APR of 16.99-25.74%. Balance transfer fee is 3% of the amount transferred, $5 minimum. Likewise, there’s no annual fee for this card, and it has the same a 3% foreign transaction fee.
4. Chase Freedom Unlimited®.
5. Capital One® Savor® Cash Rewards Credit Card.
This newly introduced rewards card offers $0 intro for the first year and $95 after that, with a $0 balance transfer fee. With this card, you earn 4% cash back on dining and entertainment, 2% cash back on groceries, and 1% cash back on all other purchases. Finally, you can earn a one-time $500 cash bonus after you spend $3000 on purchases within the first 3 months from account opening. There are no foreign transaction fees for this card.
6. AAdvantage® Aviator™ Red World Elite Mastercard® from Barclaycard.
This card features an outstanding 15 months of 0% APR financing on balance transfers completed within 45 days of account opening. You also get 60,000 American Airlines AAdvantage Miles when you make your first purchase within 90 days of account opening and pay the annual fee.
Benefits include a free checked bag, priority boarding, and a 25% savings on in-flight food and beverages. You can also earn $3,000 elite qualifying dollars when you use your card to spend $25,000 in a calendar year. Finally, you can earn 10% of your redeemed miles back, up to 10,000 per calendar year. There’s a $95 annual fee for this card, and no foreign transaction fees.