If you’re like most Americans, you’re burdened by credit card debt. In fact, the average American has $6,354 in credit card debt. With high interest rates, your balance can quickly balloon out of control, and you can end up paying far more than you originally charged.
Doing a balance transfer is a great way to pay down your debt. You can take advantage of a low APR to make payments, so most of what you pay goes toward principal rather than interest.
If you’re looking to do a balance transfer, here are the five best credit cards available.
5. Discover it® Balance Transfer
If you’re looking for a good all-around credit card, the Discover it® Balance Transfer card is a good choice, especially for balance transfers. When you do a transfer, you get 0% APR for 18 months. That gives you more than a year to pay off your debt before the normal APR of 14.24% to 25.24% kicks in.
Discover will even match the cash back you earned over the course of your first year as a cardholder, which can be significant. Best of all, there’s no annual fee to worry about.
The information about the HSBC Cash Rewards Mastercard® credit card has been collected independently by CreditSoup.com. The card details have not been reviewed or approved by the card issuer. Please refer to the Issuer’s website for accurate pricing details.
4. HSBC Cash Rewards Mastercard® credit card
The HSBC Cash Rewards Mastercard® credit card gives you a 0% introductory APR for 12 months from account opening. After that, you’ll have a variable APR of 14.99% - 24.99% will apply after the introductory period, dependent on your credit worthiness.
The card is a solid option if you’re looking for cash back rewards after doing your balance transfer. You’ll get 1.5% unlimited cash back on all purchases, and a 10% anniversary bonus on all cash rewards earned throughout the year.
There’s no annual fee or foreign transaction fee, making it a great choice for budget-conscious shoppers.
3. Capital One SavorOne Cash Rewards Credit Card
Like the HSBC Cash Rewards Mastercard® credit card, the Capital One SavorOne Cash Rewards Credit Card gives you a 0% introductory APR offer for 15 months on purchases and balance transfers. After that, an APR of 19.24% - 29.24% (Variable) applies. However, we rank this card higher due to its other perks.
You can earn unlimited 3% cash back on dining, entertainment, popular streaming services and at grocery stores (excluding superstores like Walmart® and Target®), plus 1% on all other purchases. Plus, earn 8% cash back on Capital One Entertainment purchases. And unlike some of the cards mentioned above, the Capital One SavorOne Cash Rewards Credit Card offers a signup bonus. Earn a one-time $200 cash bonus after you spend $500 on purchases within the first 3 months from account opening, a 30% return on your spend. You can now also earn 10% cash back on purchases made through Uber & Uber Eats, plus complimentary Uber One membership statement credits through 11/14/2024.
There are no annual fees or foreign transaction fees.
The Chase Freedom Unlimited® card is second on our list. Like the previous two cards, the Chase Freedom Unlimited® card gives you 0% intro APR for 15 months from account opening on new purchases, giving you over a year to pay down your balance before the regular APR kicks in. After that 15-month intro period, a variable APR of 19.24% - 27.99% applies.
INTRO OFFER: Earn an additional 1.5% cash back on everything you buy (on up to $20,000 spent in the first year) - worth up to $300 cash back!
Enjoy 6.5% cash back on travel purchased through Chase Ultimate Rewards®, our premier rewards program that lets you redeem rewards for cash back, travel, gift cards and more; 4.5% cash back on drugstore purchases and dining at restaurants, including takeout and eligible delivery service, and 3% on all other purchases (on up to $20,000 spent in the first year).
The information about the HSBC Gold Mastercard® credit card has been collected independently by CreditSoup.com. The card details have not been reviewed or approved by the card issuer. Please refer to the Issuer’s website for accurate pricing details.
1. HSBC Gold Mastercard® credit card
When it comes to balance transfers, the HSBC Gold Mastercard® credit card is hard to beat. With this card, you get the first 18 months from account opening at 0% APR on balance transfers and new purchases, the longest introductory period on our list. This card also comes with a balance transfer free of 4.00% of the amount of your transfer.
There’s also no annual fee or foreign transaction fee. It doesn’t offer any cash back rewards, but you do get access to a nice host of benefits, including trip planning assistance, roadside assistance, extended warranty protection, purchase protection, and price protection.
Applying for a balance transfer
Taking advantage of a card’s balance transfer introductory offer is a smart way to manage your credit card debt. More of your payment will go toward the principal, helping you save money and pay off your debt faster.
Ready to do a balance transfer? Review credit card offers and apply online.
Editorial Disclaimer: Information in these articles is brought to you by CreditSoup. Banks, issuers, and credit card companies mentioned in the articles do not endorse or guarantee, and are not responsible for, the contents of the articles. The information is accurate to the best of our knowledge when posted; however, all credit card information is presented without warranty. Please check the issuer’s website for the most current information.