The Best Balance Transfer Credit Cards of 2021
Introduction
Hello friends! Are you struggling to pay off credit card debt with high-interest rates? Balance transfer credit cards might just be the solution you need. These credit cards offer low-interest rates, sometimes even 0%, on transferred balances. In this article, we will be discussing the best balance transfer credit cards of 2021.
What are Balance Transfer Credit Cards?
Balance transfer credit cards allow you to transfer existing credit card debt from one or more credit cards to a new card with lower or no interest rates. This helps you save money on interest charges and makes it easier to pay off your debt. Balance transfer credit cards usually have a promotional period during which you can enjoy low or 0% interest rates on transferred balances. After the promotional period ends, the interest rate increases. It’s important to note that balance transfer credit cards often come with a balance transfer fee, which is usually a percentage of the transferred balance.
The Benefits of Balance Transfer Credit Cards
There are several benefits to using balance transfer credit cards:
- You can save money on interest charges
- You can consolidate multiple credit card debts into one card
- You can improve your credit score by paying off your debts on time
The Best Balance Transfer Credit Cards of 2021
Here are some of the best balance transfer credit cards of 2021:
| Credit Card | Promotional Period | Balance Transfer Fee | Interest Rate (after promotional period) |
|---|---|---|---|
| Discover it® Balance Transfer | 18 months | 3% (waived for the first balance transferred) | 11.99% – 22.99% |
| Citi® Diamond Preferred® Card | 18 months | 3% | 14.74% – 24.74% |
| Chase Freedom Unlimited® | 15 months | 5% | 14.99% – 23.74% |
The Discover it® Balance Transfer
The Discover it® Balance Transfer card offers an 18-month promotional period with 0% interest on balance transfers. It also provides 5% cash back on rotating categories, and 1% cash back on all other purchases. The card has no annual fee and has a valuable Cashback Match program, which doubles your cashback at the end of the first year. The balance transfer fee is 3% of your transferred balance, but it is waived for the first balance transfer.
Pros
- Long promotional period
- Cashback rewards
- No annual fee
- Cashback Match program
Cons
- Balance transfer fee
- High APR after promotional period
The Citi® Diamond Preferred® Card
The Citi® Diamond Preferred® Card offers an 18-month promotional period with 0% interest on balance transfers. It also provides access to Citi® Private Pass®, which offers exclusive access to entertainment events and travel perks. The balance transfer fee is 3% of your transferred balance. The card has no annual fee, but it does have a higher interest rate after the promotional period ends.
Pros
- Long promotional period
- Access to Citi® Private Pass®
- No annual fee
Cons
- Balance transfer fee
- Higher APR after promotional period
The Chase Freedom Unlimited®
The Chase Freedom Unlimited® offers a 15-month promotional period with 0% interest on balance transfers. It also provides unlimited 1.5% cash back on all purchases. The balance transfer fee is 5% of your transferred balance. The card has no annual fee and provides access to Chase Ultimate Rewards®, which allows you to redeem rewards for travel, gift cards, and more.
Pros
- 0% interest on balance transfers
- Unlimited cashback rewards
- No annual fee
- Access to Chase Ultimate Rewards®
Cons
- Balance transfer fee
- Higher APR after promotional period
- Not as long of a promotional period as other cards
Conclusion
Balance transfer credit cards can be a valuable tool in paying off credit card debt. When choosing a balance transfer credit card, it’s important to look at the promotional period, balance transfer fee, and interest rate after the promotional period ends. The Discover it® Balance Transfer, Citi® Diamond Preferred® Card, and Chase Freedom Unlimited® are some of the best balance transfer credit cards available in 2021. Choose the one that works best for your financial needs and goals. Good luck and happy saving!
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