Determining the best balance transfer credit cards is heavily dependent upon the initial terms and conditions offered to new cardholders who want to bring an outside balance to the card. A balance transfer occurs when someone wants to transfer one balance into another credit card account. Among other features, choosing the best balance transfer credit card depends on the introductory balance transfer rate, the length of that rate, and the standard balance transfer rate.
The Discover it™ card offers a solid combination of balance transfer benefits to new cardholders, including a decent amount of cash back rewards. There is no introductory balance transfer fee but the standard balance transfer only costs a cardholder 3% per transaction. The introductory period is the shortest of the cards on this top list at 14 months; however, the better APR makes up for it. Discover it™ cardholders are only charged a standard balance transfer rate of 10.99% – 19.99% once the introductory period runs out. Cardholders can transfer balances from credit cards, loans, and checking or savings accounts.
With the Barclaycard® Rewards MasterCard® – Excellent Credit, balance transfer fees may cost a little bit extra, but that doesn't change the fact that this is a solid all-around rewards credit card and one of the top balance transfer credit cards. The positive points about the Barclaycard are that the 0% introductory balance transfer rate lasts for 12 months and the card allows incoming balances to transfer from checking accounts, savings accounts, and other credit cards, but not from loans. The negatives about the Barclaycard in terms of balance transferring is that it charges a $10 or 4% standard balance transfer fee per transaction, which is a percentage point higher than the top two cards, and the card also charges an introductory balance transfer fee. Finally, the APR for standard balance transfers comes in at 14.99% – 24.99%, which is a bit on the high side but you will be getting a quality card in return.
Ranking as one of the top travel rewards credit cards, the PenFed Premium Travel card is also a good choice for balance transfers. Although cardholders can only transfer from credit card accounts or loans, the card makes up for it by not charging any introductory balance transfer fee and the lowest standard balance transfer rate at 9.99%. By transferring between January and March, cardholders can lock in a 0% transfer rate for 18 months, but otherwise it will cost the standard rate of 9.99%. Those who want to transfer a large balance will find the $250 max fee per transaction very welcoming.
The Visa Black Card makes the list as one of the top balance transfer cards because it offers a straightforward, standard balance transfer rate of 14.99%. Balance transfers can be made to the Black Card from checking, savings, and other credit cards, but loan balances are not accepted. Like the other cards listed here, the Visa Black Card offers a 0% introductory balance transfer rate and that last for 15 months. Some of the balance transfer features that prevent the Black Card from ranking at the top include a $10 or 3% per transaction introductory balance transfer fee as well as a $10 or 4% per transaction standard balance transfer fee. The Visa Black Card offers substantial benefits in addition to some decent rewards, but there is a high annual fee associated with the card.
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