This article was written by Logan Abbott. Logan is the editor of MyRatePlan.com.
It’s a New Year, and with the New Year comes New Year’s resolutions. Each year, many people carrying significant credit card debt make their resolution to clean up their credit card debt and start paying off those balances. When you’re saddled with a big balance on a credit card, it can be tough to turn the cycle around if you have to pay big interest payments each month. If you want to transfer your large balance and apply for a balance transfer credit card, however, you can buy yourself a decent amount of time to get that debt under control and get back on your feet. Doing the research on these cards can be tough, however, so I’ve gone ahead and done it for you.
Here are my picks for the best balance transfer credit cards currently available:
- Citi Simplicity Card – The Citi Simplicity Card is my choice for the best balance transfer credit card out right now. With the Citi Simplicity Card, cardholders receive a 0% Introductory APR on both balance transfers and purchases for an enormous length of time: 18 months! After the 18 months is up, the APR reverts to the variable APR between 12.99% and 21.99% based on your credit score. The Citi Simplicity Card also features no late fees, and no annual fee.
- Discover it Card – The Discover it Card is a brand new offer from Discover, launched just last week. With the Discover it Card, cardholders receive a 0% Introductory APR on purchases and balance transfers for 14 months, as well as a $0 Fraud Liability Guarantee. In addition, cardholders receive 5% cash back at restaurants and movies through the end of March, and 1% cash back on all other purchases. Lastly, the Discover it Card offers a Cashback Concierge service which gives custom online tours to cardholders so that they can best take advantage of their reward points.
- Capital One Cash Rewards Card – The Cash Reward Card from Capital One is also on my list of the best balance transfer credit cards for several reasons. First, the Capital One Cash Rewards Card offers 0% Introductory APR on balance transfers until December of 2013. In addition, the Capital One Cash Rewards Card gives cardholders a $100 cash bonus when they spend $500 on purchases using the card in the first three months of having the card. The Capital One Cash Rewards Card also rewards cardholders with 1% cash back on all purchases, as well as a 50% cash back bonus on the cash back they earn throughout the year at the end of each year. Finally, there is no annual fee to own the Capital One Cash Rewards Card.
The New Year always brings new opportunities, so if you’re working on paying down a credit card with a large balance, consider transferring that balance to one of the aforementioned credit cards, two of which offer great cash back rewards as well.