Best Balance Transfer Credit Cards 2024 #

Balance transfer credit cards are an excellent way to manage high-interest debt by moving balances to a new card with a lower or 0% APR. The best balance transfer credit cards of 2024 offer various options, from those with no annual fees to cards that provide additional rewards.

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At Credit Card Guide, our mission is to help you find the best balance transfer credit cards that meet your financial needs. We independently review and compare top credit cards in each category, focusing on balance transfer offers, fees, and additional perks. Our recommendations are based on unbiased research to ensure that you can trust our advice. Please note that Credit Card Guide has partnered with CardRatings for our credit card coverage, and we may receive a commission from card issuers. This compensation may impact how and where products appear on this site, but it does not affect our evaluations.

Best Balance Transfer Credit Card for Groceries

Blue Cash Preferred® Card from American Express

5.0 ★★★★★ ⓘ

Our team of writers, editors, and industry experts evaluates credit cards using various criteria, such as card benefits, balance transfer offers, and thorough independent research. Credit card issuers do not have any input or control over our ratings.

Rewards
6% cash back at U.S. supermarkets on up to $6,000 per year in purchases
6% cash back on select U.S. streaming subscriptions
3% cash back at U.S. gas stations and on transit
1% cash back on other purchases
Cash back will be received in the form of Reward Dollars, which can be redeemed as a statement credit or at Amazon.com checkout.
Intro APR on Balance Transfers
0% introductory APR for 12 months on balance transfers
Balance Transfer Fee
Either $5 or 3% of the amount of each transfer, whichever is greater
Regular APR
reg_apr,reg_apr_type
Annual Fee
$0 intro annual fee for the first year, then $95 See Rates and Fees; terms apply
Credit Required
Good to Excellent

Pros & Cons ...

Pros ✓

High rewards on groceries
Intro APR on balance transfers and purchases
Access to exclusive Amex offers
Purchase protection and extended warranties

Cons ✘

Annual fee after the first year
Lower rewards on non-grocery purchases
Limited acceptance outside the U.S.

Expert's Summary ...

The Blue Cash Preferred® Card from American Express (See Rates and Fees; terms apply) is perfect for families who spend heavily on groceries and want to take advantage of a solid balance transfer offer.

Why we recommend it

This card offers an exceptional balance transfer offer and rewards program, especially for those who frequently purchase groceries.

What could be better

The card’s value decreases if you don’t maximize grocery purchases.

Ideal for

Grocery shoppers looking for a balance transfer card that also offers high rewards on everyday spending.

Expert's Opinion ...

Our editorial team highly regards the Blue Cash Preferred® Card from American Express as a top-tier option for individuals and families aiming to consolidate debt while maximizing everyday rewards. The card’s standout feature is its exceptional 6% cash back at U.S. supermarkets, which is one of the highest rates available in this category. This makes it an ideal choice for households with significant grocery expenses, effectively turning routine purchases into substantial savings over time.

The introductory 0% APR on balance transfers for 12 months provides a valuable window to pay down existing high-interest debt without accruing additional interest. When combined with the robust rewards program, cardholders can simultaneously manage their debt and earn rewards on new purchases. This dual benefit sets the Blue Cash Preferred® Card apart from many competitors that often excel in only one area.

However, potential cardholders should consider the $95 annual fee that applies after the first year. To justify this cost in subsequent years, it’s important to ensure that your spending habits align with the card’s high-earning categories. If your grocery spending is moderate or if you prefer shopping at wholesale clubs or superstores, you might not reap the full benefits of the 6% cash back rate.

Another consideration is the card’s 3% balance transfer fee, which is standard but still adds to the cost of transferring a balance. It’s crucial to calculate whether the interest savings during the introductory period outweigh this upfront fee. Additionally, while American Express is widely accepted in the U.S., international travelers might find acceptance less universal abroad, potentially limiting the card’s utility during overseas trips.

In conclusion, the Blue Cash Preferred® Card from American Express is a compelling choice for those who can leverage its high cash back rates on groceries and streaming services while taking advantage of the balance transfer offer. It’s particularly well-suited for individuals committed to paying down debt within the promotional period and who have spending patterns that align with the card’s rewards structure. For rates and fees of the Blue Cash Preferred® Card from American Express, click here.

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Best Balance Transfer Credit Card for Beginner Cash Back

Blue Cash Everyday® Card from American Express

4.7 ★★★★★ ⓘ

Rewards
3% Cash Back at U.S. supermarkets on up to $6,000 per year in purchases, then 1%.
3% Cash Back on U.S. online retail purchases, on up to $6,000 per year, then 1%.
3% Cash Back at U.S. gas stations, on up to $6,000 per year, then 1%.
Cash back will be received in the form of Reward Dollars, which can be redeemed as a statement credit or at Amazon.com checkout.
Intro APR on Balance Transfers
0% introductory APR for 15 months on balance transfers
Balance Transfer Fee
Either $5 or 3% of the amount of each transfer, whichever is greater
Regular APR
reg_apr,reg_apr_type
Annual Fee
$0 See Rates and Fees; terms apply
Credit Required
Good to Excellent

Pros & Cons ...

Pros ✓

Intro APR on balance transfers and new purchases
No annual fee
Cash back on everyday spending categories
Access to Amex offers and benefits

Cons ✘

Lower rewards rate compared to premium cards
Limited acceptance outside the U.S.

Expert's Summary ...

The Blue Cash Everyday® Card from American Express (See Rates and Fees; terms apply) is a great choice for individuals new to balance transfers and those who want to earn cash back on everyday purchases.

Why we recommend it

This card offers a solid balance transfer deal with no annual fee, making it an excellent option for those starting to manage debt and looking for cash back rewards.

What could be better

The 3% cash back categories are capped at $6,000 annually, after which the rate drops to 1%. Additionally, there’s a 3% balance transfer fee, which may offset some savings.

Ideal for

Individuals who are new to balance transfers and want to earn cash back on everyday purchases, including groceries, online retail, and gas.

Expert's Opinion ...

The Blue Cash Everyday® Card from American Express is a strong entry-level card for consumers interested in balance transfers and cash back rewards. With no annual fee and a generous 0% introductory APR on purchases and balance transfers for 15 months, it’s a practical tool for managing finances and earning rewards.

The rewards structure is straightforward, offering 3% cash back at U.S. supermarkets, online retail purchases, and U.S. gas stations (all capped at $6,000 annually, then 1%). New cardholders can also earn a $200 statement credit after spending $2,000 in the first 6 months, adding to its appeal.

Additional benefits include up to $7 per month back on eligible Disney Bundle subscriptions and up to $15 per month back on Home Chef meal kit subscriptions (Enrollment Required). These perks, along with the practical rewards program, make it a well-rounded choice for everyday spending.

One limitation is the 3% balance transfer fee, which can reduce savings for those making large transfers. Additionally, American Express acceptance may be limited internationally or with smaller merchants.

In summary, the Blue Cash Everyday® Card is a solid card for individuals starting their journey with balance transfers and cash back, offering valuable rewards for everyday purchases. For rates and fees of the Blue Cash Everyday® Card from American Express, click here.

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Our Methodology #

Our recommendations for the best balance transfer credit cards are based on a comprehensive review of each card’s balance transfer offers, fees, interest rates, and other benefits. We also consider the flexibility of redemption options, the value of welcome bonuses, and any additional perks that enhance the cardholder’s experience. Our goal is to help you find the card that best fits your financial situation and goals.

FAQs #

What factors should I consider when choosing a balance transfer credit card? #

When selecting a balance transfer credit card, consider the introductory APR period, the balance transfer fee, and whether the card offers any additional benefits like rewards or cash back. Evaluate the card’s ongoing APR and any annual fees to ensure that the card aligns with your long-term financial goals.

How do I maximize my savings with a balance transfer credit card? #

To maximize savings, transfer your balance as soon as possible after opening the account, and aim to pay off the balance before the introductory APR period ends. Avoid making new purchases on the card if the standard APR is higher than your current interest rate.

What is a balance transfer fee, and how does it impact my savings? #

A balance transfer fee is a one-time charge for transferring your existing credit card balance to a new card. It typically ranges from 3% to 5% of the transferred amount. While it may reduce your overall savings, it can still be worth it if the new card offers a significantly lower or 0% APR.

How does a credit card’s APR impact my finances? #

The APR (Annual Percentage Rate) determines the interest you’ll pay if you carry a balance on your credit card. A lower APR is preferable, especially if you plan to carry a balance. Paying off your balance in full each month can help you avoid interest charges altogether.

What credit score do I need to get approved for a top-tier balance transfer credit card? #

Credit score requirements vary by card, but top-tier balance transfer cards typically require a good to excellent credit score (700+). Maintaining a strong credit history and managing your finances responsibly can improve your chances of approval.

Buyer’s Guide #

How to Choose the Right Balance Transfer Credit Card for Your Needs #

Choosing the best balance transfer credit card depends on your financial situation, lifestyle, and goals. Start by identifying what you value most in a card—whether it’s a long 0% APR period, low balance transfer fees, or additional rewards. Next, consider the following:

Introductory APR Period: Look for cards that offer a long 0% APR period on balance transfers to maximize your savings.
Balance Transfer Fees: Some cards charge a fee for transferring a balance, typically around 3% to 5%. Consider this cost when evaluating your savings.
Additional Benefits: Some balance transfer cards offer rewards or cash back, which can add value to your everyday spending.

By understanding your financial priorities, you can choose a card that offers the most value for your unique situation.

Expert Opinions #

The Importance of Matching a Balance Transfer Credit Card to Your Financial Goals #

Experts agree that the best balance transfer credit card is one that fits seamlessly into your financial goals. For example, someone looking to pay off existing debt may benefit from a card with a long 0% APR period, while someone focused on earning rewards might prefer a card that offers cash back on new purchases.

Matching your balance transfer credit card to your financial situation ensures that you get the most value out of your choice, helping you manage debt while potentially earning rewards. Additionally, using a card that aligns with your goals can help you build credit and manage your finances more effectively.

Credit Card Guide has partnered with CardRatings for our coverage of credit card products. Credit Card Guide and CardRatings may receive a commission from card issuers. Opinions, reviews, analyses & recommendations are the author’s alone, and have not been reviewed, endorsed or approved by any of these entities.