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If you’re trying to refinance high-interest debt, we have great news: There are lots of credit card offers for good credit consumers on the market these days. Doing a balance transfer onto a card that’s offering a 0% promotion is a great way to bring down the cost of your debt.
Not sure what your options are? Here are the best balance transfer credit cards for good credit:
Best overall: Chase Slate®
If you’re interested solely in a balance transfer, the Chase Slate® is by far the best credit card offer for good-credit folks. With it, you’ll get an introductory APR: 0% on Purchases and Balance Transfers for 15 months, and then the ongoing APR of 16.49% - 25.24% Variable APR. That’s over a year at 0%, which is plenty of time to make serious headway on paying off your debt without incurring any additional interest charges.
But what makes the Chase Slate® really special is that it gives you the opportunity to avoid a fee that’s commonly charged by 0% cards. If you move your debt onto the Chase Slate® within 60 days of opening your account, the card’s 5% balance transfer fee will be waived. That feature will save you some serious coin and bring the overall cost of your balance transfer way down.
What’s more, the card charges an annual fee of $0, so it’s a truly low-cost option for dealing with your debt – no wonder it’s the Nerds’ favorite balance transfer card!
Best for long 0% period: Discover it® Balance Transfer
If you need a longer 0% period than that offered by the Chase Slate®, the Discover it® Balance Transfer is a card to consider. You’ll get 0% on Purchases for 6 months and 0% on Balance Transfers for 18 months, and then the ongoing APR of 13.49% - 24.49% Variable APR. That’s a lot of time to get your debt paid off before interest charges start kicking in. However, keep in mind that you will be charged a balance transfer fee when you move your debt onto the card.
But unlike the with the Chase Slate®, the Discover it® Balance Transfer gives you the ability to earn rewards on future purchases. It provides 5% cash back in rotating quarterly bonus categories, up to $1,500 spent per quarter. You’ll also earn 1% cash back on all other purchases. There’s also a bonus for new cardholders: Discover will match ALL the cash back you've earned at the end of your first year, automatically. There's no signing up. And no limit to how much is matched.
Since the Discover it® Balance Transfer charges an annual fee of $0, you won’t have to worry about incurring costs just for carrying the card. In short, the Discover it® Balance Transfer should definitely be on your radar.
Best for ongoing rewards: Chase Freedom®
If a balance transfer isn’t the only reason you’re in the market for a new credit card, you should take a look at the Chase Freedom®. It offers a generous introductory 0% APR period on purchases and balance transfers, so you’ll have plenty of time to get your debt paid down: 0% APR for 15 months on purchases and balance transfers, and then the ongoing APR of 16.49% - 25.24% Variable APR. Just remember that you’ll have to pay a balance transfer fee of 3% or $5, whichever’s greater, during the introductory APR period. After that, the fee is 5% or $5, whichever is greater.
In terms of rewards, you’ll earn 5% cash back in rotating quarterly bonus categories, up to $1,500 spent per quarter. You’ll also earn unlimited 1% cash back on all other purchases. The current categories:
|Chase Freedom® bonus rewards categories for 2020|
|Q1 (Jan. 1 - March 31)||• Gas stations.
• Select streaming services.
• Internet, cable and phone services.
|Q2 (April 1 - June 30)||TBD
(In 2019: Home improvement and grocery stores.)
|Q3 (July 1 – Sept. 30)||TBD
(In 2019: Gas stations and select streaming services.)
|Q4 (Oct. 1 – Dec. 31)||TBD
(In 2019: Department stores, PayPal and Chase Pay.)
Also, the Chase Freedom® provides a signup bonus: Earn a $150 Bonus after you spend $500 on purchases in your first 3 months from account opening. Like our other picks, the Chase Freedom® charges an annual fee of $0, making it a good card to keep on hand.
So what are you waiting for? Apply for one of these cards and start chipping away at your debt today.
Information about the Chase Slate® has been collected independently by NerdWallet and has not been provided or reviewed by the issuer of this card.