By Russ Nauta


5 Min. To Read

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We’ve compiled an extensive list of balance transfer credit cards and ranked them in border based on total savings.

The methodology for the ratings is based on the total amount of savings when a $5000 balance is moved from an account with a 15% interest rate with no annual fee. The assumption is that the consumer transfers the balance and pays no more than the minimum payment every month for the duration of the 0% promotional period. In the event where two offers yield the same or very similar savings, the following “tiebreaker” is employed:

A balance transfer offer with no balance transfer fee and shorter 0% balance transfer term will rank higher than a card with a balance transfer fee and longer 0% period when interest savings is equal/similar.

We have chosen this methodology based on our belief that balance transfers are a mathematical decision. This is a shared belief among many national credit card experts. To read more on this subject please refer to what our friends and national credit card experts recently contributed in our Balance Transfer Roundup.

List Updated November 2019

Best Options: Chase Slate® Credit Card, BankAmericard®, and Amex EveryDay® Credit Card

Terms: 0% for 15 months

Balance Transfer Fee: $0

All three of these credit cards come with 0% introductory terms that last 15 months with no balance transfer fees. These three offers will result in the greatest savings for balance transfers.

Second Best (4-7): U.S. Bank Visa® Platinum Card, Citizens Bank Clear Value® Mastercard®, Wells Fargo Platinum Card, Citi® Double Cash Card

Terms: 0% APR for 18 months

Balance Transfer Fee: 3%

These four cards, all ranked equally as the fourth best option for saving money, have longer interest free terms (18 months), but do not result in the same amount of savings as the prior group due to the fact that they all have balance transfer fees of 3%.

Third Best: Citi Simplicity® Card

Terms: 0% APR for 21 months

Balance Transfer Fee: 5%

Citi Simplicity® Card comes in spot #8, despite the length of the 0% transfer period of 21 months. What limits the savings with this card is the 5% transfer fee

Fourth Best: HSBC Gold Mastercard®

Terms: 0% APR for 18 months

Balance Transfer Fee: 4%

The HSBC Gold Mastercard® could have been tied for the 4th best offer currently available had it not been for the 4% fee which drops it just below the Citi Simplicity® Card despite its 5% fee.

Fifth Best (Cards 10-19): CapitalOne Quicksilver® Rewards, CapitalOne® SavorOne™, Blue Cash Everyday® Card, PNC Core® Visa®, Chase Freedom Unlimited®, Chase Freedom® Credit Card, SunTrust World Mastercard® Cash Rewards, SunTrust World Mastercard® Travel Rewards, BMO Harris Bank Platinum Mastercard®, Wells Fargo Rewards® Card

Terms: 0% APR for 15 months

Balance Transfer Fee: 3%

All of these offers have similar pricing models for balance transfers with 15 month periods of no interest and 3% transfer rates. This pricing structure seems to be the industry norm to make a credit card competitive in the balance transfer arena.

Sixth Best: Discover It® Cash Back

Terms: 0% APR for 14 months

Balance Transfer Fee: 3%

Closing out the top 20 is the Discover It® Cash Back card. Discover is better known for their rewards than balance transfer perks, yet they are in the neighborhood of having a competing offer with this card.

Seventh Best (21-23): Truly Simple® Credit Card, Citizens Bank Cash Back Plus® World Mastercard®, HSBC Cash Rewards Mastercard®

Terms: 0% APR for 14 months

Balance Transfer Fee: 4%

The second layer of balance transfer offers consists of 3 cards with 0% for 15 months with a 4% fee structure.

Eight Best (24-33): Wells Fargo Cash Wise Visa®, PNC Premier Traveler®, HSBC Advance Mastercard®, TD Cash Credit Card, TD First Class® Visa Signature®, PNC Cash Rewards® Visa®, PNC points® Visa®, BMO Harris Bank Premium Rewards Mastercard®, BMO Harris Bank Cash Back Mastercard®, BMO Harris Bank Platinum Rewards Mastercard®

Terms: 0% APR for 12 months

Balance Transfer Fee: 3%

Ten years ago this pricing structure was considered a very good deal. Fortunately for the consumer there are much better offers out there with more favorable rates.

Ninth Best: BBVA Compass Rewards Credit Card

Terms: 0% APR for 13 months

Balance Transfer Fee: 4%

While you get over a year of no interest, you’d save more in a year if the transfer fee was one point lower.

Tenth Best (35 and 36): TRIO® Credit Card, Stand Up To Cancer® Credit Card

Terms: 0% APR for 12 months

Balance Transfer Fee: 4%

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