Here are the 7 best balance transfer credit cards for 2020 to move your balance and get a 0% interest rate!
At the beginning of the episode I give an overview of how balance transfer cards work and who they are for, and then around the 3:35 mark I get into my picks of the best balance transfer cards for 2020.
Here's where you can see all of my favorite credit cards (big thanks if you use my links): https://moneydoneright.com/best-credit-cards
Here is my list of the 7 best balance transfer cards for 2020:
- Citi Simplicity
- Citi Double Cash
- AmEx Blue Cash Everyday
- AmEx Blue Cash Preferred
- Capital One® SavorOne® Cash Rewards Credit Card
- Chase Freedom
- Chase Freedom Unlimited
Balance transfer credit cards let you transfer your balance from another credit card (say, one on which you're paying a lot of interest) to the balance transfer credit card and pay no interest for a certain period of time, typically 12-21 months. You will, however, have to pay a balance transfer fee of typically 3%.
Note that purchases made on a balance transfer card are likewise not subject to interest for the introductory 0% APR period (note that some cards, such as the Citi Simplicity, have a different introductory 0% APR period for balance transfers than for purchases).
Balance transfer cards are awesome, but make sure you always (1) continue to make your minimum payment each month (else you may lose your 0% APR) and (2) pay off your balance at the end of the introductory 0% APR period.