Review of 10 Best Credit cards for balance transfer in 2022 with no transfer fee

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How do you select the best Credit cards for balance transfer in 2022?

It is challenging to choose the best credit cards for balance transfer in 2022. After covid 19, life is becoming harder. People are losing jobs. Businesses are closing. So we have to be extra cautious. Balance transfer cards could be a valuable instrument in your arsenal of debt-freeing. The 0% interest deal on a credit card could help you save money as all your payments be used towards clearing the principal balance, instead of some going to be diverted to pay interest.

Balance transfers on credit cards are for customers who wish to transfer the amount they owe—the transfer of outstanding debt from one credit card onto another. Usually, the new is an example of a balance transfer. It is onto an account with an incredibly lower interest rate and more benefits, like the rewards program, which earns points or cashback for daily spending.

What exactly is a balance credit card that can be useful to transfer funds?

 Many credit card companies will not charge for balance transfers. Usually, it ranges from 3% to 5 percent of the amount transferred to lure cardholders. Sometimes, they may offer the opportunity to provide a promotional or introductory period of between six and 18 months. No interest adds up to the transfer amount. That is a fish you must catch with your bait and live an interest-free life for those 18 months.

The problem of transferring a balance is that you carry a balance every month. Maintaining a credit for a month requires timely payment of the minimum amount required when you move the balance and any future purchases. Suppose you fail to do this. You risk being charged the card’s initial APR on the transferred balances together with the grace period. And you could be charged unexpected interest. It may also result in an unavoidable possibility of penalty APRs for purchases made.

The majority of balance transfer cards charge the balance transfer fee. Determine the amount you want to transfer, plus any costs associated with balance transfers. Then analyze the number of months it will take to repay the loan and identify which balance transfer plan is the best fit for you.

What exactly is a Balance transfer credit card? And how do you transfer balances to 2022?

If you’re new to the hidden benefits of a credit card, you’re not alone. What is a credit card for balance transfers?

10 Best Credit cards for balance transfer in 2022

Do you know an essential thing regarding balance transfer credit cards? As the name implies, a credit card with a balance transfer permits you to perform an account balance transfer. It allows you to transfer your current balance to the new credit card and pay off the balance more efficiently and at a lesser cost. You can transfer only the amount you wish to transfer to the new credit card within the limit of credit.

Benefits of credit cards that allow balance transfer

  • It will help you save the interest rate you will end up paying due to the accumulation of and unpaid credit card debts.
  • Compared to other forms of repaying credit, it is an efficient method to get rid of credit card debt.
  • Fast processing for transfers of balances makes it simple to access and clear your outstanding balance.
  • Credits from any of the cards may be transferred using the balance transfer credit card.
  • A buffer time is given for cardholders to settle the due balance. The time is characterized by an interest rate of zero or a low amount of interest.

What is the best way to transfer balance through credit cards?

  1. Verify your current balance and the interest rate. This information is required so you can choose the right card to make a balance transfer.
  2. Select a balance transfer credit card that meets your requirements. Check the fine print and be aware of these terms and conditions.
  3. Apply for an account for a balance transfer. Suppose you are notified that you’ve been accepted for this balance transfer credit card. You can take your next step to move the balance.
  4. Contact the new company that issued the credit card to complete your balance transfer. It may take a few months or weeks to get a credit card company to complete the balance transfer. Therefore it’s essential to continue making payments to your old credit card until you receive confirmation that the transfer was successful.
  5. Once your balance transfers have been approved and completed the transfer process, your balance will be transferred to the card you have moved to. If you can transfer all your credits, your balances on older cards will get erased clear. To pay off debt quicker, begin making payments to this balance transfer card.

However convenient and lucrative, a balance credit card transfer sounds like an excellent idea to learn the essential aspects before utilizing it. Therefore, find out the top Balance transfer credit cards in your area, compare the conditions and benefits, and only make the right choice.

What should you look for in the Balance Transfer Credit Card in 2022?

Secure a 12-month zero percent balance transfer on an existing credit card. A balance transfer can help save money. For example, suppose you have a balance of $5,000 on a credit line with a 20 percent annual percentage amount (APR). If you are charged this rate, carrying the balance and paying $225 a month will take 24 months to pay it off and cost you $1,134 as interest. And then moving the credit to $5,000 gives the cardholder one an entire year for paying it off, with no interest and only an amount to transfer the amount.

But the details and pitfalls associated that come with these transfers are many. Once you have transferred, you will need to make the minimum monthly payments on the credit card before the due date to retain the 0% rate. Pay attention to your interest rates. Does the new card come with an interest rate regularly higher than the balance charged on the card you currently have?

In the same way, a breach of any of the conditions of the agreement with the cardholder. Such as late payments, over credit limits, or even bouncing checks may cause the interest rate to rise to a penalty up to 29.99 percent. The low rate of 0% is generally available for 12 – or 18 months, but sometimes it is longer. Are you able to pay off the balance within that time frame? If not, which is the interest rate that will be charged following the transfer? (And do not expect notification of the card’s company the date the promotional rate is over, even though they’re legally required to provide the information on the credit card statement.)

Read:10 Best Travel and Airline Credit card 2022 review

What are the issues you have to be careful about before choosing such cards?

For a new credit card, the terms will require that the cardholder make the payment within a specified period. It is usually within the first two months to be eligible for the promotional rate. After that time expires, the regular interest rate will begin. Additionally, credit companies cannot permit existing clients to move balances onto new accounts they issue.

An occurrence of past due payments, a lower credit score, or bankruptcy declaration by the cardholder can also cause a denial of the transaction.

Transferring balances if no low or 0% interest rate can be a viable option. However, it would be best if you did the calculation first. Let’s say you have a balance of $3,000 that has a 30 percent interest rate, which would translate to $900 per year in interest. Transferring the balance to a credit card with a rate of 27% and a 3% transfer cost will cost you an annual interest of $810 and a $90 balance transfer fee. The balance would be repaid after one year.

To be successful in this scenario, you must find an agreement with an APR lower than 27 percent. The best option is to contact the credit card company to reduce to 27 percent or less and avoid the fee associated with transferring balances.

In the current crisis of coronavirus, the creditors are assisting cardholders struggling financially. People want to know about options, including reducing the interest rate, delaying payments, or avoiding late fees. 

What are the best Balance transfer credit cards in 2022?

1. U.S. Bank Visa® Platinum Card

  1. There are great offers from U.S. Bank, a 2021 World’s Most Ethical Company® – Ethisphere Institute, February 2021. 0% Intro APR on purchases and balance transfers for twenty billing cycles. Following that, a variable APR is currently 14.49% – 24.49%.
  2. No Annual Fee is a good catch.
  3. Flexibility to select a payment due date that fits your schedule.
  4. You may get up to $600 protection on your mobile phone. It is subject to a $25 deductible upon covered damage or theft. It applies when you pay your monthly smartphone bill with your U.S.Bank Visa® Platinum Credit Card. 

Why should you choose it?

  1. Balance Transfer Intro APR is 0% intro on BTs for 20 billing cycles on balance transfers.
  2. Balance Transfer Fee is Either 3% of the amount of each transfer or $5 minimum, whichever is more.
  3. Foreign Transaction Fee is 2% of each foreign purchase transaction or foreign ATM advance transaction in U.S. Dollars 3% of each foreign purchase transaction or foreign ATM advance transaction in a Foreign Currency.

2. Bank of America® Premium Rewards® credit card

  1. Receive 50,000 online bonus points. It is a $500 value after you make at least $3,000 in purchases in the first Ninety days of account opening.
  2. Earn unlimited 2 points for each $1 spent on travel and dining shopping and unlimited 1.5 points per $1 spent on all other purchases
  3. Suppose you are a Bank of America Preferred Rewards member. Then you may earn 25%-75% more points on every purchase. That means you could earn up to 3.5 points for every $1 spent on travel and dining purchases.
  4. No limit to the points you can earn, and your points don’t expire.
  5. Redeem for cashback as a statement credit, deposit into eligible Bank of America® accounts, credit to eligible Merrill® accounts, or gift cards or purchases at the Bank of America Travel Center
  6. Get up to $100 in Airline Incidental Statement Credits annually and TSA Pre✓®/Global Entry Statement Credits of up to $ 100 every four years.
  7. It has an amazing 0 Foreign Transaction Fees
  8. It has a low $95 annual fee.
  9. The online-only offer may not be convenient if you leave this page or visit a Bank of America financial center. You may take benefit from the offer when you apply now.
  10. There is an Intro Bonus of 50,000 points.
  11. APR is around 5.99% – 22.99% Variable APR on buying and balance transfers.

Top Credit cards for balance transfer in 2022

3. Citi Rewards+® Card

  1. Earn 20,000 bonus points after you spend $1,500 in purchases with your card within three months of account opening; redeemable for $200 in gift cards through thankyou.com
  2. 0% Intro APR on balance transfers for 15 months from the date of first transfer and on buying from the date of account opening. After that, the variable APR will be 13.49% – 23.49%, based on your creditworthiness. Any intro balance transfer fee of 3% of any transfer (minimum $5) is completed within the first four months of account opening. After that, your fee will be 5% of each transfer (minimum $5).
  3. The Citi Rewards+® Card – the exclusive credit card that automatically turns to the nearest 10 points on every purchase – has no cap.
  4. Earn 2X ThankYou®Points at Supermarkets and Petrol Stations for the first $6,000 per year and then 1X Points after that. Plus, earn 1X ThankYou® Points on All Other Purchases.
  5. Based on your creditworthiness, the standard variable APR for Citi Flex Plan is 13.49% to 23.49%. Citi Flex Plan offers are made available at Citi’s discretion.
  6. There is an Intro Bonus of 20,000
  7. The APR is around 13.49% – 23.49% (Variable)

4. Citi® Double Cash Card

  1. Earn 2% on every purchase with unlimited 1% cashback when you buy, plus an additional 1% as you pay for those purchases.
  2. To earn cashback, pay at least the minimum due on time.
  3. Balance Transfer Only Offer 0% intro APR on Balance Transfers for 18 months. After that, the variable APR will be 13.99% – 23.99%, based on your creditworthiness.
  4. Balance Transfers do not merit cashback. Intro APR does not refer to purchases.
  5. If you transfer a balance, interest may be charged on your purchases unless you pay your whole balance. It includes balance transfers by each month’s due date.
  6. Any intro balance transfer fee of 3% of every transfer (minimum $5) is completed within the first four months of account opening. After that, your fee will be around 5% of each transfer (minimum $5).
  7. The standard variable APR for Citi Flex Plan is 13.99% – 23.99% based on your creditworthiness. Citi Flex Plan offers are made available at Citi’s discretion.
  8. APR is around 13.99% – 23.99% (Variable)

5. Wells Fargo Reflect℠ Card

  1. 0% intro APR for 18 months from account opening on purchases and qualifying balance transfers. Intro APR extension of up to three months with on-time minimum payments during the intro and extension periods. 12.99% to 24.99% variable APR after that, balance transfers made within 120 days qualify for the intro rate and fee of 3% then a BT fee of up to 5%, min $5
  2. $0 Annual Fee
  3. Get up to $600 of cell phone protection when you pay your monthly mobile with your eligible Wells Fargo card (subject to a $25 deductible).

6. Discover it® Balance Transfer

  1. INTRO OFFER: Unlimited Cashback Match – only from Discover. Discover will automatically match all the cash back you’ve earned at the end of your first year! There’s no minimum spending or maximum rewards. You could turn $150 cashback into $300.
  2. Earn 5% cashback on everyday purchases at different places. It applies to each quarter, like Amazon.com, grocery stores, restaurants, and gas stations. When you pay using PayPal, up to the quarterly maximum when you activate. Plus, earn unlimited 1% cashback on all other purchases – automatically.
  3. Redeem cash back any amount, any time. Rewards never expire.
  4. #1 Most Trusted Credit Card according to Investor’s Business Daily.
  5. Get your free Credit Scorecard with your FICO® Credit Score, the number of recent inquiries, and more.
  6. No annual fee.
  7. Discover is accepted nationwide by 99% of the places that take credit cards.

7. Citi® Diamond Preferred® Card

  1. 0% Intro APR for 21 months on balance transfers from the date of first transfer and 0% Intro APR for 12 months on purchases from the date of account opening. After that, the variable APR will be 13.74% – 23.74%, based on your creditworthiness. You may complete the Balance transfers within four months of account opening.
  2. There is a balance transfer fee of either $5 or 5% of the amount of each transfer, whichever is greater
  3. Get free access to your FICO® Score online.
  4. With Citi Entertainment®, get special access to purchase tickets to thousands of events, including concerts, sporting events, dining experiences, and more.
  5. Shop with confidence knowing that you have dependable protection benefits, including $0 Liability on Unauthorized Purchases and Citi®Identity Theft Solutions.
  6. Based on your creditworthiness, the standard variable APR for Citi Flex Plan is 13.74% – 23.74%. Citi Flex Plan offers are made available at Citi’s discretion.

8. Citi Simplicity® Card

  1. No Late Fees, No Penalty Rate, and No Annual Fee Ever
  2. There is a 0% Intro APR for 21 months on balance transfers from the date of first transfer and 0% Intro APR for 12 months on purchases from the date of account opening. After that, the variable APR will be 14.74% – 24.74%, based on your creditworthiness. You must complete the Balance transfers within four months of account opening.
  3. There is a balance transfer fee of either $5 or 5% of the amount of each transfer, whichever is greater.
  4. The standard variable APR for Citi Flex Plan is 14.74% – 24.74%, based on your creditworthiness. Citi Flex Plan offers are made available at Citi’s discretion.
  5. Stay protected with Citi® Quick Lock and $0 liability on unauthorized charges.

9. Sallie Mae Ignite℠ Mastercard

  1. Earn a $50 cashback reward after you spend $250 in the first three months with the Sallie Mae Ignite℠ Mastercard®
  2. 25% bonus on base cashback rewards after six consecutive on-time payments
  3. $0 Annual Fee
  4. Earn 1% unlimited cashback on everything you buy
  5. 0% Introductory APR on purchases for six months, then a standard variable APR of – 12.99%-24.99% applies*
  6. Cash Back rewards do not expire as long as your account is open and in good standing.
  7. Refer A Friend Program: Refer a family member or friend to Sallie Mae using your referral code. Upon your referral’s approval, card activation, and use, you’ll receive $50, and so will your referral. Terms and conditions apply.
  8. With $0 Fraud Liability, you’re never responsible for unauthorized charges on your account.

10. Wells Fargo Active Cash℠ Card

  1. Unlimited cashback
  2. $200 welcome bonus
  3. No annual fee
  4. Introductory APR period for first 15 months
  5. Access to Visa Signature Concierge
  6. Get up to $600 cell phone protection
  7. Welcome bonus of $200 cash rewards bonus after spending $1,000 in purchases in the first 3 months
  8. Annual fee of $0
  9. Intro APR 0% APR on purchases and qualifying balance transfers for the first 15 months from account opening
  10. Regular APR of 14.99% to 24.99% variable on purchases and balance transfers
  11. Balance transfer Introductory fee of 3% ($5 minimum) for 120 days from account opening, then up to 5% ($5 minimum)