Top-pick balance transfer cards
Balance transfers won't hurt your credit score directly, but applying for a new card could affect your credit in both good and bad ways. As the cornerstone of a debt-reduction plan, a balance transfer can be a very smart move in the long-term.
A balance transfer can hurt your credit score by increasing your single-card utilization, lowering your length of credit history and adding a hard inquiry to your credit report. But it can also boost your score by increasing your overall card utilization, and it can help you pay off debt faster.
Best No Balance Transfer Fee Cards
| Credit Card | Best For | Balance Transfer Fee |
|---|---|---|
| BBVA Compass Business Rewards Credit Card | Business Owners | $0 |
| Navy Federal Credit Union Platinum Credit Card | Military Families | $0 |
| SunTrust Prime Rewards Credit Card | Long Intro Period | $0 |
| Arvest Bank Purchasing Credit Card | Short Balance Transfers | $0 |
This may be because their credit rating has got worse or they have more debt. Or the lenders may just have tightened up their offers. These 0% balance transfers are a great way to clear debt as all your monthly payments are reducing your balance.
Best High Limit Credit Cards of May 2021
| Card Name | Best For: | Credit Limit |
|---|---|---|
| Chase Sapphire Reserve® | Highest Limit | Credit limit from $10,000 |
| Chase Sapphire Preferred® Card | Overall | Credit limit from $5,000 |
| Wells Fargo Platinum card | Balance Transfers | Credit limit from $1,000 |
| Chase Freedom Unlimited® | 0% Purchases | Credit limit from $500 |
No, a balance transfer does not cancel a credit card. You are not required to close the account once a balance transfer is complete, either. It may actually be a good idea to keep your old credit card account open, even if you don't plan on using it.
But in general, a balance transfer is the most valuable choice if you need months to pay off high-interest debt and have good enough credit to qualify for a card with a 0% introductory APR on balance transfers. Such a card could save you plenty on interest, giving you an edge when paying off your balances.
You can generally transfer balances from as many cards as you like, as long as you stay within the new card's credit limit. This sounds like a no-brainer, but keep in mind that most balance transfer offers involve a fee for moving the balance from your old card.
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