The No Headache Balance Transfer Guide

Over the last four years, I've seen the credit card industry undergo a number of changes.  And, when it comes to balance transfers, many of these changes have not been good for consumers.  No fee balance transfer offers have disappeared, balance transfer fees have gone up, and new tricks have appeared in the fine print of many credit cards.

As a result of these changes, helping people find the best balance transfer credit card has become a lot more difficult for me. However, I'll do my best to explain why the only company I currently recommend for 0% balance transfers is Discover®.

First, a number of credit cards that advertise 0% APR on balance transfers for up to 1 year don't always give every approved applicant a 0% APR for 1 year.  Buried in the fine print of credit cards issued by Chase and Citibank you will find that, based on a review of your credit, you may only be offered a 0% APR for 3 to 6 months.  Unfortunately, you probably won't find this out until after you've transferred your balance.

Second, credit cards issued by Citibank and Bank of America have no dollar limits on balance transfer fees.  For example, if you transfer a $5000 balance with a Discover® credit card, your fee would be the greater of 3% up to the $75 maximum. In this case, it would be $75, or 1.5% of the transaction.  However, if you transferred that $5000 to a Citibank credit card with no maximum fees, your cost would be $150.

Because of these two factors, the list of headache free balance transfer credit cards is currently limited to offers from Discover®.  You can review these offers below, apply online, and rest assured that you will get what you applied for.

Discover® More(SM) Card

Intro APR Intro Period Regular APR Annual Fee 0%* 12 Months* 10.99%* None* Earn more cash in more ways than anyone else(SM*) Unlimited cash rewards, automatically Up to 20% Cashback Bonus® when you shop online* Double rewards with more than 100 Cashback Bonus Partners* Customer Service in less than a minute, anytime you want 0% Intro APR for 12 months on Purchases and Balance Transfers

Miles by Discover® Card

Intro APR Intro Period Regular APR Annual Fee 0%* 6 Months* 10.99%* None* A Miles card with no annual fee! No blackout dates Double Miles on food and travel, up to $3,000 each year 1 Mile for every $1 you spend Unlimited Miles while your account is active 0% Intro APR*

Discover® Open Road(SM) Card

Intro APR Intro Period Regular APR Annual Fee 0%* Up to 12 Months* 10.99%* None* 0% Intro APR for 6 months on Purchases, and 12 months on Balance Transfers Save at the pump and everywhere else.* 5% Cashback Bonus® on gas and auto maintenance purchases 5% to 20% Cashback Bonus at top online retailers* Up to 1% Cashback Bonus on all other purchases Unlimited cash rewards Increase, even double, the value of your rewards when you redeem for gift cards from our 100 Cashback Bonus Partners

Discover® More(SM) Card - Sealife Collection

Intro APR Intro Period Regular APR Annual Fee 0%* Up to 12 Months* 10.99%* None* Earn more cash in more ways than anyone elseSM* Unlimited cash rewards, automatically Up to 20% Cashback Bonus® when you shop online* Double rewards with more than 100 Cashback Bonus  Partners* Customer Service in less than a minute, anytime you want 0% Intro APR for 6 months on Purchases, and 12 months on Balance Transfers

Discover® More(SM) Card - Wildlife Collection

Intro APR Intro Period Regular APR Annual Fee 0%* Up to 12 Months* 10.99%* None* Earn more cash in more ways than anyone elseSM* Unlimited cash rewards, automatically Up to 20% Cashback Bonus® when you shop online* Double rewards with more than 100 Cashback Bonus Partners* Customer Service in less than a minute, anytime you want 0% Intro APR for 6 months on Purchases, and 12 months on Balance Transfers

Discover® More(SM) Card - Clear

Intro APR Intro Period Regular APR Annual Fee 0%* Up to 12 Months* 10.99%* None* Earn more cash in more ways than anyone elseSM* Unlimited cash rewards, automatically Up to 20% Cashback Bonus® when you shop online* Double rewards with more than 100 Cashback Bonus Partners* Customer Service in less than a minute, anytime you want 0% Intro APR for 6 months on Purchases, and 12 months on Balance Transfers

Getting a 0% APR for 1 Year on Purchases and Balance Transfers

Unfortunately, Discover only offers a 0% APR on balance transfers for 1 year.  And, although they offer a 0% APR on purchases for 6 months, it is not advisable to use your Discover card for purchases, as you will be charged the standard interest rate on purchases once the 0% period expires.  Consequently, if you want to eliminate interest expenses entirely this year, your best course of action may be to apply for a separate card that offers a 0% APR on purchases for 1 year.  Below is a list of credit cards that offer a 0% APR on purchases for up to 1 year.

• Citi® Diamond Preferred® Card
• Chase Platinum Visa® Card
• Blue from American Express®
• Chase Flexible Rewards Platinum Visa® Card
• Chase Free Cash Rewards^SM Visa® Card
• Chase Platinum MasterCard®
• Disney Rewards® Visa® Card from Chase
• Citi® Platinum Select® Card
• Citi® Diamond Preferred® Card
• Major League Baseball® Extra Bases™ Credit Card
• Clear From American Express®

What if I need to transfer a balance from a Discover credit card?

If you are looking to transfer a balance from a Discover credit card, you should wait until your new credit card arrives in the mail to complete your balance transfer.  By taking this course of action, you can be sure that you are getting a 0% APR for a year.  If you are not, apply for a different card from a different company to make sure you get the best deal.  To review all current 0% APR balance transfer offers, please see our comprehensive balance transfer list.