Citi Diamond Preferred is a good balance transfer card for people with good credit or better who need a long time to pay off their balance. Diamond Preferred lets you do that at a reduced rate. It offers an introductory APR of 0% for 18 months on balance transfers. It also has a $0 annual fee.
The offer isn’t perfect though. Citi Diamond Preferred’s balance transfer fee is 3% (min $5). Most balance transfer cards charge 3% or less. The regular APR that applies to any balance not paid off within the intro period is pretty high too.
You can request a Citi Diamond Preferred balance transfer when you apply for the card. Citi accepts balance transfers from other credit cards, auto loans, student loans and other credit accounts. But you can’t transfer a balance from another Citi loan or credit card to Diamond Preferred.
Since Diamond Preferred only allows balance transfers up to or below your available credit limit, and you won’t know what your credit limit is until you’re approved, you may not get the entire balance transfer amount you request. Balance transfer requests over the available credit limit are usually rejected. But in some cases, Citi will adjust the amount so it falls under the approved credit limit. Balance transfer approvals may take up to 30 days.
You should do a balance transfer if it will save you money, based on your current interest rate, the balance transfer credit cardyou can expect to qualify for, and the monthly payment amount that you can afford. The point of doing a balance transfer is to make debt less expensive and easier to pay off. So you should not do a balance transfer if your credit isn’t good enough to get a card with a low balance transfer APR and fee, or if you won’t be able to pay off most of the transferred balance before the card’s regular APR takes effect. Most balance transfer credit cards require at least good credit for approval and have high regular rates.… read full answer
To decide whether you should do a balance transfer, as well as which credit card is best for the job, use a balance transfer calculator. There are lots of numbers to crunch when considering a transfer, including introductory balance transfer APRs, regular APRs, balance transfer fees and annual fees. It’s hard to take everything into account without some help. You can also check for pre-approval from several issuers to see which cards you have the best chance of getting.
Doing a balance transfer means using a new credit card to pay down existing debt from another credit card or loan. A transfer should save you money on interest and enable you to pay off your debt faster. But if you’re not careful, you could wind up with even more debt and a higher interest rate than you started with.
You have moderate debt: The best balance transfer cards have minimum credit limits of $500 - $1,000, but will offer higher credit limits to people with higher credit scores. If you have a lot of debt, you may only be able to transfer part of what you owe.
You take fees into account: Balance transfers cost you a percentage of the total debt transferred, usually 3% to 5%. That fee gets added to your balance on the new card. So the balance plus the fee must be less than or equal to your credit limit on the new card. A few cards do not charge a transfer fee.
You have a payoff plan: Figure out what monthly payments you’ll need to make to pay off the balance by a target date. Aim to pay in full before any low intro APR period ends, given that regular rates are often above 20%.
You have a separate credit card for new purchases: When you charge a new purchase to a balance transfer card, it’s subject to the card’s purchase APR. And there’s not always a low intro APR for purchases, even when a card offers 0% balance transfers.
If you decide that you should do a balance transfer, make sure to shop around for the best offer. Take a look at the best balance transfer credit cards and compare their terms to see which one fits your needs.
Once you do a balance transfer, you may be tempted to apply for another balance transfer card when the introductory APR on your current card expires. That may sound like a good plan to avoid paying interest, but it’s easy to rack up more debt than you can afford. Plus, 0% APR balance transfers aren’t always available.
The best balance transfer credit card is not one-size-fits-all. The answer depends on how much you owe, how quickly you’ll be able to repay it and what your credit score is. Those factors will tell you which cards are attainable and help you figure out how much each will save you. But we can certainly point you in the right direction.… read full answer
WalletHub’s editors compared hundreds of credit cards based on their balance-transfer appeal. In the end, five cards in particular stood out. None of them charge annual fees. Most of them require at least good credit for approval. And you can get the rest of the particulars below.
Here are the best balance transfer credit cards:
Balance Transfer Fee
Citi Simplicity® Card - No Late Fees Ever
0% for 18 months
3% (min $5)
14.74% - 24.74% (V)
Comerica Bank Visa® Platinum Card
0% for 20 months
3% (min $5)
13.49% - 23.49% (V)
Wells Fargo Platinum card
0% for 18 months on qualifying balance transfers
3% for 120 days, then 5%
16.49% - 24.49% Variable
Bank of America® Cash Rewards Credit Card for Students
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