Balance Transfer Rewards Credit Cards

Before opening one of the balance transfer rewards credit cards listed below (some of which are issued by WalletHub advertising partners), you should really think about how such a card will impact your finances. Though … show moreyou might think that it will allow you to earn points, miles or cash back on the amount you transfer or simply save money on purchases that you make while paying down your transferred debt, neither is likely. First of all, most credit card companies only allow customers to earn rewards on purchases (i.e. not on transfers and cash advances). While a handful of cards occasionally allow you to earn rewards on balance transfers, we do not provide the ability to specifically identify these cards because doing so would distract consumers from finding the balance transfer credit card with the longest 0% introductory term. Secondly, it is a bad idea to make purchases with a … show morebalance transfer credit card. Since you will already be revolving a balance, you won’t have a grace period for purchases, and interest will start getting assessed to any purchase you make as soon as you make it. For example, if you transfer a $4,000 balance to one of the balance transfer rewards credit cards listed below and proceed to use said card to make new purchases, the average amount of debt you have above $4,000 will incur interest each month. Finally, it’s not even a good idea to wait until your transferred balance is paid off in full before using your balance transfer rewards card to make purchases, as at that time it would be more beneficial to find a card purely focused on rewards. We therefore suggest finding the best balance transfer credit card and getting out of debt before you even contemplate rewards.