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Len Penzo dot Com

The offbeat personal finance blog for responsible people.

How to Choose the Best Balance Transfer Card

By Len Penzo

how to choose the best balance transfer cardA balance transfer credit card is a great way to consolidate debts spread across multiple credit cards by transferring them to a single credit card account. The most important consideration in choosing the best one for you depends on how you plan to use it. Here’s how to choose the best balance transfer card:

If you’ll pay the bill off every month, focus of getting a card with:

  • The longest possible grace period
  • No annual fees
  • Multiple reward options and simple redemption rules

If you can’t pay off the bill every month, then look for a card with:

  • The lowest-possible interest rate.

Then, don’t forget to:

Check the introductory annual percentage rate (APR) terms!

That teaser rate may not apply to everything so check to see if it applies to regular purchases, balance transfers, or both.

Watch those fees!

Some cards may come with introductory balance transfer fees.

Consider closing your old accounts.

Any credit card companies you transfer balances from will remain open unless you contact them.

Avoid balance bouncing!

Continually jumping from one balance transfer card to the next can be tempting but its a bad idea. So do yourself a favor and focus on retiring your debt instead!

Photo Credit: GotCredit

2 Comments July 24, 2025

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Comments

  1. 1

    Kenny says

    Don’t leave home without it!

    Reply
    • 2

      Len Penzo says

      That made me laugh out loud, Kenny. However, I don’t think anybody under age 50 will get that one.

      Reply

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