The Best Balance Transfer Credit Cards Of 2020

Balance transfer credit cards are an excellent option for consolidating your debt and getting on top of your monthly payments. If you know you can pay off most of your outstanding balance within the introductory period, and you use it responsibly, there’s no reason why you shouldn’t consider a balance transfer card as a debt repayment strategy.  

If you want to get out of debt and get your personal finances back on track, check out’s best balance transfer credit cards of 2020. 

Longest 0% Intro APR Period

Citi Simplicity ranked the City Simplicity credit card at the top of its list because it has one of the longest introductory periods of any balance transfer card. With it, you can enjoy no interest on balance transfers and purchases for 18 months. Plus, there are zero late fees, penalties, or annual fee, making the Citi Simplicity one of the most affordable cards on the market.

Although it has a 14.74% to 24.74% APR, you may be able to avoid it entirely if you pay off your balance before the offer expires.

Most Affordable Ongoing APR

PenFed Gold Visa

Having a balance transfer credit card with a lengthy introductory period is nice, but what happens if you’re unable to pay your debt before it ends? With the PenFed Gold Visa balance transfer card, you don’t have to worry about paying steep interest rates. 

New cardholders can enjoy 0% APR for one year on transfers, then 17.99% after that. Depending on your creditworthiness, the standard rate ranges from 7.49% to 17.99% on purchases. 

Not only that but if you spend $1,500 or more within 90 days of opening your account, you’ll receive a $100 statement credit. The PenFed Gold Visa has no fees — that means no annual fee, no cash advance fees, no late fees, and no penalties if you pass your credit limit. 

Best For Flexible Long-Term Use

Citi Double Cash Card

The Citi Double Cash credit card is an excellent choice whether you use it to consolidate your debt or for everyday purchases. As a balance transfer card, you pay no interest for 18 months and only a 3% fee (or $5, whichever is greater). When you pay everything off, you can start to earn rewards like unlimited 2% cash back on all purchases. The Citi Double Cash card has no annual fee, making it a low-cost option to have on hand.

Best Rewards Program

Discover it Cash Back

The Discover it Cash Back card is featured on many best credit card lists thanks to its generous cash back rewards. However, it also makes an excellent balance transfer credit card. With it, you can get 0% APR for 14 months on purchases and balance transfers. 

You can also earn 5% back on the first $1,500 you spend on select bonus categories every quarter, plus 1% on all other purchases. There’s no annual fee, and you can exchange your points for cash back, gift cards, travel, and much more. 

Discover also offers Cash Back Match, where it will match what you collected during your first year so you can enjoy double the rewards. While this card has an above-average balance transfer fee — 5% — the rewards may offset this expense.

Best Overall Balance Transfer And Purchase Card

Citi Diamond Preferred Credit Card

Last but not least, we have the Citi Diamond Preferred Credit Card. New cardholders pay no interest for purchases or balance transfers for the first 18 months after opening. For this reason, the Citi Diamond Preferred a smart choice when you want to manage your debt or buy a big-ticket item and pay it off interest-free. 

This credit card also has competitive interest rates starting at 14.74%, considerably lower than other credit cards. Another perk that Citi Diamond Preferred cardholders can enjoy is Citi Entertainment, which gives you exclusive access to concerts, dining experiences, and more — all without having to pay an annual fee.

Before You Sign Up For A Balance Transfer Card

While it’s true that balance transfer cards are an excellent debt management strategy, they won’t work if you aren’t proactive about your situation. So before you sign up for yet another credit card, keep these factors in mind:


  • The zero-APR promotion will eventually end
  • This type of credit card won’t help if you pay just the minimum balance 
  • Don’t spend just to earn rewards


Lastly, don’t be afraid of a balance transfer card that comes with an above-average transfer fee. If everything else about that specific card fits your needs, then it may be the right one for you. After all, the money you save on interest payments will far outweigh the cost of the balance transfer fee.


  • “Best Balance Transfer Credit Cards of 2020.” Money, 1 Apr. 2020,
Ian Schindler