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Best Credit Card For Balance Transfers

Best Credit Card For Balance TransfersIf you’re looking to transfer a balance, there’s no better time than right now. Several banks are offering 0% APRs for as long as a year and a half, assuming you have the credit history to qualify.

But there’s only one card that is best in class for transferring a balance.

That card: Slate from Chase.

Slate from Chase

While the 0% interest rate period on the Slate card isn’t the longest available, it is still very long – a full 15 months.

What separates Slate from the rest is that it doesn’t charge a balance transfer fee during the first 60 days you have the card. That can save you a ton of money, above and beyond paying no interest, which also applies to purchases.

Most credit cards charge 3% to 5% for balance transfers, but by using Slate you would save $150 to $250 on a balance transfer of $5,000, for example.

That’s an even better deal than the Citi Diamond Preferred Card, which offers 0% interest for the first 18 months, the longest around. But Citi charges a 3% balance transfer fee.

After 60 days, Slate charges a 3% transfer fee.

Slate also comes with Chase’s Blueprint program at no extra fee.

With Blueprint, you don’t pay interest on smaller, everyday purchases like gas and groceries if you pay them off at the end of the month, while paying off larger purchases according to a payment schedule that you choose.

Your monthly statement will separate the two between “full pay” and “split” purchases. For the bigger “split” purchases, you choose a monthly payment or goal date when you want to have the balance paid off. Chase then sets up a payment plan (the “Blueprint”) for you.

While I like the concept behind Blueprint – many people need the discipline of an enforced budget – I’m concerned some people might find it overly complicated.

Best of credit card series

More in the series:

Best Credit Card For Gas Purchases

Best Credit Card For Everyday Use

While Slate is great for transferring a balance, I can’t say I recommend it as a regular, go-to spending card.

There are no spending rewards, and the APRs are nothing out of the ordinary. After the 0% period ends, the APR on Slate rises to 12.99%, 17.99% or 22.99%, depending on your creditworthiness.

However, I would hang onto it. Periodically, many cards offer attractive promotional balance transfer deals. Slate has no annual fee, so it won’t cost you anything to keep it.

Compare Chase Slate with the many other credit cards in our database.

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