Drowning in credit card interest? Explore top Visa balance transfer cards for 2023. Cut APR, save big, and reclaim financial freedom!. Here is our guide to balance transfer credit cards along with our list of the top Visa balance transfer cards.
Credit card interest rates are at record highs, with the average APR now over 19%. If you're carrying balances on high-rate cards, you could be hemorrhaging money unnecessarily. The smart move is to transfer those balances to a low or 0% intro APR card. Visa offers some of the most competitive balance transfer cards on the market today.
Read on for our picks of the top Visa balance transfer cards for 2023 based on long intro 0% APR periods, low fees, flexible credit requirements, and valuable ongoing rewards.
How Balance Transfers Work
A balance transfer allows you to move debt from an existing credit card over to a new card. Many cards offer a 0% introductory APR on transfers for 12 months or longer. This "teaser" rate gives you over a year to pay off your debt without accumulating any new interest charges.
To initiate a transfer, you need to open a new card and submit a request to the issuer to pay off balances from old accounts. The issuer will send payment directly to your other creditors. Typically a 3-5% balance transfer fee applies, but this is far lower than racking up 20%+ interest every month.
Transfers must be completed within the intro 0% term to avoid deferred interest. You can transfer any amount up to your new credit limit. Target moving high-rate balances first to maximize interest savings. Make a plan to pay off the full amounts before regular APR kicks in.
Benefits of Balance Transfer Cards
The most obvious benefit is saving substantially on interest. If your rate is 25% and you transfer $5,000, you'd accrue $1,250 in interest yearly. With a 0% APR for 15 months, you'd pay $0 in interest and pocket the $1,250.
Balance transfers also provide a structured repayment plan. Knowing you need to pay off the balance during the intro term helps you focus on becoming debt-free.
Lastly, transfers can help simplify managing multiple debts. Rather than tracking several cards and minimum payments, everything is consolidated into one place.
Things to Consider Before Applying
Balance transfers offer great savings, but do come with limitations:
- Fees: Expect a 3-5% upfront transfer fee on amounts moved over. Still far lower than interest costs.
- Timing: Transfers take 1-2 billing cycles to complete. Start the process 1-2 months before your existing 0% APR expires.
- Credit limits: Requested transfer amounts can't exceed your new card's limit. Check you have enough available credit beforehand.
- Payment priority: If you continue using the card, new purchases accrue interest before transferred balances are paid off. Make transfers your payment priority.
- Deferred interest: Interest accrues retroactively on transfers not fully paid off by the promo end date. Have an exit strategy.
As long as you plan ahead and maintain diligent payments, balance transfers provide substantial interest savings. Now let's look at the top Visa card offers for transfers in 2023.
The Best Visa Balance Transfer Cards
Chase Freedom Unlimited: A Cash Back Marvel
Introductory Offers
- Intro Purchase APR: 0% for 15 months
- Regular APR: 20.49% - 29.24% Variable
- Intro Balance Transfer APR: 0% for 15 months
- Annual Fee: $0
Chase Freedom Unlimited kicks off with a bang,is one of the top balance transfer cards offering a 0% Intro APR on purchases and balance transfers for the first 15 months. What sets it apart is the Unlimited Matched Cash Back offer. At the end of your first year, Chase automatically matches all the cash back you earned, with no limits. This card goes beyond with 3% cash back on drugstore and restaurant purchases, 5% on travel through Chase Ultimate Rewards®, and a solid 1.5% on all other purchases.
Additional Features
- Enjoy the freedom of choice with no minimum redemption for cash back.
- No annual fee makes this card even more appealing.
- Keep track of your credit health with Chase Credit Journey.
Wells Fargo Reflect Card: Extending the Introductory Bliss
Introductory Offers
- Intro Purchase APR: 0% for 21 months
- Regular APR: 18.24%, 24.74%, or 29.99% Variable
- Intro Balance Transfer APR: 0% for 21 months
- Annual Fee: $0
Wells Fargo Reflect Card stands out as one of the best balance transfer cards with an extended 0% Intro APR for both purchases and qualifying balance transfers over 21 months. This generous introductory period provides ample time to manage your balances without incurring interest charges. The card is designed for those with a good to excellent credit score.
Should You Get the Wells Fargo Reflect Card in 2023? A Closer Look
Chase Slate Edge: Reducing Interest, Increasing Savings
Introductory Offers
- Intro Purchase APR: 0% for 18 months
- Regular APR: 20.49% - 29.24% Variable
- Intro Balance Transfer APR: 0% for 18 months
- Annual Fee: $0
Chase Slate Edge also makes into our list of best balance transfer cards as it appeals to those looking to lower their interest rates. With a 0% Intro APR for the first 18 months on both purchases and balance transfers, this card provides a significant advantage. Moreover, responsible card usage can lead to a 2% APR reduction each year, promoting financial responsibility.
USAA Rate Advantage Credit Card: A Military-Friendly Option
Introductory Offers
- Intro Purchase APR: None
- Regular APR: 12.15% to 29.15% Variable
- Intro Balance Transfer APR: 0% for 15 months, then variable
- Annual Fee: $0
Tailored for military members and their families, the USAA Rate Advantage Credit Card offers a 0% intro APR for 15 months on balance transfers. Beyond the introductory period, enjoy a low variable regular APR and benefits like no annual fee and no foreign transaction fees.
OpenSky Plus Secured Visa Credit Card: Rebuilding Credit with Confidence
Introductory Offers
- Intro Purchase APR: N/A
- Regular APR: 29.99% (variable)
- Intro Balance Transfer APR: N/A
- Annual Fee: $0
For those building or rebuilding credit, the OpenSky Plus Secured Visa Credit Card provides a solid option. With no credit check required for application and a high approval rate, it's an excellent choice for those with no credit history. After 6 months of responsible use, cardholders may be considered for an unsecured credit line increase.
Also Read:
- Master Your Finances in 2023: Top Balance Transfer Credit Cards
- 5 Best Balance Transfer Credit Cards for Bad Credit
Frequently Asked Questions
How much can I transfer?
You can transfer any amount up to the credit limit on your new card. Request a limit high enough to consolidate your desired balances.
When do transfered balances need to be paid off?
Transferred amounts must be fully paid off before the intro 0% APR period ends. Any remaining balance will start accruing up to 30% interest retroactively.
Can I transfer from any credit card?
Most balance transfers can be initiated from major credit card brands, including Visa, Mastercard, American Express, and Discover. Store cards likely won't qualify.
What credit score do I need?
You'll typically need good to excellent credit (690+ score) to qualify for one of the top balance transfer cards with the longest 0% terms and lowest fees.
Can I continue using the card after transferring a balance?
Yes, but new purchases won't get the intro 0% APR. Be sure to pay off the transferred balance first before spending on the card.
Are balance transfers worth the fee?
The fee is generally 3-5% of the transferred amount. On a $5,000 transfer, that's $150-$250. This pales in comparison to paying up to 30% interest for over a year, which would cost over $1,000.
Does Visa allow balance transfers?
Yes, Visa credit cards often provide balance transfer options, allowing cardholders to move existing balances from one card to another. Specific terms and conditions may vary, so it's essential to check the details of the individual Visa card.
Do balance transfers hurt credit score?
Initiating a balance transfer may result in a temporary dip in your credit score due to a hard inquiry. However, in the long term, responsible management of the new credit account can contribute positively to your credit score.
Is it a good idea to transfer credit card balance?
Transferring a credit card balance can be a good idea to consolidate debt, reduce interest payments, and make repayment more manageable. Consider factors such as balance transfer fees and introductory APR periods.
What is the downside of a balance transfer?
The downside may include balance transfer fees and potential interest if the balance isn't paid off within the introductory 0% APR period. Carefully read terms and conditions to assess the overall cost.
How do you avoid interest on a balance transfer?
To avoid interest, pay off the transferred balance within the specified 0% introductory APR period. Ensure timely and complete payments, and consider any associated balance transfer fees.
How long does a credit card balance transfer take to clear?
Most balance transfers can be completed within two weeks, with some taking only a few days. However, the exact timeline can vary among credit card issuers.
What happens to the old credit card after a balance transfer?
After a balance transfer, the old credit card may still be active. Individuals may choose to keep it open for credit history or close it. Monitor both accounts and consider the impact on credit.
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