For those seeking financial relief from credit card debt, a balance transfer card can be a valuable tool to regain control of their finances.
By transferring existing balances to a card with a lower or 0% APR introductory rate, individuals can save on interest payments and crush their debts sooner. While balance transfer cards offer various benefits, they are particularly advantageous for certain individuals.
Here are 12 types of people who can benefit from a balance transfer card.
If you’re over 50, take advantage of massive discounts and financial resources
Over 50? Join AARP today — because if you’re not a member you could be missing out on huge perks. When you start your membership today, you can get discounts on things like travel, meal deliveries, eyeglasses, prescriptions that aren’t covered by insurance and more.
How to become a member today:
- Go here, select your free gift, and click “Join Today”
- Create your account (important!) by answering a few simple questions
- Start enjoying your discounts and perks!
Important: Start your membership by creating an account here and filling in all of the information (Do not skip this step!) Doing so will allow you to take up 25% off your AARP membership, making it just $12 per year with auto-renewal.
People with some high-interest credit card debt
If you find yourself burdened by high-interest credit card debt, a balance transfer card can provide relief by offering a lower or 0% APR introductory period, allowing you to save on interest payments and accelerate your debt payoff journey.
People with good or excellent credit
If you have good or excellent credit scores, you’ll be well-positioned to qualify for the most favorable terms and perks offered by balance transfer cards. These can include longer introductory periods and higher credit limits which can maximize the potential for savings and financial flexibility.
People planning a large purchase responsibly
If you’re anticipating a significant purchase, a balance transfer card with a 0% APR introductory period can serve as a cost-effective financing option, provided you have a clear repayment plan in place to settle the balance before the promotional period ends. Knowing for certain that you’ll be able to pay it off within the 0% APR period is crucial.
Resolve $10,000 or more of your debt
Credit card debt is suffocating. It constantly weighs on your mind and controls every choice you make. You can end up emotionally and even physically drained from it. And even though you make regular payments, it feels like you can never make any progress because of the interest.
National Debt Relief could help you resolve your credit card debt with an affordable plan that works for you. Just tell them your situation, then find out your debt relief options.1
How to get National Debt Relief to help you resolve your debt: Sign up for a free debt assessment here. (Do not skip this step!) By signing up for a free assessment, National Debt Relief can assist you in settling your debt, but only if you schedule the assessment.
People who are not tempted to spend more because of the 0% APR
If you possess the discipline to resist the temptation of increased spending during the 0% APR introductory period, you can leverage a balance transfer card effectively to focus on debt repayment without accumulating additional financial liabilities.
People looking to consolidate bills
If you're juggling multiple bills and struggling to keep track of various due dates and interest rates, a balance transfer card can streamline your finances by consolidating your debts into a single monthly payment. This can simplify your financial management and potentially reduce your overall interest burden.
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People seeking to build or rebuild credit
If you aim to establish or improve your credit history, you can utilize a balance transfer card to demonstrate responsible credit management behavior. Actions such as making timely payments and maintaining low credit utilization can boost your credit score over time.
People facing a temporary financial setback
If you’re encountering a temporary financial setback, such as unexpected medical expenses or a job loss, a balance transfer card can offer a temporary reprieve by providing breathing room to manage expenses without accruing additional interest charges.
People with irregular income streams
If you have irregular income streams, such as freelancers or seasonal workers, you may benefit from the flexibility offered by a balance transfer card. It may allow you to adjust your payment schedules and carry a balance without incurring a high interest rate (at least for an introductory period).
People planning a wedding or major life event
Planning a wedding or other significant event can put a strain on your finances, but a balance transfer card can help alleviate some of the financial stress by offering a temporary interest-free period to cover expenses and spread out payments over time.
Earn cash back on everyday purchases with this rare account
Want to earn cash back on your everyday purchases without using a credit card? With the Discover®️ Cashback Debit Checking account (member FDIC), you can earn 1% cash back on up to $3,000 in debit card purchases each month!2
With no credit check to apply and no monthly fees to worry about, you can earn nearly passive income on purchases you’re making anyway — up to an extra $360 a year!
This rare checking account has other great perks too, like access to your paycheck up to 2 days early with Early Pay, no minimum deposit or monthly balance requirements, over 60K fee-free ATMs, and the ability to add cash to your account at Walmart stores nationwide.
Don’t leave money on the table — it only takes minutes to apply and it won’t impact your credit score.
People nearing retirement
If you’re approaching retirement age, you may benefit from using a balance transfer card to streamline your debt obligations and reduce your overall financial burden before transitioning into retirement. It may allow you to enter this new phase of life with greater financial security and peace of mind.
People seeking debt consolidation
If you find yourself grappling with multiple debts from various sources, a balance transfer card presents an opportunity for streamlined debt consolidation.
By transferring existing balances onto a single card with a lower or 0% APR introductory period, you can simplify your repayment process. This should reduce your interest charges and could help you gain better control over your finances.
People transitioning jobs
During periods of job transition, such as switching employers or experiencing temporary unemployment, managing finances can become challenging.
A balance transfer card can offer relief by providing a temporary reprieve from interest charges, allowing individuals to navigate the transition period more comfortably and maintain financial stability until they secure stable employment.
Bottom line
As you assess your financial situation and debt management strategies, consider whether one of the best balance transfer cards aligns with your goals and circumstances.
By understanding the diverse benefits and suitability of these cards for various individuals, you can make informed decisions to enhance your financial well-being and achieve your long-term financial objectives.
Lucrative, Flat-Rate Cash Rewards
FinanceBuzz writers and editors score cards based on a number of objective features as well as our expert editorial assessment. Our partners do not influence how we rate products.
Wells Fargo Active Cash® Card
Current Offer
$200 cash rewards bonus after spending $500 in purchases in the first 3 months
Annual Fee
$0
Rewards Rate
Earn unlimited 2% cash rewards on purchases
Benefits
- Low spend threshold for its welcome offer — $200 cash rewards bonus after spending $500 in purchases in the first 3 months
- Cell phone protection benefit (subject to a $25 deductible)
- Can redeem rewards at an ATM for literal cash
Drawbacks
- Foreign transaction fee of 3%
- No bonus categories
- Select “Apply Now” to take advantage of this specific offer and learn more about product features, terms and conditions.
- Earn a $200 cash rewards bonus after spending $500 in purchases in the first 3 months.
- Earn unlimited 2% cash rewards on purchases.
- 0% intro APR for 12 months from account opening on purchases and qualifying balance transfers. 19.74%, 24.74%, or 29.74% Variable APR thereafter; balance transfers made within 120 days qualify for the intro rate and fee of 3% then a BT fee of up to 5%, min: $5.
- $0 annual fee.
- No categories to track or remember and cash rewards don’t expire as long as your account remains open.
- Find tickets to top sports and entertainment events, book travel, make dinner reservations and more with your complimentary 24/7 Visa Signature® Concierge.
- Up to $600 of cell phone protection against damage or theft. Subject to a $25 deductible.
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