Balance Transfer Credit Card Reviews

CLEAR FROM AMERICAN EXPRESS REVIEW:Apply Now | Back to Chart

Clear from American Express is the card with no fees of any kind. This sets it apart from our other recommended balance transfer cards, which all charge a 3% balance transfer fee. The Clear card has no such fee, although instead of the 0% intro APR our other recommended cards offer, it has a 3.99% balance transfer intro APR. When you do the math, it turns out that for those who are going to pay off their transferred balance in less than 9 months, Clear from American Express is the cheapest option available. In addition to no fees of any kind, Clear from American Express cardholders also enjoy a 0% intro purchase APR for 6-12 months and an easy, automatic cash reward program. There is no annual fee, and there are no balance transfer fees, no late fees, no over-limit fees and no cash advance fees. After the introductory period for both balance transfers and purchases, the APR will be between 9.24% and 17.24%, depending on your credit history. Also keep in mind that only balance transfers requested within the first 30 days will be subject to the fixed 3.99% interest rate for the first 12 months.

You'll automatically receive a $25 American Express shopping card for every $2,500 you spend. There is no limit to how much cash back you can earn, but each $25 gift card will expire after 1 year. You can also request a complimentary credit report each year, which includes your credit score and tips on how to improve it.

If your main motivation to get a credit card is to transfer a higher interest balance and you will pay it off in less than 9 months, Clear from American Express is probably your most cost effective way to go. No fees of any kind and an automatic cash rebate program make Clear from American Express a great option for the long term as well.

DISCOVER OPEN ROAD REVIEW:Apply Now | Back to Chart

The Discover Open Road Card offers a 0% introductory APR on balance transfers while also rewarding you generously for all your gas and auto maintenance purchases. The balance transfer APR is 0% for the first 12 months, and the purchase APR is 0% for the first 6 months. After the introductory periods end, both interest rates will be between 11.99% and 18.99%, depending on your credit. There is a transfer fee of 3%.

In terms of rewards, you will earn 5% cash back on your first $100 in combined gas and auto maintenance purchases each month. Initially, you will also earn .25% cash back on all other purchases. Once you have spent $1,500 with your card annually, you will begin earning .5% cash back on all other purchases, and once you spend $3,000 you will earn 1% cash back on all other purchases, including any gas and auto maintenance purchases that exceed the $100 monthly limit. These cash back tiers are based on your annual spending whereas the $100 gas and auto maintenance limit is based on monthly spending. There is no limit to the total amount of cash back you can earn. Rewards are redeemable in $20 increments.

This card is great for those who are looking for a year long, 0% balance tranfer but also value a gas rewards program. While Discover Card is not accepted at as many places as other cards, the vast majority of gas stations do accept it, so it makes sense to use there. If you have excellent credit and fit this criteria, the Discover Open Road Card is likely your best choice.

DISCOVER MORE CARD REVIEW:Apply Now | Back to Chart

The Discover More Card offers a 12 month, 0% intro APR for balance transfers made in the first 3 months of getting your card to all approved cardholders regardless of which ongoing APR you qualify for. It also has a generous although fairly complicated cash-back rewards program, making it a very strong choice for those looking to transfer a balance. The introductory APR for purchases is 0% for the first 6 months, and the ongoing APR ranges from 11.99% to 18.99%. The balance transfer APR is 0% for the first year, after which it will be the same as the purchase APR. There is also a 3% fee for balance transfers.

Cardholders earn 5% cash back on up to $800 in purchases within select categories including travel, home improvement stores, department stores, gas stations, restaurants, pet stores and many more. The individual categories that you can earn 5% on rotate every 3 months. For example, from October-December 2008 they are grocery stores, restaurants and movies and from January to March 2009 they are airlines, hotels, car rentals and cruises. Cardholders also earn .25% cash back on all other purchases until they spend $1,500 annually with the card, and then earn .5% cash back until spending exceeds $3,000 annually. Once cardholders reach the $3,000 threshold, they begin earning 1% cash back for all other purchases the rest of the year. Total cash back is unlimited, and cash is redeemable in $20.00 increments.

The balance transfer introductory period and interest rate are very competitive and the cash back rewards program is quite good. For consumers who have excellent credit and would like to transfer a high interest balance to a 0% account for 12 months and still have the opportunity to earn significant cash rewards, the Discover More Card is a fantastic option.