Sunday Reader Question: The Best Credit Card for Balance Transfers (And Free Credit Card Spend)?

by on October 21, 2012 · 9 comments

in Credit Cards, Sunday Reader Questions

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TPG reader Orlando asks which card is best for balance transfers:

“Quick question, what is the best credit card for balance transfers? I’m trying to consolidate all of my credit card liability into one card, but can’t seem to find the right one.”

In my opinion the Ink Cash Card from Chase is the best credit card to use for balance transfers at the moment since there is an introductory offer of 0% for 6 months, though beware, there are balance transfer fees of $5 or 3% of the amount, whichever is greater.

For those with debt, it’s critical to pay it off to not only save money on interest fees, but to improve your credit score since credit utilization is the #1 factor of your FICO score. Chase also offers the Blueprint program which helps cardholders make a plan to save money and pay down balances. I’ve been in credit card debt in the past and know how difficult it can be to get ahead and pay down balances.

Even if you aren’t in debt, you can leverage the Ink Cash card to “manufacture” credit card spend. For example, say you need to spend $5,000 within 3 months to get the 50,000 point sign-up on the Ink Bold or Ink Plus (which is conservatively worth $1,000 in my book). You can make $5,000 in purchases that you’d normally wait and then let it sit on the Ink Cash card for 6 months for free. Over time you can pay it off as needed so you don’t ever incur any interest fees. Chase is very flexible with shifting credit lines, so say you have a big line of credit on your British Airways Visa that you no longer need- you can shift that to the Ink Cash so you have more “free” spend. Just call Chase at the number on the back of your card and ask them to shift the credit lines because you need to leverage the benefits of the card (it never hurts to mention that you will then be able to shift more of your spend away from a competitor).

Disclaimer: The responses below are not provided or commissioned by the bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser's responsibility to ensure all posts and/or questions are answered.

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  • Stvr

    You’re the “points” guy. Why would a reader ask about balance transfers? My gut tells me Orlando is fake, you made the question up for referral cash.

    Points guy = loan shark

  • Andras

    stvr, what the heck are you talking about? He provides very relevant advice, and you can decide if you want to help him by applying for something that you would get anyhow.
    Now, I would have problem with TPG if they provided bad advice or tried pushing substandard products, but as long as it is a win-win proposition, why do you even spend your time leaving a mean comment?

  • Corey Malone

    If I wanted to transfer $1,500 would this card be best or the Chase Freedom. Sure, the Slate has no transfer fee but what else can it do? The Freedom can gain lots of points on all its bonuses and there is also 0% APR for 15months.
    Also, this could be the last Chase card they allow someone to have if you have too many, wouldn’t it be better to have the Freedom if you can only have one more chase card?

  • Audreyu8

    Ignore the hater! Lol..You’re my guru! :) Thank you so much for solving this dilemma for us. We are so close to redeeming our Singapore Airlines one way business class tickets from SIN-JFK (we already have our Cathay Pacific business flight from JFK-HGK) in a few months but was stumped because our AMEX Gold Business card is a charge card and we can’t justify paying our housing rental 3-4 months in advance. I have an option for a 15 month 0% interest free balance transfer for Bank of America and can finally pay it and get my points sooner. Thank you!!!

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  • Thrashsoundly

    I’m a little confused with the last section. I understand you can transfer credit lines, but are you saying to transfer the Bold or Plus 10K spend to the Slate card after unlocking the bonus? Is this even allowed?

  • Steve Dembo

    NOte: If you are trying to consolidate debt off of other Chase cards, then this is the WRONG one to get. Cannot transfer balances from other Chase cards. Bummer.

  • Andy Chen

    i don’t see why it wouldn’t be allowed. when you transfer balances between cards, the card company you’re transferring to pays the old card company the worth of the balance you had.

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