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TPG reader Michelle sent me a message on Facebook to ask:

“Do balance transfers between credit cards give you points, and if yes, which do you recommend?”

Carrying credit card balances can be precarious, because any amount you pay in fees or interest can negate the value of the points and miles you earn, and it can damage your credit store as well. One of the biggest factors in your FICO score is the ratio of how much debt you carry each month to your total available credit.

First off, you can’t earn any points or miles on balance transfers with any reputable bank, at least not that I’m aware of. Of course if anyone else is aware of a card or bank that does allow this, please let us know in the comments section below.

If you’re transferring balances, I recommend the Chase Slate card, because it offers a 0% balance transfer APR and initially charges no balance transfer fees, which are typically around 3%. There are plenty of balance transfer cards that offer one or the other, but Slate is the only one I’m aware of that offers both.

You’re not going to earn points or miles with this card, but 15 months of 0% APR and no balance transfer fees is almost unheard of. If you’ve got the balances, put the debt there and try to pay it down. The more you can reduce your balance, the higher your score will go.

Using the Chase Slate you can pay off your balances and be closer to ending that debt. Photo courtesy of Shutterstock.

Once you’re out of debt and are no longer carrying big balances—and have learned your lesson! No judgement here though, I’ve been there—your score will be up and you can get in on some of the great sign-up bonuses 2015 has to offer.

If you have any other questions, please tweet me @thepointsguy, message me on Facebook, or send me an email at info@thepointsguy.com.

Chase Sapphire Preferred® Card

With great transfer partners like United and Hyatt, 2x points on travel & dining and a 50,000 point sign up bonus, the Chase Sapphire Preferred is a great card for those looking to get into the points and miles game.

Apply Now
More Things to Know
  • Earn 50,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That's $625 toward travel when you redeem through Chase Ultimate Rewards®
  • Named Best Credit Card for Flexible Travel Redemption - Kiplinger's Personal Finance, July 2016
  • 2X points on travel and dining at restaurants worldwide & 1 point per dollar spent on all other purchases.
  • Earn 5,000 bonus points after you add the first authorized user and make a purchase in the first 3 months from account opening
  • No foreign transaction fees
  • 1:1 point transfer to leading airline and hotel loyalty programs
  • Get 25% more value when you redeem for airfare, hotels, car rentals and cruises through Chase Ultimate Rewards. For example, 50,000 points are worth $625 toward travel
  • No blackout dates or travel restrictions - as long as there's a seat on the flight, you can book it through Chase Ultimate Rewards
Intro APR on Purchases
N/A
Regular APR
16.49% - 23.49% Variable
Annual Fee
Introductory Annual Fee of $0 the first year, then $95
Balance Transfer Fee
5.00%
Recommended Credit
Excellent Credit

Editorial Disclaimer: Opinions expressed here are author’s alone, not those of any bank, credit card issuer, airlines or hotel chain, and have not been reviewed, approved or otherwise endorsed by any of these entities.

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.