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

Oct 21, 2012

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Update: Some offers mentioned below are no longer available. View the current offers here: Ink Business Cash Credit Card

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).

Chase Sapphire Preferred® Card

WELCOME OFFER: 80,000 Points


CARD HIGHLIGHTS: 3X points on dining and 2x points on travel, points transferrable to over a dozen travel partners

*Bonus value is an estimated value calculated by TPG and not the card issuer. View our latest valuations here.

Apply Now
More Things to Know
  • Earn 80,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That's $1,000 when you redeem through Chase Ultimate Rewards®.
  • Enjoy benefits such as a $50 annual Ultimate Rewards Hotel Credit, 5x on travel purchased through Chase Ultimate Rewards®, 3x on dining and 2x on all other travel purchases, plus more.
  • Get 25% more value when you redeem for airfare, hotels, car rentals and cruises through Chase Ultimate Rewards®. For example, 80,000 points are worth $1,000 toward travel.
  • With Pay Yourself Back℠, your points are worth 25% more during the current offer when you redeem them for statement credits against existing purchases in select, rotating categories
  • Count on Trip Cancellation/Interruption Insurance, Auto Rental Collision Damage Waiver, Lost Luggage Insurance and more.
Regular APR
16.24% - 23.24% Variable
Annual Fee
Balance Transfer Fee
Either $5 or 5% of the amount of each transfer, whichever is greater.
Recommended Credit

Editorial Disclaimer: Opinions expressed here are the 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.