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Bank of America content was last updated on April 1, 2022.
Credit card rewards can be a useful and lucrative advantage. You can earn cashback, frequent flyer miles or points that can be redeemed for travel or other perks.
Before choosing a balance transfer reward card, you should know that you are not rewarded for the amount of the balance transfer: you are only rewarded for new spending. And if you have a balance, you will immediately pay interest on any new expenses. Instead, focus on paying off your balance and reducing that monthly payment by finding a balance transfer card with an introductory annual interest rate of 0%.
There are cards that offer both low interest balance transfers and rewards. But you shouldn’t let the promise of a reward be the deciding factor in choosing a card.
Best balance transfer cards with reward programs
If you look at the best balance transfer credit cards, you will notice a wide variety of cards from different issuers. The cards on this list tend to have lower interest rates than other cards, as well as an initial balance transfer interest rate of 0% for 12-18 months.
Some of the best balance transfer cards also have reward programs:
Citi Dual Cash Card
The Citi® Double Cash Card offers an initial 0% APR on balance transfers for the first 18 months (followed by a variable APR from 14.74% to 24.74%). You can also get 1% cashback when you spend money and another 1% when you pay for purchases. But the card does not offer an introductory APR on purchases.
Chase Slate Edge
Chase Slate Edge℠ offers an initial 0% APR on purchases and balance transfers for the first 18 months (followed by a variable APR from 15.24% to 23.99%). Other notable features include a 2% annual interest rate reduction if you pay off your balance on time and spend at least $1,000 by your next account anniversary, and no annual fees.
Bank of America Cash Rewards Personal Credit Card
The Bank of America® Customized Cash Rewards credit card offers an initial 0% annual interest rate on balance transfers (made within the first 60 days) and purchases during the first 15 billing cycles (thereafter a variable annual interest rate from 14.74% to 24.74 %). This card also allows you to earn 3% Cashback in one of the following categories: Gasoline, Online Shopping, Restaurants, Travel, Pharmacy or Home & Furniture – your choice. It also offers 2% cashback on grocery stores and wholesale clubs and 1% cashback on everything else. Please note that for the 2% and 3% categories, there is a general spending limit of $2,500 each quarter.
Wells Fargo active bank card
The Wells Fargo Active Cash® Card offers an initial annual interest rate of 0% on qualifying balance transfers (made within the first 120 days) for the first 15 months of account opening (thereafter a variable annual interest rate of 15.74%, 20.74%, or 25.74%). Additional card benefits include a $200 cash reward when you spend $1,000 on purchases during the first three months and a flat rate of 2% cash rewards on purchases.
Should you get a credit card with a balance transfer without a fee?
If you’re serious about earning rewards, you can separate cards that have a balance from those that offer rewards. In other words, don’t try to earn rewards with cards you have a balance on because you’ll be paying interest on those expenses.
Instead, if you are eligible for a bonus card, do not keep a balance on it. Rather, transfer the balance to a card with a low or introductory 0% interest rate.
There are also some good non-rewarding options among balance transfer cards. For example, the Citi® Diamond Preferred® card offers 0% initial annual interest rate on balance transfers for 21 months and 0% initial annual interest rate on purchases for 12 months (then variable annual interest rate from 14.49% to 24.49 %). Please note that you must complete the balance transfer within four months of opening the account. It also provides cardholders with VIP access to ticket sales, preferred seating and other perks through Citi Entertainment.
Do you need to get a credit card to transfer the rewards balance?
If you like any of the above balance transfer cards that offer rewards, by all means apply for it. But you might want to consider putting off any new purchases on the new card until you’ve paid off the transferred balance. So, if you want one of these cards and want to earn rewards now, don’t transfer your balance to it.
bottom line
It’s better to focus on paying off debt than worrying about rewards. But if you absolutely must have a rewards card, make it one where you pay no interest for the privilege of earning rewards.
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