While the Bank of America Unlimited Cash Rewards card carries no annual fee, the 3% balance transfer fee will cost you $150, which we figured into our calculations. $10) fee to take advantage of the generous 18-month 0% APR promotional period offered on this card and you must transfer your balance within the first 60 days of opening the account to qualify for the promotional APR. If you transfer a $5,000 balance to the Bank of America Unlimited Cash Rewards card and can make payments of $286 or more each month, you can pay off your credit card debt entirely within a year and a half. We also considered other card benefits like points or miles, but we regarded these as a secondary concern, since cost of credit card debt typically swamps the value of any rewards you might earn.
To find the best balance transfer credit cards, we assumed your aim was to pay off a significant amount of credit card debt-for simplicity we picked $5,000-as quickly and cheaply as possible.
That’s why Buy Side from WSJ named this card its Best Overall Balance-Transfer Credit Card. While you may be able to find another card that offers a longer interest-free period or a lower balance transfer fee, you won’t find a single card that delivers the complete package that the Unlimited Cash Rewards credit card does. The card also offers cash back rewards on purchases, making it a good choice to keep around even after your balances are paid off. The card’s balance transfer fee of 3% is lower than many offerings from other banks, and it charges no annual fee, meaning you will minimize the fees you pay while working to pay down your debt.īut what really makes the Unlimited Cash Rewards card stand out is that its 0% APR applies to purchases, meaning that you can also use the card for ongoing spending without paying any interest. This is one of the longest balance transfer periods available. Unlimited Cash Rewards offers a 0% introductory APR on balance transfers and purchases for your first 18 billing cycles.
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