If you’re carrying high-interest credit card debt and trying to stop the bleeding, a balance transfer card is one of the most practical tools you’ve got.
The concept is simple: move your balance to a card with a long 0% intro APR, then pay it off over time before interest kicks back in.
Two great options we’re always recommending: the Citi Simplicity® Card and the Wells Fargo Reflect® Card (rates and fees). Both have $0 annual fees, and both have super long intro APR offers on balance transfers.
So what actually separates them? Here’s what to know.
Citi Simplicity® Card: Save on fees of all kinds
The Citi Simplicity® Card offers 0% intro APR for 18 months on Purchases and 18 months on Balance Transfers. A 17.49% – 28.24% (Variable) APR will apply at the end of the intro period.
This offer isn’t long as the Wells Fargo Reflect® Card’s window. On the other hand, it comes with an extra-low intro balance transfer fee of 3% of each transfer (minimum $5) completed within the first 4 months of account opening.
After that, the fee jumps to 5% (minimum $5) — so make sure you transfer before then to save. On a $6,000 transfer, that’s the difference between paying $180 and $300 upfront.
Also, the big selling point: In addition to having no annual fee, the Citi Simplicity® Card charges no late fees and no penalty APR — ever. That means it’s a great choice if you’re worried about falling behind on payments again.
The Wells Fargo Reflect® Card comes with an even longer intro APR window than the Citi Simplicity® Card — you’ll get 0% intro APR for 21 months from account opening on purchases and qualifying balance transfers. That’s three months longer than the Citi Simplicity® Card in both cases. An ongoing 17.49%, 23.99%, or 28.24% Variable APR will apply at the end of the intro period.
The balance transfer fee of 5%, min: $5 stings a bit — on a $10,000 balance, you’re looking at $500 out of the gate. But if you want to save for a long time on both purchases and balance transfers, the Wells Fargo Reflect® Card is the way to go.
Another plus: Cellphone protection of up to $600 per claim when you pay your monthly phone bill with the card. Subject to a $25 deductible.
Which top balance transfer card is right for you?
Decision time: Which 0% intro APR card is right for you? To be honest, it’s pretty neck-and-neck between the two. The answer comes down to your specific situation.
If your priority is keeping costs low across the board, go with the Citi Simplicity® Card. The 3% intro transfer fee saves you real money upfront, and the no-late-fee, no-penalty-APR structure gives you a great safety net if you slip up along the way. The intro APR window it provides is still plenty of runway for most people.
On the other hand, if you’ve got a larger balance that needs more time, the Wells Fargo Reflect® Card is worth the higher transfer fee. Three extra months can make a meaningful difference when you’re chipping away at a big number.
Either way, go in with a plan. Divide your balance by the number of months in the intro period: That’s your ideal monthly payment. If you can stick to that number, you’ll be in good shape no matter which card you pick.
For more top options to help you save, check out our list of the best balance transfer credit cards available right now.