Balance Transfer Credit Cards with Rewards Programs | finder.com

Balance Transfer Credit Cards with Rewards Programs

Discover how to repay your debt interest-free while earning rewards

Balance transfers and rewards card are both attractive features, but imagine if you could take advantage of them both with one card. Take advantage of a lower interest rate to consolidate your debts and once you’ve paid it off, earn points on purchases to reward your spending. While these cards sound like a catch, there are some factors you should consider before submitting your application.

APR for Purchases ( Purchase Rate ) Balance Transfer Rate (not intro) Maximum Balance Transfer Amount Annual fee Rewards Points per $ spent (VISA/MC)
Barclaycard NFL Extra Points Credit Card
Balance transfer offer of 0.00% for 15 months and enjoy 10,000 bonus points.
15.99% to 25.99% variable 15.99% to 25.99% variable Transfer any amount up to your available credit limit. $0 1 More info
Barclaycard Ring™ Mastercard®
A low, variable APR on purchases, balance transfers and cash advances.
10.24% variable 10.24% variable $0 0 More info
USAA Military Affiliate Cards
Earn 2,500 bonus points credited to your account with your first purchase and then 1 point per $1 spent. No expiration date.
12.15% to 27.15% variable 12.15% to 27.15% variable The daily maximum limit for balance transfers may be a total of $50,000 per USAA credit card, not to exceed each account's available transfer limit. $0 1 More info
Barclaycard Arrival Plus® World Elite Mastercard®
Enjoy 40000 bonus miles after you spend on purchases in the first 90 days — that's enough to redeem for a $400 travel statement credit toward an eligible travel purchase.
17.24%, 21.24% or 24.24% variable 17.24%, 21.24% or 24.24% variable Transfer any amount up to your available credit limit. $0 annual fee for the first year ($89 thereafter) 2 More info
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Do I get points on the the balance that I am transferring?

Unfortunately no, the debt that you transfer onto your new balance transfer credit card is not eligible for earning points. At the time of this writing, we are not aware of any card providers that offer this.

What are the features of a balance transfer credit card with rewards?

Balance transfer credit cards with rewards offer a number of features, and while these can vary from card to card, the following should give you a fair idea of what to expect:

  • Balance transfer offer. Some cards charge 0% p.a. on balance transfers during promotional periods, and some others charge low balance transfer rates. The time period of these offers typically varies in between 6 and 18 months.
  • Earning reward points. The earn rate (how many points you’ll earn per dollar) you can expect will depend on the provider and rewards program. There may also be some terms and conditions such as bonus points with partnered retailers or restrictions on transactions (such as cash advances). It also pays to find out if your points expire, and if there’s a cap on the maximum number of points you can earn.
  • Redeeming rewards. Understand exactly how you can redeem your points. Certain rewards programs give you the option to choose between an array of merchandise, store vouchers, and travel vouchers; some allow you to use your points as cashback; and some even give you the option of transferring your points to your frequent flyer program account. You’ll want to make sure these rewards suit your lifestyle so you can get the most out of your card.

What are the pros and cons of using a balance transfer credit card with rewards?

Pros

  • Save money. By paying little to no interest on balance transfers for a given time period, you can save considerably in the form of interest, especially if you manage to pay off the entire transferred balance before the promotional period comes to a close.
  • Earn rewards. If you use your credit card frequently, you can benefit by earning rewards as per your spending.
  • Make use of extras. Many such credit cards come with complimentary purchase and travel insurance covers that you can use in different circumstances. Some cards also offer round-the-clock access to a concierge service that offers assistance in various matters.

Cons

  • High-interest rate. You can expect a balance transfer card with rewards to charge a high interest rate on purchases, and if you don’t keep paying your account’s closing balance in full each month, the money you pay as interest could outweigh the rewards you earn.
  • Annual fee. Most such credit cards charge ongoing annual fees, and just how much you have to pay in annual fees depends on the extras any given card offers.

What else will I need to consider when comparing this type of card?

When you’re comparing rewards credit cards with balance transfer offers, don’t forget the following:

  • Balance transfers don’t earn rewards. At the time of writing, no credit cards offer rewards points on balance transfers.
  • The earn rate. The earn rate can vary from one rewards card to the next, so pay due attention to this aspect. Normally, platinum and premium cards offer better earn rates, and American Express usually compares better than Visa and Mastercard on this front.
  • The revert rate. At the end of the promotional period, any outstanding balance from balance transfers starts attracting the card’s purchase rate or cash advance rate. It’s usually the cash advance rate, which can be noticeably higher than the purchase rate.

Getting a balance transfer credit card with rewards can be a good idea if you have a roadmap in place and plan to pay off the entire transferred balance within the promotional period. Once you do, you can then look forward to earning rewards. The number of options on offer is a definite plus, so make sure you compare as many as possible before applying for any one.

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    US Credit Card Offers

    Important Information*
    Luxury Card Mastercard® Gold Card™
    Luxury Card Mastercard® Gold Card™

    APR

    16.24
    variable

    Annual fee

    0 For the first year
    More info
    First Access Visa Card
    First Access Visa Card

    APR

    29.99
    variable

    Annual fee

    75 For the first year
    More info
    Indigo® Platinum Mastercard® Credit Card
    Indigo® Platinum Mastercard® Credit Card

    APR

    23.9
    variable

    Annual fee

    75 For the first year
    More info
    Barclaycard Arrival Plus® World Elite Mastercard®
    Barclaycard Arrival Plus® World Elite Mastercard®

    APR

    17.24
    TO
    24.24

    Annual fee

    0 For the first year
    More info
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