Traveling the world is a dream for many. With eye-catching destinations like Santorini, Paris, Bali, and more, it’s no wonder so many have wanderlust. However, affording these dream trips can be difficult. That’s where balance transfer credit cards come in.
Balance transfer cards allow you to transfer debt from other credit cards onto the new card, often at a very low or 0% introductory APR for a set period of time [1]. This can save you money on interest charges, allowing you to pay down balances faster. Many balance transfer cards also come with tantalizing travel rewards you can use towards flights, hotels, cruises, and more.
Below we’ll explore some of the top balance transfer card options for earning travel points and miles. We’ll also provide tips on how to maximize these cards to afford your next vacation.
Chase Slate Balance Transfer card
The Chase Slate® Balance Transfer card offers a 0% intro APR for the first 15 months on balance transfers (then a 16.49% – 25.49% variable APR). This gives you over a year to pay down debt without accruing interest [2].
While the Chase Slate® card doesn’t earn traditional travel rewards, it partners with Expedia to offer cardholders special discounts and savings on hotel bookings, vacation packages, car rentals and more. Additional card benefits include no balance transfer fee when completed within the first 60 days and no annual fee.
Citi Diamond Preferred® Card
The Citi Diamond Preferred® Card provides an intro 0% APR for 21 months on balance transfers completed within 4 months of account opening (then a 16.24% – 26.24% variable APR) [3]. This gives you nearly two years to pay down debt without incurring interest.
While also not a traditional travel rewards card, the Citi Diamond Preferred® Card allows you to earn Citi Easy Deals points on purchases. Points can then be redeemed for gift cards to use towards travel-related expenses. Additional benefits include no balance transfer fee when transfers are completed within 4 months of account opening and no annual fee.
Wells Fargo Reflect Card
The Wells Fargo Reflect® Card provides one of the longest 0% intro APR periods available — 18 months on purchases and balance transfers (then a 16.49% – 27.49% variable APR) [4]. This provides ample time to reduce debt without accruing interest.
Unique among balance transfer cards, the Wells Fargo Reflect® Card allows you to earn travel rewards points. Cardholders earn 3X points on eligible dining, travel, transit and popular streaming services and 1X point on other purchases. Every $1 spent equals 1 point that can be redeemed towards cash back, gift cards, merchandise and travel.
Additional perks include no annual fee and cell phone protection against covered damage or theft when monthly cell service payments are made with the card.
BankAmericard Credit Card
The BankAmericard® Credit Card offers an intro 0% APR for 18 billing cycles on balance transfers completed within the first 60 days (then a 16.49% – 26.49% variable APR) [5]. So you have over a year and a half to pay down transferred debt without incurring interest charges.
Though not marketed specifically as a travel rewards card, the BankAmericard® allows you to earn points for online shopping rewards, gift cards and even cash back you can put towards your next vacation. Additional benefits include no annual fee and no balance transfer fee for the intro 0% APR time period.
Citi Double Cash Card
While not offering an intro 0% APR on balance transfers, the Citi® Double Cash Card does provide a very generous rewards program [6]. Cardholders earn an unlimited 2% cash back on all eligible purchases with 1% earned when you buy and 1% earned when you pay it off.
Cash back earned can be redeemed for gift cards to use towards travel or as a statement credit. Additional benefits include one of the longest 0% intro APR periods available on purchases (18 months), no annual fee and no late fees ever.
Strategies for Maximizing Balance Transfer Cards
Below are some key tips for making the most of balance transfer cards to earn rewards for your next dream vacation:
- Focus on paying down the transferred balance during the 0% intro APR period
- Use your newfound monthly savings to earn bonus points and miles
- Consider opening more than one card to extend the intro 0% APR period
- Be sure to monitor key dates and pay transferred balances before interest kicks in
- Pay at least the minimum monthly payment on other credit cards to avoid late fees
- Maintain on-time payments and low credit utilization to protect your credit score
Using these strategies can help you earn travel points while becoming debt-free faster. Just be sure to avoid temptation and not take on additional high-interest debt during the intro period that could negate your savings.
How Credit Score is Impacted by Credit Balance Transfers in 2024
Start Exploring Your Escape Plan
Achieving your travel dreams is possible even on a budget. Taking advantage of generous balance transfer offers is a strategic move to make travel more affordable. As you chip away at debt, start exploring destinations, making tentative itineraries and even setting trip savings goals. This will help increase anticipation (and motivation)! With a sound paydown strategy, you’ll be sipping drinks on a tropical beach before you know it.
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