**Updated for consumers heading into 2017**
Now that it is 2016, you might want to consider lowering your credit card debt and any high interest rates you might be facing. Many of us have seen credit score improvements in 2015, allowing us to achieve a lower interest rate. Yet how do you make use of a lower interest rate if you are trapped into an older credit card locked in with a high interest rate? The answer is to open a new account with a lower interest rate and then to transfer your older higher interest credit card balances to this new account. Here are the top balance transfer credit card offers of 2016, as posted online at http://bestcreditcards.org.
Amex EveryDay® Credit Card from American Express
Unlike most American Express cards, this card is actually a credit card, where as most cards offered by Amex are charge cards. What makes this credit card great is that it also offers rewards for using it, but also they offer a 0% intro APR on purchases and balance transfers for 15 months. After this intro offer period expires, your interest rate will vary between 13.24% to 22.24%, depending on several factors, including your credit score. The rewards come in the form of membership points, and these points can be redeemed to pay for hotel stays, all of part of a flight, and vacation or cruise bookings. They also offer a sign up bonus of 10,000 points, provided that you spend just $1000 within 90 days of opening up your account. The average credit score needed for this card is 678, yet some people still get approved with a score as low as 631. This card carries no annual fee.
Citi® Diamond Preferred® Card
This is the years go to card if you want a zero % interest rate for a long period of time, allowing you to pay down your outstanding credit balances. This credit card offers an amazing 21 month 0% intro rate on any balance transfers, which gives you nearly 2 years to payoff your balance. This intro offer not only applies to credit card balance transfers, but also to new purchases, giving you some purchase power if the need arises, without the added worry of interest rates. There is a balance transfer fee involved, which will amount to either 3% of the amount of each transfer. This credit card also offers rewards, in the form of Citi Easy Deals Points. Citi Easy Deals Points can be redeemed online for deals on local products, services, gift cards and even name brand merchandise. The average credit score needed for approval is 735, but people with credit scores as low as 680 have been approved. This card carries no annual fee.
This is another great credit card offering you a 0% intro APR on balance transfers for 18 months. You also receive cash back of 5% in rotating categories, that change every 3 months. You earn 1% cash back on any other purchases. After your 0% intro rate expires, your interest rate could be as low as 10.99% or as high as 22.99% variable interest rate, depending on your credit score and other factors. Customer service is 100% U.S. based, so no annoying phone calls with someone claiming that there name is “paul” with a thick accent from some third world nation. You can also track your actual FICO score for free every month online. The best part about this card, outside of the 18 months of zero percent interest is that this credit card will double your cash back at the end of the year, for your first year only. So if during the year you have earned $500 cash back, at the end of the year you will receive another $500 cash back. They also have a credit freeze feature available.