Bankrate keeps a pulse on what people are saying about popular credit card topics, like using a balance transfer to help consolidate debt. We found that while many people prefer using a balance transfer to help payoff debt, others prefer alternatives like using an emergency fund instead. 

Consumers now seem more torn about using a 0 percent intro APR card to handle debt. For example, a Reddit user had $9,000 in credit card debt that they could pay off with emergency savings. However, they asked the community whether a balance transfer card would be a better idea since they were worried about potential emergencies. Both solutions quickly gained traction in the thread: one user suggested a balance transfer card, but another recommended using an emergency fund.

“If you can avoid using the 0 percent [intro] APR as an opportunity to take on more debt, it’s probably a good idea,” one user commented in favor of balance transfer cards. “[T]aking the balance transfer offer would probably save you money unless you pay off your current card in less than three months.”

However, another user pointed out that savings accounts don’t accumulate interest as fast as credit cards, so paying off the debt with an emergency fund may be the better option.

Both options are valid and have advantages and drawbacks if you’re in a similar dilemma. A balance transfer card could protect your savings, but a financial emergency could derail your payment plan. Paying off the balance with your savings immediately gets you out of debt, but any unexpected expenses could risk you getting into credit card debt again.

Finding a credit card debt payoff plan that works for you is the best approach if you catch your card balance snowballing before it’s unmanageable. An issuer’s credit card hardship program may help pay off debt if you qualify, but some of these repayment plans may still allow interest to accrue. 

*The quotes and citations included on this page have been verified by our editorial team and are accurate as of the posting date. Outlinked content may contain views and opinions that do not reflect the views and opinions of Bankrate.

Currently, the Wells Fargo Reflect, Citi Diamond Preferred and Citi Simplicity cards offer some of the longest intro APR periods. Although any temporary break from credit card APR is beneficial, a longer intro offer will give you the best opportunity to pay off your transferred balance. 

A few factors could cause you to experience a temporary dip in your credit score: applying for a new credit card usually involves a hard inquiry that affects your credit score and opening a new card shortens your average account age. Also, if you apply for many new accounts in a short time or close an account as soon as you transfer a balance, these actions could negatively affect your score.

However, if you pay down the balance on time every month and keep your debt-to-credit ratio low overall, then your credit score might not be impacted as much. 

Read more: How does a balance transfer affect your credit score?

To complete a balance transfer, you’d need to complete the following: 

1. Apply for a balance transfer credit card and get approved
2. Initiate a transfer to your new balance transfer card through your online account with your new issuer
3. Wait for verification that the transfer is complete
4. Set your payment plan in motion

Keep in mind that there can be a few difference in limits and policies depending on the card’s issuers:

• How to do a balance transfer with Chase
• How to do a Discover balance transfer
• How to do a balance transfer with American Express
• How to do a balance transfer with Citi
• How to do a balance transfer with Wells Fargo
• How to do a balance transfer with Capital One
• How to do a balance transfer with Bank of America

Read more: Should I cancel my balance transfer?

Yes, but transferring balances multiple times can quickly deplete your available credit and increase your overall debt-to-credit ratio since you're only moving the debt and not paying it off. That makes it harder for you to get approved for future credit and can cause your interest rates to rise as well. If you are in a position where you need to transfer your credit card balance more than once, then you should consider alternative options before doing so.

The primary factor in a balance transfer or low-interest card’s rating and its inclusion in our list is the quality of its introductory APR offer and ongoing APR. This includes both the introductory rate itself and the length of the intro APR on both balance transfers and new purchases. 

For cards designed primarily for balance transfers, the intro APR offer on balance transfers has the largest impact on overall score. The quality of these cards’ intro APR on new purchases is also considered, but holds less weight than the intro APR on balance transfers. 

For general low-interest cards, the intro APR offer on new purchases has the largest impact on overall score, followed by the ongoing APR and intro APR offer on balance transfers. This weighting assumes cardholders considering a card in this category will prioritize payment flexibility on new purchases or may need to carry a balance long term, whereas cardholders trying to pay off debt will opt for a dedicated balance transfer card.

The cards that score the highest in these categories and are most likely to be included in our list tend to offer long 0% intro APRs on both balance transfer and new purchases as well as a lower-than-average low-end APR. 

Along with evaluating each card’s intro APR offers, we score balance transfer and low-interest cards based on their fees. 

Of primary importance is a card’s balance transfer fee, since this can play a large role in the total cost of a balance transfer. We rate each card’s balance transfer fee based on how it stacks up against the fee you’ll find on competing cards. 

While this fee carries less weight when we assess general low-interest cards than dedicated balance transfer cards, it still factors into our evaluation since cardholders may decide to transfer debt to a low-interest card even if it offers no intro APR or an intro APR higher than 0 percent.

And while a lower balance transfer fee could save you more overall than a few extra months of 0 percent intro APR, this fee carries less weight in our scoring system than a card’s introductory APR and intro APR period. This is because many users prioritize getting as much time as possible to pay off debt while avoiding interest. 

Other fees considered in our assessment include the presence of annual, foreign transaction, cash advance and late payment fees, along with penalty APRs. Annual fees are weighted most heavily since these are the only “unavoidable” fees in the list and tend to be less common on dedicated balance transfer and low-interest credit cards.

While getting a generous intro APR offer and low ongoing APR are likely to be the biggest priorities for someone looking for a low-interest or balance transfer card, we also consider how much value a card can offer after its intro APR comes to an end. 

Balance transfer and low-interest cards receive a higher rating and are more likely to be included in our list of best cards if they also include an ongoing rewards program or unique and valuable perks. Such features make a card more useful long term and make it less likely you’ll need to apply for a new card (and temporarily hurt your credit score) after you pay off debt.

With this in mind, our best cards list often includes a number of rewards and cash back cards alongside dedicated balance transfer cards. These cards tend to offer slightly shorter intro APR periods, but could help you save more overall, either via rewards earned on everyday spending, valuable perks or a lower balance transfer fee.