Best Balance Transfer Cards With 0% APR of December 2023

How we assess the best balance transfer credit cards

A balance transfer credit card is a tool people can use to help pay off debt. Balance transfer cards typically come with an introductory 0 percent APR offer for a set length of time, and you won’t pay any interest on your transferred balance during that time. This gives you a chance to pay off the principal balance without additional interest adding to your debt. 

In exchange for allowing you to transfer a balance, the new card will typically charge a balance transfer fee. This fee is usually 3 percent to 5 percent of the balance you’re transferring, with a minimum often set at $5. 

When the intro APR period ends, interest will apply to any remaining balance at the end of each billing cycle like a regular credit card. The average intro APR period is 12 to 21 months, with many of the best balance transfer intro periods falling around 18 to 21 months. 

Plenty of things make a balance transfer card worthwhile, but some of the drawbacks may have you eyeing other options. Consider the following pros and cons when taking a look at a balance transfer credit card. 

A 0 percent intro APR offer could save you several hundred dollars or potentially more than a thousand dollars if you're paying down a large balance. You can use our calculator to get a quick estimation of potential savings.

Experian’s most recent data shows that the average credit card balance reached $6,365 in the second quarter of 2023. We chose three of our top balance transfer cards to demonstrate different balance transfer card terms and how those terms would affect savings with each card. 

Here’s how much you could save by transferring a credit card balance of $6,365 to some of our best balance transfer credit cards based on the following conditions:

• Balance transfer fee: You would pay the 3 percent to 5 percent balance transfer fee upfront. 
• Intro offer: You would pay off the $6,365 balance within the intro offer period for each card.
• Interest and savings: We calculate potential savings with each card by comparing how much interest you would pay on your current card at 20 percent APR minus the balance transfer fee (calculated with our Credit Card Payoff Calculator; 20 percent being the approximate current average interest rate).

*Potential savings = the interest paid on the current card minus the new card’s balance transfer fee.

A balance transfer card is an effective tool to help you pay off debt, but you’ll want to consider key details before putting in an application. To help guide you on choosing a balance transfer credit card that fits your unique financial situation, consider the following questions:

What issuers do you prefer?

You may have certain banks or card issuers that you prefer. While it’s fine to try to stick to your favorites, keep in mind that you won’t be able to transfer your balance from one card to another card from the same issuer. For example, you can’t transfer a balance from your Citi rewards card to a balance transfer card issued by Citi. While you peruse your card options, make sure that the ones you consider don’t have the same issuer as the card you're transferring your balance from. 

How much time do you have to make the transfer?

A good balance transfer card will allow you to make transfers within a generous window of time after the opening of your account. Some cards give you 90 days from account opening while other cards have a longer or shorter window. Consider this timeframe when choosing your card so you can be sure that you arrange to transfer your balance on time. You’ll need to set up the actual balance transfer and settle your balance transfer fee. You should also aim to make all your following payments on time.

What is the balance transfer fee?

The difference between a 3 percent balance transfer fee and a 5 percent balance transfer fee could be significant, depending on the amount you want to transfer. If you want to save, consider taking a closer look at cards with a 3 percent balance transfer fee. If the amount you want to transfer is relatively small, a 5 percent balance transfer fee may still be a reasonable option.

Does the card have a long introductory APR offer?

You’ll want to choose a card with an intro APR offer period that matches how much time you reasonably need to pay off your balance. The best balance transfer cards offer a 0 percent intro APR on transfers for 18 to 21 months. 

What is the ongoing interest rate after the 0% intro APR period?

You’ll also want to figure out what APR you'll face after the introductory period ends. Interest rates vary widely and knowing exactly what you're signing up for is helpful if you need to occasionally carry a balance beyond your intro period.

Does the card have long-term value?

Most balance transfer cards trade top-notch card features for a lengthy intro APR period. Some may offer general benefits like purchase protections and identity theft protection services, but a few of the best also earn rewards or provide additional discounts or savings on purchases.

Will you need to make new purchases on the card?

Not all balance transfer cards provide an intro APR offer for new purchases. Keep this in mind if you plan to use the card for new purchases in addition to a balance transfer. In that case, you may want to consider a card that has an intro APR offer for both balance transfers and new purchases. Depending on the cardholder agreement, some issuers may charge interest on new purchases if you’re carrying any balance, including from a balance transfer. 

Is a balance transfer card the best option?

Balance transfer cards are most effective for debt that you believe you can pay off in two years or less. If your debt payoff timeline doesn’t fit the intro APR offer period or you have multiple forms of unsecured debt, a balance transfer card may not be right for you. An alternative option is a personal loan, which can potentially allow you to consolidate some or all of your debt with a fixed interest rate and monthly payment. Make sure you crunch some numbers to see whether a balance transfer card or a personal loan is the most beneficial for your financial situation. 

Here’s how a Bankrate expert chose her balance transfer card

When Bankrate editor Ashley Parks chose a balance transfer card to help her pay off debt, she prioritized certain card details over others. But there’s one detail that she wishes she’d looked at more closely before deciding.  

I chose the BankAmericard credit card for a couple key reasons. The first was the card’s lack of a rewards program. This detail was important to me since I needed the extra discipline that came with eliminating the possibility to earn rewards. Second, I also wanted the longest intro APR offer I could get because I felt most comfortable having a long payoff timeline just in case something came up to disrupt my plan. I’m grateful that I managed to snag the card before the length of the intro offer decreased from 21 months to 18 months. It reminded me of how card offers can change, and it could be a good idea to take advantage of a competitive offer while it’s available.

One thing I wish I had given more thought to when I was choosing a balance transfer card is the transfer window. There came a time when I would have liked to transfer another balance to my BankAmericard, but since the 60-day transfer window had passed, I was out of luck. I didn’t want to transfer a balance knowing that I would still have to pay interest on it.

— Ashley Parks, Bankrate editor

We want you to be able to take full advantage of a new balance transfer card. So, we’ve broken down a few key tips and tricks to remember as you get started. 

Initiate your balance transfer as soon as possible

Some cards have a window of time within which you must initiate transferring a credit card balance to receive the full benefits of the intro offer. Additionally, the sooner you transfer the balance, the sooner interest stops accruing on that debt.

Keep up with old card payments until your transfer is complete 

You don’t want to run the risk of seriously hurting your credit by missing a payment, since payment history is the most significant factor affecting your credit score. Until you have confirmation from your previous issuer that your balance transfer is complete, keep up with payments on your card to protect your credit. 

Design your payoff strategy around your intro APR window

The best way to maximize your balance transfer card is to make sure you pay off your transferred balance within the intro period. Doing so allows you to avoid interest charges, and it also provides a clear timeline for you to pay down your debt. Once you add up your payoff total (including balance transfer fees), you can calculate how much you’ll have to pay each month to pay off the entire balance before the intro period ends.

Don’t miss a payment

Missing a payment on your balance transfer card could void your intro offer, so nailing down a payment plan and sticking to it is crucial to getting the maximum benefit. If for some reason you can’t pay the full amount that’s part of your personal debt payoff strategy, at least pay the minimum amount on your card statement.

Think twice before closing your old card

In general, it's ideal to leave older credit card accounts active, since canceling them may lower your credit score and reduce your available credit. Closing your old card could also cause a sudden increase to your utilization rate, or debt-to-credit ratio. Keeping the card open also helps increase the average age of your credit history, which is a factor in establishing creditworthiness.

Transferring a credit card balance to a balance transfer card is one of the best ways to pay off debt and save money, but you have other options, too. Here are a few alternatives to consider:

More people are carrying credit card debt than ever before, according to a Bankrate survey. More than 45 percent of consumers are carrying a credit card balance each month, and of those people, 60 percent have been carrying a balance for more than a year. Recent data from the Federal Reserve Bank of New York also shows that credit card debt has reached an all-time high totaling $1.03 trillion in Q2 2023.

Carrying balances means a pileup of recurring interest charges for many Americans at a time when credit card APRs are the highest on record and getting higher. A balance transfer card is one way to reduce the amount of interest card issuers charge you each month and can help you work toward reducing your overall debt.