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A balance transfer credit card can help you manage and eliminate debt with introductory offers that provide a temporary break from interest charges. The best balance transfer credit cards available from our partners have introductory 0% APR offers lasting 12 to 20 months, giving you an opportunity to avoid paying APR on a transfer until 2022 — or even 2023. You can see how it works with our Credit Card Balance Transfer Calculator and Credit Card Payoff Calculator.
Debt can cause a major disruption in your personal finances, affecting not only your current situation but also future credit opportunities. The good news is that you have the ability to calm things down with the help of a balance transfer credit card.
On this page, you can check out recommendations for the best balance transfer credit cards available from our partners. You’ll also find useful everyday tips on managing debt.
| Card Name | Bankrate’s pick for | Balance transfer Intro APR Period | Regular APR |
|---|---|---|---|
| Citi® Diamond Preferred® Card | Excellent credit | 18 months | 13.74% – 23.74% variable |
| BankAmericard® credit card | No penalty APR | 0% intro APR for 18 billing cycles for any balance transfers made in the first 60 days | 12.99% – 22.99% variable |
| Discover it® Balance Transfer | Rotating category cash back | 18 months | 11.99% – 22.99% variable |
| Wells Fargo Active Cash℠ Card | Best for 2% cash rewards | 15 months | 14.99%-24.99% variable |
| U.S. Bank Visa® Platinum Card | Best for long intro APR period | 0% intro APR for 20 billing cycles for balance transfers made in the first 60 days | 14.49% – 24.49% variable |
| Citi Custom Cash℠ Card | Automatic bonus category | 15 months | 13.99% – 23.99% variable |
| Wells Fargo Platinum card | Good credit | 18 months (on qualifying transfers) | 16.49% – 24.49% variable |
| Citi Simplicity® Card | No late fee | 18 months | 14.74% – 24.74% variable |
| Citi® Double Cash Card | Up to 2% cash back | 18 months | 13.99% – 23.99% variable |
| Bank of America® Customized Cash Rewards credit card | Flexible rewards categories | 0% intro APR for 15 billing cycles for any balance transfers made in the first 60 days | 13.99% – 23.99% variable |
| Bank of America® Unlimited Cash Rewards credit card | Best for unlimited 1.5% cash back | 15 billing cycles for any balance transfers made in the first 60 days | 13.99% – 23.99% variable |
Read our full Citi® Diamond Preferred® Card review.
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Read our full BankAmericard® credit card review.
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Read our full Discover it® Balance Transfer review.
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Read our full Wells Fargo Active Cash℠ Card review.
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Read our full U.S. Bank Visa® Platinum Card review.
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Read our full Citi Custom Cash℠ Card review.
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Read our full Wells Fargo Platinum card review.
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Best for no late fee
Read our full Citi Simplicity® Card review.
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Read our full Citi® Double Cash Card review.
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Read our full Bank of America® Customized Cash Rewards credit card review.
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Read our full Bank of America® Unlimited Cash Rewards credit card review.
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A balance transfer involves moving debt from one credit account to a different account, typically by using a balance transfer credit card that has a lower interest rate than the original account. A balance transfer card can help you pay off debt by transferring your existing balance to a new credit card with a 0% intro APR period. During that time, you have the chance to pay off the principal without having to pay interest.
Although balance transfers are primarily used for credit card debt, each issuer has its own rules for what types of debt you can transfer. Depending on the issuer, your balance transfer options could include:
However, most issuers will not let you transfer a balance from an existing account with that same issuer. Also, some issuers let you transfer multiple debts to one balance transfer card, a form of debt consolidation.
The key to getting the most value out of a balance transfer credit card is to keep making your monthly payments during the intro period until the balance reaches zero. The potential benefits are significant, just as long as you hold up your end of the bargain.
Used correctly, a balance transfer credit card with an introductory 0% APR offer can help you address some key financial issues. A balance transfer card is worth considering for the following people:
If you’re looking to pay down credit card debt and avoid added interest costs, a solid balance transfer card may work well for you. Debt can be expensive, especially credit card debt. As of September 22, Bankrate estimates the current average interest rate on credit cards at 16.21% variable. The best balance transfer credit cards come with 0% APR intro offers that provide a temporary zero-interest window.
While balance transfer offers are commonly measured in months, the typical loan is an arrangement that lasts for years. If you find yourself looking for extra time to pay off a balance but you don’t want the long-term commitment of a loan, balance transfer cards usually offer a quicker solution along with the advantage of 0% intro APR offers. Although loans do have their benefits, they’re best suited for very large debts that exceed the normal limit for balance transfers.
For people who are looking to improve their overall financial health, paying off debt can significantly improve your credit utilization. Your credit utilization ratio represents how much available credit you have compared with how much you’re using. The amount of debt you owe accounts for 30 percent of your FICO credit score.
If you like to keep all your ducks in a row and in one place, consider transferring multiple balances to one balance transfer credit card. This way, you’ll have just one monthly payment to keep track of — no more multiple accounts, passwords and payment due dates.
If you’re paying down a large balance, a 0% intro offer could save you several hundred dollars or more.
Experian reports that the average credit card balance reached $5,315 in 2020. Here’s how much you could save by transferring $5,315 in debt to one of our best balance transfer credit cards, based on the following conditions:
| Card Name | Balance transfer intro offer period | Regular APR | Balance transfer fee | Potential savings minus transfer fee |
|---|---|---|---|---|
| Wells Fargo Active Cash℠ Card | 15 months for qualifying transfers | 14.99%-24.99% variable | $159.45 (3%) | $575 |
| Citi® Diamond Preferred® Card | 18 months | 13.74% – 23.74% variable | $159.45 (3%) | $720 |
| Citi Custom Cash℠ Card | 15 months | 13.99% – 23.99% variable | $265.75 (5%) | $469 |
| BankAmericard® credit card | 18 billing cycles (on any transfers made in first 60 days) | 12.99% – 22.99% variable | $159.45 (3%) | $720 |
| Wells Fargo Platinum card | 18 months on qualifying transfers | 16.49% – 24.49% variable | $159.45 (3%)* | $720 |
| Citi Simplicity® Card | 18 months | 14.74% – 24.74% variable | $159.45 (3%) | $720 |
| Citi® Double Cash Card | 18 months | 13.99% – 23.99% variable | $159.45 (3%) | $720 |
| Bank of America® Unlimited Cash Rewards credit card | 15 months | 13.99% to 23.99% variable | $159.45 (3%) | $575 |
| U.S. Bank Visa® Platinum Card | 20 billing cycles (on transfers made in first 60 days) | 14.49% – 24.49% variable | $159.45 (3%) | $819 |
| Bank of America® Customized Cash Rewards credit card | 15 billing cycles (on any transfers made in first 60 days) | 13.99% – 23.99% variable | $159.45 (3%) | $575 |
| Discover it® Balance Transfer | 18 months | 11.99 percent to 22.99 percent variable | $159.45 (3%)* | $720 |
*The introductory balance transfer fee for the Wells Fargo Platinum and Wells Fargo Active Cash Card is 3% or $5 for 120 days after account opening. The fee for each qualifying balance transfer after 120 days is up to 5%, with a minimum of $5. The introductory balance transfer fee for the Discover it® Balance Transfer is 3% of the amount of each transfer. After, the fee for each qualifying balance transfer after is up to 5%.
The best credit cards for balance transfers share a number of key features. To find the one that’s best for you and your unique financial situation, consider the following questions:
Most credit cards, including cards for balance transfers, list a recommended credit score to apply. Check your credit score before you start shopping and then compare it with each card’s recommended credit score to get an idea of whether you might qualify. Most balance transfer cards recommend credit scores ranging from good to excellent (usually 670 or higher). Although you might find it easier to get a balance transfer card for bad credit, the tradeoff will probably involve a shorter introductory offer.
The most useful balance transfer cards are the ones that include an introductory offer providing a temporary window to pay off the balance interest-free before the standard APR would apply. The second-best option would be a low-interest intro offer. If you can’t find a card with an introductory offer, at the very least look for one with a standard APR lower than what you’re currently paying.
The longer the intro offer lasts, the more time you’ll have to pay down your transferred debt. A longer introductory period also translates to smaller monthly payments. Every month of temporary relief from interest represents potential savings.
The limit for balance transfer cards depends on the card, the issuer and specific aspects of your financial situation. Typically, issuers will let you transfer a balance (plus fees) that is no higher than your credit limit. If you want to make a balance transfer that exceeds your credit limit, you’ll have to ask the issuer for an increase. A Bankrate poll found that only 18 percent of cardholders requested a credit limit increase in 2020, but 70 percent of those who asked did receive a higher limit.
Understanding balance transfer fees is one of the most important parts of having a balance transfer credit card. A balance transfer fee will be applied to whatever balance you are transferring onto your new card, usually at 3 or 5 percent of that balance amount. For example, if you have $10,000 in credit card debt to transfer, a balance transfer fee of 3 percent is equal to $300. A balance transfer fee of 5 percent would be $500. It’s very important to be fully aware of any potential fees you incur on your card, as they could hamper your goals to pay down debt in a timely or more cost-effective manner. Look for cards with lower balance transfer fees.
You’ll find essential details in the card’s terms and conditions, including the balance transfer fee, penalties for late payments and how much time you’ll have to transfer the balance to qualify for the introductory offer. If you have trouble finding the information you’re looking for, call the issuer or go to their website.
Does the card have features that make it worth keeping after you’ve used the balance transfer offer to pay off debt? Credit card rewards shouldn’t be the main motivation behind getting a balance transfer card, but cash back or points can increase a card’s long-term value.
A balance transfer card offers a lot of advantages for managing debt and getting a temporary break from interest. The keys are choosing the right card with the right offer and then paying the balance down to zero before the introductory offer ends.
Still unsure? Read the full story: Is a balance transfer a good idea?
You don’t have to be an expert in personal finance to understand the balance transfer process. It’s essentially a matter of moving debt from one credit account to another. The main things to know are:
If you have questions at any point in the process, contact a customer service representative for help. It’s your money, after all, so you’ll want to get everything right.
Nowadays, 20 months and 18 months are the gold and silver standards for 0% intro APR offers with balance transfer credit cards. A number of cards offer 15 months at an introductory zero-interest rate, while others fall into the 12-month range.
Although any temporary break from credit card APR is beneficial, a more lengthy intro offer will give you the best opportunity to avoid interest as you pay off your transferred balance.
Here’s a look at some of the longest 0% intro APR offers currently available:
| Balance transfer credit card | 0% intro APR offer | Transfer a balance by September 30, 2021 and avoid regular APR until: |
|---|---|---|
| Wells Fargo Active Cash℠ Card | 15 months on qualifying transfers (14.99% – 24.99% variable after) | December 30, 2022 |
| Citi Diamond Preferred Card | 18 months (13.74% – 23.74% variable after) | March 31, 2023 |
| Citi Custom Cash℠ Card | 15 months from date of first transfer (13.99% – 23.99% variable after) | December 30, 2022 |
| BankAmericard credit card | 18 billing cycles on any balance transfers made in first 60 days (12.99%-22.99% variable after) | March 31, 2023 |
| Wells Fargo Platinum card | 18 months on qualifying transfers (16.49% – 24.49% variable after) | March 31, 2023 |
| Citi Simplicity Card | 18 months (14.74% – 24.74% variable after) | March 31, 2023 |
| Citi Double Cash Card | 18 months (13.99% – 23.99% variable after) | March 31, 2023 |
| Bank of America® Unlimited Cash Rewards credit card | 15 billing cycles for any balance transfers made in the first 60 days (13.99%-23.99% variable after) | December 30, 2022 |
| U.S. Bank Visa® Platinum Card | 20 billing cycles on balance transfers made in first 60 days (14.49%﹘24.49% variable after) | March 31, 2023 |
| Bank of America Customized Cash Rewards credit card | 15 billing cycles on any balance transfers made in first 60 days (13.99%-23.99% variable after) | December 30, 2022 |
| Discover it® Balance Transfer | 18 months (11.99%-22.99% variable after) | March 31, 2023 |
*Terms and Restrictions Apply
If you have a large credit card balance that you’ve been carrying over from month to month, redeeming your rewards for travel or merchandise should probably be the last thing on your mind. The good news is that changes in credit card rewards policies could create an opportunity to ease your way into a debt-reducing balance transfer.
If you have a standard cash back card, it’s easy to redeem rewards as a statement credit or as a deposit into your bank account. With travel cards, however, you normally lose value when you redeem for anything other than travel expenses. Redeeming for statement credits might not even be an option. Fortunately, some credit card issuers have responded to lifestyle changes and travel restrictions caused by the coronavirus pandemic by updating their redemption policies to provide more value when you redeem rewards for non-travel purchases.
The Pay Yourself Back program from Chase is one example. Chase Sapphire Preferred® Card and Chase Sapphire Reserve® cardholders get a boost in value when they redeem points for travel through the Chase Ultimate Rewards portal. Now, Pay Yourself Back has given these cardholders the option of redeeming points against certain existing purchases — essentially a statement credit — with the same increases in point value (50 percent with the Sapphire Reserve and 25 percent with the Sapphire Preferred).
If your rewards card balance has become unmanageable and your issuer allows this kind of redemption, you might consider this strategy:
In the meantime, keep your rewards card open and use it for essential purchases only to keep from running up another big balance. Continue making on-time and in-full payments on your new balance transfer credit card until you’ve paid off the debt you transferred to it.
Want to know more about transferring balances to a credit card? Here’s a list of our top resources from Bankrate’s personal finance experts:
If you want to do a balance transfer with a specific bank or card issuer, Bankrate has detailed guides from the following financial companies:
Bankrate writers and editors have evaluated dozens of options to determine which cards are most likely to help you achieve your financial goals with a balance transfer. In this category, our 5-star scoring system pays particular attention to the essential features of a balance transfer credit card, including:
Balance transfer cards should ideally have a long 0% APR introductory offer — between 12 and 18 months, if not longer. You’ll have more time to pay off the transferred balance before the regular APR takes effect.
Regular variable APR is the interest rate that you will be charged after the introductory 0% APR period. Ideally, the low end of the variable APR range should be at least a few points below 16% with a high end no more than 26%.
The best balance transfer credit cards will charge a low fee on transferred balances, or even no fee at all. If you have an excellent credit score, consider asking to have the fee lowered or waived.
Have more questions for our credit cards editors? Feel free to send us an email, find us on Facebook, or Tweet us @Bankrate.
* See the online application for details about terms and conditions for these offers. Every reasonable effort has been made to maintain accurate information. However all credit card information is presented without warranty. After you click on the offer you desire you will be directed to the credit card issuer's web site where you can review the terms and conditions for your selected offer.
Editorial Disclosure: Opinions expressed here are the author’s alone, and have not been reviewed or approved by any advertiser. The information, including card rates and fees, is accurate as of the publish date. All products or services are presented without warranty. Check the bank’s website for the most current information.
