11 Best Balance Transfer Cards With 0% APR of June 2023

A balance transfer credit card can help you pay off your debt by transferring existing card balances to a new credit card with a 0 percent intro APR period. During that time, you can pay off the principal balance without paying interest. 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.

Want to learn more? Read our full guide on how balance transfer credit cards work.

What is a balance transfer fee?

A balance transfer fee compensates a lender for taking the risk of issuing a temporary interest-free loan. The typical fee is 3 or 5 percent of the transferred balance and is always at least $5 or $10. While there are some cards with no balance transfer fee (mainly credit union cards), most major cards place a fee on balance transfers. 

How long does a balance transfer take?

The amount of time it takes for the balance to transfer from one credit card to another will vary by issuer. The process typically takes five to seven days, but some credit card companies may take up to six weeks to complete balance transfers, while others may take as little as two days. You will typically receive an estimated turnaround time from your card provider in advance.

Also, if your new card issuer approves your balance transfer request, it must coordinate the transfer with your current card issuer, which could cause potential delays.

A 0 percent intro offer could save you several hundred dollars or more if you're paying down a large balance. Experian’s most recent data shows that the average credit card balance reached $5,910 in the third quarter of 2022. 

Here’s how much you could save by transferring a credit card balance of $5,910 to one of our best balance transfer credit cards, based on the following conditions: 

• You would pay the balance transfer fee upfront and pay off the $5,910 balance within the intro offer period.
• Potential savings with each card are calculated 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.

According to The Federal Reserve, about half of all credit card users carry a month-to-month balance. If you find yourself among this group and your current card has a high interest rate, a balance transfer credit card with an introductory 0 percent APR offer can help you address some key financial issues and save a bit on interest. However, if you have other goals besides merely transferring a balance — such as earning rewards, having a longer 0 percent APR period or preferring a low-interest card — be sure to factor these into your selection process.

Depending on your specific situation, we suggest balance transfer cards for:

Still unsure if a balance transfer credit card is right for you? Check out our Credit Card Spender Type Tool where you can get personalized credit card recommendations based on your credit score, spending habits and daily needs.

If you're looking for a new card, a 0 percent balance transfer credit card might be the way to go. Before you apply for a balance transfer credit card, it's important to consider whether or not this type of credit card is right for your situation.

A balance transfer card is right for you if you have high interest rates on your credit cards and want to lower them or need help getting out of debt quickly and efficiently. A balance transfer card can help reduce your monthly payments by removing accumulating interest costs while you whittle down your balance. It also helps if you have good or excellent credit and can keep up with the payments. 

It’s the best fit for cardholders whose primary concern is paying off credit card debt and who don’t mind sacrificing top-tier rewards or other cardholder perks in order to get their finances back in order. A 2023 Bankrate survey found that more than half of people say that money negatively impacts their mental health; balance transfer cards, when used appropriately, can be a step toward reducing the amount of financial stress you feel from high-interest credit card debt.

A balance transfer card isn't right for you if you don't have any interest on your credit card debt or if you already have low interest rates on your credit cards. Likewise, people who don’t intend to carry a balance or don’t have a strategy for paying off a transfer balance may also want to avoid a balance transfer card. Racking up a balance can increase your debt-to-credit ratio, which defeats the sole purpose of using a balance transfer card. 

It’s also best to skip a balance transfer card if you don’t have a good credit score, you may miss payments or you have a history of missed payments or defaulting on loans. You also won’t get much out of these types of cards if you want access to special perks and rewards, like frequent flyer miles or high-level cash back, because balance transfer cards often don't offer much in the way of rewards.

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. To get started, what you’ll need to do is:

Learn more: What to do when your balance transfer is denied 

Balance transfer guides by credit card issuer

If you want to do a balance transfer with a specific bank or card issuer, Bankrate has detailed guides from the following financial companies:

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

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.

Transferring a credit card balance to a balance transfer card is one of the best ways to pay off debt and save money, but there are other ways to manage your debt that don't involve a balance transfer card. Here are a few options to consider:

• Find out if you can qualify for a reduced interest rate: Your credit score may have improved since you opened the account, so requesting a reduced interest rate from your issuer may be beneficial. You might be able to get some points deducted from your rate or have your account transferred to a lower-interest card.
• Pay more than the minimum due using a debt repayment calculator: The minimum monthly payment is the absolute least you can pay without penalty — but you won’t get far paying off your debt that way. Using a debt payment calculator, you can figure out how much interest you could save if you paid off your credit card balance without transferring. You need to pay interest on less money to see actual savings, so you can reduce the principal balance by paying more than the minimum.
• Take advantage of a personal loan or debt consolidation loan: A personal loan can help you pay off your high-interest debt, but it's critical to remember that a personal loan only makes sense if the interest rate is lower than the interest on your credit card debt. You can get a loan from a bank, credit union or online lender, and you may even be able to pay your creditors directly with some loans designed for debt consolidation.

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:

• Be in the know about the impact of credit card debt on the average cardholder in the U.S. 
• Here’s everything you need to know about balance transfer checks.
• Learn if you can  pay a credit card with another credit card.
• Weighing your options when it comes to managing debt? Figure out if you should get a personal loan to pay off credit card debt.
• Find out what you should know before closing a credit card with a balance

Have more questions for our credit cards editors? Feel free to send us an email, find us on Facebook, or Tweet us @Bankrate.

For Capital One products listed on this page, some of the above benefits are provided by Visa® or Mastercard® and may vary by product. See the respective Guide to Benefits for details, as terms and exclusions apply.