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Best Balance Transfer Cards With 0% APR of December 2023

Updated December 06, 2023

A balance transfer credit card can help you manage and eliminate debt with introductory APR offers that provide a temporary break from interest charges. The best balance transfer credit cards available from our partners have introductory 0 percent APR offers lasting 15 to 21 months, allowing you to avoid paying interest on a transfer until the beginning of 2025.

Info
Best for no late fee
Rating: 4.5 stars out of 5
4.5
Info
Apply now Lock
on Citi's secure site

Good to Excellent (670 – 850)
Info
Recommended Credit
chance of approval
Info

Balance transfer intro APR

Regular APR

N/A

Rewards rate

Info

Annual fee

Info
Best for balance transfer beginners
Rating: 4.3 stars out of 5
4.3
Info
Apply now Lock
on Wells Fargo's secure site

Good to Excellent (670 – 850)
Info
Recommended Credit
chance of approval
Info

Balance transfer intro APR

Regular APR

N/A

Rewards rate

Info

Annual fee

Best for rotating bonus categories
Rating: 4.6 stars out of 5
4.6
Info
Apply now Lock
on Discover's secure site
Good to Excellent (670 – 850)
Info
Recommended Credit

Balance transfer intro APR

Regular APR

1% - 5%

Rewards rate

Info

Annual fee

Info
Best for excellent credit
Rating: 3.5 stars out of 5
3.5
Info
Apply now Lock
on Citi's secure site

Good to Excellent (670 – 850)
Info
Recommended Credit
chance of approval
Info

Balance transfer intro APR

Regular APR

N/A

Rewards rate

Info

Annual fee

Info
Best for good credit
Rating: 4.2 stars out of 5
4.2
Info
Apply now Lock
on Citi's secure site

Good to Excellent (670 – 850)
Info
Recommended Credit
chance of approval
Info

Balance transfer intro APR

Regular APR

1% - 5%

Rewards rate

Info

Annual fee

Info
Best for 2 percent cash rewards
Rating: 4.3 stars out of 5
4.3
Info
Apply now Lock
on Wells Fargo's secure site

Good to Excellent (670 – 850)
Info
Recommended Credit
chance of approval
Info

Balance transfer intro APR

Regular APR

2%

Rewards rate

Info

Annual fee

BEST FOR PAYMENT INCENTIVES
Rating: 4.3 stars out of 5
4.3
Info
Apply now Lock
on Chase's secure site
Good to Excellent (670 – 850)
Info
Recommended Credit

Balance transfer intro APR

Regular APR

N/A

Rewards rate

Info

Annual fee

Info
Best for automatic bonus category
Rating: 4.4 stars out of 5
4.4
Info
Apply now Lock
on Citi's secure site

Good to Excellent (670 – 850)
Info
Recommended Credit
chance of approval
Info

Balance transfer intro APR

Regular APR

1% - 5%

Rewards rate

Info

Annual fee

Info
Best for flexible rewards categories
Rating: 4.3 stars out of 5
4.3
Info
Apply now Lock
on Bank of America's secure site

Good to Excellent (670 – 850)
Info
Recommended Credit
chance of approval
Info

Balance transfer intro APR

Regular APR

1% - 3%

Rewards rate

Info

Annual fee

Best for low ongoing interest rate
Rating: 3 stars out of 5
3.0
Info
Apply now Lock
on USAA's secure site
Good to Excellent (670 – 850)
Info
Recommended Credit

Balance transfer intro APR

Regular APR

N/A

Rewards rate

Info

Annual fee

Info
Best for unlimited 1.5 percent cash back
Rating: 3.8 stars out of 5
3.8
Info
Apply now Lock
on Bank of America's secure site

Good to Excellent (670 – 850)
Info
Recommended Credit
chance of approval
Info

Balance transfer intro APR

Regular APR

1.5% cash back

Rewards rate

Info

Annual fee

Compare Bankrate's best 0% balance transfer credit cards

Card Name Bankrate's pick for 0% balance transfer intro APR period Regular APR Bankrate Review Score

No late fee

21 months 0% for 21 months on Balance Transfers
Intro Offer: N/A
Regular APR: 19.24% - 29.99% (Variable)
Apply now Lock
on Citi's secure site

4.5 / 5

Info

(Read card review)

Balance transfer beginners

21 months 0% intro APR for 21 months from account opening on qualifying balance transfers
Intro Offer: N/A
Regular APR: 18.24%, 24.74%, or 29.99% Variable APR
Apply now Lock
on Wells Fargo's secure site

4.3 / 5

Info

(Read card review)

Rotating bonus categories
18 months 0% for 18 months
Intro Offer: Cashback Match™
Info
Regular APR: 17.24% - 28.24% Variable APR
Apply now Lock
on Discover's secure site

4.6 / 5

Info

(Read card review)

Excellent credit
21 months 0% for 21 months on Balance Transfers
Intro Offer: N/A
Regular APR: 18.24% - 28.99% (Variable)
Apply now Lock
on Citi's secure site

3.5 / 5

Info

(Read card review)

Good credit

18 months 0% intro for 18 months on Balance Transfers
Intro Offer: $200 cash back
Info
Regular APR: 19.24% - 29.24% (Variable)
Apply now Lock
on Citi's secure site

4.2 / 5

Info

(Read card review)

2% cash rewards
15 months 0% intro APR for 15 months from account opening on qualifying balance transfers
Intro Offer: $200 cash rewards
Info
Regular APR: 20.24%, 25.24%, or 29.99% Variable APR
Apply now Lock
on Wells Fargo's secure site

4.3 / 5

Info

(Read card review)

Payment incentives
18 months 0% Intro APR on Balance Transfers for 18 months
Intro Offer: N/A
Regular APR: 20.49% - 29.24% Variable
Apply now Lock
on Chase's secure site

4.3 / 5

Info

(Read card review)

Automatic bonus category
15 months 0% for 15 months on balance transfers
Intro Offer: $200
Info
Regular APR: 19.24% - 29.24% (Variable)
Apply now Lock
on Citi's secure site

4.4 / 5

Info

(Read card review)

Flexible rewards categories
15 billing cycles 0% Intro APR for 15 billing cycles on BTs made 1st 60 days. 3% fee. Then 18.24-28.24% Var. APR
Intro Offer: $200
Info
Regular APR: 18.24% - 28.24% Variable APR on purchases and balance transfers
Apply now Lock
on Bank of America's secure site

4.3 / 5

Info

(Read card review)

Low ongoing interest rate
15 months 0% intro apr for 15 months on balance transfers, then 12.15% to 29.15% variable regular apr
Intro Offer: N/A
Regular APR: 12.15% to 29.15% variable regular APR
Apply now Lock
on USAA's secure site

3.0 / 5

Unlimited 1.5 percent cash back
15 billing cycles 0% Intro APR for 15 billing cycles for any BTs made in the first 60 days. A 3% fee applies.
Intro Offer: $200
Info
Regular APR: 18.24% - 28.24% Variable APR on purchases and balance transfers
Apply now Lock
on Bank of America's secure site

3.8 / 5

Info

(Read card review)

A closer look at Bankrate's top 0% balance transfer cards

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Citi Simplicity® Card

BEST FOR NO LATE FEE

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The lack of fees already makes this card great but paired with one of the long balance transfer offers available, it becomes one of the best balance transfer cards on the market. While it does still charge a 3 percent balance transfer fee ($5 minimum), it’s still better than other cards that change 5 percent ($10 minimum). 

Someone who wants a low-cost card option with a long time period to pay off debt from another card.

While great for balance transfers, the overall value of this card can be short-lived. The Citi Double Cash Card is a good option if you want a credit card with long-term value and a long introductory APR period on balance transfers.

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Wells Fargo Reflect® Card

Best for balance transfer beginners

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We consider this card a prime pick for people in the market for a balance transfer credit card. Its potentially low regular APR rate and intro APR offer are top-notch and among the longest promotional APR offers currently available.
If you’re new to balance transfers, you’ll appreciate this card’s user-friendly features, including its lengthy introductory APR period and its longer-than-usual window to initiate transfers. 
The Chase Freedom Unlimited® card is ideal for anyone ready to forego a longer introductory APR period on balance transfers in exchange for the opportunity to receive cash back rewards.
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Discover it® Balance Transfer

Best for rotating bonus categories

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The card is decidedly well-rounded with competitive rewards. It comes with a generous Cashback Match welcome offer (all cash back earned at the end of the first year will be matched) and a long intro APR offer on balance transfers.
Someone who needs to pay down existing credit card debt in the short term but wants to earn rewards for the long term.
If you’re looking for a low-maintenance rewards program, a flat-rate rewards card such as the Wells Fargo Active Cash® Card could help you better maximize your spending while paying down your balance transfer.
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Citi® Diamond Preferred® Card

Best for excellent credit

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The Citi Flex Loans feature provides an opportunity to borrow money against your Citi card credit limit at a fixed rate (available for qualifying cardholders). This can be particularly useful if you want to pay off multiple loans or credit card balances, or if you have a big purchase coming up and want to pay for it using your credit card.
Someone interested in a simple but effective method of temporarily avoiding interest on a balance transfer or purchase, as this no-annual-fee card offers a leading intro APR length on balance transfers but a shorter intro APR on purchases.
The Capital One SavorOne Cash Rewards Credit Card is ideal for anybody looking for additional benefits, rewards programs or premium perks, since the Diamond Preferred Card has little long-term value outside of its potentially low ongoing APR.
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Citi Double Cash® Card

Best for good credit

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It delivers an intro APR on balance transfers on par with traditional balance transfer cards, as well as decent flat-rate cash back on all purchases — you’re rewarded when you buy and rewarded when you pay off the purchases.
Anyone who wants a card with lengthy introductory offers on balance transfers plus a cash back program. It's also great for people who want to earn rewards for their spending and not have to worry about spending caps or other restrictions.
The Double Cash currently doesn’t offer an introductory APR offer on new purchases, so shoppers looking for a temporary break from interest on purchases along with balance transfers may find the U.S. Bank Visa Platinum Card to be a better fit.
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Wells Fargo Active Cash® Card

Best for 2% cash rewards

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It comes with a generous cash back rewards rate and a matching introductory APR offer on both purchases and qualifying balance transfers. Cards that earn unlimited high-rate cash rewards on purchases are rare, but a card that also has an introductory APR offer on both purchases and qualifying balance transfers is rarer still.
Anyone looking for a card with both an intro APR offer for qualifying balance transfers and purchases from account opening, as well as an exceptional cash rewards program.
For people who want to make the length of the introductory offer the top priority, the Wells Fargo Reflect Card would provide a longer intro APR than the Active Cash on purchases and qualifying balance transfers.
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Chase Slate Edge℠

BEST FOR PAYMENT INCENTIVES

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It’s one of the only balance transfer cards that offers incentives to help you stay on track with debt repayment and build credit more efficiently. If you meet the card’s requirements and pay on time, you can lower your APR and increase your credit limit, which can set you up for long-term credit success.

Anyone who needs to finance purchases or pay off debt and is looking for an extra push to help them stay on track. It’s also the ideal choice if you hope to get a Chase rewards card down the line.

If you don’t mind trading a few months of intro APR for better long-term value, consider the Wells Fargo Active Cash Card. That card not only comes with a decent intro APR offer, but also earns rewards at a flat 2 percent cash rewards rate on eligible purchases, making it ideal if you prioritize simplicity.

Read our full Chase Slate Edge review or jump back to offer details.

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Citi Custom Cash® Card

Best for automatic bonus category

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It has a decent intro APR period and the opportunity to maximize rewards. Some rewards cards involve rotating categories that you’re required to activate every quarter, but with this card, your top spending category becomes your bonus category each billing cycle.
Anyone who wants a balance transfer credit card that also earns bonus rate cash back — automatically, in any of 10 eligible categories — based on their spending each billing cycle (up to the maximum spend each billing cycle).
People concerned about paying a balance transfer fee higher than the typical 3 percent may be interested in the BankAmericard credit card, as it notably has a low balance transfer fee and one of the longest intro APR periods.
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Bank of America® Customized Cash Rewards credit card

Best for flexible rewards categories

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Its traditional balance transfer card-level intro APR length on purchases and balance transfers plus its flexible cash back potential. Not many cards offer the opportunity to choose your preferred rewards category. The Customized Cash Rewards card lets you pick your highest earnings in one of the available categories — travel, gas, dining, online shopping, drug stores or home improvement and furnishings — and your next tier of earnings are on grocery store and wholesale club purchases.
Frequent shoppers who want to match their spending habits with cash back categories without affecting their responsible use of the introductory offer on purchases and qualifying balance transfers.
People who just want to take advantage of an introductory APR offer on balance transfers and have less interest in pursuing rewards may want to consider the Citi Diamond Preferred card instead.
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Bank of America® Unlimited Cash Rewards credit card

Best for unlimited 1.5% cash back

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The intro APR period on purchases and balance transfers, as well as its potential rewards rate boost, makes this card a no-brainer. Bank of America Preferred Rewards® members earn 25 percent to 75 percent more cash back (based on your enrollment tier), meaning members could reach a maximum of up to 2.62 percent cash back on every purchase.
People who want a balance transfer card with unlimited, uncomplicated cash back that never expires as long as your account remains open.
Cash back maximizers who don’t mind keeping track of a few bonus categories to earn a higher rewards rate while paying down a balance may find more value with the Discover it® Cash Back.

Additional card offers

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BankAmericard® credit card

Best for no penalty APR

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In addition to a competitive intro APR offer on balance transfers, the BankAmericard has no annual fee or penalty APR, making it an ideal pick for credit builders hoping to keep costs low.

*The information about the BankAmericard® credit card has been collected independently by Bankrate.com. The card details have not been reviewed or approved by the card issuer.

People still learning to manage their credit card payments and who may benefit from the safety net of no penalty APR in case they miss a payment. (Your credit score will still suffer if you miss a payment, so always aim to pay on time).

The Citi Simplicity Card is a similar balance transfer card option that may be the ideal solution for anybody looking to avoid an annual fee, penalty APR and late penalties altogether, unlike the BankAmericard, which has a late payment fee.
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U.S. Bank Visa® Platinum Card

Best for financing purchases

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It has a competitive intro APR offer on purchases and balance transfers, in addition to not charging a penalty APR for a late or missed payment. 

People who want to finance a large purchase or who need a fairly low-cost card to help pay down a transferred balance.

If you want a shot at earning rewards while still benefiting from an intro APR offer, the Bank of America Customized Cash Rewards offers a similar intro APR offer on balance transfers, while also touting a rewards program that gives you the power to pick your highest-earning spend category. 

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Chase Freedom Flex℠

Best for travel rewards

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This rewards card offers competitive earning rates on popular spending categories, including travel, in addition to a competitive intro APR offer and a generous welcome offer.

Anyone who wants the chance to earn bonus category rewards and have the opportunity to finance a purchase or complete a balance transfer with an intro APR offer.

The Discover it® Balance Transfer offers an even more competitive intro APR offer on balance transfers and a similar rewards program.

How we assess the best balance transfer credit cards

Document
100+
Cards rated
Credit Card Apr
400+
APRs tracked
Search
3000
Data points analyzed
Credit Card Reviews
40+
Perks evaluated

When evaluating the best balance transfer and low-interest cards, we consider a mix of factors, including how cards score in our proprietary card rating system and whether cards offer features that fit the priorities of a diverse group of cardholders. 

This includes users who need to carry a balance long term, need as much time as possible to chip away at debt or are looking for maximum long-term value via rewards.

We analyzed over 100 of the most popular balance transfer and low-interest cards and scored each based on its introductory APR, intro APR period length, ongoing APR, balance transfer fee, perks and more to determine whether it belonged in this month’s roundup

Here are some of the key factors that we considered:

What to know about 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. 

Bankrate's image file
LEARN MORE What is a balance transfer credit card and is it right for you?
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Pros and cons of 0% balance transfer credit cards

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. 

Pros

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    Save money: You could save on interest charges by temporarily pausing interest on transferred debt.

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    Improve credit utilization ratio: Debt reduction can lower your credit utilization ratio over time, which means you’re using less of your available credit and potentially improving your credit score.

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    Reduce monthly payments: The temporary break from interest on your transferred balance could translate to a lower monthly payment during the intro APR period.

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    Consolidate debts: If you have multiple cards with high balances, you can simplify your debt payment process by consolidating the debt onto one card.

Cons

  • High credit approval threshold: The best offers with the longest 0 percent APR terms tend to be available to people with good or excellent credit.

  • Interest on remaining balance: If you don’t pay off the transfer entirely during the introductory period, the remaining balance will be subject to the new card’s regular APR.

  • Less attractive rewards (if any): The main feature on most balance transfer cards is a lengthy intro APR period, and many intro APR-focused cards don’t earn rewards, though some cards do offer relatively modest cash back rewards.

  • Limits on transfer amounts: Balance transfer cards may limit the amount you’re allowed to transfer and it can be difficult to know these limits until you apply for the card.

A balance transfer is a good idea for…

Transferring debt from a high-interest environment to a card with a temporary 0 percent intro APR offer effectively pauses the accrual of interest on that debt during the intro period, saving you a significant amount on these charges.

Balance transfers are an ideal way to group smaller debts that could reasonably be transferred to a credit card. The credit limit you get on a balance transfer card could vary greatly by issuer and depends on your credit history and other factors in your card application. When considering the credit limit on your new card, keep in mind to account for the balance transfer fees your new issuer will typically add to your total balance.

A balance transfer could be a helpful way to reduce your monthly payments by removing accumulating interest costs while you pay down your balance. 

A balance transfer is not a good idea for…

The primary goal of using a balance transfer is to pay off your balance before the intro period ends to save the most on interest. If you want to transfer a large amount of money that you may not be able to pay back within the 0 percent intro APR period, then you might want to consider alternatives, such as a lower-interest personal loan or line of credit.

You should remember that transferring debt to a balance transfer card with an intro APR offers is simply moving the debt around — not paying it off. If you want to maximize your balance transfer offer, make sure you have a plan for paying off that transferred debt in time. You should also be prepared to commit to the balance transfer, and avoid spending on the card you transferred a balance from. Continued spending on the old card could leave you with double the debt to repay.

The primary focus of a balance transfer is to initiate a debt repayment plan, not to earn the best rewards rates, perks and benefits. While some balance transfer credit cards do offer rewards — and some of the best rewards cards have modest balance transfer offers — completing a balance transfer is best saved for when you’re ready to pay down debt without distractions. 

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Bankrate Expert Advice

According to a recent Bankrate survey, 72% of higher earners are in credit card debt for at least a year. Read more on proven strategies for getting out of the debt cycle in the full article.

How much money could you save with a 0% balance transfer?

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.

Calculate estimated balance transfer savings

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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).
Card Name Balance transfer intro period Regular APR Balance transfer fee Potential savings*
Citi Simplicity Card 21 months on balance transfers completed within the first four months of account opening 19.24% to 29.99% variable $190.95 (3% intro fee for first four months of account opening, after which a 5% or $5 minimum fee applies) $1,040.05
Wells Fargo Reflect Card 21 months from account opening on qualifying balance transfers made within 120 days of account opening (BT fee of 5%, min $5) 18.24%, 24.74%, or 29.99% variable $318.25 (5% fee, minimum $5) $912.75
Discover it® Balance Transfer 18 months from date of first transfer (see terms) 17.24% to 28.24% variable $190.95 (3% intro fee, after which a 5% fee applies; see terms) $863.05

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

Tips on choosing the best 0% balance transfer card for you

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

Expert tips and tricks for balance transfer cards

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.

Alternatives to a balance transfer card

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:

In the news: Credit card debt reaches record high as more people carry balances month-to-month

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.

More information on balance transfer credit cards

Frequently asked questions about balance transfer credit cards

Ask the experts: What is the biggest mistake people make with balance transfers?


Financial Educator, Debt and Credit

As a credit counselor, there are two big mistakes I see people make with balance transfers. First, they transfer the balance and then only make the minimum payment. As a result, when the promotional rate ends they are stuck with a high interest rate again and they often cycle from one balance transfer to the next, paying a fee each time and often not making any real progress on paying down the balance. Secondly, much like when taking out a debt consolidation loan, people often transfer the balance and then either continue to accrue debt on the previous account or put new charges on the balance transfer account, resulting in more debt and a high interest rate paid on those new charges.

Contributor, Personal Finance

Often people transfer card balances to take advantage of a 0 percent intro APR offer, but then they’re surprised by the much higher APR they’re hit with at the end of the introductory period. You must understand the rules of each individual card when you’re making a balance transfer and know that 0 percent doesn’t mean $0. Be sure to check for transfer fees or limits, and always understand what is going to happen if you don’t pay off the transfer within the bank’s designated time frame.

Contributor, Credit Cards

Balance transfer cards can save people who have expensive, overwhelming debt so much money on interest fees. But you have to consider your overall financial picture and commit to paying the transferred balance off and not adding new debt. By far the biggest mistake people make is running up a balance on the old card again. Then, if they don’t pay the transferred balance off before the intro rate reverts to the regular rate, they’re really in trouble. To make balance transfer credit cards work in your favor, you absolutely have to be committed to the process.