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Best Balance Transfer Cards With 0% APR of December 2023
As a Bankrate credit cards editor, Ashley Parks is fascinated by the ways people can make credit cards work for them when armed with the right knowledge.
Reviewed by
Ted RossmanSenior Industry Analyst, Credit cards
Ted Rossman is a senior industry analyst at Bankrate. He focuses on the credit card industry and helps consumers maximize rewards, get out of debt and improve their credit scores.
Reviewed by
Ted RossmanSenior Industry Analyst, Credit cards
Ted Rossman is a senior industry analyst at Bankrate. He focuses on the credit card industry and helps consumers maximize rewards, get out of debt and improve their credit scores.
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.
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We helped over 225,000 users compare balance transfer cards in 2022
We compared over 100 introductory APRs
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Why choose Bankrate
We helped over 225,000 users compare balance transfer cards in 2022
We compared over 100 introductory APRs
Over 47 years of experience helping people make smart financial decisions
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At Bankrate we strive to help you make smarter financial decisions. While we adhere to strict editorial integrity, this post may contain references to products from our partners. Here's an explanation for how we make money and how we rate our cards .
View card list
Best Balance Transfer Credit Cards with 0% APR for December 2023:
Our writers, editors and industry experts score credit cards based on a variety of factors including card features, bonus offers and independent research. Credit card issuers have no say or influence on how we rate cards.
A FICO score/credit score is used to represent the creditworthiness of a person and may be one indicator to the credit type you are eligible for. However, credit score alone does not guarantee or imply approval for any financial product.
Recommended Credit
chance of approval
Balance transfer intro APR
Regular APR
N/A
Rewards rate
Rewards rate is not available for this credit card.
Annual fee
The beauty of the Citi Simplicity Card is its long intro APR period and leniency on fees and major penalties. This card offers no late fee, no annual fee and no penalty APR. Important note: Making a late payment on a transferred balance on this card is a violation of the terms of the intro offer.
The card does not charge a late fee for missed payments, though they can still hurt your credit score.
There is no penalty APR charged for missing a payment with this card, though it’s always best to pay on time and in full when possible.
Cons
There is no rewards program or welcome bonus associated with this card.
There is an introductory balance transfer fee of $5 or 3 percent of the amount of the transfer, whichever is greater for balances transfers completed within 4 months of account opening.
No Late Fees, No Penalty Rate, and No Annual Fee... Ever
0% Intro APR for 21 months on balance transfers from date of first transfer and 0% Intro APR for 12 months on purchases from date of account opening. After that the variable APR will be 19.24% - 29.99%, based on your creditworthiness. Balance transfers must be completed within 4 months of account opening.
There is an introductory balance transfer fee of $5 or 3% of the amount of the transfer, whichever is greater for balances transfers completed within 4 months of account opening.
Our writers, editors and industry experts score credit cards based on a variety of factors including card features, bonus offers and independent research. Credit card issuers have no say or influence on how we rate cards.
A FICO score/credit score is used to represent the creditworthiness of a person and may be one indicator to the credit type you are eligible for. However, credit score alone does not guarantee or imply approval for any financial product.
Recommended Credit
chance of approval
Balance transfer intro APR
Regular APR
N/A
Rewards rate
Rewards rate is not available for this credit card.
Annual fee
This card from Wells Fargo offers one of the longest introductory interest offers on the market. The ongoing APR also has the potential to be fairly low, making this card a good candidate to keep after the intro offers end.
The lengthy introductory APR extends to purchases and qualified balance transfers.
You can get up to $600 in cell phone protection against damage or theft (subject to a $25 deductible) if you use the card to pay your monthly phone bill.
Cons
The card comes with a 3 percent foreign transaction fee, which is standard, but adds to your balance if you use the card abroad.
The card has limited long-term value due to its lack of a traditional rewards program.
Select "Apply Now" to take advantage of this specific offer and learn more about product features, terms and conditions.
0% intro APR for 21 months from account opening on purchases and qualifying balance transfers. 18.24%, 24.74%, or 29.99% variable APR thereafter; balance transfers made within 120 days qualify for the intro rate, BT fee of 5%, min $5.
$0 Annual Fee.
Up to $600 of cell phone protection against damage or theft. Subject to a $25 deductible.
Through My Wells Fargo Deals, you can get access to personalized deals from a variety of merchants. It's an easy way to earn cash back as an account credit when you shop, dine, or enjoy an experience simply by using an eligible Wells Fargo credit card.
Our writers, editors and industry experts score credit cards based on a variety of factors including card features, bonus offers and independent research. Credit card issuers have no say or influence on how we rate cards.
A FICO score/credit score is used to represent the creditworthiness of a person and may be one indicator to the credit type you are eligible for. However, credit score alone does not guarantee or imply approval for any financial product.
Recommended Credit
Balance transfer intro APR
Regular APR
1% - 5%
Rewards rate
Earn 5% cash back on everyday purchases at different places you shop each quarter like grocery stores, restaurants, gas stations, and more, up to the quarterly maximum when you activate. Plus, earn unlimited 1% cash back on all other purchases-automatically.
Annual fee
The lengthy introductory APR on balance transfers makes this card a good choice for paying off existing high-interest credit card debt while the competitive cash back rewards program provides long-term value.
The card doesn’t charge an annual fee or foreign transaction fees.
The Unlimited CashBack Match™ intro offer, which matches your cash back at the end of the first year, stands out among balance transfer cards.
Cons
There are a few cards that offer longer introductory APRs on balance transfers.
The rewards program is a bit complex and could prove distracting for people who prefer to focus on paying down debts.
Intro Offer: Unlimited Cashback Match - only from Discover. Discover will automatically match all the cash back you've earned at the end of your first year! There's no minimum spending or maximum rewards. You could turn $150 cash back into $300.
Earn 5% cash back on everyday purchases at different places you shop each quarter like grocery stores, restaurants, gas stations, and more, up to the quarterly maximum when you activate. Plus, earn unlimited 1% cash back on all other purchases-automatically.
Redeem your rewards for cash at any time.
Discover could help you reduce exposure of your personal information online by helping you remove it from select people-search sites that could sell your data. It's free, activate with the mobile app.
Our writers, editors and industry experts score credit cards based on a variety of factors including card features, bonus offers and independent research. Credit card issuers have no say or influence on how we rate cards.
A FICO score/credit score is used to represent the creditworthiness of a person and may be one indicator to the credit type you are eligible for. However, credit score alone does not guarantee or imply approval for any financial product.
Recommended Credit
chance of approval
Balance transfer intro APR
Regular APR
N/A
Rewards rate
Rewards rate is not available for this credit card.
Annual fee
If you’re looking for a no-fuss balance transfer card, the Citi Diamond Preferred Card is a great option. It may not boast long-term value due to its lack of rewards offers, but the intro APR period is still fairly long and will allow you the time and space you need to pay down debt.
This card offers a fairly long intro APR period on purchases and balance transfers.
There is no annual fee, which is a plus when looking to focus on paying down transferred balances.
Cons
There’s no rewards program, limiting the card’s long-term value.
This card charges a penalty APR of up to 29.99 percent variable if you don’t pay your bill on time.
0% Intro APR for 21 months on balance transfers from date of first transfer and 0% Intro APR for 12 months on purchases from date of account opening. After that the variable APR will be 18.24% - 28.99%, based on your creditworthiness. Balance transfers must be completed within 4 months of account opening.
There is a balance transfer fee of either $5 or 5% of the amount of each transfer, whichever is greater
Get free access to your FICO® Score online.
With Citi Entertainment®, get special access to purchase tickets to thousands of events, including concerts, sporting events, dining experiences and more.
No Annual Fee - our low intro rates and all the benefits don't come with a yearly charge.
Our writers, editors and industry experts score credit cards based on a variety of factors including card features, bonus offers and independent research. Credit card issuers have no say or influence on how we rate cards.
A FICO score/credit score is used to represent the creditworthiness of a person and may be one indicator to the credit type you are eligible for. However, credit score alone does not guarantee or imply approval for any financial product.
Recommended Credit
chance of approval
Balance transfer intro APR
Regular APR
1% - 5%
Rewards rate
Earn 2% on every purchase with unlimited 1% cash back when you buy, plus an additional 1% as you pay for those purchases. To earn cash back, pay at least the minimum due on time. Plus, for a limited time, earn 5% total cash back on hotel, car rentals and attractions booked on the Citi Travel℠ portal through 12/31/24.
Annual fee
In addition to a good intro APR offer on balance transfers, this card also has a solid rewards program that incentivizes both spending and paying on time.
The potential cash back rate on this card is one of the highest for a flat-rate cash back card.
This card does not charge an annual fee, saving cardholders a bit more each year.
Cons
The intro APR on this card only covers balance transfers, not new purchases, and will not be helpful with financing large purchases.
If you carry a balance, including from a balance transfer, you’ll be charged interest on new purchases until your full balance is paid off.
Earn $200 cash back after you spend $1,500 on purchases in the first 6 months of account opening. This bonus offer will be fulfilled as 20,000 ThankYou® Points, which can be redeemed for $200 cash back.
Earn 2% on every purchase with unlimited 1% cash back when you buy, plus an additional 1% as you pay for those purchases. To earn cash back, pay at least the minimum due on time. Plus, for a limited time, earn 5% total cash back on hotel, car rentals and attractions booked on the Citi Travel℠ portal through 12/31/24.
Balance Transfer Only Offer: 0% intro APR on Balance Transfers for 18 months. After that, the variable APR will be 19.24% - 29.24%, based on your creditworthiness.
Balance Transfers do not earn cash back. Intro APR does not apply to purchases.
If you transfer a balance, interest will be charged on your purchases unless you pay your entire balance (including balance transfers) by the due date each month.
There is an intro balance transfer fee of 3% of each transfer (minimum $5) completed within the first 4 months of account opening. After that, your fee will be 5% of each transfer (minimum $5).
Our writers, editors and industry experts score credit cards based on a variety of factors including card features, bonus offers and independent research. Credit card issuers have no say or influence on how we rate cards.
A FICO score/credit score is used to represent the creditworthiness of a person and may be one indicator to the credit type you are eligible for. However, credit score alone does not guarantee or imply approval for any financial product.
Recommended Credit
chance of approval
Balance transfer intro APR
Regular APR
2%
Rewards rate
Earn unlimited 2% cash rewards on purchases
Annual fee
The Wells Fargo Active Cash Card offers the opportunity to earn one of the highest cash rewards rates available on eligible purchases with no category restrictions or limits. Our advice is to use the balance transfer offer to pay debt and then put the card to use as a rewards earning machine. Read our full Wells Fargo Active Cash Card review.
Pros
You can earn 2 percent unlimited cash rewards on purchases with this card, a high rate compared to most balance transfer cards.
There’s no annual fee, so you won’t be charged to hold the card.
Cons
There are balance transfer cards that offer a longer window on their introductory APR offers.
You must transfer your balance within the first 120 days of account opening to avoid an increased balance transfer fee of up to 5 percent (minimum of $5).
Select "Apply Now" to take advantage of this specific offer and learn more about product features, terms and conditions.
Earn a $200 cash rewards bonus after spending $500 in purchases in the first 3 months.
Earn unlimited 2% cash rewards on purchases.
0% intro APR for 15 months from account opening on purchases and qualifying balance transfers. 20.24%, 25.24%, or 29.99% Variable APR thereafter; balance transfers made within 120 days qualify for the intro rate and fee of 3% then a BT fee of up to 5%, min: $5.
$0 annual fee.
No categories to track or remember and cash rewards don't expire as long as your account remains open.
Find tickets to top sports and entertainment events, book travel, make dinner reservations and more with your complimentary 24/7 Visa Signature® Concierge.
Up to $600 of cell phone protection against damage or theft. Subject to a $25 deductible.
Our writers, editors and industry experts score credit cards based on a variety of factors including card features, bonus offers and independent research. Credit card issuers have no say or influence on how we rate cards.
A FICO score/credit score is used to represent the creditworthiness of a person and may be one indicator to the credit type you are eligible for. However, credit score alone does not guarantee or imply approval for any financial product.
Recommended Credit
Balance transfer intro APR
Regular APR
N/A
Rewards rate
Rewards rate is not available for this credit card.
Annual fee
This is one of your best options if you need to finance purchases, pay down debt and boost your credit score. Along with its generous intro APR offers, this card gives you a chance to lower your ongoing APR by 2 percent each year if you pay on time and spend $1,000 before your next account anniversary.
Comes with an automatic, one-time credit limit increase review when you spend $500 in your first six months, which could help with building credit or financing large purchases.
Since you can potentially lower your APR by paying on time, the card may be a decent option if you’re looking for motivation as you focus on paying off debt.
Cons
It doesn’t offer the longest intro APR on the market or any notable rewards or perks beyond a chance at lowering your APR.
Even if you’re able to lower your APR via on-time payments and spending, your rate may still be high compared to the rate you’ll find on a dedicated low-interest card.
Start off strong with 0% Intro APR for 18 months from account opening on purchases and balance transfers. A variable APR of 20.49% - 29.24% on balance transfers and purchases after the introductory period ends.
Lower your interest rate by 2% each year. Automatically be considered for an APR reduction when you pay on time, and spend at least $1000 on your card by your next account anniversary.
Raise your credit limit. Get an automatic, one-time review for a higher credit limit when you pay on time, and spend $500 in your first six months.
All for no annual fee - You won't have to pay an annual fee for all the great features that come with your Slate Edge℠ card
Keep tabs on your credit health - Chase Credit Journey helps you monitor your credit with free access to your latest score, real-time alerts, and more
Our writers, editors and industry experts score credit cards based on a variety of factors including card features, bonus offers and independent research. Credit card issuers have no say or influence on how we rate cards.
A FICO score/credit score is used to represent the creditworthiness of a person and may be one indicator to the credit type you are eligible for. However, credit score alone does not guarantee or imply approval for any financial product.
Recommended Credit
chance of approval
Balance transfer intro APR
Regular APR
1% - 5%
Rewards rate
Earn 5% cash back on purchases in your top eligible spend category each billing cycle, up to the first $500 spent, 1% cash back thereafter. Earn unlimited 1% cash back on all other purchases.
Annual fee
The Citi Custom Cash Card combines a good balance transfer offer with generous rewards. The bonus cash back rate applies to the eligible category where you spend the most each billing cycle (up to the first $500 spent each billing cycle, 1 percent cash back thereafter), so you don't have to enroll or devise a spending strategy in advance.
There are intro APR offers on both balance transfers and purchases with this card.
This card carries some unique perks like cell phone protection and a complimentary 3-month DashPass subscription.
Cons
This card does charge a foreign transaction fee when you spend abroad.
The intro APR offers on this card are shorter than what you’d find with other balance transfer cards on the market.
Earn $200 cash back after you spend $1,500 on purchases in the first 6 months of account opening. This bonus offer will be fulfilled as 20,000 ThankYou® Points, which can be redeemed for $200 cash back.
0% Intro APR on balance transfers and purchases for 15 months. After that, the variable APR will be 19.24% - 29.24%, based on your creditworthiness.
Earn 5% cash back on purchases in your top eligible spend category each billing cycle, up to the first $500 spent, 1% cash back thereafter. Also, earn unlimited 1% cash back on all other purchases.
No rotating bonus categories to sign up for – as your spending changes each billing cycle, your earn adjusts automatically when you spend in any of the eligible categories.
No Annual Fee
Citi will only issue one Citi Custom Cash® Card account per person.
Our writers, editors and industry experts score credit cards based on a variety of factors including card features, bonus offers and independent research. Credit card issuers have no say or influence on how we rate cards.
A FICO score/credit score is used to represent the creditworthiness of a person and may be one indicator to the credit type you are eligible for. However, credit score alone does not guarantee or imply approval for any financial product.
Recommended Credit
chance of approval
Balance transfer intro APR
Regular APR
1% - 3%
Rewards rate
3% cash back in the category of your choice 2% cash back at grocery stores and wholesale clubs for the first $2,500 in combined choice category/grocery store/wholesale club quarterly purchases 1% cash back on all other purchases
Annual fee
The Bank of America Customized Cash Rewards credit card might not have the longest introductory offers, but its potential for long-term value is better than some of its direct competitors due to its competitive cash back rewards program.
Your cash back won’t expire as long as the account is open and in good standing.
You have the unique opportunity to change your 3 percent spending category once a month.
Cons
There’s a spending cap on your highest earning cash back categories.
There is a balance transfer fee of 3 percent of the amount of each transfer, and you must transfer within the first 60 days to qualify for the intro APR offer.
$200 online cash rewards bonus after you make at least $1,000 in purchases in the first 90 days of account opening.
Earn 3% cash back in the category of your choice - now with expanded categories, automatic 2% at grocery stores and wholesale clubs (up to $2,500 in combined choice category/grocery store/wholesale club quarterly purchases) and unlimited 1% on all other purchases.
Newly expanded categories based on Bank of America customer feedback! 3% cash back on Gas (to now include Electric Vehicle Charging (EVC) Stations) and Online Shopping (to now include Cable, Streaming, Internet and Phone Services).
If you're a Bank of America Preferred Rewards® member, you can earn 25%-75% more cash back on every purchase. That means you could earn 3.75%-5.25% cash back on purchases in your choice category.
No annual fee and cash rewards don’t expire as long as your account remains open.
0% Introductory APR for 15 billing cycles for purchases, and for any balance transfers made in the first 60 days. After the intro APR offer ends, 18.24% - 28.24% Variable APR will apply. A 3% fee applies to all balance transfers.
Contactless Cards - The security of a chip card, with the convenience of a tap.
This online only offer may not be available if you leave this page or if you visit a Bank of America financial center. You can take advantage of this offer when you apply now.
Our writers, editors and industry experts score credit cards based on a variety of factors including card features, bonus offers and independent research. Credit card issuers have no say or influence on how we rate cards.
A FICO score/credit score is used to represent the creditworthiness of a person and may be one indicator to the credit type you are eligible for. However, credit score alone does not guarantee or imply approval for any financial product.
Recommended Credit
Balance transfer intro APR
Regular APR
N/A
Rewards rate
Rewards rate is not available for this credit card.
Annual fee
This card from USAA boasts a competitive intro APR offer for balance transfers but its true worth lies in its potentially low ongoing APR. Many of the best low-interest credit cards don’t start this low, so it’s a great option to consider if you qualify for USAA membership. Read our full USAA Rate Advantage Credit Card review.
Pros
The ongoing interest rate on this card may be one of the lowest rates you’ll see on many balance transfer credit cards.
This card is light on fees as it doesn’t charge an annual fee or foreign transaction fees.
Cons
Eligibility for the card is restricted to USAA members, which includes military personnel, veterans, and their families.
The card’s 5 percent balance transfer fee may add a lot to your payoff amount, but the Bank of America Customized Cash Rewards card charges a 3 percent fee on all balance transfers.
Must be a USAA member, or become a member, to apply. USAA proudly offers membership to current and former military, as well as their spouses and dependents.
Intro Offer: Get a 0% intro APR for 15 months on balance transfers and convenience checks that post within 90 days of account opening. After this time, the variable regular APR of 12.15% to 29.15% will apply to introductory balances.
A fee of 5% of the amount of each balance transfer, cash advance and convenience check applies.
Take advantage of USAA's lowest interest rate card, whether you're making a purchase or transferring a balance.
Pay less in interest if you carry a balance from month to month.
Enjoy the same low variable regular APR on purchases, balance transfers, and cash advances.
Our writers, editors and industry experts score credit cards based on a variety of factors including card features, bonus offers and independent research. Credit card issuers have no say or influence on how we rate cards.
A FICO score/credit score is used to represent the creditworthiness of a person and may be one indicator to the credit type you are eligible for. However, credit score alone does not guarantee or imply approval for any financial product.
Recommended Credit
chance of approval
Balance transfer intro APR
Regular APR
1.5% cash back
Rewards rate
1.5% cash back on all purchases
Annual fee
Customers who qualify for the Bank of America Preferred Rewards® program could find a huge bang for their buck in the Bank of America Unlimited Cash Rewards credit card. If you qualify for this program, you could get a 25 percent to 75 percent boost on your cash rewards potential.
The rewards you earn with this card never expire as long as your account remains open and there’s no minimum amount that you need to redeem for direct deposits or statement credits.
This card doesn’t charge an annual fee, saving some money for cardholders.
Cons
This card charges a foreign transaction fee on purchases made outside of the U.S.
You’ll need to maintain relatively high balances across your Bank of America accounts to qualify for the Bank of America Preferred Rewards® program (at least $20,000 minimum).
$200 online cash rewards bonus after you make at least $1,000 in purchases in the first 90 days of account opening.
Earn unlimited 1.5% cash back on all purchases.
If you're a Bank of America Preferred Rewards® member, you can earn 25%-75% more cash back on every purchase. That means you could earn 1.87%-2.62% cash back on every purchase with Preferred Rewards.
No annual fee.
No limit to the amount of cash back you can earn and cash rewards don’t expire as long as your account remains open.
0% Introductory APR for 15 billing cycles for purchases, and for any balance transfers made in the first 60 days. After the intro APR offer ends, 18.24% - 28.24% Variable APR will apply. A 3% fee applies to all balance transfers.
Contactless Cards - The security of a chip card, with the convenience of a tap.
This online only offer may not be available if you leave this page or if you visit a Bank of America financial center. You can take advantage of this offer when you apply now.
Compare Bankrate's best 0% balance transfer credit cards
Our writers, editors and industry experts score credit cards based on a variety of factors including card features, bonus offers and independent research. Credit card issuers have no say or influence on how we rate cards.
Our writers, editors and industry experts score credit cards based on a variety of factors including card features, bonus offers and independent research. Credit card issuers have no say or influence on how we rate cards.
Intro Offer: Unlimited Cashback Match - only from Discover. Discover will automatically match all the cash back you’ve earned at the end of your first year! There’s no minimum spending or maximum rewards. You could turn $150 cash back into $300.
Our writers, editors and industry experts score credit cards based on a variety of factors including card features, bonus offers and independent research. Credit card issuers have no say or influence on how we rate cards.
Our writers, editors and industry experts score credit cards based on a variety of factors including card features, bonus offers and independent research. Credit card issuers have no say or influence on how we rate cards.
18 months
0% intro for 18 months on Balance Transfers
Intro Offer: $200 cash back
Earn $200 cash back after you spend $1,500 on purchases in the first 6 months of account opening. This bonus offer will be fulfilled as 20,000 ThankYou® Points, which can be redeemed for $200 cash back.
Our writers, editors and industry experts score credit cards based on a variety of factors including card features, bonus offers and independent research. Credit card issuers have no say or influence on how we rate cards.
Our writers, editors and industry experts score credit cards based on a variety of factors including card features, bonus offers and independent research. Credit card issuers have no say or influence on how we rate cards.
Our writers, editors and industry experts score credit cards based on a variety of factors including card features, bonus offers and independent research. Credit card issuers have no say or influence on how we rate cards.
Earn $200 in cash back after you spend $1500 on purchases in the first 6 months of account opening. This bonus offer will be fulfilled as 20,000 ThankYou® points, which can be redeemed for $200 cash back.
Our writers, editors and industry experts score credit cards based on a variety of factors including card features, bonus offers and independent research. Credit card issuers have no say or influence on how we rate cards.
Our writers, editors and industry experts score credit cards based on a variety of factors including card features, bonus offers and independent research. Credit card issuers have no say or influence on how we rate cards.
Our writers, editors and industry experts score credit cards based on a variety of factors including card features, bonus offers and independent research. Credit card issuers have no say or influence on how we rate cards.
A closer look at Bankrate's top 0% balance transfer cards
Citi Simplicity® Card
BEST FOR NO LATE FEE
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.
Wells Fargo Reflect® Card
Best for balance transfer beginners
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.
Discover it® Balance Transfer
Best for rotating bonus categories
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.
Citi® Diamond Preferred® Card
Best for excellent credit
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.
Citi Double Cash® Card
Best for good credit
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.
Wells Fargo Active Cash® Card
Best for 2% cash rewards
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.
Chase Slate Edge℠
BEST FOR PAYMENT INCENTIVES
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.
Citi Custom Cash® Card
Best for automatic bonus category
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.
Bank of America® Customized Cash Rewards credit card
Best for flexible rewards categories
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.
Bank of America® Unlimited Cash Rewards credit card
Best for unlimited 1.5% cash back
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
BankAmericard® credit card
Best for no penalty APR
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 cardhas 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.
U.S. Bank Visa® Platinum Card
Best for financing purchases
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.
Chase Freedom Flex℠
Best for travel rewards
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
100+
Cards rated
400+
APRs tracked
3000
Data points analyzed
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:
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.
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.
LEARN MORE
What is a balance transfer credit card and is it right for you?
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
Save money: You could save on interest charges by temporarily pausing interest on transferred debt.
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.
Reduce monthly payments: The temporary break from interest on your transferred balance could translate to a lower monthly payment during the intro APR period.
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.
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
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:
A personal loan can help you pay off your high-interest debt, and they can be a good option if you owe more than what you could pay off with a balance transfer card. 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 apply for 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.
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.
If you can’t get a balance transfer card because of a low credit score, opt for a card designed for credit builders. It’s a great way to work toward a more desirable credit score. Credit builder cards are often secured credit cards or credit cards for bad credit that you can use over time to build your score by managing them responsibly. Opening another credit card will cause a brief hit to your existing score, but having access to more credit overall could improve your credit utilization ratio. In general, a credit building card may provide a stepping stone towards improving your credit so that you have better chances of approval for a balance transfer card in the future.
Maybe your debt repayment plan simply needs a hard reset. A credit card payoff calculator can help you customize a plan that works best for you. You can use this tool to help set the groundwork for important repayment plan details, such as:
how much time you need to pay off the debt
how much interest you’ll end up paying relative to your payoff timeline
what your monthly minimum payment would need to be to achieve your goals
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.
Frequently asked questions about balance transfer credit cards
Some of the best balance transfer cards require good to excellent credit (FICO score of 670 – 850) to qualify. Even more, credit lenders have reported tightening their approval standards so far in 2023, meaning it may be more difficult to qualify for a certain card now. If your credit isn't up to par yet, you may be able to find secured credit cards that allow balance transfers, but they probably won't have 0 percent intro APR offers. You don't have to do a balance transfer to help pay down credit card debt — you can explore debt consolidation loans or request a rate reduction from your issuer.
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 after you complete a balance transfer. Applying for a new credit card usually involves a hard inquiry, 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, your credit score won't be as affected if you pay down the balance on time every month and keep your debt-to-credit ratio low overall.
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 amount of time it takes for a 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. 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.
Your transfer limit is usually equal to or less than your credit limit. For example, if an issuer approves you for a credit limit of $5,000, you can transfer up to the same amount with most issuers. However, your credit limit and the balance transfer policies of your specific issuer will determine the amount you can transfer.
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.
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.
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.
We use primary sources to support our work. Bankrate’s authors, reporters and editors are subject-matter experts who thoroughly fact-check editorial content to ensure the information you’re reading is accurate, timely and relevant.
As a Bankrate credit cards editor, Ashley Parks is fascinated by the ways people can make credit cards work for them when armed with the right knowledge.
Tracy Stewart is a personal finance writer specializing in credit card loyalty programs, travel benefits, and consumer protections.
* 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.
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