7 Best Balance Transfer Cards With 0% APR of September 2023

Other balance transfer options to consider

If none of the balance transfer options above appeal to you, check out these other options Bankrate recommends.

A balance transfer credit card can help you pay off your debt by transferring existing card balances to a new credit card with a 0 percent intro APR period. During that time, you can pay off the principal balance without paying interest. When the intro APR period ends, interest will apply to any remaining balance at the end of each billing cycle like a regular credit card.

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

How long does a balance transfer take?

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.

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

Experian’s most recent data shows that the average credit card balance reached $5,910 in the third quarter of 2022. In the chart below, 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. The examples listed below include a card with a 3 percent balance transfer fee, a 5 percent balance transfer fee and a slightly shorter intro APR period than the current longest available. 

Here’s how much you could save by transferring a credit card balance of $5,910 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 $5,910 balance within the intro offer period for each card.
• Interest and savings: We calculate potential savings with each card by comparing how much interest you would pay on your current card at 20 percent APR minus the balance transfer fee (calculated with our Credit Card Payoff Calculator; 20 percent being the approximate current average interest rate).

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

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

A balance transfer card is an effective tool to help you pay off debt, but you’ll want to consider some key things 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:

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. It’s important to consider this timeframe when choosing your card so you can be sure that you’ll manage to arrange your balances for transfer, settle your balance transfer fee and make all of your following payments on time.

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 are the fees and the ongoing interest rate after the 0% intro APR period?

Always check a card’s terms and conditions to find details on applicable balance transfer fees and late payment penalties. It's also important to figure out what kind of 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 after the 0 percent intro APR period ends.

Does the card have long-term value?

Most balance transfer cards carry barebones features and instead provide 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.

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. 

Dig deeper: Should I use a personal loan to pay off credit card debt?

The Federal Reserve notes that among the 82 percent of adults who had a credit card in the last year, there was an even split between people who paid off their balances each month and people who carried a balance month-to-month at least once. Moreover, a recent Bankrate survey found that 15% of people say having too much credit card debt is their biggest financial regret. If you’re someone who carries a balance often and you're looking for a new card, a 0 percent balance transfer credit card might be a good choice.

Before you apply for a balance transfer credit card, it's important to consider whether this type of credit card is right for your situation.

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

Dig deeper: 6 times a Balance Transfer credit card may be a bad idea

There are some important details to consider before you decide which balance transfer card is best for you. Not all balance transfer cards are created equal, and some may automatically be out of the running depending on the issuer you’re transferring your balance from. When comparing balance transfer credit cards, take note of these key details. 

Issuers 

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. 

Recommended credit score for approval

The best balance transfer credit cards often recommend applicants have at least a good credit score. Credit score requirements are particularly high for balance transfer cards because of the risk a lender takes to issue what is essentially a short-term interest-free loan. The higher your score, the more confidence a lender has in your ability to pay the money back. A higher score could also get you better card terms overall.

Balance transfer fees

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.

Length of intro offer

When comparing balance transfer cards, you’ll want to have a firm understanding of how much time you’ll reasonably need to pay off the transferred balance. The longer your intro APR offer, the more time you’ll have to pay. Consider the size of your total balance. Your intro APR offer will end, so you’ll want to be prepared to get your balance to zero before then. 

Ongoing interest rate

While your main focus may be on the length of the card’s intro APR offer, you may also want to examine what a card’s ongoing APR will be after the intro period. If you think you’ll have to carry a balance past the intro period, you may want to shortlist cards that have lower ongoing APRs in an effort to save where you can. 

Purchases versus balance transfers

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’ll want a card that has an intro APR offer for both balance transfers and new purchases.

You don’t have to be an expert in personal finance to understand the balance transfer process. It’s essentially a matter of moving debt from one credit account to another. To get started, what you’ll need to do is:

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

Balance transfer guides by credit card issuer

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

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

If you have questions at any point in the process, contact a customer service representative for help. It's your money, after all, so you'll want to get everything right.

Once your transfer is complete, you should be all set to take full advantage of your balance transfer intro offer. However, there are a few things you’ll want to avoid that could set you back. While these pitfalls are fairly common, they’re easily avoidable as long as you use your credit responsibly.

• Adding to your transferred debt: One of the main functions of a balance transfer card is to help you pay off your balances quickly and spend less on interest. While some balance transfer cards also have intro offers on purchases, some don’t. Spending more on top of the balance you transferred could result in high credit utilization and leave you with more debt to pay down in less time.
• 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. This action could give the impression that your utilization rate, or debt-to-credit ratio, has suddenly increased. Keeping the card open will also support you in increasing the average age of your credit history, which is a key factor in establishing creditworthiness.
• Missing a minimum payment: While you’ll get to enjoy the benefits of an intro APR offer, you’ll still be subject to pay a minimum each month on your new balance transfer card. Your card terms may include a penalty for missing a minimum payment, and the card issuer may immediately charge the ongoing APR or even a steep penalty APR.
• Increasing your debt on your old card: When you transfer your balance, the available credit on your old card will increase and could entice you to start spending more, especially if it's a rewards card. Remember, a balance transfer is simply the process of moving your debt from one card to another, not eliminating it. To avoid ending up with double the debt you’ll have to pay off, try not to use your old card until you pay off your transferred balance.

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

More people are carrying credit card debt than ever before, according to a new 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.

How we assess the best balance transfer credit cards

Want to know more about transferring balances to a credit card? Here’s a list of our top resources from Bankrate’s personal finance experts:

• Learn what you should do after completing a balance transfer.
• Here’s everything you need to know about balance transfer checks.
• Learn if you can  pay a credit card with another credit card.
• Weighing your options when it comes to managing debt? Figure out if you should get a personal loan to pay off credit card debt.
• Analysis: Balance transfer offers remain generous in Summer 2023

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

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