What happens to my old card after a balance transfer?

After your balance transfer goes through, don’t forget about your old card just yet. There may still be interest charges or purchases that post to your account after you’ve transferred the balance to your new card. If it does, pay off any remaining balance on the old card. Once your old card balance is zeroed out, the card stays open and you can use the credit line again if needed. The account won’t be closed unless you request it. You don’t have to close the old card unless it benefits you, but it might be just as beneficial to keep it open even if you don’t plan to use the card. The newly available credit could reduce your credit utilization rate and positively affect your credit score while you work to pay down your balance transfer.

Do balance transfers hurt your credit score?

A few factors could cause you to experience a temporary dip in your credit score: applying for a new credit card usually involves a hard inquiry that affects your credit score 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, if you pay down the balance on time every month and keep your debt-to-credit ratio low overall, then your credit score might not be impacted as much.

Can you transfer a balance multiple times?

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, you should consider alternative options before doing so.

Best Balance Transfer Cards Of August 2026: Intro APR offers up to 21 months

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	Our picks for		Ongoing APR	Learn more
Chase Freedom Unlimited® Apply now on Chase's secure site See Rates & Fees	Dining	15 months 0% Intro APR on Balance Transfers for 15 months	Regular APR: 18.24% - 27.74% Variable	Apply now on Chase's secure site See Rates & Fees
BankAmericard® credit card Apply now on Bank of America's secure site	Low interest	21 billing cycles 0% Intro APR for 21 billing cycles for any BTs made in the first 60 days. A 5% fee applies.	Regular APR: 14.99% - 25.99% Variable APR on purchases and balance transfers	Apply now on Bank of America's secure site
Discover it® Chrome Apply now on Discover's secure site See Rates & Fees	Welcome offer	18 months 0% intro APR for 18 months	Regular APR: 17.49% - 26.49% Variable APR	Apply now on Discover's secure site See Rates & Fees
Citi® Diamond Preferred® Card Apply now on Citi's secure site See Rates & Fees	Excellent credit	21 months 0% for 21 months on Balance Transfers	Regular APR: 16.49% - 27.24% (Variable)	Apply now on Citi's secure site See Rates & Fees
Wells Fargo Reflect® Card Apply now on Wells Fargo's secure site See Rates & Fees	No-frills balance transfers	21 months 0% intro APR for 21 months from account opening on qualifying balance transfers	Regular APR: 17.49%, 23.99%, or 28.24% Variable APR	Apply now on Wells Fargo's secure site See Rates & Fees
Chase Slate® Apply now on Chase's secure site See Rates & Fees	Chase balance transfers	21 months 0% Intro APR on Balance Transfers for 21 Months	Regular APR: 18.24% - 28.24% Variable	Apply now on Chase's secure site See Rates & Fees
Blue Cash Everyday® Card from American Express Apply with confidence Hover to learn more Apply now on American Express's secure site See Rates & Fees, Terms Apply	Everyday spending	15 months 0% on balance transfers for 15 months	Regular APR: 19.49%-28.49% Variable	Apply with confidence Hover to learn more Apply now on American Express's secure site See Rates & Fees, Terms Apply
Wells Fargo Active Cash® Card Apply now on Wells Fargo's secure site See Rates & Fees	Flat-rate cash rewards	12 months 0% intro APR for 12 months from account opening on qualifying balance transfers	Regular APR: 18.49%, 24.49%, or 28.49% Variable APR	Apply now on Wells Fargo's secure site See Rates & Fees
Citi Double Cash® Card Apply now on Citi's secure site See Rates & Fees	Encouraging payments	18 months 0% intro for 18 months on Balance Transfers	Regular APR: 17.49% - 27.49% (Variable)	Apply now on Citi's secure site See Rates & Fees
USAA Rate Advantage Credit Card Apply now on USAA's secure site See Rates & Fees	Low interest	15 months 0% intro APR for 15 months on balance transfers, then 10.40% to 24.40% variable regular APR	Regular APR: 10.40% to 24.40% variable	Apply now on USAA's secure site See Rates & Fees
U.S. Bank Shield™ Visa® Card Apply now on U.S. Bank's secure site See Rates & Fees	Long balance transfer intro APR	21 billing cycles 0% intro on balance transfers for 21 billing cycles	Regular APR: 16.99% - 27.99% Variable	Apply now on U.S. Bank's secure site See Rates & Fees

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Table of contents

What is a balance transfer card?
Is it right for you?
Types
How to choose
Pros and cons
Mistakes to avoid
Alternative options
Frequently asked questions
Methodology

What is a balance transfer credit card?

A balance transfer card lets you move a balance from one credit card to another. Balance transfer cards typically come with an introductory 0% APR offer for a set period, usually between 12 and 21 months. During this period, you won't be charged interest on your transferred balance — as long as you still make payments on time — which lets you pay off your debt more efficiently. After your intro period ends, an ongoing APR applies to any remaining balance on the card that received the balance transfer.

Bankrate's complete guide to balance transfers

Learn everything you need to know about balance transfers and how they could help you pay down debt.

Is a balance transfer right for me?

Paying zero interest or low interest for several months can seem like the right move, especially since it has the potential to save you money on high-interest card debt. A balance transfer card can be a good option if:

You have a sizable credit card balance (or multiple balances) that you can realistically pay off during an introductory period.
Your credit is in great shape, meaning you can qualify for a balance transfer card.
You have a repayment plan and can stop adding new charges to your cards while you’re paying off the balance.

That said, a balance transfer isn’t always the right choice for everyone. Before pulling the trigger on a balance transfer, you’ll need to consider:

How much you’ll save
The alternatives
How you’ll avoid common balance transfer mistakes

For example, a balance transfer makes little sense if you only have a comparatively low balance since the fees will eat into your savings. It’s also going to be a crutch if you keep spending on your cards, adding to the debt.

How much can I save with a balance transfer?

TransUnion’s most recent data shows that the average credit card balance hit $6,519. Credit card balances have consistently increased over the past three years alongside the interest rates attached to them. Bankrate's historical data shows that the average interest rate on credit cards was 16.30% at the beginning of 2022, but the current average credit card interest rate is now just under 20%.

If you’re part of the nearly half of Americans carrying a balance on your card, the right balance transfer card could save you hundreds of dollars when paying off credit card debt. Consider this example below, displaying how much you’d end up paying in total if you used a standard credit card versus a balance transfer card to pay off $6,519 in debt.

APR	Starting amount	Monthly payment	Total interest	Total paid
21% for 18 months	$6,519	$419	$1,158	$7,677
0% intro on balance transfers for 18 months	$6,545 (includes 5% balance transfer fee)	$419	$0	$6,545

Calculate your balance transfer costs

Run the numbers on what you need to pay down your debt

How do I qualify for a balance transfer card?

Qualifying for a balance transfer card doesn’t just mean meeting the credit score requirements, even though that’s a large piece of what you need to get approved. Card issuers also consider these criteria to determine if you qualify:

Credit score: The best balance transfer cards typically require at least a 670 to get approved. The higher your credit score is, the better your chances are.
Debt to income level: Specific limits vary between card issuers, but a healthy debt to income ratio is usually 35% or less.
Credit utilization ratio: If you’re trying to do a balance transfer from a maxed out card, it’s unlikely that you’ll qualify for a balance transfer card. A healthy utilization ratio is usually 30% or lower, but lenders often have slightly higher limits for balance transfer cards.
Credit history: Most major lenders draw the line at recent charge offs, delinquencies, bankruptcies or liens. It’s very unlikely that you’ll qualify if those items are on your credit report.
Credit inquiries: The number of recent hard inquiries on your credit report may affect your chances of getting approved for a balance transfer card even with good credit. For example, Citi has a limit of no more than two card applications within a 65-day window.

How much is a balance transfer fee?

A typical balance transfer fee is usually 3% to 5% of the amount you transfer. For every $1,000 you transfer, a 3% balance transfer fee would cost $30. A 5% balance transfer fee would cost slightly more at $50 for every $1,000. The larger your balance transfer is, the more it will cost in fees. To save money on your transfer, you could look for cards with no or low balance transfer fees.

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What type of balance transfer card is best for me?

Some cards are great strictly for balance transfers and some are ideal options for rewards-seekers, but a few versatile cards offer the best of both worlds. Below are some of the most common types of balance transfer credit cards and who they're best suited for.

Type of balance transfer card	Who it is best for	Example cards
Long intro APR balance transfer card	Cardholders who need to stretch their repayment timeframe	Citi® Diamond Preferred® Card Wells Fargo Reflect® Card
Balance transfer card with rewards	Cardholders who want ongoing value after the intro APR period ends	Chase Freedom Unlimited® Blue Cash Everyday® Card from American Express
Low ongoing APR balance transfer card	Cardholders expecting to carry a balance after the intro period	BankAmericard® credit card USAA Rate Advantage Credit Card
Low balance transfer fee cards	Cardholders looking to transfer a large balance	Citi® Diamond Preferred® Card Citi Double Cash® Card

Bankrate staff insights

"When a series of house and car repairs ballooned my credit card balances, my biggest concern was giving myself some breathing room to pay off the sum over a long period of time. Once my balance was transferred and my card came in the mail, I immediately set up comfortable auto payments that would pay off the balance well ahead of the intro period’s end and tossed the card into a drawer."

Steve Dashiell, Former Editor, Credit Cards

"The process of transferring my balance to the Double Cash was easy, and I love that it has a generous intro APR period. The fact that the card offers cash back when you pay off a purchase is a bonus for me while I focused on paying off debt rather than accumulating more."

Alice Lesperance, Former Editor, Credit Cards

How to choose a balance transfer card

There are a few factors you’ll want to evaluate to make sure any credit card is the right fit for you. Here are some of the features to consider when making your decision:

Long intro APR period

The best balance transfer cards have intro periods of at least 15 months. A few cards offer some of the longest periods of 21 months or longer. However, remember that a long intro period doesn’t mean you can delay a transfer. With most cards, you need to complete it within a specific window (usually 60-90 days after opening the card) to qualify for the intro rate.

Reasonable balance transfer fee

It's unlikely you'll find a balance transfer card from a major issuer without a balance transfer fee. To keep costs low, look for balance transfer fees of 3% to 4%. The issuer will add this fee to your balance, which will offset some of the savings from lack of interest. Run the numbers to see if the savings are worth it — for smaller balances, they might not be.

Low ongoing APR

If you don't think you can pay the whole balance by the end of the intro period, then look for cards with low rates and fees. Any APR near 35% is a no-go — consider cards with a lower APR range than your current card. That said, a “low APR” on a credit card is a relative term: credit card interest is always expensive. Aim to minimize interest charges even if you secure a card with a below-average APR.

Long-term value

If you've paid off the card, you might want to start earning credit card rewards. But a balance transfer card that earns rewards means sacrificing a few months of the intro APR period to get more long-term value. Still, don’t let rewards distract you from the goal of paying off your balance. If you know that you need as much time to get rid of debt as possible, cash back and points should take a backseat.

Pros and cons of a balance transfer card

A balance transfer card can be an excellent financial tool, but there are several downsides you should be aware of.

Pros

A balance transfer card can help you save on interest. According to Bankrate’s data, the average interest rate is almost 20% — so the savings can be significant.
If you transfer multiple balances, you’ll streamline debt payoff by combining several monthly bills into one.
Since this type of card allows you to eliminate interest charges for a certain period, you might be able to pay off your debt more quickly.

Cons

Balance transfer cards typically have high credit score requirements. If you’re carrying a significant balance on your existing card, your credit utilization is probably high, which weighs your scores down.
If you’re tempted to use your existing credit card after a balance transfer, you might end up in even more debt.
A balance transfer fee will eat into your savings from interest. For that reason, it usually doesn’t make sense to transfer a modest balance as you might pay more in fees than you would in APR charges.

Common balance transfer mistakes

There are a few mistakes you should be wary of before going through with a balance transfer. As helpful of a tool as it is, it loses its effectiveness when it’s not used properly. These balance transfer mistakes can derail debt payoff for even the most experienced balance transfer users:

Most balance transfer cards have a 3% to 5% balance transfer fee — per transfer — tacked on to your total. Make note of this fee and include it in your budget. This will also allow you to see whether the potential interest savings outweigh the fees.
Once you've picked and been approved for a balance transfer card, make a budget. Divide the total amount you're transferring (plus the balance transfer fee) by the months in your intro APR period. That's how much you'll need to pay each month to clear your debt by the end of the offer period. If you don’t follow a plan, you risk having to pay the remainder of your debt with the balance transfer card’s purchase APR added to it.
You can’t do a balance transfer between two cards from the same issuer. And, since Capital One and Discover recently finalized their merger, you won’t be able to transfer balances between these two issuers, either.
Unless your card also has an intro APR for purchases, new spending on the card will accrue interest. Put your balance transfer card in a drawer and don't use it if you don't have to. Otherwise, you’ll likely end up in more debt than what you’ve started with.
If you miss a payment on your balance transfer card, you could forfeit the remainder of your intro APR offer. Not to mention, your credit score will take a significant hit, potentially locking you out of other balance transfer cards. Put your credit card account on auto-pay for the monthly amount you budgeted for and double check that it goes through so you can take advantage of the full offer.
Most balance transfer cards give you two to six months to initiate your balance transfer. Consider this timeframe when choosing your card, and transfer your balance on time.
In most cases, you won’t know your credit limit until you get approved for a balance transfer card. If you were counting on using one card to pay off $10,000 or more split between multiple cards, then you might be disappointed — especially if your credit score isn’t in the best shape. Even if you get approved, it’ll likely be for a lower credit limit than you need to pay off everything at once. In these situations, it might be better to consider a personal loan instead.

Alternative options to getting a balance transfer card

A balance transfer isn’t the only way to get out of credit card debt and save on interest. Here are other options you can consider:

Debt consolidation loan: This type of personal loan doesn’t come with a 0% intro APR offer, but if the interest rate is lower than on your cards, it can still save you money. Plus, you’ll make fixed monthly payments. The predictable schedule makes it easier to plan repayment and stay on track.
Avalanche or snowball method: If your credit isn’t in the best shape, you’ll probably find it hard to qualify for a balance transfer card or a personal loan with advantageous terms. In this case, you can try and pick a strategy to pay off debt without any additional tools. For example, with the avalanche method, you focus on the card with the highest interest rate first while making minimum payments on the rest of your balances. This approach helps you save the most money. Or, you can prioritize cards with the lowest balances to keep yourself motivated with smaller wins that are easier to achieve.
Credit counseling: If you realize debt has become a major issue, and you struggle to deal with it alone, look into credit counseling. Non-profit agencies can negotiate with your issuers to lower your interest charges and waive late fees. Plus, a counselor will take a comprehensive look at your financial situation to help you figure out how not to end up in debt again.

Frequently asked questions about balance transfer credit cards

After your balance transfer goes through, don’t forget about your old card just yet. There may still be interest charges or purchases that post to your account after you’ve transferred the balance to your new card. If it does, pay off any remaining balance on the old card.

Once your old card balance is zeroed out, the card stays open and you can use the credit line again if needed. The account won’t be closed unless you request it. You don’t have to close the old card unless it benefits you, but it might be just as beneficial to keep it open even if you don’t plan to use the card. The newly available credit could reduce your credit utilization rate and positively affect your credit score while you work to pay down your balance transfer.
A few factors could cause you to experience a temporary dip in your credit score: applying for a new credit card usually involves a hard inquiry that affects your credit score 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, if you pay down the balance on time every month and keep your debt-to-credit ratio low overall, then your credit score might not be impacted as much.
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, you should consider alternative options before doing so.

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

Next steps in your credit card journey

How to do a credit card balance transfer

Learn the exact steps to initiate a transfer

Best business balance transfer cards

Discover the best balance transfer options for your small business

What debts can you transfer to a credit card?

Discover the debts you can transfer, by issuer

Balance transfer vs. rewards card with a shorter intro APR

Which credit card option is best for you?

Meet the Bankrate Experts

Written by

Ana Staples Ana Staples

Principal Analyst and Credit Cards Expert

How we choose the best balance transfer credit cards

Bankrate's credit card expertise

Read our full methodology

250

cards compared

rewards programs evaluated

189

cards in our wallet

118

years of industry experience

We select cards for “Best” credit cards pages based primarily on how cards score in our proprietary card rating system, our editors’ subjective assessment of card quality, card approval odds and credit requirements and unique card features.

Cards typically must score a minimum of 3.0 stars to be included on a “Best” list. However, we may include cards with scores below 3.0 if they have low credit requirements or unique features — despite their scores, these cards may still be among the “best” in certain categories. Card ratings are not influenced by advertisers or issuer relationships in any way.

Card selection and ordering may vary based on business considerations, including Bankrate visitor interest, site interactions and card application volume. Affiliate commissions (see how we make money), limited-time offers and a card’s general popularity in the product landscape may also influence which cards we feature on our pages and the order in which they appear. Bankrate’s editorial and business teams also strive to feature a variety of card types from various issuers.

Here’s a quick look at how our rating methodology breaks down for balance transfer cards:

Overall Score

Intro APR and offer length for balance transfers 45%
Balance transfer, annual and other fees 22%
Intro APR and offer length for new purchases 18%
Ongoing APR 15%

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.

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

Best balance transfer cards of August 2026

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What's your priority?

If there's a better card out there, it's probably here

Chase Freedom Unlimited®

BankAmericard® credit card

Discover it® Chrome

Citi® Diamond Preferred® Card

Wells Fargo Reflect® Card

Chase Slate®

Blue Cash Everyday® Card from American Express

Wells Fargo Active Cash® Card

Citi Double Cash® Card

USAA Rate Advantage Credit Card

U.S. Bank Shield™ Visa® Card