Best Balance Transfer Credit Cards of [current_month_year] (2024)

12 Best Balance Transfer Credit Cards of 2024

Best for Building Credit: Chase Slate Edge℠

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Chase Slate Edge℠

Annual Fee

$0

Regular APR

20.49% – 29.24% Variable

Intro Bonus

No current offer

Credit Score

Credit ranges are derived from FICO® Score 8, which is one of many different types of credit scores. If you apply for a credit card, the lender may use a different credit score when considering your application for credit.

Good – Excellent

Why we chose it: The no-annual-fee Chase Slate Edge brings a familiar offer to the table: 0% intro APR on purchases and balance transfers for 18 months, followed by a variable APR of 20.49% to 29.24%. However, this card stands out from the crowd with several incentives that can make it easier to stay on track with your financial goals. Read our Chase Slate Edge review.

Pros

• Get an automatic review for a higher credit limit when you pay on time and spend $500 in your first six months
• Automatic consideration for an APR reduction of 2% when you pay on time and spend at least $1,000 on your card by your next account anniversary
• Intro balance transfer fee of 3% ($5 minimum) on transfers made within 60 days of account opening; 5% ($5 minimum) thereafter

Cons

• No ongoing rewards
• Few additional cardholder perks
• Higher balance transfer fee after the intro balance transfer fee period

Best for Long 0% APR on Purchases and Balance Transfers: Wells Fargo Reflect® Card

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Wells Fargo Reflect® Card

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Annual Fee

$0

Regular APR

18.24%, 24.74% or 29.99% variable

Intro Bonus

0% intro APR for 21 months

Credit Score

Credit ranges are derived from FICO® Score 8, which is one of many different types of credit scores. If you apply for a credit card, the lender may use a different credit score when considering your application for credit.

Good-Excellent

Why we chose it: It’s hard to find a longer intro APR on both new purchases and balance transfers than that offered by the Wells Fargo Reflect. You get a 21-month 0% intro APR on purchases and qualifying balance transfers made in the first 120 days from account opening, giving you nearly two years of interest-free time to pay down your balance. When that period is over, the ongoing variable APR will be 18.24%, 24.74% or 29.99%. The low end of that range is competitive for balance transfer credit cards. Read our Wells Fargo Reflect Card review.

Pros

• Lengthy intro APR offer on both purchases and balance transfers
• No annual fee
• Cell phone protection benefit (subject to a $25 deductible)

Cons

• No rewards program
• 5% fee for each balance transfer, with a minimum of $5

Best for Long 0% APR on Balance Transfers: Citi® Diamond Preferred® Card

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Citi® Diamond Preferred® Card

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Annual Fee

$0

Regular APR

18.24% – 28.99% variable

Intro Bonus

N/A

Credit Score

Credit ranges are derived from FICO® Score 8, which is one of many different types of credit scores. If you apply for a credit card, the lender may use a different credit score when considering your application for credit.

Good-Excellent

Why we chose it: Another top-tier option for those who are prioritizing a long break from interest, the Citi Diamond Preferred promises 21 months of a 0% intro APR on balance transfers completed within four months of account opening, then 18.24% to 28.99% variable. The intro offer on purchases is less lengthy, but that can actually be a good thing for cardholders who would rather not have the temptation to add to their debt balance. Read our Citi Diamond Preferred Card review.

Pros

• Lengthy intro APR period on balance transfers
• No annual fee

Cons

• Introductory offer on new purchases isn’t competitive
• Either 5% or $5 of the card balance transfer (whichever is greater)
• No ongoing rewards program

Best for Long 0% APR and No Late Fees: Citi Simplicity® Card

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Citi Simplicity® Card

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Annual Fee

$0

Regular APR

19.24% – 29.99% variable

Intro Bonus

N/A

Credit Score

Credit ranges are derived from FICO® Score 8, which is one of many different types of credit scores. If you apply for a credit card, the lender may use a different credit score when considering your application for credit.

Good-Excellent

Why we chose it: When you transfer a balance, it’s easy to forget that you still have to make payments during your introductory period. The Citi Simplicity Card is forgiving in that regard, charging no late fees and imposing no penalty APR on late payments. The forgiving terms and super-long intro APR period make this a top offer.Read our Citi Simplicity Card review.

Pros

See Also

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• 0% intro APR for 21 months on balance transfers completed within four months of account opening (19.24% to 29.99% variable APR thereafter)
• 3% (minimum $5) intro balance transfer fee for transfers completed within four months of account opening; 5% (minimum $5) thereafter
• No annual fee, late fees or penalty APRs

Cons

• No rewards program
• The introductory APR on purchases is much shorter than the balance transfer offer
• Higher balance transfer fee after the intro balance transfer fee period

Best for Low Intro Balance Transfer Fee: Chase Freedom Unlimited®

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Chase Freedom Unlimited®

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On Bankrate Credit Cards's secure site

Annual Fee

$0

Regular APR

20.49% – 29.24% variable

Intro Bonus

Earn up to $300 cash back

Earn an extra 1.5% on everything you buy with your card (on up to $20,000 spent in the first year) — worth up to $300 cash back. That's 6.5% on travel purchased through Chase Travel, 4.5% on dining and drugstores, and 3% on all other purchases.

Recommended Credit

Credit ranges are derived from FICO® Score 8, which is one of many different types of credit scores. If you apply for a credit card, the lender may use a different credit score when considering your application for credit.

Good – Excellent

Why we chose it: The no-annual-fee Chase Freedom Unlimited® is a solid rewards credit card, offering 5% cash back on travel booked through Chase Travel, 3% cash back on dining at restaurants (including takeout and eligible delivery service) and drugstore purchases and 1.5% unlimited cash back on all other purchases.

This credit card also has a 0% intro APR offer on purchases and balance transfers for 15 months from account opening, followed by a variable APR of 20.49% – 29.24%. While not the most generous intro APR offer, it’s a solid chunk of time and a worthwhile card to consider if you want to pay off an existing debt while having the opportunity to earn rewards on new purchases. Read our Chase Freedom Unlimited® review.

Pros

• No annual fee
• Earns a minimum of 1.5% cash back rewards

Cons

• Not the longest intro APR offer available on balance transfers
• Higher balance transfer fee after 60 days from account opening

Best for Simplicity Seekers: U.S. Bank Visa® Platinum Card

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U.S. Bank Visa® Platinum Card

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Annual Fee

$0

Regular APR

18.74% – 29.74% variable

Intro APR

0% intro APR on purchases and balance transfers for 21 billing cycles

Credit Score

Credit ranges are derived from FICO® Score 8, which is one of many different types of credit scores. If you apply for a credit card, the lender may use a different credit score when considering your application for credit.

Good-Excellent

Why we chose it: When you’re consolidating debt and making a plan to get on track financially, the last thing you need is distractions. The U.S. Bank Visa Platinum Card offers straightforward yet valuable terms that can help you get back on track, including a solid intro APR offer on both purchases and balance transfers. A 5% (minimum $5) balance transfer fee applies. Read our U.S. Bank Visa Platinum Card review.

Pros

• 0% intro APR for 21 billing cycles on purchases and balance transfers transferred within 60 days from account opening (18.74% to 29.74% variable APR after)
• Cell phone protection benefit (subject to a $25 deductible)
• Choose your own due date

Cons

• No rewards program
• Higher balance transfer fee after the intro balance transfer fee period

Best for Bonus Category Rewards: Discover it® Balance Transfer

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Discover it® Balance Transfer

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Annual Fee

$0

Regular APR

17.24% – 28.24% variable

Intro Bonus

0% APR for the first 15 months and 3% Intro fee on balances transferred by August 10, 2024.

0% APR for the first 15 months

Credit Score

Credit ranges are derived from FICO® Score 8, which is one of many different types of credit scores. If you apply for a credit card, the lender may use a different credit score when considering your application for credit.

Good-Excellent

Why we chose it: With the Discover it® Balance Transfer, you get more than a balance transfer card. You also get one of the best cash back bonus category rewards rates on the market. First, use the 0% intro APR for 15 months on purchases and balance transfers (17.24% to 28.24% variable APR after). Then earn 5% cash back on activated, rotating bonus categories each quarter (up to $1,500 in quarterly spending, then 1%). Read our Discover it® Balance Transfer card review.

Pros

• No annual fee
• 3% intro balance transfer fee until June 10, 2024 (up to a 5% fee for future balance transfers)
• Ongoing cash back rewards and Cashback Match™ welcome bonus

Cons

• Not the longest intro APR offer available on balance transfers
• The complex structure of rotating cash back categories may distract from paying off existing debt
• Very short intro APR period on purchases

Best for Long-Term Value: Citi Double Cash® Card

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Citi Double Cash® Card

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Annual Fee

$0

Regular APR

19.24% – 29.24% variable

Intro Bonus

$200 cash back

$200 cash back when you spend $1,500 on purchases within the first six months of opening your Citi Double Cash® card account

See Also

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Credit Score

Credit ranges are derived from FICO® Score 8, which is one of many different types of credit scores. If you apply for a credit card, the lender may use a different credit score when considering your application for credit.

Good-Excellent

Why we chose it: When choosing a balance transfer card, it’s a bonus to find a card that will be valuable long after the intro period ends. The Citi Double Cash Card isn’t just a balance transfer card—it’s actually one of the most valuable cash back cards available. Get up to 2% cash back on all purchases—1% when you buy and another 1% when you pay your bill. In terms of paying off debt, enjoy a 0% intro APR for 18 months on balance transfers completed within four months of account opening (19.24% to 29.24% variable thereafter). Read our Citi Double Cash Card review.

Pros

• Flat-rate cash back rewards on all purchases
• Intro balance transfer fee of 3% ($5 minimum) when you complete your transfer within the first four months of account opening; 5% ($5 minimum) after
• No annual fee

Cons

• No introductory APR on new purchases
• Higher balance transfer fee after the intro balance transfer fee period

Best for Card Benefits: Chase Freedom Flex℠

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Chase Freedom Flex℠

Annual Fee

$0

Regular APR

20.49%–29.24% variable

Intro Bonus

Earn a $200 bonus + 5% gas and grocery store offer

Earn a $200 bonus after you spend $500 on purchases in the first 3 months from account opening. Plus, earn 5% cash back on combined gas station and grocery store purchases (excluding Target and Walmart) on up to $12,000 spent in the first year.

Credit Score

Credit ranges are derived from FICO® Score 8, which is one of many different types of credit scores. If you apply for a credit card, the lender may use a different credit score when considering your application for credit.

Good-Excellent

Why we chose it: The Chase Freedom Flex℠ is a solid no annual fee cash back rewards credit card with an introductory 0% APR offer. You’ll get a 15-month 0% intro APR from account opening on purchases and qualifying balance transfers. After that period, the ongoing variable rate is 20.49% to 29.24%. Cardholders can earn 5% cash back rewards when activating rotating quarterly bonus categories (up to $1,500 in combined spending per quarter), 3% on dining and drugstore purchases and 1% on other purchases. You’ll also earn 5% cash back with this card when booking travel through Chase Travel. Read our Chase Freedom Flex℠ review.

Pros

• No annual fee
• Earns up to 5% cash back rewards
• Intro balance transfer fee of 3% of the amount of each transfer ($5 minimum) on transfers made within 60 days of account opening; 5% of each transfer ($5 minimum) thereafter

Cons

• The intro APR offer isn’t the most competitive
• You must activate quarterly bonus categories to earn 5% cash back
• Higher balance transfer fee after the intro balance transfer fee period

Best for Low Fees: BankAmericard® credit card

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BankAmericard® Credit Card

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Annual Fee

$0

Regular APR

16.24% – 26.24% variable

Intro Bonus

0% APR for first 18 statement closing dates

Credit Score

Credit ranges are derived from FICO® Score 8, which is one of many different types of credit scores. If you apply for a credit card, the lender may use a different credit score when considering your application for credit.

Good-Excellent

Why we chose it: The balance transfer offer on the no-annual-fee BankAmericard is competitive, but where it stands out is the low balance transfer fee (3% intro balance transfer fee for the first 60 days of account opening, 4% after that instead of 5%) and the low variable APR range (16.24% to 26.24%). Plus, you won’t have to worry about triggering a penalty APR if you make a late payment. Read our BankAmericard credit card review.

Pros

• 18-month 0% intro APR on purchases and balance transfers made within 60 days of account opening (16.24% to 26.24% variable APR thereafter)
• Low variable APR range and intro balance transfer fee
• No penalty APR

Cons

• Does not earn rewards
• Not the longest intro APR offer available

Best for Flat-Rate Rewards: Wells Fargo Active Cash® Card

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Wells Fargo Active Cash® Card

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Annual Fee

$0

Regular APR

20.24%, 25.24% or 29.99% variable APR

Intro Bonus

$200 cash rewards

After spending $500 in purchases in the first 3 months

Credit Score

Credit ranges are derived from FICO® Score 8, which is one of many different types of credit scores. If you apply for a credit card, the lender may use a different credit score when considering your application for credit.

Good-Excellent

Why we chose it: The Wells Fargo Active Cash holds its value from the moment your balance is transferred to years down the road thanks to its balance transfer offer and top-tier cash back rate. If you don’t mind a middle-of-the-road balance transfer offer (0% intro APR for 15 months from account opening on purchases and qualifying balance transfers made in the first 120 days, 20.24%, 25.24% or 29.99% variable APR after), this card transitions seamlessly from debt companion to rewards generator. Read our Wells Fargo Active Cash Card review.

Pros

• Unlimited 2% cash back on all purchases, plus a first-year welcome bonus
• 3% ($5 minimum) intro balance transfer fee for 120 days from account opening; 5% ($5 minimum) after
• No annual fee

Cons

• Shorter intro APR offer compared to other balance transfer cards
• High ongoing APR
• Higher balance transfer fee after the intro balance transfer fee period

Best for No Balance Transfer Fee: Choice Rewards World Mastercard®

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First Tech Choice Rewards World Mastercard®

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Annual Fee

$0

Regular APR

13.50% – 18.00% variable

Intro Bonus

20,000 bonus points

After spending at least $3,000 in the first 60 days

Credit Score

Credit ranges are derived from FICO® Score 8, which is one of many different types of credit scores. If you apply for a credit card, the lender may use a different credit score when considering your application for credit.

Good-Excellent

Why we chose it: If you’ve done the math and feel confident about paying off your transferred balance in one year or less, this card can save you the upfront cost of a balance transfer fee. Plus, the ability to earn cash back adds long-term value.

Pros

• No balance transfer fee
• Lower regular APR than other cards
• First-year welcome bonus offer
• Earn 2X rewards points on everyday purchases, including gas, groceries, household goods and more

Cons

• Must be a member of First Tech Federal Credit Union to apply (several ways to become a member)
• No intro APR on balance transfers or new purchases

A Closer Look at the Best Balance Transfer Credit Cards

Best for Building Credit: Chase Slate Edge

Why we love this card: If you’re doing a balance transfer, your credit score might not be exactly where you want it to be. For example, using a large portion of your available credit can lower your score. The Chase Slate Edge can help you in that area, offering an automatic review for a higher credit limit when you pay on time and spend $500 in your first six months.

Who should have this in their wallet: If you’re thinking big-picture about your financial health and could use some incentives to help you along, the Chase Slate Edge is on your side. In addition to the consideration for a credit limit increase, you will also be considered for a 2% APR reduction when you pay on time and spend at least $1,000 on your card by your next account anniversary.

Other cards to consider: If the Chase Slate Edge’s intro APR offer checks a box for you, consider the Citi Double Cash Card or the Discover it® Balance Transfer. You’ll get the same lengthy intro APR period on balance transfers, plus the ability to earn rewards.

Best for Long 0% APR on Purchases and Balance Transfers: Wells Fargo Reflect Card

Why we love this card: At 21 months, this card’s 0% intro APR on purchases and qualifying balance transfers made in the first 120 days is one of the longest offers available (18.24%, 24.74% or 29.99% variable APR after). Fortunately, you don’t pay for the privilege with an annual fee, either.

Who should have this in their wallet: If you’re looking to take a long break from interest, this card should be at the top of your consideration list. The fact that the introductory offer applies to new purchases is significant too, if you think you might use the card to make new purchases instead of just paying off your balance.

Other cards to consider: The Wells Fargo Reflect Card charges a 5% balance transfer fee ($5 minimum), which can be significant for larger balances. Plus, once your balance is paid off, you won’t earn any rewards with this card. If you can give up a few months of low interest in exchange for a smaller balance transfer fee and ongoing rewards, consider the Wells Fargo Active Cash Card or Citi Double Cash.

Best for Long 0% APR on Balance Transfers: Citi Diamond Preferred Card

Why we love this card: One of the most common motivations for balance transfers is to simplify your finances. The Citi Diamond Preferred Card can help you reach this goal with an ultra-long time to pay down your debt interest-free—and little else to distract from the mission.

Who should have this in their wallet: If your priority is pausing interest on your balance transfer for as long as possible, this card should be a top contender for you. The lack of a rewards program may actually be a strength for those who want to stay focused on chipping away at their debt balance.

Other cards to consider: One of the only other cards that offers the same introductory APR period as the Citi Diamond Preferred is the Wells Fargo Reflect. Like the Citi Diamond Preferred, the Reflect card relies on the simplicity of a strong balance transfer offer and offers little else in the way of rewards and benefits. On the other hand, if you can sacrifice a few months from the balance transfer offer, the Discover it®Balance Transfer has a lengthy offer and earns cash back.

Best for Long 0% APR and No Late Fees: Citi Simplicity Card

Why we love this card: This card lives up to its name, offering value in the form of simple yet effective terms: one of the longest balance transfer offers on the market with no late fees or penalty APR. Plus, if you transfer your balance within the first four months, you’ll only pay a 3% (minimum $5) balance transfer fee.

Who should have this in their wallet: If you’re set on paying off your balance with as little interest as possible tacked on, this card’s ultra-long intro APR period can give you the best shot at doing so. It’s also great for people who are newer to credit cards and still building good credit habits because this card won’t penalize you for late payments.

Other cards to consider: If you’re after that same lengthy introductory balance transfer offer, the Wells Fargo Reflect is on par with the Citi Simplicity, but it extends the lengthy introductory offer to purchases as well. If the Citi Simplicity’s beginner-friendly policy of no late fees appeals to you, you might also consider the Chase Slate Edge, which incentivizes good behaviors by lowering your ongoing APR by 2% each year if you pay on time and spend $1,000 before your next account anniversary.

Best for Low Intro Balance Transfer Fee: Chase Freedom Unlimited®

Why we love this card: For people who want a balance transfer card with an intro APR offer and the opportunity to earn rewards on new purchases, the Chase Freedom Unlimited® is a solid choice. Cardholders earn 3% cash back on dining at restaurants, including takeout and eligible delivery service, and drugstore purchases and 1.5% cash back on other purchases made with their card. The 15-month 0% intro APR offer applies from the date of account opening to purchases and qualifying balance transfers (20.49% – 29.24% variable APR after).

Who should have this in their wallet: If 15 months is enough time to pay off your debt, you can save money on additional interest charges with the 0% intro APR offer. This card is also ideal for Chase loyalists and reward seekers who want to maximize earning potential while also having breathing room to pay off a balance if necessary.

Other cards to consider: If you prefer an extended 0% intro APR offer, explore the Citi Double Cash—which offers an 18-month 0% intro APR on balance transfers made within four months of account opening. It also has an intro balance transfer fee of 3% ($5 minimum) for four months. Plus, you’ll earn up to 2% cash back rewards on new spending, 1% when you buy, and another 1% when you pay off your purchase.

Best for Simplicity Seekers: U.S. Bank Visa Platinum Card

Why we love this card: The main value of this card is its simple yet valuable introductory APR offer on balance transfers. Still, U.S. Bank tucks a few noteworthy perks into the list of benefits that help this card stand out.

Who should have this in their wallet: Balance transfer seekers who need a long time to whittle away at their debt will benefit from this card’s lengthy introductory offer. The ability to pick your own due date makes this useful for those working with a paycheck-to-paycheck budget, too.

Other cards to consider: The Citi Simplicity and Wells Fargo Reflect cards have comparable introductory offers on balance transfers.

Best for Bonus Category Rewards: Discover it® Balance Transfer

Why we love this card: The ability to earn cash back in rotating bonus categories sets the Discover it® Balance Transfer apart from its peers. The rewards don’t come at the expense of a solid balance transfer offer either—new cardholders will still have well over a year to focus on paying down transferred balances before interest starts accruing.

Who should have this in their wallet: If you can buckle down and get your balance down to $0 within this card’s introductory APR period on balance transfers, this card is a great option for the long haul. The rotating rewards categories keep it fun for people who enjoy maximizing cash back.

Other cards to consider: The Citi Double Cash and the Wells Fargo Active Cash both earn cash back in addition to offering competitive balance transfer offers. These might be better options if you prefer a simple rewards structure since they both offer a flat rate on all purchases.

Best for Long-Term Value: Citi Double Cash Card

Why we love this card: The Citi Double Cash isn’t just a balance transfer card—it’s one of the best cash back cards on the market: earn an unlimited 1% cash back when you make purchases, plus an additional 1% back when you pay your bill. The cash back is unlimited, and it applies to all purchases. Cash back aside, the introductory APR on balance transfers is still impressively long, making this card valuable for short-term debt repayment, too.

Who should have this in their wallet: The issue for many balance transfer cards is that they become far less attractive when the introductory period ends. If you can afford to have a great introductory period—but not the best—the Double Cash will keep the benefits coming long after your transferred balance is paid off.

Other cards to consider: The Discover it® Balance Transfer and Wells Fargo Active Cash are two balance transfer cards that also bring rewards into the equation. The Wells Fargo Active Cash offers a flat 2% cash back on all purchases, while the Discover it® Balance Transfer offers rotating cash back categories.

Best for Card Benefits: Chase Freedom Flex℠

Why we love this card: The Chase Freedom Flex℠ touts an attractive 0% intro APR offer and cash back rewards. The 0% intro APR offer applies to purchases and qualifying balance transfers for 15 months from account opening, then a variable APR of 20.49% to 29.24% applies. The intro balance transfer fee of 3% ($5 minimum) on balance transfers made within 60 days could save some card users money on balance transfer fees. Plus, you can earn 1% to 5% cash back on eligible purchases.

Who should have this in their wallet: If you can benefit from the 15-month 0% intro APR timeline on balance transfers and want to earn rewards on purchases you make with your card after eliminating your debt, the Chase Freedom Flex℠ is an ideal option. It also includes valuable benefits like cell phone protection (subject to a $50 deductible per claim).

Other cards to consider: If you don’t want to fuss with quarterly rotating bonus categories and prefer a flat-rate rewards credit card with a 0% intro APR offer on balance transfers, the Wells Fargo Active Cash could be a fitting alternative. This card has no annual fee, offers 2% cash back rewards on all purchases and has a 15-month 0% intro APR offer on qualifying balance transfers. An intro balance transfer fee of 3% ($5 minimum) is also available for 120 days from account opening.

Best Low Fees: BankAmericard credit card

Why we love this card: The BankAmericard makes the job of paying down debt simple, offering a long window to work on paying down debt without racking up more interest. If you do need to carry a balance after your intro APR period ends, know that the variable APR range starts quite low. Plus, the balance transfer fee is just 3% for the first 60 days of account opening, then 4% and late payments won’t automatically increase your APR.

Who should have this in their wallet: If you’re comparing balance transfer offers that last one and a half years, the card’s 4% balance transfer fee (as opposed to the more common 5% fee) can make the decision easier.

Other cards to consider: With a similar balance transfer offer, the Citi Simplicity also doesn’t impose a penalty APR. But it does go one step further, charging no late fees. The BankAmericard credit card charges up to $40 in late payment fees.

Best for Flat-Rate Rewards: Wells Fargo Active Cash Card

Why we love this card: Instead of being a balance transfer card with a cash back program, the Active Cash is more of a cash back card with a good balance transfer offer. Offering one of the highest flat-rate cash back rates on the market, this card deserves a place in your wallet for years to come.

Who should have this in their wallet: If you’re already thinking about all the rewards you’re going to earn when your transferred balance is paid off, the Wells Fargo Active Cash can pay off big time.

Other cards to consider: The Citi Double Cash offers the same effective cash back rate on purchases. However, it comes with a longer introductory offer on balance transfers. The Discover it Balance Transfer also offers a longer intro APR period and rotating bonus category rewards.

Best for No Balance Transfer Fee: Choice Rewards World Mastercard

Why we love this card: This card can save you the 3% or 5% you can expect to pay on top of transferred balances with most cards. Plus, the ability to earn cash back makes it useful in the long run.

Who should have this in their wallet: If you’re not in the market for the longest possible intro APR period, this card offers a solid rewards rate on everyday purchases that helps it carry its weight after your intro APR period is over. Even if you do have a balance left over when the ongoing interest rate applies, the rate is relatively low.

Other cards to consider: BankAmericard offers competitively low rates and the comfort of doing business with a large bank, rather than a smaller organization.

What Is a Balance Transfer?

A balance transfer is the act of moving a credit card balance from one card to another. The idea is to transfer high-interest debt to a card that offers a lower interest rate and, ideally, a 0% introductory APR period as well.

Completing a balance transfer typically comes with a fee, usually 3% or 5% of the amount transferred. While this upfront cost can be expensive if you have a lot of debt, the ability to pay low or no interest while you work on paying down your balance can save you a lot of money in the long run.

What Is a 0% Balance Transfer?

The most effective way to transfer a balance is to move money from a high-interest account to a new credit card with a 0% introductory APR on balance transfers.

A 0% interest balance transfer offer is a special offer that credit card issuers extend to new cardholders that completely stops the clock on interest for a limited time. When people refer to “balance transfer credit cards,” they’re typically talking about cards with 0% offers.

Here’s how it works: A card might offer a 0% intro APR on balance transfers for 15 months. If you open a new account and transfer your balance to that card, no interest will accrue for 15 months. After that, the regular APR would apply. Ideally, you would use the no-interest period to completely pay down your debt and save a lot of money on interest in the process.

Keep in mind that, in order to take advantage of a top balance transfer offer, the transfer usually needs to be completed within a set window from when you open your account.

How Do Balance Transfers Work?

When you carry credit card debt, interest charges increase your balance every day. If you’re stuck with a sky-high interest rate, getting out of credit card debt can feel like a losing battle.

Balance transfers are a great solution for those who are serious about getting out of debt. You essentially “pay off” your old card with a new card. The amount you owe stays the same (plus any applicable balance transfer fee), but the interest rate associated with your balance will change, ideally slowing the rate at which your balance grows because the APR is lower.

You can transfer a balance from one card to another card you already have, or you can transfer a balance immediately upon opening a new credit card account. You can even transfer balances from multiple credit cards to a single card all at once in order to consolidate your credit card debt into one account.

How Much Balance Can I Transfer?

The limit on balance transfers depends on the issuer and the credit limit on the card you’re transferring to. Many issuers allow you to transfer up to 100% of your credit limit, though some issuers may cap balance transfers at a percentage of one’s credit limit, like 80%.

Also, some issuers have dollar-amount caps on balance transfers. For example, Chase only allows up to $15,000 to be transferred within 30 days.

If you’re toeing the line of a particular limit, keep in mind that the balance transfer fee is often considered part of the total transfer. This effectively makes your actual transfer limit a bit lower than you might expect. For example, if you’re transferring $1,000 with a 5% balance transfer fee, the total transfer will be $1,050.

What Is a Balance Transfer Fee?

Unfortunately, moving debt from one card to another usually isn’t free. The receiving card typically charges 3% to 5% of the total amount transferred for the service. The good news is that you can save a ton on interest by completing a balance transfer, especially if you take full advantage of a 0% intro APR offer. In the grand scheme, the balance transfer fee is often worth it.

Still, it makes sense to run the numbers before applying. Find out how much the balance transfer fee is going to cost you and compare that to your monthly interest charges.

How Much Could You Save With a Balance Transfer?

A balance transfer credit card can be an effective tool in minimizing or even eliminating credit card debt. The amount you save with a balance transfer will vary based on your outstanding balance and the conditions of the card you choose.

The best strategy for paying down debt is to choose a card with an advantageous 0% intro APR offer and aggressively pay down the balance during that period. Here’s an example of how much an individual could save when leveraging the benefits of a balance transfer card with 0% APR for 12 months and a 3% transfer fee. We’ll say the current balance on the original card is $5,000 with an APR of 20.49%, and the cardholder makes a minimum monthly payment of $40.

When considering a balance transfer credit card with an intro 0% APR offer, time could be your greatest asset in paying off credit card debt. The more you can contribute to your balance during that period, the more cash stays in your pocket. What may cost you more upfront in fees could buy you peace of mind over the long term if you’re able to significantly pay down your debt.

How Long Does a Balance Transfer Take?

Expect the process of transferring a balance to take a few days to a few weeks in total. Capital One, for example, says that applicants should be prepared to wait about 3 to 14 days.

The process of applying for a balance transfer online usually takes minutes—it’s the approval and actual transfer that you typically end up waiting on. If you can complete the process electronically, versus sending paperwork in the mail, your wait time will be much faster.

How To Do a Balance Transfer

Every issuer has its own process for balance transfers, but you can typically do the entire transaction over the phone or online. You’ll need key account information for both your old and new cards.

• 1. Do your research. Not all balance transfer cards are created equal, so think about what you want and look for a card that’s going to help you get there. Do you want the longest possible 0% intro APR offer? Are you interested in perks like cash back that make a card valuable for the long haul?
• 2. Apply for the transfer. In most cases, this means applying for a new credit card. You can transfer your balance to a card you already have, but remember—you likely won’t get a 0% intro APR offer that way. When you apply for a new balance transfer card, the application process will often start the balance transfer process.
• 3. Wait for your balance transfer to process. Again, this can take up to a few weeks. In the meantime, keep making necessary payments on your existing credit cards.
• 4. Confirm that your old account is completely paid off. Once you see that your balance transfer is complete, check on your old account. Confirm that your balance is $0 before turning your attention to the new account. You can close the old account, but it’s usually better for your credit score to keep the account open since it adds to your length of credit history.
• 5. Start paying down your balance. Once you have the advantage of low or no interest, it’s time to pay down your balance as quickly as possible.

Pros and Cons of a Balance Transfer Credit Card

Pros

• Save on interest costs. Balance transfers can be a lifeline for those trapped in credit card debt that feels insurmountable. Some credit cards carry high interest rates compared to any financial product, and being able to stop your balance from growing for a year or more can greatly reduce the total amount you pay over time.
• Pay off your debt faster. This goes hand in hand with saving on credit card interest, but it’s worth noting that you’ll typically get out of debt faster if your balance isn’t increasing every day. Divide your balance by the number of months in your 0% intro APR period, and you’ll know exactly how much you need to pay each month in order to be debt-free before the regular APR kicks in.
• Consolidate your credit card debt into one account. Debt is stressful, but it’s usually more stressful when it’s spread between various accounts. It’s a bit easier to make a game plan for getting to a $0 balance when the entire balance is in one place with one interest rate.

Cons

• The balance transfer fee is an upfront cost. Spending more money when you’re already in debt isn’t the best feeling, and it isn’t always worth it, depending on your balance. If you have a small balance that you anticipate paying off soon anyway, a balance transfer might cost you more in fees than you save in interest.
• It isn’t a guaranteed money saver. If you don’t reduce your balance during the 0% intro APR period, you’ve just paid to put the problem off for a while. Plus, your interest rate may be even higher on the new card once the intro APR period ends.
• You generally need at least good credit to qualify. Unfortunately, poor credit disqualifies many people from being able to qualify for a balance transfer card. If you don’t think you’ll be approved, it may be best to hold off on applying since your credit score takes a hit every time you apply for a credit card.

Alternatives to Balance Transfer Credit Cards

Consider a Personal Loan

Personal loans tend to have lower interest rates than credit cards. If you can qualify for a personal loan, you can use that lump sum to immediately pay off your high-interest credit card debt. Then, you can work on paying off the personal loan at a lower interest rate, saving you money over time.

Pursue a Debt Management Plan

With a debt management plan (DMP), a credit counselor will help you create a plan to pay off your balance(s), negotiate better terms with your credit card company and consolidate your debt into one monthly payment. Be sure to go through a reputable organization, like the nonprofits listed with the National Foundation for Credit Counseling or the U.S. Department of Justice.