A balance transfer credit card helps you transfer high-interest debt from one card to another card with a low introductory APR (usually 0%). This can help you pay off your credit card balance faster without accruing more interest. However, you’ll still need to make at least the minimum payment each month. After the intro period ends, interest will accrue on any remaining balance at the regular APR.
The steps involved in doing a balance transfer will vary slightly depending on whether you’re opening a new credit card or taking advantage of an offer on an existing card. In both cases, you can typically request the transfer online. When opening a new balance transfer card, take the following steps:
When you open a new balance transfer card, you might not get a high enough credit limit to transfer all of your debt, or your issuer might cap how much you can transfer. In that case, you might wish to apply for another card and do a second transfer with the remaining amount, or you might wish to leave the remainder on your old card and continue to pay it off while you start whittling away at the debt on your 0% APR credit card.
If you want to do a balance transfer with an existing credit card, you can log into your account online and check if you have any balance transfer offers. The issuer might promote such an offer when you log in, or you might need to navigate to a specific area of your account.
For example, Discover displays a “balance transfers” link under the “card services” tab. If you have one or more offers available, you’ll have to select the offer you prefer and enter information about the account you want to transfer debt from, as well as the amount you wish to transfer.
For consumers who don’t want to make their balance transfer request online, you can also call your issuer and make the request over the phone. Finally, you might sometimes receive balance transfer offers in the mail.
But no matter how you receive your offer and submit your request, make sure you understand what the intro APR is (not all intro APR offers are for a 0% APR), when the intro period will end and what the balance transfer fee is.
Most credit cards charge a balance transfer fee, which typically ranges from 3% to 5% of the amount transferred. So, for example, a 3% balance transfer fee applied when transferring a $4,000 balance would be $120, meaning you’ll have $4,120 to pay off.
There are credit cards with no balance transfer fee, but they’re rare and typically have shorter intro periods — and those cards might require you to meet certain eligibility requirements, such as joining a credit union.
However, a balance transfer might still save you money despite a balance transfer fee, depending on how high your current interest rate is and how long it’ll take you to pay off the debt.
Based on our research of cards available through LendingTree, as well as top cards offered by major issuers, here’s a selection of some of the best balance transfer cards with long introductory APRs.
How LendingTree Rates Credit Cards?
Our experts rate credit cards based on several factors including card benefits, bonus offers and independent research. Credit card issuers do not influence or have a say in our card ratings. Read our credit card methodology here.How LendingTree Rates Credit Cards?
Our experts rate credit cards based on several factors including card benefits, bonus offers and independent research. Credit card issuers do not influence or have a say in our card ratings. Read our credit card methodology here.Intro balance transfer APR: 0% intro APR for 21 months from account opening on qualifying balance transfers
Followed by 18.24%, 24.74%, or 29.99% Variable APR on balance transfers
The Wells Fargo Reflect® Card offers one of the longest 0% intro APR periods on both balance transfers and purchases. While it doesn’t earn rewards or a sign-up bonus, you shouldn’t be worried too much about those things if your main focus is avoiding interest charges and getting out of debt.
The Wells Fargo Reflect® Card has a $0 annual fee and comes with cellphone protection, so for that reason, it may be worth keeping around after you pay your balance off in full and using it to pay your monthly cellphone bill.
How LendingTree Rates Credit Cards?
Our experts rate credit cards based on several factors including card benefits, bonus offers and independent research. Credit card issuers do not influence or have a say in our card ratings. Read our credit card methodology here.How LendingTree Rates Credit Cards?
Our experts rate credit cards based on several factors including card benefits, bonus offers and independent research. Credit card issuers do not influence or have a say in our card ratings. Read our credit card methodology here.Intro balance transfer APR: 0% for 21 months on Balance Transfers
Followed by 19.24% - 29.99% (variable) APR on balance transfers
The Citi Simplicity® Card offers an exceptional intro APR of 0% for 21 months on balance transfers, after which a 19.24% - 29.99% (variable) APR applies for a $0 annual fee. Note that there is an intro balance transfer fee of 3% of each transfer (minimum $5) completed within the first 4 months of account opening. Then a balance transfer fee applies with this offer 5% of each balance transfer; $5 minimum. The fee is high, but you do get almost two years of no interest.
How LendingTree Rates Credit Cards?
Our experts rate credit cards based on several factors including card benefits, bonus offers and independent research. Credit card issuers do not influence or have a say in our card ratings. Read our credit card methodology here.How LendingTree Rates Credit Cards?
Our experts rate credit cards based on several factors including card benefits, bonus offers and independent research. Credit card issuers do not influence or have a say in our card ratings. Read our credit card methodology here.Intro balance transfer APR: 0% for 21 months on Balance Transfers
Followed by 18.24% - 28.99% (variable) APR on balance transfers
Similar to the Citi Simplicity® Card, the Citi® Diamond Preferred® Card offers a long balance transfer intro APR period: 0% for 21 months on balance transfers, after which a 18.24% - 28.99% (variable) APR applies.
Note that a high balance transfer fee applies with this offer 5% of each balance transfer; $5 minimum.
There’s also an intro APR on purchases, but it pales in comparison to the lengthy balance transfer intro offer: 0% for 12 months on purchases, after which a 18.24% - 28.99% (variable) APR applies.
How LendingTree Rates Credit Cards?
Our experts rate credit cards based on several factors including card benefits, bonus offers and independent research. Credit card issuers do not influence or have a say in our card ratings. Read our credit card methodology here.How LendingTree Rates Credit Cards?
Our experts rate credit cards based on several factors including card benefits, bonus offers and independent research. Credit card issuers do not influence or have a say in our card ratings. Read our credit card methodology here.Intro balance transfer APR: 0% Intro APR for 18 months
Followed by 17.24% - 28.24% Variable APR on balance transfers
If you’re looking for a credit card with a solid balance transfer offer that’s worth keeping around even after you’ve paid off your debt, consider the Discover it® Balance Transfer. Unlike many other balance transfer cards, it offers a generous cash back program.
You will have to remember to activate categories every quarter, but Discover typically sends out reminders. As long as your spending aligns with the rotating categories, this card can net you a good amount of cash back. Past examples of quarterly categories have included spending on dining, groceries and more.
How LendingTree Rates Credit Cards?
Our experts rate credit cards based on several factors including card benefits, bonus offers and independent research. Credit card issuers do not influence or have a say in our card ratings. Read our credit card methodology here.How LendingTree Rates Credit Cards?
Our experts rate credit cards based on several factors including card benefits, bonus offers and independent research. Credit card issuers do not influence or have a say in our card ratings. Read our credit card methodology here.Intro balance transfer APR: 0.99% introductory APR for 12 months for balance transfers requested within 60 days of account opening
Followed by 11.24% to 18.00% (variable) APR on balance transfers
The Navy Federal Platinum Credit Card offers a shorter intro APR than other cards here: 0.99% introductory APR for 12 months for balance transfers requested within 60 days of account opening; after, a 11.24% to 18.00% (variable) APR applies. But it stands out with its $0 balance transfer fee — cards with no balance transfer fee are rare.
You must be a Navy Federal Credit Union (NFCU) member to apply for the card. NFCU membership is open to service members in all branches of the United States military (including veterans, retirees and annuitants), family members and civilian employees at the U.S. Department of Defense.
It’s possible to find balance transfer credit cards with 0% intro APR periods up to 21 months long — in other words, with almost two years of no interest. However, be prepared to pay a balance transfer fee in exchange for such a long intro APR period.
If you’re looking for a credit card with no balance transfer fee, be aware that such cards are likely to have shorter intro periods, such as a 0% intro APR for 12 months.
This will depend on the issuer of your balance transfer credit card. Some issuers limit how much you can transfer to your new card, while others allow more flexibility.
Here are balance transfer policies from some major issuers:
Issuer | Transfer Restrictions |
---|---|
American Express balance transfer | If you’re eligible to do a balance transfer, your balance transfer will be less than your credit limit (with a maximum of $7,500) and subject to other factors determined by American Express. |
Bank of America balance transfer | Your transfer amount cannot exceed your total credit available. Expect a buffer to account for fees. |
Barclays balance transfer | You have the option to transfer funds up to your credit limit, but you should leave room for applicable fees and interest charges. |
Capital One balance transfer | The total amount of your transfer, including applicable fees, cannot exceed the amount for which you are eligible. See your balance transfer offer for details. |
Chase balance transfer | Transfers are capped at a maximum of $15,000 in a 30-day period. The amount you can transfer will depend on your total credit limit. |
Citi balance transfer | You can transfer as much as your available line of credit, minus the balance transfer fee amount. |
Discover balance transfer | Cardholders are allowed to transfer any amount up to their credit line available for transfers, less balance transfer fees. |
Wells Fargo balance transfer | Cardholders can transfer the amount up to their credit limit, minus balance transfer fees. |
Just be aware that you might not always have a balance transfer offer on your existing cards, and if you’re considering opening a new card, check whether the issuer currently offers balance transfer deals or not.
Carrying a balance on a high-interest credit card can add up. According to LendingTree’s findings, the average credit card APR is currently 24.61% — which can cause interest to accrue quickly and make paying off debt even harder.
Consider the following examples with a $4,000 balance on a 20% APR card, and approximately how much interest you’d pay in each scenario:
Balance Amount | Credit Card APR | Monthly Payment | Months Needed to Pay Off | Interest Paid |
---|---|---|---|---|
$6,000 | 20% | $100 | 279 | $21,861 |
$6,000 | 20% | $150 | 66 | $3,970 |
$6,000 | 20% | $300 | 25 | $1,359 |
$6,000 | 20% | $500 | 13 | $750 |
However, if you made payments of $229 a month on a balance transfer card offering 0% interest for 18 months with a 3% balance transfer fee, you’d avoid interest charges entirely ($4,120/18 = $229).
If you’re transferring a balance to a credit card you already have open, the balance transfer probably won’t affect your credit score — at least not at first. You’re just moving debt around, not opening any new accounts. However, if you end up paying down your balance faster due to a 0% intro APR offer, that could in time improve your credit score by reducing your credit utilization ratio (how much you owe versus your available credit).
On the other hand, if you open up a new balance transfer credit card, your credit score might dip by 5 to 10 points at first because you’re generating a hard inquiry with the application. But in time, the impact of that hard inquiry will fade and your credit score will rebound as you pay down your debt — plus, your score is likely to improve even further, since the new card offers you a new line of credit and thus lowers your overall utilization.
All that to say, balance transfers can improve your credit score in the long run, if used responsibly.
When deciding whether or not to do a balance transfer, consider the following questions:
If your credit is good enough that you’re likely to be approved for a balance transfer card, and you’re able to budget enough each month that you’ll pay off your debt before the 0% intro APR ends, doing a balance transfer could be a good way to get out of debt faster than you would otherwise. Be aware that you can’t transfer debt between cards from the same issuer — so whether you’re planning to use an offer on an existing card or apply for a new one, it should be from a different credit card company than the card your balance is currently on.
While five to seven days is a good general expectation for how long balance transfers take, know that it will depend on your credit card issuer and your specific situation. For example, Discover notes that transfers to an existing Discover credit card typically process within four days. But if you’re opening a new Discover credit card, your new card will have to be open for 14 days before your balance transfer request can even begin processing.
To make sure you get the most value out of your balance transfer, take the following steps:
When it comes to credit cards, your APR is another term for your interest rate. If a credit card offers a 0% intro APR on balance transfers, that means for a certain period of time, you can transfer debt to it and accrue no interest.
You’ll have to make at least the minimum monthly payment even though no interest is accruing, however. And once the intro APR ends, you’ll start accruing interest at the regular APR on any balance that remains.
Any credit card that offers an introductory balance transfer APR can be considered a balance transfer credit card. The best balance transfer credit cards are typically ones with longer 0% balance transfer APRs, usually lasting 15 to 21 months.
Yes, you can do more than once balance transfer to the same card, as long as you have the available credit. Note that if your card charges a balance transfer fee, you’ll have to pay a fee for each transfer.
Many balance transfer credit cards charge a 3% to 5% balance transfer fee. There are cards with no balance transfer fee — though they are uncommon, and you might have to qualify for credit union membership to get them. Also note they typically come with shorter 0% intro APR periods, so you should be prepared to pay down your balance quickly.
Glen Luke Flanagan is a former senior credit card writer for LendingTree. He joined the team in June 2019, and covered topics that included new credit cards, how your credit score works and what you need to know about credit card interest.
Before joining LendingTree, Glen worked in journalism and government communications. As a journalist at newspapers in North Carolina and South Carolina, his reporting won awards from the North Carolina Press Association and the South Carolina Press Association, respectively.
Glen earned his bachelor’s degree in media studies with a concentration in journalism from Radford University, graduating summa cum laude in May 2014. He also earned a master’s degree in English with a concentration in technical and professional communication, as well as a graduate certificate in marketing, from East Carolina University in May 2022.
The above offers and/or promotions may have since changed, expired, or is no longer available. Check the Issuers’ website for more details.