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June 1, 2022
*Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It may not have been reviewed, approved or otherwise endorsed by the credit card issuer. This site may be compensated through a credit card issuer partnership.
This article was last updated June 1, 2022 . Terms and conditions may have changed. For the most accurate information, please consult the issuer website.
It offers one of the longest intro APR periods for both purchases and balance transfers, giving you plenty of breathing room to pay down debt interest-free. It also charges a reasonable balance transfer fee.
If you’re carrying a large balance on a credit card with a high APR, you’re likely to end up paying a lot of money in interest charges. A balance transfer card can help you get out of debt faster with a 0% intro APR period.
Some balance transfer cards offer 0% intro APRs up to 21 months. With no interest accruing during the interest-free period, payments are 100% allocated to the principal balance instead of the balance plus interest charges.
It’s possible to find cards with no balance transfer fee, but typically you’ll pay a fee that’s 3% to 5% of the amount transferred. However, a balance transfer might still be worth it based on what you could save on interest charges.
When you need a long intro APR period to pay off debt transferred from another card or finance a big purchase over time, the Wells Fargo Reflect℠ Card is a great option. It comes with a unique offer where cardholders first get 18 months of intro APR on both balance transfers and purchases — then, after making on-time minimum payments, they can get an intro APR extension of up to three months. That’s close to two years of no interest.
Just be aware that you might not qualify for the Wells Fargo Reflect℠ Card‘s intro APR if you’ve opened any other Wells Fargo credit card in the past 15 months. And if you’ve opened a Wells Fargo credit card in the past six months, you might be declined for the Wells Fargo Reflect℠ Card entirely.
Here are the card’s details:
| Intro balance transfer APR | Balance transfer fee | Intro purchase APR |
|---|---|---|
| 0% intro APR up to 21 months from account opening on qualifying balance transfers, then a 14.49%-26.49% Variable APR applies. | 3% for 120 days from account opening, then up to 5%; min: $5. | 0% intro APR up to 21 months from account opening , then a 14.49%-26.49% Variable APR applies. |
The Wells Fargo Reflect℠ Card offers almost two years to pay off transferred debt or to finance a new purchase. Just make sure at the time of application that you haven’t opened any other Wells Fargo credit card recently, or it could cause you to be denied for this card (or to be not eligible for the intro APR offers, even if you’re approved for the card itself).
Be careful that you’re always making payments on time — especially with this card. It’s always important with any credit card so as to maintain a good credit score and a positive relationship with the issuer. However, with this card, it’s crucial in order to earn the intro APR extension.
Here are some pros and cons to consider regarding the Wells Fargo Reflect℠ Card:
| Pros | Cons |
|---|---|
|
|
When you need a long intro APR period to pay off debt transferred from another card or finance a big purchase over time, the Wells Fargo Reflect℠ Card is a great option. It comes with a unique offer where cardholders first get 18 months of intro APR on both balance transfers and purchases — then, after making on-time minimum payments, they can get an intro APR extension of up to three months. That’s close to two years of no interest.
Just be aware that you might not qualify for the Wells Fargo Reflect℠ Card‘s intro APR if you’ve opened any other Wells Fargo credit card in the past 15 months. And if you’ve opened a Wells Fargo credit card in the past six months, you might be declined for the Wells Fargo Reflect℠ Card entirely.
Here are the card’s details:
| Intro balance transfer APR | Balance transfer fee | Intro purchase APR |
|---|---|---|
| 0% intro APR up to 21 months from account opening on qualifying balance transfers, then a 14.49%-26.49% Variable APR applies. | 3% for 120 days from account opening, then up to 5%; min: $5. | 0% intro APR up to 21 months from account opening , then a 14.49%-26.49% Variable APR applies. |
The Wells Fargo Reflect℠ Card offers almost two years to pay off transferred debt or to finance a new purchase. Just make sure at the time of application that you haven’t opened any other Wells Fargo credit card recently, or it could cause you to be denied for this card (or to be not eligible for the intro APR offers, even if you’re approved for the card itself).
Be careful that you’re always making payments on time — especially with this card. It’s always important with any credit card so as to maintain a good credit score and a positive relationship with the issuer. However, with this card, it’s crucial in order to earn the intro APR extension.
Here are some pros and cons to consider regarding the Wells Fargo Reflect℠ Card:
| Pros | Cons |
|---|---|
|
|
The U.S. Bank Visa® Platinum Card is consistently one of our top picks for intro APRs on balance transfers and purchases, offering lengthy 0% intro APRs and a reasonable balance transfer fee. It doesn’t offer rewards or a sign-up bonus — but, if your goal is to get a long 0% intro APR period to help you pay down debt, this card is an excellent choice.
Here are the U.S. Bank Visa® Platinum Card’s details:
| Intro balance transfer APR | Balance transfer fee | Intro purchase APR |
|---|---|---|
| 0% intro APR for 20 billing cycles on Balance Transfers, then a 15.99% - 25.99% (variable) APR applies. | Either 3% of the amount of each transfer or $5 minimum, whichever is greater. | 0% intro APR for 20 billing cycles on Purchases, then a 15.99% - 25.99% (variable) APR applies. |
If you can’t qualify for the Wells Fargo Reflect℠ Card because you’ve recently opened another Wells Fargo card — or prefer to do business with another issuer — the intro APR offers that come with the U.S. Bank Visa® Platinum Card nearly match that of the Wells Fargo Reflect℠ Card. Plus, the intro APR promotional time frame for both purchases and balance transfers is guaranteed, provided you handle the account responsibly by making on-time payments.
Here are some pros and cons of the U.S. Bank Visa® Platinum Card to weigh when considering the card:
| Pros | Cons |
|---|---|
|
|
The U.S. Bank Visa® Platinum Card is consistently one of our top picks for intro APRs on balance transfers and purchases, offering lengthy 0% intro APRs and a reasonable balance transfer fee. It doesn’t offer rewards or a sign-up bonus — but, if your goal is to get a long 0% intro APR period to help you pay down debt, this card is an excellent choice.
Here are the U.S. Bank Visa® Platinum Card’s details:
| Intro balance transfer APR | Balance transfer fee | Intro purchase APR |
|---|---|---|
| 0% intro APR for 20 billing cycles on Balance Transfers, then a 15.99% - 25.99% (variable) APR applies. | Either 3% of the amount of each transfer or $5 minimum, whichever is greater. | 0% intro APR for 20 billing cycles on Purchases, then a 15.99% - 25.99% (variable) APR applies. |
If you can’t qualify for the Wells Fargo Reflect℠ Card because you’ve recently opened another Wells Fargo card — or prefer to do business with another issuer — the intro APR offers that come with the U.S. Bank Visa® Platinum Card nearly match that of the Wells Fargo Reflect℠ Card. Plus, the intro APR promotional time frame for both purchases and balance transfers is guaranteed, provided you handle the account responsibly by making on-time payments.
Here are some pros and cons of the U.S. Bank Visa® Platinum Card to weigh when considering the card:
| Pros | Cons |
|---|---|
|
|
The Citi® Double Cash Card comes with a lengthy intro APR period on balance transfers, as well as a great flat-rate cash back program. Just don’t let the prospect of earning cash back lead you to add to your debt load while you’re focusing on a debt payoff plan — instead, work on knocking out that transferred balance before using the card for its rewards program.
Here are the card’s details:
| Intro balance transfer APR | Balance transfer fee | Intro purchase APR |
|---|---|---|
| 0% for 18 months on balance transfers, then a 15.49% - 25.49% (variable) APR applies. | There is an intro balance transfer fee of 3% of each transfer (minimum $5) completed within the first 4 months of account opening. A balance transfer fee of 5% of each transfer ($5 minimum) applies if completed after 4 months of account opening. | No intro purchase APR. A regular purchase APR of 15.49% - 25.49% (variable) applies. |
If you want a card you can keep around after paying off your transferred balance, the Citi® Double Cash Card is an excellent choice. Cardholders earn 2% on every purchase with unlimited 1% cash back when you buy, plus an additional 1% as you pay for those purchases. Just be aware you have to make at least the minimum payment on time to receive the second half of your cash back. The card’s annual fee is $0.
Here are some pros and cons to consider regarding the Citi® Double Cash Card :
| Pros | Cons |
|---|---|
|
|
The Citi® Double Cash Card comes with a lengthy intro APR period on balance transfers, as well as a great flat-rate cash back program. Just don’t let the prospect of earning cash back lead you to add to your debt load while you’re focusing on a debt payoff plan — instead, work on knocking out that transferred balance before using the card for its rewards program.
Here are the card’s details:
| Intro balance transfer APR | Balance transfer fee | Intro purchase APR |
|---|---|---|
| 0% for 18 months on balance transfers, then a 15.49% - 25.49% (variable) APR applies. | There is an intro balance transfer fee of 3% of each transfer (minimum $5) completed within the first 4 months of account opening. A balance transfer fee of 5% of each transfer ($5 minimum) applies if completed after 4 months of account opening. | No intro purchase APR. A regular purchase APR of 15.49% - 25.49% (variable) applies. |
If you want a card you can keep around after paying off your transferred balance, the Citi® Double Cash Card is an excellent choice. Cardholders earn 2% on every purchase with unlimited 1% cash back when you buy, plus an additional 1% as you pay for those purchases. Just be aware you have to make at least the minimum payment on time to receive the second half of your cash back. The card’s annual fee is $0.
Here are some pros and cons to consider regarding the Citi® Double Cash Card :
| Pros | Cons |
|---|---|
|
|
The Union Bank® Platinum™ Visa® Credit Card doesn’t come with a lot of bells and whistles, but it does stand out due to a $0 introductory balance transfer fee for transfers completed within 60 days of account opening. After that, a 3% fee on each transfer (minimum $10) balance transfer fee. You’ll pay a $0 annual fee to carry the card, too — however, beware the 3% foreign transaction fee.
Here are the Union Bank® Platinum™ Visa® Credit Card‘s intro APR details:
| Intro balance transfer APR | Balance transfer fee | Intro purchase APR |
|---|---|---|
| 0% intro APR for 15 months on balance transfers, then a 8.74% to 20.24% variable applies. | $0 introductory balance transfer fee for transfers completed within 60 days of account opening. After that, a 3% fee on each transfer (minimum $10). | 0% intro APR for 15 months on purchases, then a 8.74% to 20.24% variable applies. |
If you’re looking for a credit card with no balance transfer fee and more than a year of 0% intro APR, the Union Bank® Platinum™ Visa® Credit Card is an excellent choice. Just make sure to transfer your balance within 60 days of account opening — otherwise, you’ll pay a balance transfer fee after all.
Here are pros and cons to consider with the Union Bank® Platinum™ Visa® Credit Card:
| Pros | Cons |
|---|---|
|
|
The Union Bank® Platinum™ Visa® Credit Card doesn’t come with a lot of bells and whistles, but it does stand out due to a $0 introductory balance transfer fee for transfers completed within 60 days of account opening. After that, a 3% fee on each transfer (minimum $10) balance transfer fee. You’ll pay a $0 annual fee to carry the card, too — however, beware the 3% foreign transaction fee.
Here are the Union Bank® Platinum™ Visa® Credit Card‘s intro APR details:
| Intro balance transfer APR | Balance transfer fee | Intro purchase APR |
|---|---|---|
| 0% intro APR for 15 months on balance transfers, then a 8.74% to 20.24% variable applies. | $0 introductory balance transfer fee for transfers completed within 60 days of account opening. After that, a 3% fee on each transfer (minimum $10). | 0% intro APR for 15 months on purchases, then a 8.74% to 20.24% variable applies. |
If you’re looking for a credit card with no balance transfer fee and more than a year of 0% intro APR, the Union Bank® Platinum™ Visa® Credit Card is an excellent choice. Just make sure to transfer your balance within 60 days of account opening — otherwise, you’ll pay a balance transfer fee after all.
Here are pros and cons to consider with the Union Bank® Platinum™ Visa® Credit Card:
| Pros | Cons |
|---|---|
|
|
It’s typically best to put together a budget that’ll allow you to pay off your transferred debt before the intro APR period ends — however, that may not always be possible. If you think you’ll still have a balance past the intro APR period, doing so on a card with a low APR can help keep those interest charges down. The BankAmericard® credit card has a 13.74% - 23.74% Variable APR — so if your APR is set at the lower end of that range, this card is a solid choice when you can’t avoid carrying a balance.
Do be aware that the card charges a 3% foreign transaction fee.
Here are the BankAmericard® credit card‘s details:
| Intro balance transfer APR | Balance transfer fee | Intro purchase APR |
|---|---|---|
| 0% Intro APR for 18 billing cycles for any balance transfers made in the first 60 days, then a 13.74% - 23.74% Variable APR on balance transfers applies. | Either $10 or 3% of the amount of each transaction, whichever is greater. | 0% Intro APR for 18 billing cycles for purchases, then a 13.74% - 23.74% Variable APR applies. |
Consider the BankAmericard® credit card if you think you’ll need some extra time to pay off your balance. We always recommend paying off your balance before the intro APR ends and interest charges start accruing. But if that isn’t possible in your situation, the BankAmericard® credit card has a reasonable ongoing 13.74% - 23.74% Variable APR.
This is also a solid card if you need to make a big purchase, since it offers an intro APR on purchases and a decent sign-up bonus — earn a $100 statement credit online bonus after making at least $1,000 in purchases in the first 90 days of account opening.
Here are some pros and cons to weigh regarding the BankAmericard® credit card:
| Pros | Cons |
|---|---|
|
|
It’s typically best to put together a budget that’ll allow you to pay off your transferred debt before the intro APR period ends — however, that may not always be possible. If you think you’ll still have a balance past the intro APR period, doing so on a card with a low APR can help keep those interest charges down. The BankAmericard® credit card has a 13.74% - 23.74% Variable APR — so if your APR is set at the lower end of that range, this card is a solid choice when you can’t avoid carrying a balance.
Do be aware that the card charges a 3% foreign transaction fee.
Here are the BankAmericard® credit card‘s details:
| Intro balance transfer APR | Balance transfer fee | Intro purchase APR |
|---|---|---|
| 0% Intro APR for 18 billing cycles for any balance transfers made in the first 60 days, then a 13.74% - 23.74% Variable APR on balance transfers applies. | Either $10 or 3% of the amount of each transaction, whichever is greater. | 0% Intro APR for 18 billing cycles for purchases, then a 13.74% - 23.74% Variable APR applies. |
Consider the BankAmericard® credit card if you think you’ll need some extra time to pay off your balance. We always recommend paying off your balance before the intro APR ends and interest charges start accruing. But if that isn’t possible in your situation, the BankAmericard® credit card has a reasonable ongoing 13.74% - 23.74% Variable APR.
This is also a solid card if you need to make a big purchase, since it offers an intro APR on purchases and a decent sign-up bonus — earn a $100 statement credit online bonus after making at least $1,000 in purchases in the first 90 days of account opening.
Here are some pros and cons to weigh regarding the BankAmericard® credit card:
| Pros | Cons |
|---|---|
|
|
With most credit cards, if you miss a payment, you could be subject to late fees and a higher APR (a penalty rate). However, the Citi Simplicity® Card has no late fee and no penalty APR, providing cardholders a little extra peace of mind. Still, you should always make an effort to pay on time, as late payments will damage your credit score.
Here are the Citi Simplicity® Card‘s details:
| Intro balance transfer APR | Balance transfer fee | Intro Purchase APR |
|---|---|---|
| 0% for 21 months on balance transfers, then a 16.24% - 26.24% (variable) APR applies. | Balance transfer fee applies with this offer 5% of each balance transfer; $5 minimum. | 0% for 12 months on purchases, then a 16.24% - 26.24% (variable) APR applies. |
You always want to pay your credit card on time — doing so will help you build good credit and make life easier, if down the road you need to apply for other credit cards or financial products (like car loans and mortgages). However, if you want peace of mind that your card won’t charge you a late fee or increase your APR in the event you do miss a payment, you’ll appreciate the Citi Simplicity® Card. Plus, its intro APR period on balance transfers is exceptionally long.
Here are some pros and cons of the Citi Simplicity® Card to bear in mind when considering this card:
| Pros | Cons |
|---|---|
|
|
With most credit cards, if you miss a payment, you could be subject to late fees and a higher APR (a penalty rate). However, the Citi Simplicity® Card has no late fee and no penalty APR, providing cardholders a little extra peace of mind. Still, you should always make an effort to pay on time, as late payments will damage your credit score.
Here are the Citi Simplicity® Card‘s details:
| Intro balance transfer APR | Balance transfer fee | Intro Purchase APR |
|---|---|---|
| 0% for 21 months on balance transfers, then a 16.24% - 26.24% (variable) APR applies. | Balance transfer fee applies with this offer 5% of each balance transfer; $5 minimum. | 0% for 12 months on purchases, then a 16.24% - 26.24% (variable) APR applies. |
You always want to pay your credit card on time — doing so will help you build good credit and make life easier, if down the road you need to apply for other credit cards or financial products (like car loans and mortgages). However, if you want peace of mind that your card won’t charge you a late fee or increase your APR in the event you do miss a payment, you’ll appreciate the Citi Simplicity® Card. Plus, its intro APR period on balance transfers is exceptionally long.
Here are some pros and cons of the Citi Simplicity® Card to bear in mind when considering this card:
| Pros | Cons |
|---|---|
|
|
It doesn’t offer rewards or much in the way of benefits, but the Citi® Diamond Preferred® Card is a solid no-frills balance transfer card with a very generous intro APR for both balance transfers and purchases. The downside is that the card does come with a high balance transfer fee.
Here are the card’s details:
| Intro balance transfer APR | Balance transfer fee | Intro purchase APR |
|---|---|---|
| 0% for 21 months on balance transfers, then a 15.24% - 25.24% (variable) APR applies. | Balance transfer fee applies with this offer 5% of each balance transfer; $5 minimum. | 0% for 12 months on purchases, then a 15.24% - 25.24% (variable) APR applies. |
Sometimes all you need is a length of time to pay down debt without accruing interest charges, and you aren’t looking for anything else from your card. In that case, the Citi® Diamond Preferred® Card could be a good fit.
Here are some pros and cons to consider regarding the Citi® Diamond Preferred® Card:
| Pros | Cons |
|---|---|
|
|
It doesn’t offer rewards or much in the way of benefits, but the Citi® Diamond Preferred® Card is a solid no-frills balance transfer card with a very generous intro APR for both balance transfers and purchases. The downside is that the card does come with a high balance transfer fee.
Here are the card’s details:
| Intro balance transfer APR | Balance transfer fee | Intro purchase APR |
|---|---|---|
| 0% for 21 months on balance transfers, then a 15.24% - 25.24% (variable) APR applies. | Balance transfer fee applies with this offer 5% of each balance transfer; $5 minimum. | 0% for 12 months on purchases, then a 15.24% - 25.24% (variable) APR applies. |
Sometimes all you need is a length of time to pay down debt without accruing interest charges, and you aren’t looking for anything else from your card. In that case, the Citi® Diamond Preferred® Card could be a good fit.
Here are some pros and cons to consider regarding the Citi® Diamond Preferred® Card:
| Pros | Cons |
|---|---|
|
|
While the Wells Fargo Active Cash® Card might not have an intro APR balance transfer offer quite as long as many of the cards on this list, it’s still solid and provides ongoing value after the intro offers expire. Cardholders earn unlimited 2% cash rewards on purchases for a $0 annual fee. Cash back can be redeemed to cover recent purchases, as a credit to a qualified Wells Fargo mortgage, loan or credit product, for cash at an ATM (requires a Wells Fargo debit or ATM card) or for gift cards from various retailers.
Here are the card’s details:
| Intro balance transfer APR | Balance transfer fee | Intro purchase APR |
|---|---|---|
| 0% intro APR for 15 months from account opening on qualifying balance transfers, then a 16.49%, 21.49%, or 26.49% Variable APR applies. | 3% intro for 120 days from account opening, then up to 5%; min: $5. | 0% intro APR for 15 months from account opening, then a 16.49%, 21.49%, or 26.49% Variable APR applies. |
If you don’t need quite as much time to pay off debt, and you want excellent ongoing value in the form of flat-rate rewards, consider the Wells Fargo Active Cash® Card. Do be aware that if you’ve opened up any other Wells Fargo credit card recently, Wells Fargo might deny your application for this card (or approve you, but decide you’re not eligible for the intro APR and sign-up bonus).
This card is also an excellent choice for consumers planning a big purchase, since it comes with an intro APR on purchases and a generous sign-up bonus — earn a $200 cash rewards bonus after spending $1,000 in purchases in the first 3 months.
Here are some pros and cons of the Wells Fargo Active Cash® Card to bear in mind:
| Pros | Cons |
|---|---|
|
|
While the Wells Fargo Active Cash® Card might not have an intro APR balance transfer offer quite as long as many of the cards on this list, it’s still solid and provides ongoing value after the intro offers expire. Cardholders earn unlimited 2% cash rewards on purchases for a $0 annual fee. Cash back can be redeemed to cover recent purchases, as a credit to a qualified Wells Fargo mortgage, loan or credit product, for cash at an ATM (requires a Wells Fargo debit or ATM card) or for gift cards from various retailers.
Here are the card’s details:
| Intro balance transfer APR | Balance transfer fee | Intro purchase APR |
|---|---|---|
| 0% intro APR for 15 months from account opening on qualifying balance transfers, then a 16.49%, 21.49%, or 26.49% Variable APR applies. | 3% intro for 120 days from account opening, then up to 5%; min: $5. | 0% intro APR for 15 months from account opening, then a 16.49%, 21.49%, or 26.49% Variable APR applies. |
If you don’t need quite as much time to pay off debt, and you want excellent ongoing value in the form of flat-rate rewards, consider the Wells Fargo Active Cash® Card. Do be aware that if you’ve opened up any other Wells Fargo credit card recently, Wells Fargo might deny your application for this card (or approve you, but decide you’re not eligible for the intro APR and sign-up bonus).
This card is also an excellent choice for consumers planning a big purchase, since it comes with an intro APR on purchases and a generous sign-up bonus — earn a $200 cash rewards bonus after spending $1,000 in purchases in the first 3 months.
Here are some pros and cons of the Wells Fargo Active Cash® Card to bear in mind:
| Pros | Cons |
|---|---|
|
|
Between a lengthy balance transfer offer and a generous cash back program, the Discover it® Balance Transfer has much to like.
Cardholders earn 5% cash back on everyday purchases at different places each quarter like Amazon.com, grocery stores, restaurants, gas stations and when you pay using PayPal, up to the quarterly maximum when you activate. Plus, earn unlimited 1% cash back on all other purchases – automatically.
Note, however, that you’ll have to activate new cash back categories every quarter, and there’s a $1,500 quarterly spending cap before your rate drops to 1% back.
Here are the card’s intro APR details:
| Intro balance transfer APR | Balance transfer fee | Intro purchase APR |
|---|---|---|
| 0% Intro APR for 18 months, then a 12.74% - 23.74% Variable APR applies. | 3% intro balance transfer fee, up to 5% fee on future balance transfers (see terms)*. | 0% Intro APR for 6 months, then a 12.74% - 23.74% Variable APR applies. |
If you want well over a year of 0% intro APR to pay off a transferred balance and ongoing value in the form of cash back rewards, the Discover it® Balance Transfer might be right for you. Note, however, that you’ll have to activate a new category each quarter — otherwise you’ll earn just 1% back instead of 5% back. Plus, be aware that there’s a $1,500 spending cap on the 5% category each quarter, meaning the maximum you can earn is $75 per quarter at the elevated rate.
Still, for a card with a $0 annual fee, that’s generous.
Here are some pros and cons of the Discover it® Balance Transfer to consider:
| Pros | Cons |
|---|---|
|
|
Between a lengthy balance transfer offer and a generous cash back program, the Discover it® Balance Transfer has much to like.
Cardholders earn 5% cash back on everyday purchases at different places each quarter like Amazon.com, grocery stores, restaurants, gas stations and when you pay using PayPal, up to the quarterly maximum when you activate. Plus, earn unlimited 1% cash back on all other purchases – automatically.
Note, however, that you’ll have to activate new cash back categories every quarter, and there’s a $1,500 quarterly spending cap before your rate drops to 1% back.
Here are the card’s intro APR details:
| Intro balance transfer APR | Balance transfer fee | Intro purchase APR |
|---|---|---|
| 0% Intro APR for 18 months, then a 12.74% - 23.74% Variable APR applies. | 3% intro balance transfer fee, up to 5% fee on future balance transfers (see terms)*. | 0% Intro APR for 6 months, then a 12.74% - 23.74% Variable APR applies. |
If you want well over a year of 0% intro APR to pay off a transferred balance and ongoing value in the form of cash back rewards, the Discover it® Balance Transfer might be right for you. Note, however, that you’ll have to activate a new category each quarter — otherwise you’ll earn just 1% back instead of 5% back. Plus, be aware that there’s a $1,500 spending cap on the 5% category each quarter, meaning the maximum you can earn is $75 per quarter at the elevated rate.
Still, for a card with a $0 annual fee, that’s generous.
Here are some pros and cons of the Discover it® Balance Transfer to consider:
| Pros | Cons |
|---|---|
|
|
Between solid 0% intro APR periods and a unique cash back program that rewards you in your top spending category (from a specific list), there’s a lot to love about the Citi Custom Cash℠ Card.
For rewards, you’ll earn 5% cash back on purchases in your top eligible spend category each billing cycle, up to the first $500 spent, 1% cash back thereafter. Also, earn unlimited 1% cash back on all other purchases.
Here are the details on the card’s 0% intro APR offers:
| Intro balance transfer APR | Balance transfer fee | Intro purchase APR |
|---|---|---|
| 0% intro APR for 15 months on balance transfers, then a 15.49% - 25.49% (variable) APR applies. | 5% of each balance transfer; $5 minimum. | 0% intro APR for 15 months on purchases, then a 15.49% - 25.49% (variable) APR applies. |
Unfortunately, the Citi Custom Cash℠ Card‘s balance transfer fee is somewhat on the high side. Still, the card offers excellent ongoing value. Your card detects your top spending category every month from the following list, and you can earn 5% back in your top category on up to $500 spent each month:
There’s also a sign-up bonus: Earn $200 in cash back after you spend $750 on purchases in the first 3 months of account opening. This bonus offer will be fulfilled as 20,000 ThankYou® Points, which can be redeemed for $200 cash back.
Here are some pros and cons to bear in mind when considering the Citi Custom Cash℠ Card:
| Pros | Cons |
|---|---|
|
|
Between solid 0% intro APR periods and a unique cash back program that rewards you in your top spending category (from a specific list), there’s a lot to love about the Citi Custom Cash℠ Card.
For rewards, you’ll earn 5% cash back on purchases in your top eligible spend category each billing cycle, up to the first $500 spent, 1% cash back thereafter. Also, earn unlimited 1% cash back on all other purchases.
Here are the details on the card’s 0% intro APR offers:
| Intro balance transfer APR | Balance transfer fee | Intro purchase APR |
|---|---|---|
| 0% intro APR for 15 months on balance transfers, then a 15.49% - 25.49% (variable) APR applies. | 5% of each balance transfer; $5 minimum. | 0% intro APR for 15 months on purchases, then a 15.49% - 25.49% (variable) APR applies. |
Unfortunately, the Citi Custom Cash℠ Card‘s balance transfer fee is somewhat on the high side. Still, the card offers excellent ongoing value. Your card detects your top spending category every month from the following list, and you can earn 5% back in your top category on up to $500 spent each month:
There’s also a sign-up bonus: Earn $200 in cash back after you spend $750 on purchases in the first 3 months of account opening. This bonus offer will be fulfilled as 20,000 ThankYou® Points, which can be redeemed for $200 cash back.
Here are some pros and cons to bear in mind when considering the Citi Custom Cash℠ Card:
| Pros | Cons |
|---|---|
|
|
The Bank of America® Customized Cash Rewards credit card offers well over a year of 0% intro APR on balance transfers and purchases. Plus, it comes with a unique cash back program that lets you choose your 3% earning category from six different options.
Here are the Bank of America® Customized Cash Rewards credit card‘s intro APR details:
| Intro balance transfer APR | Balance transfer fee | Intro purchase APR |
|---|---|---|
| 0% Intro APR for 15 billing cycles for any balance transfers made in the first 60 days , then a 14.74% - 24.74% Variable APR on balance transfers applies. | Either $10 or 3% of the amount of each transaction, whichever is greater. | 0% Intro APR for 15 billing cycles for purchases, then a 14.74% - 24.74% Variable APR applies. |
This card offers ongoing value and flexibility with its unique cash back structure, so it’s a great choice for keeping around once your balance transfer is paid off.
For your 3% cash back category, choose from gas, online shopping, dining, travel, drugstores or home improvement/furnishings. If you put the full $2,500 spending cap toward your 3% category, that’s $75 in cash back per quarter.
There’s also a sign-up bonus: Earn a $200 online cash rewards bonus after you make at least $1,000 in purchases in the first 90 days of account opening.
Here are some pros and cons of the Bank of America® Customized Cash Rewards credit card to weigh:
| Pros | Cons |
|---|---|
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The Bank of America® Customized Cash Rewards credit card offers well over a year of 0% intro APR on balance transfers and purchases. Plus, it comes with a unique cash back program that lets you choose your 3% earning category from six different options.
Here are the Bank of America® Customized Cash Rewards credit card‘s intro APR details:
| Intro balance transfer APR | Balance transfer fee | Intro purchase APR |
|---|---|---|
| 0% Intro APR for 15 billing cycles for any balance transfers made in the first 60 days , then a 14.74% - 24.74% Variable APR on balance transfers applies. | Either $10 or 3% of the amount of each transaction, whichever is greater. | 0% Intro APR for 15 billing cycles for purchases, then a 14.74% - 24.74% Variable APR applies. |
This card offers ongoing value and flexibility with its unique cash back structure, so it’s a great choice for keeping around once your balance transfer is paid off.
For your 3% cash back category, choose from gas, online shopping, dining, travel, drugstores or home improvement/furnishings. If you put the full $2,500 spending cap toward your 3% category, that’s $75 in cash back per quarter.
There’s also a sign-up bonus: Earn a $200 online cash rewards bonus after you make at least $1,000 in purchases in the first 90 days of account opening.
Here are some pros and cons of the Bank of America® Customized Cash Rewards credit card to weigh:
| Pros | Cons |
|---|---|
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Along with a generous cash back rate in categories that rotate quarterly, Chase Freedom Flex℠ cardholders earn ongoing cash back rewards in popular spending categories, like restaurants and travel.
The card comes with a $0 annual fee. Plus, in addition to an intro APR on balance transfers for more than a year, the card offers a 0% Intro APR on Purchases for 15 months. After that, a 15.74% - 24.49% variable APR applies.
Here are the Chase Freedom Flex℠ card’s intro APR details:
| Intro balance transfer APR | Balance transfer fee | Intro purchase APR |
|---|---|---|
| 0% Intro APR on Balance Transfers for 15 months, then a 15.74% - 24.49% Variable applies. | Either $5 or 3% of the amount of each transfer, whichever is greater in the first 60 days. Then, either $5 or 5% of the amount of each transfer, whichever is greater. | 0% Intro APR on Purchases for 15 months, then a 15.74% - 24.49% Variable applies. |
If you don’t mind opting in to categories that rotate each quarter — or keeping track of spending caps — the Chase Freedom Flex℠ provides a great opportunity to earn an influx of rewards in popular spending categories. Cardholders 5% cash back on up to $1,500 in combined purchases in bonus categories each quarter you activate. Enjoy new 5% categories each quarter! Plus, earn 5% cash back on travel purchased through Chase Ultimate Rewards®, 3% on dining and drugstores, and 1% on all other purchases.
In addition, you can earn a $200 bonus after you spend $500 on purchases in your first 3 months from account opening!
Here are some pros and cons to bear in mind if considering the Chase Freedom Flex℠:
| Pros | Cons |
|---|---|
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Along with a generous cash back rate in categories that rotate quarterly, Chase Freedom Flex℠ cardholders earn ongoing cash back rewards in popular spending categories, like restaurants and travel.
The card comes with a $0 annual fee. Plus, in addition to an intro APR on balance transfers for more than a year, the card offers a 0% Intro APR on Purchases for 15 months. After that, a 15.74% - 24.49% variable APR applies.
Here are the Chase Freedom Flex℠ card’s intro APR details:
| Intro balance transfer APR | Balance transfer fee | Intro purchase APR |
|---|---|---|
| 0% Intro APR on Balance Transfers for 15 months, then a 15.74% - 24.49% Variable applies. | Either $5 or 3% of the amount of each transfer, whichever is greater in the first 60 days. Then, either $5 or 5% of the amount of each transfer, whichever is greater. | 0% Intro APR on Purchases for 15 months, then a 15.74% - 24.49% Variable applies. |
If you don’t mind opting in to categories that rotate each quarter — or keeping track of spending caps — the Chase Freedom Flex℠ provides a great opportunity to earn an influx of rewards in popular spending categories. Cardholders 5% cash back on up to $1,500 in combined purchases in bonus categories each quarter you activate. Enjoy new 5% categories each quarter! Plus, earn 5% cash back on travel purchased through Chase Ultimate Rewards®, 3% on dining and drugstores, and 1% on all other purchases.
In addition, you can earn a $200 bonus after you spend $500 on purchases in your first 3 months from account opening!
Here are some pros and cons to bear in mind if considering the Chase Freedom Flex℠:
| Pros | Cons |
|---|---|
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Earn a $200 online cash rewards bonus after you make at least $1,000 in purchases in the first 90 days of account opening. Plus, earn 1.5% cash back on all purchases for ongoing rewards.
Here are the intro APR details:
| Intro balance transfer APR | Balance transfer fee | Intro purchase APR |
|---|---|---|
| 0% Intro APR for 15 billing cycles for any balance transfers made in the first 60 days, then a 14.74% - 24.74% Variable APR on balance transfers applies. | Either $10 or 3% of the amount of each transaction, whichever is greater. | 0% Intro APR for 15 billing cycles for purchases, then a 14.74% - 24.74% Variable APR applies. |
Typically, we recommend that you not make new purchases on a balance transfer card until after you’ve paid off the transfer in full. However, if you’re in a situation where you need to do a balance transfer and make a big purchase at the same time, you should aim to do so on a card with a sign-up bonus to offset the cost of your new purchase. The Bank of America® Unlimited Cash Rewards credit card offers a solid $200 online cash rewards bonus after you make at least $1,000 in purchases in the first 90 days of account opening.
Here are some pros and cons to weigh if considering the Bank of America® Unlimited Cash Rewards credit card:
| Pros | Cons |
|---|---|
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Earn a $200 online cash rewards bonus after you make at least $1,000 in purchases in the first 90 days of account opening. Plus, earn 1.5% cash back on all purchases for ongoing rewards.
Here are the intro APR details:
| Intro balance transfer APR | Balance transfer fee | Intro purchase APR |
|---|---|---|
| 0% Intro APR for 15 billing cycles for any balance transfers made in the first 60 days, then a 14.74% - 24.74% Variable APR on balance transfers applies. | Either $10 or 3% of the amount of each transaction, whichever is greater. | 0% Intro APR for 15 billing cycles for purchases, then a 14.74% - 24.74% Variable APR applies. |
Typically, we recommend that you not make new purchases on a balance transfer card until after you’ve paid off the transfer in full. However, if you’re in a situation where you need to do a balance transfer and make a big purchase at the same time, you should aim to do so on a card with a sign-up bonus to offset the cost of your new purchase. The Bank of America® Unlimited Cash Rewards credit card offers a solid $200 online cash rewards bonus after you make at least $1,000 in purchases in the first 90 days of account opening.
Here are some pros and cons to weigh if considering the Bank of America® Unlimited Cash Rewards credit card:
| Pros | Cons |
|---|---|
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To apply for this no-balance-transfer-fee credit card, you’ll have to be a Navy Federal Credit Union member. Membership is open to active duty and retired U.S. military service members, veterans, family members and U.S. Department of Defense civilians.
Here are the Navy Federal Platinum Credit Card’s details:
| Intro balance transfer APR | Balance transfer fee | Intro purchase APR |
|---|---|---|
| 0% intro APR for 12 months on balance transfers made within 60 days of account opening. Then, a 6.24% - 18% (variable) applies. | $0 | No intro purchase APR. A regular purchase APR of 6.24% - 18% (variable) applies. |
If you meet Navy Federal Credit Union’s membership requirements and you’re looking for a credit card with no balance transfer fee, it’s hard to beat the Navy Federal Platinum Credit Card. However, note that the intro APR period is shorter than the other cards on this list, so do the math and make sure it offers you enough time to pay off your debt.
Here are some pros and cons to keep in mind when evaluating the Navy Federal Platinum Credit Card:
| Pros | Cons |
|---|---|
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To apply for this no-balance-transfer-fee credit card, you’ll have to be a Navy Federal Credit Union member. Membership is open to active duty and retired U.S. military service members, veterans, family members and U.S. Department of Defense civilians.
Here are the Navy Federal Platinum Credit Card’s details:
| Intro balance transfer APR | Balance transfer fee | Intro purchase APR |
|---|---|---|
| 0% intro APR for 12 months on balance transfers made within 60 days of account opening. Then, a 6.24% - 18% (variable) applies. | $0 | No intro purchase APR. A regular purchase APR of 6.24% - 18% (variable) applies. |
If you meet Navy Federal Credit Union’s membership requirements and you’re looking for a credit card with no balance transfer fee, it’s hard to beat the Navy Federal Platinum Credit Card. However, note that the intro APR period is shorter than the other cards on this list, so do the math and make sure it offers you enough time to pay off your debt.
Here are some pros and cons to keep in mind when evaluating the Navy Federal Platinum Credit Card:
| Pros | Cons |
|---|---|
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Balance transfer business credit cards aren’t quite as common as balance transfer cards for consumers. However, the U.S. Bank Business Platinum Card offers a lengthy intro APR period for both balance transfers and purchases — while also charging a reasonable balance transfer fee.
Here are the U.S. Bank Business Platinum Card‘s details:
| Intro balance transfer APR | Balance transfer fee | Intro purchase APR |
|---|---|---|
| 0% intro APR on balance transfers for 20 billing cycles, then a 13.49% - 22.49% (Variable) APR applies. | Either 3% of the amount of each transfer or $5 minimum, whichever is greater. | 0% intro APR on purchases for 20 billing cycles, then a 13.49% - 22.49% (Variable) APR applies. |
If you operate a small business, the U.S. Bank Business Platinum Card is a great choice for a business credit card with intro APR offers. Whether you need to make a big purchase for your business and want to pay it off over time without paying interest, or you’re trying to pay down debt from another business card, the U.S. Bank Business Platinum Card can help save you from expensive interest charges for more than a year.
Here are some pros and cons to weigh if considering the U.S. Bank Business Platinum Card:
| Pros | Cons |
|---|---|
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Balance transfer business credit cards aren’t quite as common as balance transfer cards for consumers. However, the U.S. Bank Business Platinum Card offers a lengthy intro APR period for both balance transfers and purchases — while also charging a reasonable balance transfer fee.
Here are the U.S. Bank Business Platinum Card‘s details:
| Intro balance transfer APR | Balance transfer fee | Intro purchase APR |
|---|---|---|
| 0% intro APR on balance transfers for 20 billing cycles, then a 13.49% - 22.49% (Variable) APR applies. | Either 3% of the amount of each transfer or $5 minimum, whichever is greater. | 0% intro APR on purchases for 20 billing cycles, then a 13.49% - 22.49% (Variable) APR applies. |
If you operate a small business, the U.S. Bank Business Platinum Card is a great choice for a business credit card with intro APR offers. Whether you need to make a big purchase for your business and want to pay it off over time without paying interest, or you’re trying to pay down debt from another business card, the U.S. Bank Business Platinum Card can help save you from expensive interest charges for more than a year.
Here are some pros and cons to weigh if considering the U.S. Bank Business Platinum Card:
| Pros | Cons |
|---|---|
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Simply put, a balance transfer is when you move debt from a credit card or loan account to a different credit card. Consumers typically look to do a balance transfer from a credit card with a high APR to one offering a 0% intro APR for a period of time. This helps you save money on interest charges — for the duration of the 0% intro APR, any payments you make will go toward the principal of the debt, rather than to interest charges and and the principal.
Though balance transfers are typically used to pay one credit card off with another, it’s also possible to use a balance transfer to pay off loans. But this might not be a wise move — 0% intro APR periods on balance transfer cards typically range from 12 to 21 months, and after the intro period ends, you’ll accrue interest at the card’s regular APR, which might be higher than the APR you’re paying on the loan.
Once approved for a balance transfer card, the issuer sets limits to how much debt you can move to the new card, and will also likely tack on a balance transfer fee to the transferred balance. It’s wise to check with the issuer before you apply to see what its balance transfer rules are. Plus, know that an issuer won’t tell you how big your credit limit will be until after you apply — as such, you may end up with a credit limit that’s not large enough to absorb all the debt you want to transfer. In that case, you can either choose to move as much debt as you can to the new card while continuing to pay off any remaining balance left on the old card, or apply for another balance transfer card to absorb any remaining debt left on the old card.
Once you apply for a card and get approved, you’ll need to follow the issuer’s instructions on how to complete the balance transfer. Note that issuers may set limits on how much you can transfer — so even if you are approved for a credit limit that’s high enough to accommodate the amount you want to transfer, you might find that you hit a cap.
If you can’t transfer the full amount, you do have options. One solution is to transfer as much as you can to the new card and leave the remainder on the original card, then focus on paying the old card balance down as quickly as possible. Another option is to apply for a second balance transfer card to absorb any remaining balance on the original card.
You should also note that once you’re approved for a balance transfer card, you may have a limited window of time in which to complete your transfer. For example, your card terms may allow the intro APR to apply only to funds transferred within 30 to 90 days.
A balance transfer credit card can be a powerful tool for getting out of debt, but only if you use it correctly. Here are some tips on how to make the most of your balance transfer:
When selecting a balance transfer credit card, consider how long an intro APR you’ll need to pay off your debt and how high of a balance transfer fee you’re willing to pay. However, note you can’t transfer balances between cards from the same issuer.
Here’s a comparison table of our list of best balance transfer cards to make things easy:
| Credit card | Best for | Intro balance transfer APR | Balance transfer fee |
|---|---|---|---|
| Wells Fargo Reflect℠ Card | Overall balance transfer card | 0% intro APR up to 21 months from account opening on qualifying balance transfers, then a 14.49%-26.49% Variable APR applies. | 3% for 120 days from account opening, then up to 5%; min: $5. |
| U.S. Bank Visa® Platinum Card | A long 0% intro APR on balance transfers and purchases | 0% intro APR for 20 billing cycles on Balance Transfers, then a 15.99% - 25.99% (variable) APR applies. | Either 3% of the amount of each transfer or $5 minimum, whichever is greater. |
| Citi® Double Cash Card | Cash back | 0% for 18 months on balance transfers, then a 15.49% - 25.49% (variable) APR applies. | There is an intro balance transfer fee of 3% of each transfer (minimum $5) completed within the first 4 months of account opening. A balance transfer fee of 5% of each transfer ($5 minimum) applies if completed after 4 months of account opening. |
| Union Bank® Platinum™ Visa® Credit Card | No balance transfer fee | 0% intro APR for 15 months on balance transfers, then a 8.74% to 20.24% variable APR applies. | $0 introductory balance transfer fee for transfers completed within 60 days of account opening. After that, a 3% fee on each transfer (minimum $10). |
| BankAmericard® credit card | A low APR after your 0% intro APR ends | 0% Intro APR for 18 billing cycles for any balance transfers made in the first 60 days, then a 13.74% - 23.74% Variable APR on balance transfers applies. | Either $10 or 3% of the amount of each transaction, whichever is greater. |
| Citi Simplicity® Card | No late fees and no penalty APR | 0% for 21 months on balance transfers, then a 16.24% - 26.24% (variable) APR applies. | Balance transfer fee applies with this offer 5% of each balance transfer; $5 minimum. |
| Citi® Diamond Preferred® Card | No frills | 0% for 21 months on balance transfers, then a 15.24% - 25.24% (variable) APR applies. | Balance transfer fee applies with this offer 5% of each balance transfer; $5 minimum. |
| Wells Fargo Active Cash® Card | Ongoing value | 0% intro APR for 15 months from account opening on qualifying balance transfers, then a 16.49%, 21.49%, or 26.49% Variable APR applies. | 3% intro for 120 days from account opening, then up to 5%; min: $5. |
| Discover it® Balance Transfer | Rotating cash back categories | 0% Intro APR for 18 months, then a 12.74% - 23.74% Variable APR applies. | 3% intro balance transfer fee, up to 5% fee on future balance transfers (see terms)*. |
| Citi Custom Cash℠ Card | 5% cash back in your top spending category | 0% intro APR for 15 months on balance transfers, then a 15.49% - 25.49% (variable) APR applies. | 5% of each balance transfer; $5 minimum. |
| Bank of America® Customized Cash Rewards credit card | Choosing your cash back category | 0% Intro APR for 15 billing cycles for any balance transfers made in the first 60 days , then a 14.74% - 24.74% Variable APR on balance transfers applies. | Either $10 or 3% of the amount of each transaction, whichever is greater. |
| Chase Freedom Flex℠ | Cash back rewards on everyday purchases | 0% Intro APR on Balance Transfers for 15 months, then a 15.74% - 24.49% Variable APR applies. | Either $5 or 3% of the amount of each transfer, whichever is greater in the first 60 days. Then, either $5 or 5% of the amount of each transfer, whichever is greater. |
| Bank of America® Unlimited Cash Rewards credit card | Easy-to-earn sign-up bonus | 0% Intro APR for 15 billing cycles for any balance transfers made in the first 60 days, then a 14.74% - 24.74% Variable APR on balance transfers applies. | Either $10 or 3% of the amount of each transaction, whichever is greater. |
| Navy Federal Platinum Credit Card | If you have a military connection | 0% intro APR for 12 months on balance transfers made within 60 days of account opening. Then, a 6.24% - 18% (variable) APR applies. | $0 |
| U.S. Bank Business Platinum Card | Small business owners | 0% intro APR on balance transfers for 20 billing cycles, then a 13.49% - 22.49% (Variable) APR applies. | Either 3% of the amount of each transfer or $5 minimum, whichever is greater. |
If you have high-interest credit card debt that you’re struggling to pay off, a balance transfer credit card could help you. And if you’re carrying debt on multiple credit cards, consolidating it on one balance transfer card could simplify your life by allowing you to keep track of just one payment each month.
However, you’ll need a good to excellent credit score to qualify for most balance transfer cards. If you have bad credit, you may have more success being approved for a lower-interest personal loan to pay off your credit card debt (which will give you a fixed period of time with fixed payment amounts to pay down what you owe).
If you worry that you won’t be approved for a balance transfer card — or if you don’t want to open a new credit card — applying for a debt consolidation loan might be a better option than a balance transfer. Such loans are offered by banks, credit unions and online lenders. Simply put, when you’re approved for a debt consolidation loan, you use that loan to pay off your credit card debt (whether on one card or multiple cards). The lender might disburse funds to you to pay off your card debt or pay your credit card issuer directly.
A benefit of a debt consolidation loan is that if you’re juggling multiple credit card payments, consolidating everything into one loan payment can simplify your finances. Plus, a debt consolidation loan has a set monthly payment and a set date by which you’ll have paid the total amount in full, which can be helpful if you need a more structured payment schedule than a credit card offers.
One downside to a debt consolidation loan is that you’ll still have to pay interest, whereas with a balance transfer card, you typically get a period where no interest accrues. However, depending on the APR of your loan, you might still end up saving money compared with carrying a balance on a high-APR credit card.
The average APR for debt consolidation loans is approximately 10.73% for those with credit scores above 720 and as high as 24.74% for those with credit scores in the 660 to 679 range, according to 2021 LendingTree data.
Last but not least, if you’re carrying a balance on a card that’s maxed out (or close to it), a debt consolidation loan might help improve your credit score. That’s because when your card is maxed out you have something called high utilization, a term referring to how much debt you’re carrying on a card versus what your credit limit is. But utilization only considers revolving credit accounts like credit cards, not installment credit likes a debt consolidation loan — so by paying off your card with a loan, you’re effectively reducing your utilization ratio.
Some of the most important factors to consider before applying for a balance transfer card include the length of the intro APR period, the regular APR after the intro period ends and any balance transfer fee. While it’s possible to find a card without a balance transfer fee, the intro periods for those cards tend to be shorter. Otherwise, a fee of 3% to 5% of the amount transferred will be added to your balance. Finally, while this shouldn’t be your primary concern when looking for a balance transfer card, a balance transfer card that also earns rewards might be a good choice if you want to keep using it once the transferred balance is paid off.
Probably not. Balance transfer cards typically require a good to exceptional credit score (ranging from 670 to 850). If your credit is poor or fair (ranging from 300 to 669), you will likely be denied if you try to apply for a balance transfer card.
Many cards offer periods of intro 0% APR before the regular APR kicks in. A card might have an intro APR period on balance transfers, purchases or both. A balance transfer card is simply a credit card that offers an intro APR on balance transfers. It’s also possible to find cards that charge no balance transfer fee, though they’re relatively rare.
When considering cards with interest-free periods on purchases, note that a credit card with an intro APR offer is different from one offering deferred interest. In the former case, you’ll start to accrue interest on any balance you’re carrying after the intro period ends — but in the latter, you’ll owe interest on the entire amount from the date of purchase if you don’t meet your card’s deadline to pay off the debt. Be especially cautious of deferred interest with store cards, where such offers often appear.
Some issuers will allow you to check to see if you prequalify for a credit card. This is done with a soft inquiry, which doesn’t ding your credit score. Note that prequalification isn’t a guarantee you’ll be approved for the card, and also be aware that a hard inquiry will be generated once you actually apply.
When you get a balance transfer card, you can expect to see your score dip at first, since applying for a new card generates a hard inquiry on your credit score. However, with good behavior over time, you can expect to see your score increase thanks to more available credit and a decreasing balance (just don’t increase your spending!).
No, you cannot. This is important to consider when choosing which balance transfer card to apply for. For example, if your existing credit card debt is on a Citi card, you won’t be able to transfer it to another Citi card.
A balance transfer fee is a fee you have pay to the credit card issuer for each transfer you make to the card. Typically, it will range from 3% to 5% of the amount of each transfer.
When considering a balance transfer, make sure to do the math and understand how much you’ll need to pay for the balance transfer fee. For example, if you transfer $1,000 to a credit card with a 5% balance transfer fee, the fee amount would be $50. So, after the transfer goes through, you’d have a balance of $1,050 on your balance transfer card.
It’s always smart to do the math before you apply for a balance transfer card to see how much you’ll need to pay each month in the allotted intro 0% or low-interest offer time period.
For example, let’s say you’re currently carrying a $3,000 balance on an existing card with a 22% APR and paying $200 a month. It’ll take 18 months to pay off that debt and you’ll end up paying $541 in interest, or a total of $3,541.
If you transfer that debt to a balance transfer card offering a 0% APR for 18 months with a 3% balance transfer fee, and keep your $200 a month payments up, you’d just pay $90 for the balance transfer fee and have your balance paid off in 16 months.
So, you’d be saving a total of $451 ($541 that you’d pay in interest charges if you don’t utilize a 0% APR balance transfer deal, minus the $90 balance transfer fee for the new card) and pay off the balance two months quicker.
Credit card issuers have different balance transfer policies that can limit the amount you can transfer relative to your new card’s credit limit. Some will allow you to transfer up to the entire credit limit (minus any balance transfer fee) on the new card, while others may cap the amount you transfer to 75% or 95% of your credit limit.
For example, American Express will only allow you to transfer $5,000 or 75% of your credit limit (whichever is lower), while Chase allows you to transfer up to 95% of your credit limit or up to $15,000 (whichever is lower).
Plus, you won’t know exactly what your credit limit will be until after you’re approved for the new balance transfer card — making it difficult to project how much of your existing debt can be moved to the card. Your credit limit is generally based on the card issuer’s review of your credit score and credit reports, and you can’t transfer more than the credit limit you’re given.
Before you apply for a new balance transfer card, it’s best to research the card’s terms online or by calling the issuing bank to find out exactly what that issuer’s policy is on how much of your new credit limit can be used for a balance transfer.
You can generally expect a balance transfer to take around three to seven days, but there are situations where it could take up to six weeks. If a payment is due on the credit card from which you made the transfer, make sure to pay it until the balance has been moved to the new card, so you don’t get charged a late fee. On-time payments are the most important factor in building and keeping a good credit score.
As with any credit card, there’s a risk you’ll be denied. In such a situation, if you’re confident you have good credit, you might consider applying for a balance transfer card from a different issuer than the one that denied you. Or, you could apply for a personal loan to pay off your credit card debt instead.
If you have poor or fair credit, you probably can’t get a balance transfer card from any issuer. And if you get approved for a personal loan, it’s likely to have a high APR. In such situations, you might wish to work with an accredited nonprofit debt counselor to put together a plan for paying down your debt. After following through on such a plan and paying off your debt, you might consider applying for a secured card to help improve your credit score.
It’s a long journey, but there is no quick fix in such cases.
We selected the best balance transfer cards through a review of cards available on LendingTree and from top issuers. One of the primary considerations was the length of 0% intro APR each card offers on balance transfers — the longer the intro APR period, the more likely it would be included on this list.
Another consideration was balance transfer fees. Most of the cards on this list charge a reasonable balance transfer fee, while two charge no balance transfer fee. And, as far as annual fees go, every card on this list charges no annual fee.
Finally, rewards, benefits and sign-up bonuses were also taken into consideration. If a card offers ongoing value after the balance transfer period through rewards or useful benefits, that weighed in its favor of the card’s inclusion. And though we typically recommend avoiding putting new purchases on a balance transfer card, sign-up bonuses were counted as a positive factor in case a consumer is looking to both transfer a balance and make a big purchase after opening a new card.
The above offers and/or promotions may have since changed, expired, or is no longer available. Check the Issuers’ website for more details.
