Best Balance Transfer Credit Cards for May 2021
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.
If you’re carrying a 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 an intro period of 0% APR. With no interest accruing during the interest-free period, your payments will be 100% allocated to the principal balance instead of the balance plus interest charges.
Many balance transfer cards tack on a fee of 3% to 5% of the amount transferred, but there are cards out there with no balance transfer fees. And even if you end up having to pay a fee, it might still be worth it based on what you could save on interest charges.
We chose balance transfer credit cards that offer a 0% intro APR period of 15 months or longer. If a card offers an especially lengthy intro period or no balance transfer fee, it was ranked higher. We also considered ongoing APRs, rewards, and 0% intro periods for new purchases when deciding which cards offered the most overall benefit for consumers.
LendingTree’s picks for best balance transfer credit cards
- Best overall balance transfer credit card: U.S. Bank Visa® Platinum Card
- Best credit card for a long 0% intro APR period: Citi Simplicity® Card - No Late Fees Ever
- Best low APR credit card for carrying a balance: HSBC Gold Mastercard® credit card
- Best balance transfer card with rewards: Citi® Double Cash Card – 18 month BT offer
- Best no-fee balance transfer credit card: Navy Federal Platinum Credit Card
Best overall balance transfer credit card: U.S. Bank Visa® Platinum Card
The U.S. Bank Visa® Platinum Card is our top overall choice for the best balance transfer card. It offers a lengthy intro 0% APR period on balance transfers 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% APR period to help you pay down existing debt, this card is an excellent choice.
Plus, the U.S. Bank Visa® Platinum Card offers cellphone protection. We don’t recommend adding new charges to the card while paying down your transferred balance — but after you’ve paid off the transfer, you can get ongoing value from this card by paying your cellphone bill with it. This benefit offers coverage for damage or theft up to $600, with a $25 deductible. Note that there’s a limit of two claims, up to a total of $1,200, per 12-months period.
Here are the 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 14.49% - 24.49%* (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 14.49% - 24.49%* (variable) APR applies. |
Best credit card for a long 0% intro APR period: Citi Simplicity® Card - No Late Fees Ever
If you’re looking for an long period of time to pay off what you transfer, you’ll find a lot to love about the Citi Simplicity® Card .
There’s a reasonable balance transfer fee – either $5 or 3% of the amount of each transfer, whichever is greater. Plus, this card has no late fees and no penalty rate.
Here are the intro APR details:
| Intro balance transfer APR | Balance transfer fee | Intro Purchase APR |
|---|---|---|
| 0% for 18 months on balance transfers, then a 14.74% - 24.74% (variable) APR applies. | Balance transfer fee – either $5 or 3% of the amount of each transfer, whichever is greater. | 0% for 18 months on purchases, then a 14.74% - 24.74% (variable) APR applies. |
Best low APR credit card for carrying a balance: HSBC Gold Mastercard® credit card
It’s always best practice to pay off your transferred balance before your 0% intro APR window expires. However, even the best intentions fall short. If you’re left with a balance after the intro period expires, a card with reasonable ongoing APR can help money on interest charges on whatever balance is remaining.
This card doesn’t offer any rewards, but it does offer a late-fee waiver once every 12 months. If you’re late on a payment, use this as a reminder and set up autopay so you’re not late again. Let’s take a look at what the HSBC Gold Mastercard® credit card offers:
| Intro balance transfer APR | Balance transfer fee | Intro purchase APR |
|---|---|---|
| 0% Introductory APR on balance transfers for the first 18 months from account opening. Balance Transfers must be posted within the first 60 days following Account opening. Then, a Variable APR of 13.99% - 23.99% will apply after the Introductory Period. | Either $10 or 4%, whichever is greater, will apply on each balance transfer and credit card check. | 0% Introductory APR on credit card purchases for the first 18 months from account opening. Then, a Variable APR of 13.99% - 23.99% will apply after the Introductory Period. |
Best balance transfer card with rewards: Citi® Double Cash Card – 18 month BT offer
The Citi® Double Cash Card is a top-of-the-line cashback card, and comes with a strong balance transfer offer, too.
For rewards, you can earn 2% on every purchase with unlimited 1% cash back when you buy, plus an additional 1% as you pay for those purchases. That’s a hard rate to beat. Just don’t let the prospect of cash back lead you to overspending — remember that your goal is to pay off debt, not get into more. So focus your efforts on knocking off that transferred balance before using the card for its rewards program.
Here are the details:
| Intro balance transfer APR | Balance transfer fee | Intro purchase APR |
|---|---|---|
| 0% for 18 months on balance transfers, then a 13.99% – 23.99% (variable) APR applies. | 3% of each balance transfer; $5 minimum. | No intro purchase APR. A regular purchase APR of 13.99% – 23.99% (variable) applies. |
Best no-fee balance transfer credit card: Navy Federal Platinum Credit Card
If you’re looking to save as much money as possible with a balance transfer, you should consider a card that doesn’t charge a balance transfer fee. The Navy Federal Platinum Credit Card fits that bill.
In order to qualify for this credit card, you must 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 card’s details:
| Intro balance transfer APR | Balance transfer fee | Intro purchase APR |
|---|---|---|
| 0% intro APR for 12 months on balance transfers made within 30 days of account opening. Then, a 5.99% to 18.00% variable applies. | $0 | No intro purchase APR. A regular purchase APR of 5.99% to 18.00% variable applies. |
Other balance transfer credit cards to consider
The SunTrust Prime Rewards Card
If you’re looking for a no-balance-transfer-fee card with a lengthy intro APR period, the SunTrust Prime Rewards Card fits that description. While the intro APR isn’t a 0% offer, cardholders can still save money with three years of a reduced interest rate. Here are the details:
| Intro balance transfer APR | Balance transfer fee | Intro purchase APR |
|---|---|---|
| Introductory 3.25% variable APR for the first 36 months for all balances transferred within 60 days of account opening, then a 11.24%–21.24% variable APR applies. | $0 for balances transferred within 60 days of account opening, then $10 or 3% of the amount of the transfer, whichever is greater. | No intro purchase APR. A regular purchase APR of 11.24% - 21.24% variable applies. |
The Chase Slate®
Another no-fee balance transfer credit card you may want to consider is the Chase Slate®.
But before you apply for this card, make sure you understand the unwritten Chase 5/24 rule, which says you won’t be approved for any Chase credit card if you’ve opened five or more credit cards from any issuer within the past 24 months.
Here are the card’s details:
| Intro balance transfer APR | Balance transfer fee | Intro purchase APR |
|---|---|---|
| 0% Intro APR on Balance Transfers for 15 months, then a 16.49% - 25.24% variable APR applies. | $0 for the first 60 days that your account is open, after that, either $5 or 5% of the amount of each transfer, whichever is greater. | 0% Intro APR on Purchases for 15 months, then a 16.49% - 25.24% variable APR applies. |
The Wells Fargo Platinum card
If you like to bank with Wells Fargo, the Wells Fargo Platinum card could be a good choice for a balance transfer card. Here are its details:
| Intro balance transfer APR | Balance transfer fee | Intro purchase APR |
|---|---|---|
| 0% intro APR for 18 months on qualifying balance transfers, then a 16.49%-24.49% (variable)APR applies. | 3% intro for 120 days from account opening, then up to 5%; min: $5. | 0% intro APR for 18 months from account opening, then a 16.49%-24.49% (variable) APR applies. |
The Citi® Diamond Preferred® Card
Like the Citi Simplicity® Card and Citi® Double Cash Card , this Citi card is also strong choice for those who need to transfer a balance. Here are the Citi® Diamond Preferred® Card’s details:
| Intro balance transfer APR | Balance transfer fee | Intro purchase APR |
|---|---|---|
| 0% for 18 months on balance transfers, then a 14.74% - 24.74% (variable) APR applies. | Balance transfer fee applies with this offer: 3% of each balance transfer; $5 minimum. | 0% for 18 months on purchases, then a 14.74% - 24.74% (variable) APR applies. |
Balance transfer credit card FAQs
Should I get a balance transfer credit card?
If you have high-interest credit card debt that you’re struggling to pay off, a balance transfer credit card could help you. However, you need a good credit score to qualify for most balance transfer cards. If you have bad credit, you may have more success being approved for a personal loan to consolidate your debt (which will give you a fixed period of time with fixed payment amounts to pay off your debt).
What should I look for in a balance transfer card?
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 the balance transfer fee. While it’s possible to find a card without a balance transfer fee, the intro period 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.
Do balance transfers hurt your credit score?
When you get a balance transfer card, you can expect to see your score dip at first because 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).
Can I prequalify for a balance transfer card?
Some issuers will allow you to check 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. Also, be aware that a hard inquiry will be generated once you actually apply.
What are the pros and cons of a balance transfer?
The primary advantage of a balance transfer is that it gives you a period of 0% intro APR where you can pay down debt without accruing interest charges. A balance transfer can also help you improve your credit score if you pay off your debt in a timely fashion and don’t increase your spending. There aren’t many cons to doing a balance transfer, but one issue you may encounter is qualifying for a balance transfer card — they tend to require good credit.
Can I do a balance transfer between cards from the same issuer?
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 Discover card, you won’t be able to transfer it to another Discover card.
How do I do a balance transfer?
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 hit a cap and can’t transfer the full amount, you have options. One solution is to transfer as much as you can to the new card and leave the remainder on the original card and focus on paying the old card balance down as quickly as possible. Another option is to apply for a second balance transfer card and to absorb any remaining balance on the original card.
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.
The bottom line
According to a recent LendingTree balance transfer survey, 50% of all credit cardholders applied for a balance transfer card to move a balance from another high-interest card. Plus, another 18% said they have done so repeatedly.
When you’ve got a good credit score and you’re looking for a way to avoid high interest charges that are making it difficult to dig out of debt, a balance transfer card can help. Just make sure to do your research before applying — you should have a plan in place for how long it will take you to pay off what you transfer, and you should know that you can’t transfer balances between cards from the same issuer.
The information related to the Chase Slate®, the Citi Simplicity® Card - No Late Fees Ever, the HSBC Gold Mastercard® credit card, the Navy Federal Platinum Credit Card, and the SunTrust Prime Rewards Card has been independently collected by LendingTree and has not been reviewed or provided by the issuer of this card prior to publication. Terms apply to American Express credit card offers. See americanexpress.com for more information.