Banks may have different steps for completing a balance transfer. Learn what the steps are for these popular issuers:
March 20, 2023
*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 March 20, 2023 . Terms and conditions may have changed. For the most accurate information, please consult the issuer website.
This card provides one of the longest intro APR periods on balance transfers and purchases — giving you plenty of breathing room to pay down debt interest-free. The Wells Fargo Reflect® Card also offers an introductory balance transfer fee and charges a $0 annual fee.
Carrying a large debt on your credit cards can feel like an endless predicament. You scrape together the largest payment you can afford each month, but watch a large part of your cash go toward interest, while your original balance decreases by a teeny fraction. A card with a 0% balance transfer offer could be a lifesaver, since 100% of your payment goes to whittling down your balance.
You may be filled with questions: Can you qualify for a balance transfer card? Should you apply for multiple cards? And how will this affect your credit score?
We have answers, as well as a list of excellent options for eliminating your debt. The best balance transfer credit cards below have 0% intro APR periods from 12 to 21 months, reasonable balance transfer fees and no annual fees. Some of the cards in this list will even let you enjoy an interest-free period on balance transfers through 2024.
Intro APR on balance transfers: 0% intro APR up to 21 months from account opening , then 17.49% - 29.49% variable APR
Balance transfer fee: 3% for 120 days from account opening, then up to 5%; min: $5
Why we picked this card: A lengthy intro APR gives you more time to pay off your balance, and the no-annual-fee Wells Fargo Reflect® Card features one of the longest. It also offers a lengthy intro APR on purchases.
Potential Savings: Let’s say you want to do a balance transfer of $6,500 and your APR is 22%. Assuming your monthly payment is $300, you could save $1,433.
Pros and cons:
If you simply need the longest period possible to pay down your balance, the Wells Fargo Reflect® Card is a good fit. The card offers an interest-free period on balance transfer for 18 months, as well as an intro APR extension of up to three months with on-time minimum payments during the introductory period and extension periods.
It also comes with a few other useful perks, including roadside protection and up to $600 in cell phone protection.
Intro APR on balance transfers: 0% intro APR up to 21 months from account opening , then 17.49% - 29.49% variable APR
Balance transfer fee: 3% for 120 days from account opening, then up to 5%; min: $5
Why we picked this card: A lengthy intro APR gives you more time to pay off your balance, and the no-annual-fee Wells Fargo Reflect® Card features one of the longest. It also offers a lengthy intro APR on purchases.
Potential Savings: Let’s say you want to do a balance transfer of $6,500 and your APR is 22%. Assuming your monthly payment is $300, you could save $1,433.
Pros and cons:
If you simply need the longest period possible to pay down your balance, the Wells Fargo Reflect® Card is a good fit. The card offers an interest-free period on balance transfer for 18 months, as well as an intro APR extension of up to three months with on-time minimum payments during the introductory period and extension periods.
It also comes with a few other useful perks, including roadside protection and up to $600 in cell phone protection.
Citi is an advertising partner.
Intro APR on balance transfers: 0% for 21 months on Balance Transfers, then 17.49% - 28.24% (variable) APR
Balance transfer fee: Balance transfer fee applies with this offer 5% of each balance transfer; $5 minimum.
Why we picked this card: If you need some extra time to transfer a balance, the Citi® Diamond Preferred® Card gives you a lot of breathing room. While many cards require cardholders to transfer their balances within 60 days of account opening to take advantage of the intro APR, the Citi® Diamond Preferred® Card gives cardholders four months.
Potential Savings: Let’s say you want to do a balance transfer of $6,500 and your APR is 22%. Assuming your monthly payment is $300, you could save $1,303.
Pros and cons:
If you don’t plan to transfer your balance right away, the Citi® Diamond Preferred® Card may be ideal since it comes with a four-month balance transfer window.
However, you’re out of luck if you’re hoping for a card with bells and whistles — it’s light on other features and doesn’t offer a rewards program. You should also know that you’ll be paying more for the balance transfer up front, because the balance transfer fee is larger than average: a balance transfer fee applies with this offer 5% of each balance transfer; $5 minimum.
Citi is an advertising partner.
Intro APR on balance transfers: 0% for 21 months on Balance Transfers, then 17.49% - 28.24% (variable) APR
Balance transfer fee: Balance transfer fee applies with this offer 5% of each balance transfer; $5 minimum.
Why we picked this card: If you need some extra time to transfer a balance, the Citi® Diamond Preferred® Card gives you a lot of breathing room. While many cards require cardholders to transfer their balances within 60 days of account opening to take advantage of the intro APR, the Citi® Diamond Preferred® Card gives cardholders four months.
Potential Savings: Let’s say you want to do a balance transfer of $6,500 and your APR is 22%. Assuming your monthly payment is $300, you could save $1,303.
Pros and cons:
If you don’t plan to transfer your balance right away, the Citi® Diamond Preferred® Card may be ideal since it comes with a four-month balance transfer window.
However, you’re out of luck if you’re hoping for a card with bells and whistles — it’s light on other features and doesn’t offer a rewards program. You should also know that you’ll be paying more for the balance transfer up front, because the balance transfer fee is larger than average: a balance transfer fee applies with this offer 5% of each balance transfer; $5 minimum.
Intro APR on balance transfers: 0% Intro APR for 21 billing cycles for any balance transfers made in the first 60 days, then 15.49% - 25.49% Variable APR on balance transfers
Balance transfer fee: 3% of the amount of each transaction.
Why we picked this card: The Wells Fargo Reflect® Card is another optimal choice for paying down a balance transfer, with an intro period of close to two years. Plus, it has a reasonable balance transfer fee.
Potential Savings: Let’s say you want to do a balance transfer of $6,500 and your APR is 22%. Assuming your monthly payment is $300, you could save $1,433.
Pros and cons:
Like our other top choices, the BankAmericard® credit card is ideal for debt-laden cardholders who are purely focused on paying down their credit card balances. Among its cost-saving benefits, it also features a lower-than-average ongoing APR, in case you can’t pay off your balance during the interest-free period.
Also, it’s a great option for financing a new purchase. It gives you a 0% Intro APR for 21 billing cycles for any balance transfers made in the first 60 days (followed by a 15.49% - 25.49% Variable APR on balance transfers).
However, rewards seekers beware: It’s another barebones card that doesn’t offer rewards for the purchases you make.
Intro APR on balance transfers: 0% Intro APR for 21 billing cycles for any balance transfers made in the first 60 days, then 15.49% - 25.49% Variable APR on balance transfers
Balance transfer fee: 3% of the amount of each transaction.
Why we picked this card: The Wells Fargo Reflect® Card is another optimal choice for paying down a balance transfer, with an intro period of close to two years. Plus, it has a reasonable balance transfer fee.
Potential Savings: Let’s say you want to do a balance transfer of $6,500 and your APR is 22%. Assuming your monthly payment is $300, you could save $1,433.
Pros and cons:
Like our other top choices, the BankAmericard® credit card is ideal for debt-laden cardholders who are purely focused on paying down their credit card balances. Among its cost-saving benefits, it also features a lower-than-average ongoing APR, in case you can’t pay off your balance during the interest-free period.
Also, it’s a great option for financing a new purchase. It gives you a 0% Intro APR for 21 billing cycles for any balance transfers made in the first 60 days (followed by a 15.49% - 25.49% Variable APR on balance transfers).
However, rewards seekers beware: It’s another barebones card that doesn’t offer rewards for the purchases you make.
Intro APR on balance transfers: 0.00% introductory APR for the first twelve billing cycles on balances transferred during the first 90 days after account opening. Then a 12.75% to 18.00% APR
Balance transfer fee: $0
Why we picked this card: We’ll let you in on a secret: The best way to save on a balance transfer (especially a large one) is to find a card that doesn’t charge a fee to transfer your balance.
These cards are few and far between, and the Choice Rewards World Mastercard® is one of the best. On top of saving potentially hundreds of dollars on a balance transfer, you’ll get a low ongoing APR and a great rewards program.
Potential Savings: Let’s say you want to do a balance transfer of $6,500 and your APR is 22%. Assuming your monthly payment is $300, you could save $1,432.
Pros and cons:
If you want to save the most money possible on a balance transfer and can pay your balance down in the card’s shorter intro period, the Choice Rewards World Mastercard® is the way to go. It’s also a great option if you’re on the hunt for a good rewards program. You’ll get 2 points per $1 spent on groceries, gas, electronics, medical, household goods and telecommunications, and 1 point per $1 spent on everything else.
On the downside, like most credit union cards, credit union membership is required to apply. You’ll have a hard time qualifying if you live outside of Palo Alto, CA where First Tech FCU is located.
However, there are other paths to membership: You can become a member by either joining the Financial Fitness Association for $8 or the Computer History Museum for $15.
Intro APR on balance transfers: 0.00% introductory APR for the first twelve billing cycles on balances transferred during the first 90 days after account opening. Then a 12.75% to 18.00% APR
Balance transfer fee: $0
Why we picked this card: We’ll let you in on a secret: The best way to save on a balance transfer (especially a large one) is to find a card that doesn’t charge a fee to transfer your balance.
These cards are few and far between, and the Choice Rewards World Mastercard® is one of the best. On top of saving potentially hundreds of dollars on a balance transfer, you’ll get a low ongoing APR and a great rewards program.
Potential Savings: Let’s say you want to do a balance transfer of $6,500 and your APR is 22%. Assuming your monthly payment is $300, you could save $1,432.
Pros and cons:
If you want to save the most money possible on a balance transfer and can pay your balance down in the card’s shorter intro period, the Choice Rewards World Mastercard® is the way to go. It’s also a great option if you’re on the hunt for a good rewards program. You’ll get 2 points per $1 spent on groceries, gas, electronics, medical, household goods and telecommunications, and 1 point per $1 spent on everything else.
On the downside, like most credit union cards, credit union membership is required to apply. You’ll have a hard time qualifying if you live outside of Palo Alto, CA where First Tech FCU is located.
However, there are other paths to membership: You can become a member by either joining the Financial Fitness Association for $8 or the Computer History Museum for $15.
Intro APR on balance transfers: 0% for 18 months on Balance Transfers, then 18.49% - 28.49% (Variable) APR
Balance transfer fee: 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.
Why we picked this card: Paying down your balance may be your short-term focus, but you may want a card that’s worth keeping in the long term, and the Citi® Double Cash Card is definitely a keeper. On top of a long intro period for balance transfers, it offers up to 2% cash back on your purchases — one of the highest rates of cash back around.
Potential Savings: Let’s say you want to do a balance transfer of $6,500 and your APR is 22%. Assuming your monthly payment is $300, you could save $1,384.
Pros and cons:
If you want a card you can keep around after paying off your transferred balance, take a look at the Citi® Double Cash Card . With a high rate of cash back on every purchase, it’s one of the best cash back credit cards. Just be aware you have to make at least the minimum payment on time to receive the second half of your cash back.
Intro APR on balance transfers: 0% for 18 months on Balance Transfers, then 18.49% - 28.49% (Variable) APR
Balance transfer fee: 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.
Why we picked this card: Paying down your balance may be your short-term focus, but you may want a card that’s worth keeping in the long term, and the Citi® Double Cash Card is definitely a keeper. On top of a long intro period for balance transfers, it offers up to 2% cash back on your purchases — one of the highest rates of cash back around.
Potential Savings: Let’s say you want to do a balance transfer of $6,500 and your APR is 22%. Assuming your monthly payment is $300, you could save $1,384.
Pros and cons:
If you want a card you can keep around after paying off your transferred balance, take a look at the Citi® Double Cash Card . With a high rate of cash back on every purchase, it’s one of the best cash back credit cards. Just be aware you have to make at least the minimum payment on time to receive the second half of your cash back.
Intro APR on balance transfers: 0% intro APR for 18 billing cycles on Balance Transfers, then 19.24% - 29.24% (Variable) APR
Balance transfer fee: Either 3% of the amount of each transfer or $5 minimum, whichever is greater
Why we picked this card: It can be hard to make your payments on time when your due date doesn’t coincide with your paychecks. The U.S. Bank Visa® Platinum Card is the solution for you, because it lets you choose your own payment due date. The card also gives you a long time to pay down your balance for a $0 annual fee and a reasonable balance transfer fee.
Potential Savings: Let’s say you want to do a balance transfer of $6,500 and your APR is 22%. Assuming your monthly payment is $300, you could save $1,382.
Pros and cons:
If you want the flexibility to choose a payment due date that fits your schedule, the U.S. Bank Visa® Platinum Card could be a good fit. Note, when selecting your payment due date, not all dates may be available.
Again, this is a basic card that doesn’t feature a rewards program, so it’s not a good fit if you’re looking for more than a balance transfer offer.
Intro APR on balance transfers: 0% intro APR for 18 billing cycles on Balance Transfers, then 19.24% - 29.24% (Variable) APR
Balance transfer fee: Either 3% of the amount of each transfer or $5 minimum, whichever is greater
Why we picked this card: It can be hard to make your payments on time when your due date doesn’t coincide with your paychecks. The U.S. Bank Visa® Platinum Card is the solution for you, because it lets you choose your own payment due date. The card also gives you a long time to pay down your balance for a $0 annual fee and a reasonable balance transfer fee.
Potential Savings: Let’s say you want to do a balance transfer of $6,500 and your APR is 22%. Assuming your monthly payment is $300, you could save $1,382.
Pros and cons:
If you want the flexibility to choose a payment due date that fits your schedule, the U.S. Bank Visa® Platinum Card could be a good fit. Note, when selecting your payment due date, not all dates may be available.
Again, this is a basic card that doesn’t feature a rewards program, so it’s not a good fit if you’re looking for more than a balance transfer offer.
Intro APR on balance transfers: 0% Intro APR for 18 months, then 16.49% - 27.49% Variable APR
Balance transfer fee: 3% intro balance transfer fee, up to 5% fee on future balance transfers (see terms)*
Why we picked this card: Let’s face it: Even with the best laid plans, there’s no guarantee you’ll be able to pay your balance down during the intro period, so you should keep an eye on the card’s ongoing APR. The Discover it® Balance Transfer offers a very reasonable ongoing APR on balance transfers — especially if you can qualify for the lower rate.
Potential Savings: Let’s say you want to do a balance transfer of $6,500 and your APR is 22%. Assuming your monthly payment is $300, you could save $1,387.
Pros and cons:
If you don’t think you’ll be able to pay off your transferred balance within the interest-free period, you should consider the Discover it® Balance Transfer.
It’s also a great card to keep around because of its rewards program. You’ll earn 5% cash back on everyday purchases at different places each quarter like Amazon.com, grocery stores, restaurants, and gas stations, up to the quarterly maximum when you activate. Plus, earn unlimited 1% cash back on all other purchases – automatically.
Intro APR on balance transfers: 0% Intro APR for 18 months, then 16.49% - 27.49% Variable APR
Balance transfer fee: 3% intro balance transfer fee, up to 5% fee on future balance transfers (see terms)*
Why we picked this card: Let’s face it: Even with the best laid plans, there’s no guarantee you’ll be able to pay your balance down during the intro period, so you should keep an eye on the card’s ongoing APR. The Discover it® Balance Transfer offers a very reasonable ongoing APR on balance transfers — especially if you can qualify for the lower rate.
Potential Savings: Let’s say you want to do a balance transfer of $6,500 and your APR is 22%. Assuming your monthly payment is $300, you could save $1,387.
Pros and cons:
If you don’t think you’ll be able to pay off your transferred balance within the interest-free period, you should consider the Discover it® Balance Transfer.
It’s also a great card to keep around because of its rewards program. You’ll earn 5% cash back on everyday purchases at different places each quarter like Amazon.com, grocery stores, restaurants, and gas stations, up to the quarterly maximum when you activate. Plus, earn unlimited 1% cash back on all other purchases – automatically.
Intro APR on balance transfers: 0% Intro APR on Balance Transfers for 18 months. Then a 19.49% - 28.24% Variable APR applies
Balance transfer fee: Either $5 or 3% of the amount of each transfer, whichever is greater in the first 60 days. After, either $5 or 5% of the amount of each transfer, whichever is greater.
Why we picked this card: Along with a solid intro APR on balance transfers, the Chase Slate Edge℠ includes a unique benefit: You can lower your interest rate 2% each year if you make your payments on time and spend $1,000 on the card. This may be especially helpful if you think you’re going to land on the higher side of its APR range. Unlike the other cards on this list, you may be able to lower that APR over time. And you may even get a higher credit limit when you pay on time and spend $500 in your first six months.
Potential Savings: Let’s say you want to do a balance transfer of $6,500 and your APR is 22%. Assuming your monthly payment is $300, you could save $1,386.
Pros and cons:
If you’re looking for a balance transfer card that gives you an automatic route to lowering your APR and raising your credit limit, the Chase Slate Edge℠ may be your best bet. It’s also a great choice for financing new purchases. You’ll get a 0% Intro APR on Balance Transfers for 18 months. After that, a regular APR of 19.49% - 28.24% Variable applies.
Intro APR on balance transfers: 0% Intro APR on Balance Transfers for 18 months. Then a 19.49% - 28.24% Variable APR applies
Balance transfer fee: Either $5 or 3% of the amount of each transfer, whichever is greater in the first 60 days. After, either $5 or 5% of the amount of each transfer, whichever is greater.
Why we picked this card: Along with a solid intro APR on balance transfers, the Chase Slate Edge℠ includes a unique benefit: You can lower your interest rate 2% each year if you make your payments on time and spend $1,000 on the card. This may be especially helpful if you think you’re going to land on the higher side of its APR range. Unlike the other cards on this list, you may be able to lower that APR over time. And you may even get a higher credit limit when you pay on time and spend $500 in your first six months.
Potential Savings: Let’s say you want to do a balance transfer of $6,500 and your APR is 22%. Assuming your monthly payment is $300, you could save $1,386.
Pros and cons:
If you’re looking for a balance transfer card that gives you an automatic route to lowering your APR and raising your credit limit, the Chase Slate Edge℠ may be your best bet. It’s also a great choice for financing new purchases. You’ll get a 0% Intro APR on Balance Transfers for 18 months. After that, a regular APR of 19.49% - 28.24% Variable applies.
Intro APR on balance transfers: 0% for 21 months on Balance Transfers, then 18.49% - 29.24% (Variable) APR
Balance transfer fee: 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.
Why we picked this card: With most credit cards, if you miss a payment, you could get zinged with late fees and a higher APR (a penalty rate). However, the Citi Simplicity® Card spares you the pain, since it has no late fees or penalty APR. While we don’t recommend skipping your payments on a regular basis, it could give you a little extra peace of mind.
Potential Savings: Let’s say you want to do a balance transfer of $6,500 and your APR is 22%. Assuming your monthly payment is $300, you could save $1,302.
Pros and cons:
If you’re worried that you might miss a payment, you can relax with the Citi Simplicity® Card, since it doesn’t penalize you for making a mistake.
Plus, it’s an overall great choice for balance transfers with an intro period that’s nearly two years long. It’s also a solid option if you need to finance a new purchase, with an intro APR of 0% for 12 months on Purchases (followed by a 18.49% - 29.24% (Variable) APR).
Intro APR on balance transfers: 0% for 21 months on Balance Transfers, then 18.49% - 29.24% (Variable) APR
Balance transfer fee: 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.
Why we picked this card: With most credit cards, if you miss a payment, you could get zinged with late fees and a higher APR (a penalty rate). However, the Citi Simplicity® Card spares you the pain, since it has no late fees or penalty APR. While we don’t recommend skipping your payments on a regular basis, it could give you a little extra peace of mind.
Potential Savings: Let’s say you want to do a balance transfer of $6,500 and your APR is 22%. Assuming your monthly payment is $300, you could save $1,302.
Pros and cons:
If you’re worried that you might miss a payment, you can relax with the Citi Simplicity® Card, since it doesn’t penalize you for making a mistake.
Plus, it’s an overall great choice for balance transfers with an intro period that’s nearly two years long. It’s also a solid option if you need to finance a new purchase, with an intro APR of 0% for 12 months on Purchases (followed by a 18.49% - 29.24% (Variable) APR).
Intro APR on balance transfers: 0.99% introductory APR for 12 months* *Applies to balance transfers requested within 60 days of account opening. After, a 10.24% to 18% APR applies.
Balance transfer fee: $0
Why we picked this card: There aren’t many balance transfer options for cardholders with fair credit scores, so The Navy Federal Platinum Credit Card wins nearly by default. It’s open to active duty service members, which covers a large portion of the population, and features an APR just above 0%. Also, one major plus: It spares you the balance transfer fee, which can save you hundreds of dollars on transferring a balance.
Potential Savings: Let’s say you want to do a balance transfer of $6,500 and your APR is 22%. Assuming your monthly payment is $300, you could save $1,379.
Pros and cons:
This card is best for cardholders with lower credit scores who can qualify for a Navy Federal Credit Union membership. In other words, you’ll need to be an active duty servicemember, a family member of an active duty service member or a Department of Defense civilian to qualify. Otherwise, you’ll have to do some serious digging or consider an alternative option to pay down your debt, since balance transfer card options for people with fair credit are limited.
Intro APR on balance transfers: 0.99% introductory APR for 12 months* *Applies to balance transfers requested within 60 days of account opening. After, a 10.24% to 18% APR applies.
Balance transfer fee: $0
Why we picked this card: There aren’t many balance transfer options for cardholders with fair credit scores, so The Navy Federal Platinum Credit Card wins nearly by default. It’s open to active duty service members, which covers a large portion of the population, and features an APR just above 0%. Also, one major plus: It spares you the balance transfer fee, which can save you hundreds of dollars on transferring a balance.
Potential Savings: Let’s say you want to do a balance transfer of $6,500 and your APR is 22%. Assuming your monthly payment is $300, you could save $1,379.
Pros and cons:
This card is best for cardholders with lower credit scores who can qualify for a Navy Federal Credit Union membership. In other words, you’ll need to be an active duty servicemember, a family member of an active duty service member or a Department of Defense civilian to qualify. Otherwise, you’ll have to do some serious digging or consider an alternative option to pay down your debt, since balance transfer card options for people with fair credit are limited.
Intro APR on balance transfers: 10.99% Intro APR for 6 months, then 27.49% Variable APR
Balance transfer fee: 3% intro balance transfer fee, up to 5% fee on future balance transfers (see terms)*
Why we picked this card: Balance transfer options are even more limited if you have bad credit, so you’ll have a hard time finding anything better than the Discover it® Secured Credit Card. While it doesn’t have a 0% APR, it does offer a pretty reasonable promotional APR for a limited time.
Potential Savings: Let’s say you want to do a balance transfer of $6,500 and your APR is 22%. Assuming your monthly payment is $300, you could save $347.
Pros and cons:
The Discover it® Secured Credit Card is one the best cards around if you have poor/limited credit and want to build your credit. It’s a secured card — which requires a refundable security deposit ranging from $200 to $2,500 that serves as your line of credit — but it also doesn’t charge an annual fee.
After you’ve had the card for seven months, Discover will begin conducting monthly account reviews to see if you’re eligible to graduate to an unsecured card and get your deposit refunded. You can also get your deposit back if you choose to close your account and pay any remaining balance.
And you’ll earn cash back along the way. The Discover it® Secured Credit Card offers 2% cash back at Gas Stations and Restaurants on up to $1,000 in combined purchases each quarter. 1% unlimited cash back on all other purchases - automatically.
Intro APR on balance transfers: 10.99% Intro APR for 6 months, then 27.49% Variable APR
Balance transfer fee: 3% intro balance transfer fee, up to 5% fee on future balance transfers (see terms)*
Why we picked this card: Balance transfer options are even more limited if you have bad credit, so you’ll have a hard time finding anything better than the Discover it® Secured Credit Card. While it doesn’t have a 0% APR, it does offer a pretty reasonable promotional APR for a limited time.
Potential Savings: Let’s say you want to do a balance transfer of $6,500 and your APR is 22%. Assuming your monthly payment is $300, you could save $347.
Pros and cons:
The Discover it® Secured Credit Card is one the best cards around if you have poor/limited credit and want to build your credit. It’s a secured card — which requires a refundable security deposit ranging from $200 to $2,500 that serves as your line of credit — but it also doesn’t charge an annual fee.
After you’ve had the card for seven months, Discover will begin conducting monthly account reviews to see if you’re eligible to graduate to an unsecured card and get your deposit refunded. You can also get your deposit back if you choose to close your account and pay any remaining balance.
And you’ll earn cash back along the way. The Discover it® Secured Credit Card offers 2% cash back at Gas Stations and Restaurants on up to $1,000 in combined purchases each quarter. 1% unlimited cash back on all other purchases - automatically.
Intro APR on balance transfers: 0% intro APR on balance transfers for 18 billing cycles, then a 16.49% to 25.49% APR
Balance transfer fee: Either 3% of the amount of each transfer or $5 minimum, whichever is greater
Why we picked this card: The U.S. Bank Business Platinum Card is one of the few business credit cards that offers an interest-free period on balance transfers. And it happens to offer a very long intro period, so it’s a great option if you’ve racked up a large debt making business purchases on another credit card.
Potential Savings: Let’s say you want to do a balance transfer of $6,500 and your APR is 22%. Assuming your monthly payment is $300, you could save $1,382.
Pros and cons:
If you’re a small business owner who needs a long period of time to pay off an existing debt, and you prefer to do so with a business credit card, you’re unlikely to find a better option than the U.S. Bank Business Platinum Card. It’s also a great option if you want to finance a new purchase for your business. It features a 0% intro APR on purchases for 18 billing cycles. After that, a 16.49% to 25.49% APR applies.
Intro APR on balance transfers: 0% intro APR on balance transfers for 18 billing cycles, then a 16.49% to 25.49% APR
Balance transfer fee: Either 3% of the amount of each transfer or $5 minimum, whichever is greater
Why we picked this card: The U.S. Bank Business Platinum Card is one of the few business credit cards that offers an interest-free period on balance transfers. And it happens to offer a very long intro period, so it’s a great option if you’ve racked up a large debt making business purchases on another credit card.
Potential Savings: Let’s say you want to do a balance transfer of $6,500 and your APR is 22%. Assuming your monthly payment is $300, you could save $1,382.
Pros and cons:
If you’re a small business owner who needs a long period of time to pay off an existing debt, and you prefer to do so with a business credit card, you’re unlikely to find a better option than the U.S. Bank Business Platinum Card. It’s also a great option if you want to finance a new purchase for your business. It features a 0% intro APR on purchases for 18 billing cycles. After that, a 16.49% to 25.49% APR applies.
| Credit Card | Intro Balance Transfer Rate | Regular Balance Transfer Rate | Balance Transfer Fee | Recommended Credit | Card Review |
|---|---|---|---|---|---|
|
Wells Fargo Reflect® Card
|
0% intro APR up to 21 months from account opening on qualifying balance transfers | 17.49% - 29.49% variable APR | 3% for 120 days from account opening, then up to 5%; min: $5 | Excellent/Good | Wells Fargo Reflect® Card Review |
|
Citi® Diamond Preferred® Card
|
0% for 21 months on Balance Transfers | 17.49% - 28.24% (Variable) | Balance transfer fee applies with this offer 5% of each balance transfer; $5 minimum. | Excellent/Good | Citi® Diamond Preferred® Card Review |
|
Citi Simplicity® Card
|
0% for 21 months on Balance Transfers | 18.49% - 29.24% (Variable) | 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. | Excellent/Good | Citi Simplicity® Card Review |
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U.S. Bank Visa® Platinum Card
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0% intro APR for 18 billing cycles on Balance Transfers | 19.24% - 29.24% (Variable) | Either 3% of the amount of each transfer or $5 minimum, whichever is greater | Excellent/Good | U.S. Bank Visa® Platinum Card Review |
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BankAmericard® credit card
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0% Intro APR for 21 billing cycles for any balance transfers made in the first 60 days | 15.49% - 25.49% Variable APR on balance transfers | 3% of the amount of each transaction. | Excellent/Good | BankAmericard® credit card Review |
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Discover it® Balance Transfer
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0% Intro APR for 18 months | 16.49% - 27.49% Variable APR | 3% intro balance transfer fee, up to 5% fee on future balance transfers (see terms)* | Excellent/Good | Discover it® Balance Transfer Review |
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Chase Slate Edge℠
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0% Intro APR on Balance Transfers for 18 months. | 19.49% - 28.24% Variable | Either $5 or 3% of the amount of each transfer, whichever is greater in the first 60 days. After, either $5 or 5% of the amount of each transfer, whichever is greater. | Excellent/Good | Chase Slate Edge℠ Review |
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Citi® Double Cash Card – 18 month BT offer
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0% for 18 months on Balance Transfers | 18.49% - 28.49% (Variable) | 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. | Excellent/Good | Citi® Double Cash Card – 18 month BT offer Review |
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Choice Rewards World Mastercard®
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0.00% introductory APR for the first twelve billing cycles on balances transferred during the first 90 days after account opening. | 12.75% to 18.00% | $0 | Excellent/Good | Choice Rewards World Mastercard® Review |
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Navy Federal Platinum Credit Card
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0.99% introductory APR for 12 months* *Applies to balance transfers requested within 60 days of account opening | 10.24% to 18% | $0 | Excellent/Good/Fair | Navy Federal Platinum Credit Card Review |
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Discover it® Secured Credit Card
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10.99% Intro APR for 6 months | 27.49% Variable APR | 3% intro balance transfer fee, up to 5% fee on future balance transfers (see terms)* | Poor/Limited | Discover it® Secured Credit Card Review |
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U.S. Bank Business Platinum Card
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0% intro APR on balance transfers for 18 billing cycles | 16.49% to 25.49% | Either 3% of the amount of each transfer or $5 minimum, whichever is greater | Excellent/Good | U.S. Bank Business Platinum Card Review |
A balance transfer lets you move debt from one or more credit cards to a different credit card. Ideally, you’ll want to transfer balances from a credit card with a high interest rate to one offering a 0% intro APR (though sometimes a card with a lower APR is the best you can do). This helps you save money on interest charges, since — 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.
In many cases, your balance transfer may take around three to seven days, but there are situations where it could take up to six weeks. Until the balance has been moved to the new card, be sure to continue making minimum payments so you don’t get a late fee. On-time payments are the most important factor in building and keeping a good credit score.
A balance transfer fee is a one-time fee you’ll have to pay with most cards to transfer a balance. It’s typically around 3% to 5% of the balance you’re transferring. Issuers usually require a minimum fee of $5 or $10.
A no-fee balance transfer card can help you save hundreds of dollars on a balance transfer. Depending on the size of your balance, a 3% or 5% balance transfer fee could make a huge difference.
For example, just by opting for a card with a 3% fee over a 5% fee, you’ll save $300. But with no balance transfer fee, you’ll save $750 — which can make a huge difference when you’re paying off credit card debt:
| Balance transfer fee on a $15,000 balance | Fee amount |
|---|---|
| 0% | $0 |
| 3% | $450 |
| 5% | $750 |
A balance transfer credit card’s 0% intro APR period can last anywhere from six to 21 months. You can pay off your balance without worrying about interest any time before that. If the period ends and you haven’t paid it off, you’ll have to pay interest on the remaining balance. To avoid that, make sure you apply for a card with a long enough period for you to pay off your balance.
Balance transfer credit cards help you save on interest — but they’re not all the same. Annual fees, balance transfer fees, ongoing APRs and credit requirements can all differ between balance transfer cards. To find the one that’s best for you, look at these features of cards before you apply.
Applying for a balance transfer card when you’re already carrying high balances on other cards is a delicate dance. Your credit score may already be suffering due to your debt, so you’ll want to avoid applying for and getting denied for multiple cards, which can further drag down your score. You should know your credit score and make sure you meet the credit score requirements for a card before you apply. If you’re worried about being rejected, many issuers will let you prequalify for cards through their websites.
One of the most important factors to consider when selecting a balance transfer card is the amount of time you have to pay off your credit card debt before interest charges kick in. The best balance transfer cards offer 0% intro APRs ranging from 12 to 21 months.
If you have a large amount of debt you’re trying to transfer, then a card with no balance transfer fee may save you more than a card with the longest 0% intro APR.
While you’re focused on the intro APR, don’t overlook the balance transfer fee — this is an equally important factor (probably even more important) for saving on a balance transfer. This fee often ranges from 3% to 5% of the amount of each transfer. You should stick to cards with 3% fees and try to avoid those with higher fees, which can eat into your savings. A no fee balance transfer cards is an even better option, if you can qualify for one.
Although we recommend paying your transferred balance in full before the 0% intro APR period ends to avoid piling up interest, that may not always be possible. If there’s a chance you’ll have a balance remaining after the 0% intro APR period ends, you should consider a balance transfer credit card that offers a low ongoing APR.
Be aware of the card’s balance transfer window — the amount of time you have to transfer your balance and take advantage of the promotional intro APR. It’s common for issuers to require cardholders to transfer a balance within the first 60 days of account opening.
Issuers may also require your account to be open for a set period of time before you’re able to transfer your balance. For example, with Discover, your account must be open for 14 days before a balance transfer can start being processed.
In addition to the balance transfer fee, watch out for cards that charge an annual fee. With so many great no-annual-fee options, it generally doesn’t make sense to pay an annual fee for a balance transfer card. Note, none of the balance transfer credit cards on this page charge an annual fee.
Paying off your debt should be your top concern, but it doesn’t hurt to think about what you plan to do with your card after you’ve vanquished your balance. If you’re trying to decide between two cards, you might opt for a card with a strong rewards program, so you can keep it as your go-to card. Also keep an eye out for other useful benefits like extended warranty and cell phone protection.
Don’t know your credit score? Sign up for LendingTree to get your free credit score and recommendations to boost your score.Banks may have different steps for completing a balance transfer. Learn what the steps are for these popular issuers:
Most credit cards have balance transfer fees associated with them. However, there are a select few credit cards with no balance transfer fees.
Our pick for the best card with no balance transfer fees is the Choice Rewards World Mastercard®.
If you can’t become a member of the First Tech Credit Union to apply for the card, here are some other options you may qualify for:
A balance transfer credit card with a long intro APR period can offer you some serious savings. Depending on your balance and your current APR, you could save over $1,000 on interest payments if you pay off your balance within the 0% intro APR period. Although most balance transfer cards charge a balance transfer fee, the amount you can save makes up for it.
Let’s say you want to do a balance transfer of $6,500 and your APR is 22%. Assuming your monthly payment is $300, you would save over $1,000 with each of the cards below:
| Balance transfer credit card | Intro balance transfer APR | Balance transfer fee | Savings |
|---|---|---|---|
| Wells Fargo Reflect® Card | 0% intro APR up to 21 months from account opening on qualifying balance transfers Then a 17.49% - 29.49% variable APR | 3% for 120 days from account opening, then up to 5%; min: $5 | $1,433 |
| BankAmericard® credit card | 0% Intro APR for 21 billing cycles for any balance transfers made in the first 60 days Then a 15.49% - 25.49% Variable APR on balance transfers APR applies. | 3% of the amount of each transaction. | $1,433 |
| Choice Rewards World Mastercard® | 0.00% introductory APR for the first twelve billing cycles on balances transferred during the first 90 days after account opening. Then a 12.75% to 18.00% APR applies. | $0 | $1,432 |
| Discover it® Balance Transfer | 0% Intro APR for 18 months Then a 16.49% - 27.49% Variable APR APR applies. | 3% intro balance transfer fee, up to 5% fee on future balance transfers (see terms)* | $1,387 |
| Chase Slate Edge℠ | 0% Intro APR on Balance Transfers for 18 months. Then a 19.49% - 28.24% Variable APR applies. | Either $5 or 3% of the amount of each transfer, whichever is greater in the first 60 days. After, either $5 or 5% of the amount of each transfer, whichever is greater. | $1,386 |
| Citi® Double Cash Card – 18 month BT offer | 0% for 18 months on Balance Transfers Then a 18.49% - 28.49% (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. | $1,384 |
| U.S. Bank Visa® Platinum Card | 0% intro APR for 18 billing cycles on Balance Transfers Then a 19.24% - 29.24% (Variable) APR applies. | Either 3% of the amount of each transfer or $5 minimum, whichever is greater | $1,382 |
| Navy Federal Platinum Credit Card | 0.99% introductory APR for 12 months* *Applies to balance transfers requested within 60 days of account opening Then a 10.24% to 18% APR applies. | $0 | $1,379 |
| Citi® Diamond Preferred® Card | 0% for 21 months on Balance Transfers Then a 17.49% - 28.24% (Variable) APR applies. | Balance transfer fee applies with this offer 5% of each balance transfer; $5 minimum. | $1,303 |
| Citi Simplicity® Card | 0% for 21 months on Balance Transfers Then a 18.49% - 29.24% (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. Then a balance transfer fee applies with this offer 5% of each balance transfer; $5 minimum. | $1,302 |
| U.S. Bank Business Platinum Card | 0% intro APR on balance transfers for 18 billing cycles Then a 16.49% to 25.49% APR applies. | Either 3% of the amount of each transfer or $5 minimum, whichever is greater | $1,389 |
| Discover it® Secured Credit Card | 10.99% Intro APR for 6 months Then a 27.49% Variable APR APR applies. | 3% intro balance transfer fee, up to 5% fee on future balance transfers (see terms)* | $347 |
Generally, no — a balance transfer won’t hurt your credit score and should help raise your credit score over time. The impact to your credit score comes from applying for a new credit card, which leads to a hard inquiry on your credit report.
A hard inquiry may drag down your score by a few points in the short term (more so if you apply for multiple cards). However, once you transfer the balance, you’ll lower your credit utilization ratio — a major factor in your credit score. This should boost your credit score a lot, and you should see even greater improvements in the following months if you’re able to pay down your balance faster.
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:
Don’t put new charges on a balance transfer card. If your balance transfer card offers rewards, it can be tempting to swipe it for new purchases — resist the urge and pay down your transferred balance first before using the card for anything else. Once you’ve paid the card off in full, it can then be beneficial to use the card for its rewards (as long as you can pay off the balance every month). Also, don’t fall into the trap of adding new charges to your old card after the balance transfer goes through.
Plan out your budget ahead of time. You should know exactly when your intro APR period ends and how much you need to pay every month to pay off the card in full before that happens. Any remaining balance after the intro period expires will be subject to the ongoing interest rate.
Always make on-time payments. If you pay late, not only will your credit score suffer, but you’ll likely lose your intro APR as well. Paying on time is one of the most important things you can do to keep a good credit score and keep your finances in order. So, if for some reason you can’t pay as much as you’d like on the card during one month, make at least the minimum payment before the due date.
Ask your issuer to lower your interest rate
You can ask your credit card issuer to lower your interest rate if you don’t want to open a new credit card. You can make a number of requests — including requests to waive your annual fee, downgrade your card and lower your interest rate.
While there’s no guarantee, there’s a chance your issuer will say yes if you explain your situation. You probably won’t get a 0% APR, but any drop in your interest rate is better than none.
Take out a debt consolidation loan
A debt consolidation loan helps you combine credit card debts into a single monthly payment — which can help you simplify your payments and help you save money on interest. In some cases, consolidating debt may save you more than a balance transfer credit card, if you can’t qualify for a 0% APR.
These loans can also give you a more structured payment schedule with a set monthly payment and a final date to pay off your loan. Unlike balance transfer credit cards, debt consolidation loans don’t offer a 0% APR at all. Still, the loan’s interest rate will likely be lower than your credit card’s APR. Banks, credit unions and online lenders may offer debt consolidation loans.
Make more than the minimum payment
Making the minimum payment on your credit card is the next worst thing to not making any payments at all. It takes an extraordinarily long time to pay off a credit card balance if you pay only the minimum and will cost you a head-spinning amount of interest. Our recent study on minimum payments found it would take someone more than 11 years to pay down a balance of $2,000 with a 20.99% APR while only making minimum payments and would cost $2,456 in interest.
Even if you can’t pay off your monthly payments in full, you should try to pay as much as you can afford above the minimum amount. This will reduce your credit utilization ratio, which can possibly even help you qualify for a balance transfer credit card down the line.
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. You can try to apply for a secured credit card like the Discover it® Balance Transfer that allows you to transfer a balance.
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.
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.
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 anywhere from several days to six weeks. Before you accept an offer, you can ask the card issuer to state how much time you should expect the transfer to take.
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.
Additional reporting by Dan Miller.
The above offers and/or promotions may have since changed, expired, or is no longer available. Check the Issuers’ website for more details.
