11 Best Balance Transfer Credit Cards With 0% APR in April 2024

• What is a balance transfer credit card?

  A balance transfer credit card is a card that offers an introductory 0% APR for six to 21 months. This allows you to make significant traction on paying down your credit card balance, since every penny goes toward the principal during this time.

• How does a balance transfer work?

  When you apply for a new credit card, you can opt to transfer a balance as part of the application. Once you’re approved for the card, the bank will initiate the balance transfer. It typically takes three to seven days for the bank to transfer a balance, but sometimes it can take several weeks. To avoid missed or late payment fees, continue to make payments to your old credit card until your balance is transferred.

• What is a balance transfer fee?

  Most cards have a balance transfer fee, which generally ranges between 3% and 5% (with a minimum of $5 or $10) of the amount you’re transferring to your new card. This fee is applied at the time of the transfer.

  There are, however, credit cards that don’t have balance transfer fees. The amount you’ll save with this type of card will depend on the amount of your balance transfer. Here’s how much you can save with a no-balance-transfer fee credit card.

  Balance transfer fee on a $6,000 balance	Fee amount
  0%	$0
  3%	$180
  5%	$300

  Some of the best credit cards with no fees are issued by credit unions but aren’t available to everyone due to membership requirements.

  A few no fee cards that have broad eligibility requirements include:

  • Navy Federal Platinum Credit Card
  • Edward Jones Business Plus MasterCard Credit Card

Banks may have different steps for completing a balance transfer — learn here how to do a balance transfer with these popular issuers, so you can figure out which cards are the best for you:

A balance transfer credit card can be a great way to consolidate and pay off debt from other cards. Most balance transfer cards offer a 0% introductory APR period of 12 to 21 months, during which your entire payment goes toward the principal balance.

Here are some key strategies for using a balance transfer card to pay off your credit card debt:

1. Combine your existing balances: To begin, calculate your combined credit card balances to determine the total amount you need to consolidate. This will help you create a plan to repay your debt and pick a balance transfer credit card that best fits your timeline. In addition, take note of the APRs associated with each card, as you’ll want to prioritize paying off the ones with the highest interest rates. This approach, known as the debt avalanche method, saves you money by targeting the most expensive debts.
2. Create a repayment plan: Determine a realistic budget that allows you to pay the largest amount possible toward your debt each month. You should plan to cut back on unnecessary expenses and redirect those funds toward paying off your balance transfer card. The goal here is to pay off the balance before the intro APR period ends, saving you a lot of money in interest charges.
3. Choose a balance transfer card: The most important things to look at when choosing a balance transfer credit card are the introductory APR offer, the regular APR and the balance transfer fee. Most balance transfer cards offer a 0% intro APR period of 12 to 18 months, while several offer an even longer period of 21 months. You should also consider the card’s regular APR, as that will be applied to the remaining debt once the intro period ends. Lastly, you’ll want to take note of the card’s balance transfer fee (usually 3% to 5%) and factor this in when making your decision.
4. Take advantage of the introductory period: The 0% intro APR period is an excellent opportunity to make significant progress in paying down your debt. It’s important to initiate your balance transfer(s) immediately, as the intro period usually begins with approval. Further, some cards carry a balance transfer deadline (typically 60 to 90 days after account opening), so you’ll want to transfer all your balances in this window. During the intro period, you should focus on making the largest payment possible each month and avoid making new purchases on your balance transfer card.
5. Plan for the post-introductory period: It’s important to remember when the intro period ends, as well as the interest rate that will apply thereafter. It may be helpful to mark the date on your calendar or set a reminder on your phone. If you don’t think you’ll be able to pay off the full balance in time, you can always transfer the remaining amount to another balance transfer card to continue saving on interest.

Remember, paying off credit card debt requires commitment and discipline. It’s important to have a clear repayment plan, avoid new purchases and make consistent payments to fully capitalize on the benefits of a balance transfer credit card.

How much can a 0% balance transfer help you save?

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 $6,000 and your APR is 20%. Assuming your monthly payment is $300, you would save more than a thousand dollars with most cards below:

*Assumes an original APR of 20% and a monthly payment of $300. See our  methodology  for more details.

If you’re considering a balance transfer credit card, use these factors to determine how much you could save and whether it’s right for you:

1. How much can you afford to pay each month?
2. How much do you pay in interest with your current credit card?
3. How much would you pay in interest with a new 0% APR card, if you made the same monthly payment? (You may need to increase your monthly payment if you want to pay off your debt within the intro period.)
4. How much is the annual fee, if any?
5. What’s the balance transfer fee?

• Ask your issuer to lower your interest rate

  You can ask your credit card issuer to lower your interest rate to avoid opening a new credit card. Other requests you can make include waiving an annual fee and downgrading your card.

  While they may not agree to your requests, there’s no harm in asking and explaining your situation. You may not get a 0% APR, but any drop in interest rate is helpful. A LendingTree study found that more than three in four cardholders (76%) who asked for a lower APR on credit cards got one in the past year.

  This method is free and effective — so it’s always worth giving your issuer a call, especially if you have good credit and a history of making on time payments.

• Take out a debt consolidation loan

  A debt consolidation loan allows you to combine several debts into one monthly payment. This not only simplifies your payments but also usually saves you money on interest. In some cases, a debt consolidation loan is a better option than a balance transfer especially if you can’t qualify for a 0% APR.

  These loans, available at banks, credit unions and online lenders, don’t offer 0% APRs. They do, however, remove the risk of excess late fees for missed payments, while also offering an interest rate that’s likely lower than that of your credit card.

• Make more than the minimum payment

  Making only the minimum payment on your credit card is one of the worst financial mistakes you can make. As interest is added to the principal, it’ll take a long time to pay off your balance, and you’ll pay a huge amount of interest. A LendingTree 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 alone.

  If you can’t pay off the full balance, pay as much as you can above the minimum payment. This’ll also help lower your credit utilization ratio, which should boost your credit score and may help you qualify for a balance transfer credit card in the future.

LendingTree has curated an exclusive panel of professionals, spanning various areas of expertise, to help dissect difficult subjects and empower you to make smarter financial decisions. Read on for more balance transfer credit card insights.

1. What are some unhealthy financial habits a consumer should try to kick prior to applying for a balance transfer credit card?
2. How do credit card issuers look to benefit from offering 0% Intro APR balance transfer cards?
3. What are a few of the biggest challenges consumers face when attempting to reduce their credit card debt?
4. How would summarize the advantages of a balance transfer credit card to someone who may not be familiar with the subject?

See their advice

• Tammy Johnston, Ph.D. | Professor of Economics, University of Louisiana at Monroe
• Mitchell Franklin, Ph.D. | Associate Professor of Accounting, Le Moyne College
• Robert Gmeiner, Ph.D. | Associate Professor of Financial Economics, Methodist University

The commentary provided by these industry experts represent their viewpoints and opinions alone.

What are some unhealthy financial habits a consumer should try to kick prior to applying for a balance transfer credit card?
Anytime that a person has an ongoing balance on their credit card, it is time for the person to reassess their spending habits. A person should only spend each month what they are able to pay. An ongoing credit card balance is expensive in terms of the interest rate charges incurred, and does not help your overall financial situation. Although doing a balance transfer may have some advantages over your current situation, you need to actively cut your spending and pay off debt.

How do credit card issuers look to benefit from offering 0% Intro APR balance transfer cards?
Credit card companies earn interest off of your balance transfer if you do not pay off the balance before the end of the introductory period. Credit card issuers know that someone with an existing balance is very likely to still have a balance after the initial 0% APR period. The issuer is banking on you to continue your current habits of spending too much and having an ongoing balance on which you pay high interest rates.

What are a few of the biggest challenges consumers face when attempting to reduce their credit card debt?
The biggest challenge of consumers trying to reduce their debt is changing their spending habits. To reduce credit card debt requires two things — one is to decrease spending and the other is to increase debt payments. Reducing spending is typically not enough. You also need to consider ways to increase your income. You need to get an additional job to bring in more income that can go to debt repayment. Spending less and earning more income will put you on the path of decreasing debt. The challenge is that neither of these are fun.

How would summarize the advantages of a balance transfer credit card to someone who may not be familiar with the subject?
The big advantage of a balance transfer credit card is that you will be given a time period during which you are not charged interest if it is a 0% introductory APR offer. If you use this time period wisely to pay off the balance or as much as possible, then you can have some savings in terms of interest rate charges. If you are considering a balance transfer credit card, you do want to make sure you understand the terms. Make sure the interest is not just being deferred. For most offers the interest is indeed 0% and is not deferred, but it is your responsibility to read and understand the terms. Additionally, there is typically a transfer fee applied. Usually, the transfer fee is 3% to 5% of the amount transferred. If you take advantage of the 0% introductory period and pay off the balance, then the transfer fee is offset by the savings in interest. However, if you do not significantly reduce the outstanding balance, then you will incur a transfer fee as well as interest charges after the introductory period has ended. Before committing to a balance transfer credit card make sure you are committed to decreasing your spending and paying your outstanding balances.

Headshot	Credentials
	Mitchell Franklin, Ph.D. Associate Professor of Accounting, Le Moyne College

What are some unhealthy financial habits a consumer should try to kick prior to applying for a balance transfer credit card?
The biggest problem, thinking that they can pay a lower payment because of the lower rate. Consumers take the lower rate, see the lower payment and end up charging more ultimately increasing their debt. The lower rate backfires on the consumer and ends up highly profitable to the lender, as the overall debt of the borrower increases and time to repay increases dramatically.

How do credit card issuers look to benefit from offering 0% Intro APR balance transfer cards?
The issuer knows the behavior of consumers with credit card debt. Firstly, the rate is for a short time period. After the intro APR vanishes, the amount of debt is greater than what was transferred in, and with a more market interest rate for the lender leads to a profitable customer who is in more debt than what they transferred in. The 0% APR is a loss leader that over time becomes a very profitable customer.

What are a few of the biggest challenges consumers face when attempting to reduce their credit card debt?
Customers do not understand how it works from the lender’s end. They do not realize that paying the minimum drags the payment out for years and makes payoff near impossible. Too often, customers who think they are doing the right thing and reducing their debt end up increasing it as they are unaware that the payment they are making barely covers interest charged and nowhere near new charges made. Customers need to do math and really look at their payment. If they are serious about reducing debt, the payment needs to be large enough to cover all interest charged, and greater than the amount of new purchases for the month. This number is often out of reach for consumers so credit card debt becomes a vicious cycle that never goes away.

Headshot	Credentials
	Robert Gmeiner, Ph.D. Associate Professor of Financial Economics, Methodist University

What are some unhealthy financial habits a consumer should try to kick prior to applying for a balance transfer credit card?
Before applying for a balance transfer credit card, the most important habit to kick is carrying a balance. Credit card interest rates are so high that carrying a balance is very unwise. If you transfer a balance to a new card, don’t keep using the old card and rack up another balance on it. That will set you back even further because you will have two balances to pay before long, and both will have high rates once the introductory 0% period on the new card is over.

How do credit card issuers look to benefit from offering 0% Intro APR balance transfer cards?
Credit card issuers offer 0% on balance transfers for a limited time, and it will be over before you know it. They look to gain when people don’t pay off the whole balance before that time ends, and thus have to pay a lot of interest. This offer is only good for you if you will actually pay off the balance as opposed to keeping it steady or, even worse, increasing it.

What are a few of the biggest challenges consumers face when attempting to reduce their credit card debt?
The single biggest challenge consumers face when trying to reduce their credit card debt is reducing their spending. Oddly enough, it has nothing to do with the credit card per se, but a habit of spending too much. If you want to overcome it, you need to carefully write out how much money you will earn in a month, what bills you must pay, what you need to save and then look at what is left. You should never spend more than that. Do not put more on your credit card in a month than you can easily pay off within that month.

How would summarize the advantages of a balance transfer credit card to someone who may not be familiar with the subject?
Balance transfer benefits are simple — you have a balance on one credit card, you apply for a new one, and move the old balance to the new card. The benefit is that you don’t pay interest on that transferred balance on the new card. It is only a good idea if you have already kicked your spending habit and want to pay it off. You will pay it off faster with a balance transfer benefit because interest won’t keep accumulating, but this is only possible if you don’t use that new card, or the old one, for more spending.