A balance transfer is when you move debt from one credit card to another. The incentive behind this is to shift high-interest debt to a credit card with a lower annual percentage rate. That’s where balance transfer credit cards enter the picture. These credit cards offer a promotional 0% APR period, enabling you to save money and repay your debt faster. Interest-free periods and ongoing APRs vary among credit cards, and each has different other features, like a $0 balance transfer fee, rewards, and others. You have to do the math before deciding which new credit card you will transfer your debt to. Several factors, like your credit score, the debt amount, earnings, preferences, etc., should be taken into account. This article will provide you with a good basis for your decision and help you find the credit card that best matches your financial situation and needs.
| Name | Best for | Balance Transfer APR | Fees for Balance Transfer | Intro Balance TransferAPR | Reward Rate | Apply |
|---|---|---|---|---|---|---|
Capital One SavorOne Cash Rewards Credit Card | Cash Back, 0 APR, No Annual Fee, Restaurants, Entertainment, Daily use | 19.99% - 29.99% | 3% of the amount of each transferred balance that posts to your account during the first 15 months that your account is open or at a promotional APR. None for transferred balances at the Purchase APR after the first 15 months that your account has been open. Balance Transfer Fee applies to balances transferred at a promotional rate. | 0% Introductory APR for the first 15 months that your account is open | Learn more on our partner’s site | |
Capital One Quicksilver Cash Rewards Credit Card | Cash Back, No Annual Fee, Daily use | 19.99% - 29.99% | Introductory fee of 3% of the amount of each transferred balance that posts to your account during the first 15 months that your account is open. After that, 4% of the amount of each transferred balance that posts to your account. None for transferred balances at the Purchase APR after the first 15 months that your account has been open. Balance Transfer Fee applies to balances transferred at a promotional rate | 0% Introductory APR for the first 15 months that your account is open | Learn more on our partner’s site | |
Citi Double Cash | Cash Back, No Annual Fee, Daily use | 19.24% - 29.24% | Either $5 or 3% of the amount of each transfer, whichever is greater | 0% APR for 18 months from date of first transfer when transfers are completed within 4 months from date of account opening | Learn more | |
Citi Diamond Preferred® | 0 APR, No Annual Fee | 18.24% - 28.99% | Either $5 or 5% of the amount of each transfer, whichever is greater | 0% Introductory APR for 21 months from date of first transfer when transfers are completed within 4 months from date of account opening | Learn more | |
Citi Rewards+® | Cash Back, No Annual Fee | 18.74% - 28.74% | Either $5 or 3% of the amount of each transfer, whichever is greater | 0% Introductory APR for 15 months from date of first transfer when transfers are completed within 4 months from date of account opening | Learn more | |
U.S. Bank Visa® Platinum Card | 0 APR, No Annual Fee | 18.74% - 29.74% | Either 3% of the amount of each transfer or $5 minimum, whichever is greater | 0% Introductory APR for the first 21 billing cycles for balances transferred within 60 days from account opening | Learn more | |
Citi Simplicity® | 0 APR, Single mom | 19.24% - 29.99% | Either $5 or 5% of the amount of each transfer, whichever is greater | 0% Introductory APR for 21 months from date of first transfer when transfers are completed within 4 months from date of account opening | Learn more | |
Barclays Bank Delaware AAdvantage® Aviator® Red World Elite Mastercard® | Travel | 21.24% - 29.99% | Either $5 or 5% of the amount of each transfer, whichever is greater | 0% Introductory APR for the first fifteen billing cycles following each balance transfer that posts to your account within 45 days of account opening | Learn more |
The Citi Double Cash offers a great 18-month 0% APR period on balance transfers made in the first 4 months. After that, it’s 19.24% - 29.24% Variable, based on your creditworthiness. The balance transfer fee is 3% (minimum $5). That is a card you'll want to keep even after you take advantage of its zero-interest period because it will also earn you a generous 2% cash back on all purchases (1% cash back when you make a purchase and 1% when you pay for it). However, there is no intro APR on purchases.
Read more about Citi Double Cash
This card has a lengthy 12-month 0% APR period for purchases and a 21-month period for balance transfers (made within 4 months after account opening). There is a balance transfer fee of 3% or $5 (whichever is greater), but no annual fee. The regular APR will be 18.24% - 28.99%. It hardly offers any long-term value after the intro period as it lacks a rewards program.
Read more about Citi Diamond Preferred®
You could say that the Rewards+® offers the whole package: a 15-month 0% APR period on balance transfers and purchases (18.74% - 28.74% variable after that), rewards, and a sign-up bonus, all with a no annual fee. Balance transfers have to be made within the first four months to qualify for the intro APR period, and the ARP after will be 18.74% - 28.74%. You’ll earn 2 ThankYou® points for every dollar spent at supermarkets and gas stations (up to the first $6,000 spent) and 1 point for all other purchases. Also, points automatically round up to the nearest 10 points on every purchase.
Read more about Citi Rewards+®
The US bank Visa® Platinum is the top credit card for balance transfers with an exceptional 0% APR introductory period of almost two years – 18 billing cycles (after, it’s APR 18.74% - 29.74%). It applies to balance transfers made within 60 days upon account opening. The intro period is also valid for purchases, and it's the longest one offered among all cards within the category. There is no annual fee, while the balance transfer fee is 3% or $5 (whichever is greater). However, this card is available only to those with excellent credit.
Read more about U.S. Bank Visa® Platinum Card
The Citi Simplicity® is ideal for the forgetful and those unsure whether they'll have the money to make all payments on time. That is because this card has no late and penalty fees. Also, no annual fee! The introductory 0% APR period is 12 months for purchases and 21 months for balance transfer. The intro APR offer applies to balance transfers made within 4 months upon opening the account and after the offer ends, it’s a variable 19.24% - 29.99%.
Read more about Citi Simplicity®
This is a travel card that also offers a satisfactory 15-month 0% APR period for balance transfers. After, the APR will be 21.24% - 29.99%, depending on your creditworthiness. You'll earn 2x miles per dollar spent on American Airlines purchases and 1x miles on all other purchases. Plus, an easy-to-reach welcome bonus. There are two things to keep in mind with this card. First, to benefit from the intro period, you have to make the balance transfer within 45 days from account opening, and there's also a $99 annual fee.
Read more about Barclays Bank Delaware AAdvantage® Aviator® Red World Elite Mastercard®
A balance transfer credit card allows you to transfer your debt from a high-interest credit card to this one which usually offers a 0% APR for a limited period. It can be a great tool to manage your debt and save money on interest.
Moving your debt from one credit card to a balance transfer credit card is all about saving money. So, before applying for one you have to carefully think it through. First, consider your debt amount and be realistic about the time you’ll need to pay it all off. If it's a significantly high amount or you think it'll take longer to repay it, go for a card that offers a longer period with 0% APR. The US bank Visa® Platinum offers the longest introductory period, 20 billing cycles which is nearly two years (18.74% - 29.74% Variable thereafter).
Another important thing to note is the balance transfer fee. It's a fee charged by the credit card when you make a balance transfer, and it's a percentage of the balance transfer amount. Generally, it's 3% (but not less than $5) for most credit cards, so if you transfer a balance of $1000, you'll pay a $30 fee. If you're transferring a higher balance amount, this cost can be significant. In that case, you can get a card that doesn't charge a balance transfer fee, like the Navy Federal Credit Union Platinum.
Before doing a balance transfer, you have to get familiar with the credit card's rules. Especially pay attention to the time limit for transferring your balance to qualify for the introductory period. Although for most cards you'll have around 4 months to make the transfer, with some you don't have that much time.
The balance transfer starts with a request that you can usually do online or by talking to a representative from your new credit card company. They’ll need the number of the account on which you carry your debt and the amount you want to transfer.
The process can take from several days to several weeks. So, make sure you keep making at least the minimum payments due on your old credit card until the balance transfer is completed.
Balance transfer credit cards usually require good to excellent credit, so if those with fair or bad credit get rejected, there are other alternatives to consider. These can be used even by those who get accepted, but their debt is higher than the credit limit approved by the balance transfer card’s company.
Our recommendations, depending on your financial situation, are:
If you’re looking for a balance transfer card that’s a keeper after the 0% APR intro period, you should look at those that offer rewards. Besides the cards on our list, another great rewards card is the Wells Fargo Visa Signature® Card. For the first 6 months, you’ll get 5x rewards points on up to $12,500 spent on groceries, gas, and drugstore purchases, and 1x points on all other purchases. The 0% APR period for balance transfers and purchases lasts for 15 months after account opening.
Along with the AAdvantage® Aviator® Red World Elite Mastercard®, another attractive travel card with a balance transfer offer is the Frontier Airlines World Mastercard®. It has a 0% intro APR for 15 months on balance transfers made within 45 days after account opening (21.24% - 29.99% Variable thereafter). The rewards include 5x miles on purchases at flyfrontier.com, 3x miles at restaurants, and 1x miles for everything else, as well as a sign-up bonus. This card has a $89 annual fee.
As most credit cards require excellent credit, you have to be realistic about your options. If you have a less-than-perfect credit score your choice will be limited.
With a good credit score, you’ll qualify for most balance transfer credit cards on the market. So, start analyzing and comparing them to find the one that's most suitable for your financial situation. The reason for a balance transfer is, of course, paying off debt as cost-efficiently as possible.
First, carefully review your debt and your financial situation. Ask yourself how much time you'll need to pay it off. If, for example, you can manage to repay it within 15 months, you'll have more options. While an important factor for those who think they’ll keep paying off their debt after the intro period is over is the ongoing APR.
If you are in a tight situation, and you want to avoid any fees and costs, consider those that don't charge a balance transfer or annual fees. All cards on our list, except the AAdvantage® Aviator® Red World Elite Mastercard®, don’t have annual fees. But only the Navy Federal Credit Union Platinum doesn’t have a balance transfer fee.
Finally, think about other credit card perks that are important to you. For instance, with rewards credit cards you get the best of both worlds – intro APR offers and rewards.
After you’ve made your research and decided on the credit card you want, the only thing left to do is apply for it. You can apply for a balance transfer credit like for any other credit card. It can be done online or by talking to a representative of the bank that issues the card.
We assume you've already read the terms and conditions of the card, and the only thing you don't know is the available credit limit. You'll find out about that only after you’ve been approved for the card, so be aware that it might not be as large as the amount of debt you want to transfer.
Also, please note that you cannot transfer your debt to another credit card of the same issuer.