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- Best Balance Transfer Credit Cards
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Balance transfer credit cards are a great way to save money while you pay off debt. This type of credit card offers a low introductory APR -- many even start with a 0% APR. Pay off your balance before the intro period ends, and you can avoid interest fees entirely. On our list of the best balance transfer credit cards, you'll find top choices that offer the longest intro periods and the fewest fees.
The Ascent's picks for the best balance transfer credit cards for February 2021:
- Long 0% intro APR: Citi® Diamond Preferred® Card
- Balance transfers and cash back: Citi® Double Cash Card – 18 month BT offer
- Balance transfers and purchases: U.S. Bank Visa® Platinum Card
- Long 0% intro APR: Citi Simplicity® Card - No Late Fees Ever
- Balance transfers and purchases: Wells Fargo Platinum card
Great for: Long 0% intro APR
Rating image, 4.5 out of 5 stars.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor.
Bottom Line
A hard-to-beat 0% intro APR credit that's a fit for cardholders wanting to pay off debt faster with balance transfer strategies and/or finance the cost of a purchase and temporarily avoid costly interest charges. Read Full Review
Rewards
N/A
Annual Fee
$0
Intro APR
Purchases: 0%, 18 months
Balance Transfers: 0%, 18 months
Ongoing APR
14.74% - 24.74%, variable
Welcome Bonus
N/A
Highlights
- 0% Intro APR for 18 months on purchases from date of account opening and 0% Intro APR for 18 months on balance transfers from date of first transfer. After that the variable APR will be 14.74% - 24.74%, based on your creditworthiness. Balance transfers must be completed within 4 months of account opening.
- There is a balance transfer fee of either $5 or 3% of the amount of each transfer, whichever is greater
- Get free access to your FICO® Score online.
- With Citi Entertainment®, get special access to purchase tickets to thousands of events, including concerts, sporting events, dining experiences and more.
- Shop with confidence knowing that you have dependable protection benefits, including $0 Liability on Unauthorized Charges and Citi® Identity Theft Solutions.
- The standard variable APR for Citi Flex Plan is 14.74% - 24.74%, based on your creditworthiness. Citi Flex Plan offers are made available at Citi's discretion.
Great for: Balance transfers and cash back
Rating image, 5.0 out of 5 stars.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor.
Bottom Line
Earn up to 2% on all purchases - 1% when you buy, and 1% when you pay the minimum each month. Add that to no annual fee and an 18 month 0% intro APR offer on balance transfers and this card is a winner. Read Full Review
Rewards
2% cash back: 1% when you buy plus 1% as you pay
Annual Fee
$0
Intro APR
Purchases: N/A
Balance Transfers: 0%, 18 months
Ongoing APR
13.99% – 23.99%, variable
Welcome Bonus
N/A
Highlights
- Earn 2% on every purchase with unlimited 1% cash back when you buy, plus an additional 1% as you pay for those purchases.
- To earn cash back, pay at least the minimum due on time.
- Balance Transfer Offer: 0% intro APR on Balance Transfers for 18 months. After that, the variable APR will be 13.99% – 23.99%, based on your creditworthiness.
- Balance Transfers do not earn cash back.
- If you transfer a balance, interest will be charged on your purchases unless you pay your entire balance (including balance transfers) by the due date each month.
- There is a balance transfer fee of either $5 or 3% of the amount of each transfer, whichever is greater.
- The standard variable APR for Citi Flex Plan is 13.99% – 23.99% based on your creditworthiness. Citi Flex Plan offers are made available at Citi's discretion.
Great for: Balance transfers and purchases
U.S. Bank Visa® Platinum Card
Rating image, 5.0 out of 5 stars.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor.
Bottom Line
With a 20 billing cycle intro APR offer for both balance transfers and purchases, this is one of the best low interest credit cards on the market. Read Full Review
Rewards
N/A
Annual Fee
$0
Intro APR
Purchases: 0%, 20 billing cycles
Balance Transfers: 0%, 20 billing cycles
Ongoing APR
13.99% - 23.99%, variable
Welcome Bonus
N/A
Highlights
- 0% Intro APR on purchases and balance transfers for 20 billing cycles. After that, a variable APR currently 13.99%-23.99%.
- No Annual Fee.
- Fraud protection detects and notifies you of any unusual card activity.
- Free TransUnion® Credit Score when you enroll in Online Banking.
- Choose your payment due date.
- Get up to $600 protection on your cell phone (subject to $25 deductible) against covered damage or theft when you pay your monthly cellular telephone bill with your U.S.Bank Visa® Platinum Credit Card. Certain terms, conditions, and exclusions apply.
Great for: Long 0% intro APR
Citi Simplicity® Card - No Late Fees Ever
Rating image, 4.5 out of 5 stars.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor.
Bottom Line
If getting rid of credit card debt is on your to-do list, this card can help. With no late fees, no annual fee, and no penalty rate, this card is an unmatched pick that’s made even better with an incredible 18 month 0% intro APR offer on balance transfers and purchases. Read Full Review
Rewards
N/A
Annual Fee
$0
Intro APR
Purchases: 0%, 18 months
Balance Transfers: 0%, 18 months
Ongoing APR
14.74% - 24.74%, variable
Welcome Bonus
N/A
Highlights
- No Late Fees, No Penalty Rate, and No Annual Fee... Ever
- 0% Intro APR on balance transfers for 18 months from date of first transfer. All transfers must be completed in first 4 months. After that, the variable APR will be 14.74% - 24.74%, based on your creditworthiness.
- 0% Intro APR on purchases for 18 months from date of account opening. After that, the variable APR will be 14.74% - 24.74%, based on your creditworthiness.
- If you transfer a balance with this offer, after your 0% Intro purchase APR expires, both new purchases and unpaid purchase balances will automatically accrue interest until all balances, including your transferred balances, are paid in full
- There is a balance transfer fee of either $5 or 5% of the amount of each transfer, whichever is greater.
- The standard variable APR for Citi Flex Plan is 14.74% - 24.74%, based on your creditworthiness. Citi Flex Plan offers are made available at Citi's discretion.
- Stay protected with Citi® Quick Lock and $0 liability on unauthorized charges
Citi Simplicity® Card - No Late Fees Ever is temporarily unavailable on The Ascent. All information was collected independently from the issuer. Some items may be out of date.
Great for: Balance transfers and purchases
Wells Fargo Platinum card
Rating image, 4.5 out of 5 stars.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor.
Bottom Line
A clear standout card in its category with a long 0% intro APR for 18 months on both qualifying balance transfers and purchases, no annual fee, and a FICO® Score for free. Read Full Review
Rewards
N/A
Annual Fee
$0
Intro APR
Purchases: 0%, 18 months
Balance Transfers: 0%, 18 months on qualifying balance transfers
Ongoing APR
16.49% - 24.49%, variable
Welcome Bonus
N/A
Highlights
- Pay down balances instead of interest with Wells Fargo’s longest intro APR
- $0 Annual Fee
- Get up to $600 protection on your cell phone (subject to $25 deductible) against covered damage or theft when you pay your monthly cellular telephone bill with your Wells Fargo Platinum card
- Easy access to your FICO® Credit Score with Wells Fargo Online®
- Zero Liability protection for promptly reported unauthorized transactions
- Convenient tools to help create a budget and manage your spending with My Money Map
- Select "Apply Now" to learn more about the product features, terms and conditions
Wells Fargo Platinum card is temporarily unavailable on The Ascent. All information was collected independently from the issuer. Some items may be out of date.
Savvy consumers use credit card balance transfer offers to refinance or consolidate debt. And when used correctly, a balance transfer credit card can save you hundreds of dollars in interest. To get the best results with these credit cards, you need to understand how balance transfers work.
What is a balance transfer?
A balance transfer is moving a balance from one account to another. This is usually done with credit cards to pay off the balance at a lower interest rate. Once you've completed a balance transfer, the original account is paid off, and you make payments on the account that received the transfer.
How does a balance transfer credit card work?
Balance transfer credit cards are cards that can receive balance transfers -- not all credit cards offer this feature. You're essentially using the balance transfer card to pay off your debt. Many cards charge a balance transfer fee, and 3% is the standard amount. There are, however, select credit cards with $0 balance transfer fees.
The type of debt you can transfer depends on your balance transfer card. Some only let you transfer credit card balances, whereas others let you transfer all kinds of debt. Consumers typically use balance transfer cards for credit card debt.
The total amount of the transfer plus any transfer fees must be less than the balance transfer card's credit limit. If it isn't, you'll find your balance transfer denied. You can't transfer a balance between two cards from the same card issuer, either. A balance transfer from a Chase credit card to a Citi credit card is fine, but a transfer between two Chase credit cards wouldn't be allowed.
What is a balance transfer fee?
A balance transfer fee is a fee charged for moving a balance onto a new credit card. This is charged by the balance transfer card (the card that receives the balance). It's typically between 3% and 5%, but there are also zero balance transfer fee credit cards.
How to do a balance transfer
A balance transfer can be completed in the following steps:
- Open a balance transfer credit card. Try to find a card with a long enough intro period that you'll be able to pay off your debt within that timeframe.
- Transfer the balance. You'll need the credit card number of the card with the balance, as well as the amount to transfer. Most card issuers let you transfer balances online, so you'll log in to the account for your balance transfer card and look for the balance transfer option. Alternatively, you can call the number on the back of the card and do the balance transfer by phone.
- Make your payments. You're still required to make payments on the original card until the balance transfer is processed. You'll know that has happened once the original card balance changes. From this point on, you'll make payments on the balance transfer card.
How to do a balance transfer with Chase
Balance transfers with Chase can be completed by logging into your Chase account and doing the following:
- Click "Transfer a balance." You can find this option in multiple locations. On the Account Summary page, it will be underneath the balance transfer card's available credit. On the credit card's page, it will be available in the "Things you can do" drop-down menu.
- Select a balance transfer offer. Chase will list any balance transfer offers available for the card you chose. Click on the offer you want, and then click "Next."
- Enter the required information. You'll need to provide the full card number for the credit card with the balance and the balance transfer amount.
- Submit the balance transfer.
How to do a balance transfer with Discover
Balance transfers with Discover can be done by going to your online Discover account and following these steps:
- Click "Balance Transfers." There's a "Manage" option at the top of your account page, and underneath, you'll find the "Balance Transfers" link.
- Select a balance transfer offer. Depending on which Discover credit cards you have, there may be multiple balance transfer offers available to you.
- Fill out the form. Discover will ask you for the balance transfer amount and the credit card number of the card with the balance.
- Submit the balance transfer.
How to do a balance transfer with Wells Fargo
Balance transfers with Wells Fargo are available through your online Wells Fargo account when you follow these steps:
- Click "Request Balance Transfer." To find this option, place the cursor over "Accounts" and look under the "Manage Cards" heading.
- Select a balance transfer offer. The offers available will depend on which Wells Fargo credit cards you have.
- Complete the balance transfer form. Wells Fargo asks for the creditor name, credit card number, and transfer amount.
- Submit the balance transfer.
Balance transfer pros and cons
Balance transfer pros: When is a balance transfer a good idea?
A balance transfer is a good idea if:
- You want a lower interest rate. The biggest perk of zero-interest balance transfer credit cards is how much money they can save you. If you have credit card debt that you'll be paying off over six months or longer, then a balance transfer could lead to big savings.
- You want to consolidate debt. When you have debt spread out across multiple credit cards, it can be difficult to manage. A balance transfer card allows you to consolidate debt so you only need to make one payment per month.
- You're trying to boost your credit score. Credit card debt often results in a high credit utilization ratio, a factor that has a big impact on your credit score. Since opening a balance transfer card adds to your total credit, it will lower your credit utilization. That balance transfer could save you money and raise your credit score.
Balance transfer cons: When is a balance transfer not a good idea?
A balance transfer is not a good idea if:
- You don't have a plan to pay off your debt. A balance transfer only helps if you take advantage of the opportunity by paying off as much debt as possible, and you don't overspend now that your debt isn't costing you any interest. Otherwise, you could reach the end of the intro period with the same amount of debt or more.
- You have subpar credit. To qualify for the top balance transfer credit cards, you'll typically need good credit. If your credit is bad or average, then you should focus on building your credit so you don't need to settle for a subpar balance transfer card.
- You could pay off existing credit card debt within a few months. When you're this close to paying off your debt, it's usually better to stick with your current credit card. A balance transfer fee could wipe out anything you'd save on interest. Even if it's a balance transfer credit card with no fee, the credit card application will still take time and cause a small dip in your credit score.
How much can I save with a balance transfer?
With a balance transfer, you can save over $500 in some circumstances. The exact amount depends on your debt and monthly payment. Let's say you pay $250 per month on $5,000 in credit card debt at a 17% APR. That would take you 24 months to pay off, and you'd pay $920 in interest. Imagine you get a 15-month 0% interest balance transfer credit card with a 17% APR after the intro period. You'd pay off your debt in 21 months and with only $55 in interest, saving $865.
How to compare balance transfers
Comparing balance transfer offers is all about saving the most money. Although it may seem like there's a lot to look at, it's simple enough to pick the best offer.
Here are the steps to compare balance transfer offers:
- Check the length of the offers. Most of the best credit card balance transfer deals have 0% intro APRs, so you can compare them by how long their intro offers last. If you need as much time as possible to pay off debt, pick the card with the longest 0% intro APR.
- See which cards have balance transfer fees. Free balance transfer credit cards help you avoid extra fees, but they may not have the longest 0% intro offers. You'll need to calculate whether you'll pay less with a longer intro offer or by not paying balance transfer fees.
- Use other features as a tiebreaker. You may find that multiple balance transfer credit cards are dead even. In that case, you can choose one based on other features the cards offer, such as rewards rates or sign-up bonuses.
How long does a balance transfer take?
A balance transfer can take anywhere from two days to six weeks. It depends on multiple factors, including the card issuers of both cards and whether you're a new cardholder for the balance transfer card.
Not every card issuer provides information on their balance transfer times, but most of the major ones do. Here's how long you can expect the process to take based on the issuer of your balance transfer card:
| Card issuer | Balance transfer time |
|---|---|
| American Express | Usually five to seven days, but can take up to six weeks |
| Bank of America | Up to five days on an existing credit card, or can take two weeks or more if requested as part of a new credit card application |
| Capital One | Can take about 10 business days |
| Chase | Most are processed within a week, but can take up to 21 days |
| Citi | Usually two to 21 days |
| Discover | Most transfers for existing card accounts process within seven days, but it typically takes 14 days for transfers on new accounts |
| U.S. Bank | Up to 14 days |
Source: support pages for each card issuer
Do balance transfers hurt your credit?
Balance transfers can hurt and help your credit. When you use a balance transfer card, it affects three factors used to calculate your credit score:
- New credit (10% of your FICO® Score): The credit card application will cause a hard credit inquiry, which negatively affects the new credit category. It's not a serious issue, though, as most consumers see their FICO® Scores drop only five points or less from a hard inquiry.
- Length of credit account history (15% of your FICO® Score): A new credit card causes your average length of credit account history to decrease, and this can hurt your credit.
- Credit utilization (30% of your FICO® Score): Your new balance transfer card's credit limit will increase your total credit, causing your credit utilization to go down. That's good for your credit score. But your credit utilization on each individual card is also important. If you end up with high credit utilization on the balance transfer card, then that could have a negative impact.
Although your credit score may or may not drop after a balance transfer, it will likely go up as you pay down your credit card debt. And a balance transfer credit card allows you to do that faster while also saving on interest.
What happens to old credit card after balance transfer?
The credit card that originally had the balance will remain open after the balance transfer. Although you can continue using it, you should strongly consider waiting until you've paid off all your credit card debt. You don't want to make the same mistakes and run up a costly balance.
Alternatives to balance transfers
Personal loans for debt consolidation
By paying your debts with a personal loan, you'll have a fixed loan term, payment amount, and interest rate. This kind of structure is a great way to ensure you get your debt paid off in full. Even though personal loans don't offer 0% intro APRs, you can find personal loans with low interest rates. You also won't need to worry about the APR going up like it does with balance transfer cards at the end of the intro period.
Home equity loans/home equity lines of credit
Since a home equity loan or a home equity line of credit (HELOC) uses your home as collateral, they tend to offer some of the lowest interest rates you can find. Either is an affordable way to pay off debt, but you will need equity in your home to qualify. The fact that your home is the collateral also adds to your risk.
Nonprofit credit counseling agencies
When you work with a credit counseling agency, it can give you advice on how to budget and pay back your debts. A credit counseling agency can also negotiate a debt management plan with your creditors. This option can be especially helpful if your credit isn't the best, as it's hard to find balance transfer credit cards for bad credit.
Negotiating your credit card debt
Credit card companies are often willing to work with you if you're having trouble making your monthly payments. Many offer hardship plans that can reduce your card's interest rate, fees, and/or minimum payment amount. Even if your card issuer doesn't, you may still be able to negotiate any of those items.
FAQs
-
A balance transfer is when you move a balance from one of your accounts to another. You would typically transfer a balance so you can pay it off at a lower interest rate. This type of transaction is most common with balance transfer credit cards, because many offer 0% intro APRs.
-
The best balance transfer credit cards have 0% intro APRs on balance transfers for at least 15 months, no annual fee, and a balance transfer fee of no more than 5%. There are also balance transfer credit cards with no transfer fee, although these may not have the longest terms for 0% intro APRs.
-
Balance transfer credit cards can accept balance transfers from other cards. When you set up a balance transfer, your balance transfer card is paying off your other credit card(s). The amount you transfer will be taken off the original credit card and put onto the balance transfer card.
| Card | Rating | Great For |
|---|---|---|
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Rating image, 4.5 out of 5 stars.
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Great For: Long 0% intro APR |
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Rating image, 5.0 out of 5 stars.
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Great For: Balance transfers and cash back |
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Rating image, 5.0 out of 5 stars.
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Great For: Balance transfers and purchases |
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Rating image, 4.5 out of 5 stars.
|
Great For: Long 0% intro APR |
|
|
Rating image, 4.5 out of 5 stars.
|
Great For: Balance transfers and purchases |
About the Author
Lyle Daly is a personal finance writer who specializes in credit cards, travel rewards programs, and banking. He writes for The Ascent and Bank CD rates, and his work has appeared in USA Today and Yahoo! Finance. He was born in California but currently lives as a digital nomad with a home base in Colombia.
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We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from Bank CD rates editorial content and is created by a different analyst team.
