Banks may have different steps for completing a balance transfer. Learn how to do a balance transfer with these popular issuers:
August 22, 2023
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.
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 well into 2025.
Citi is an advertising partner.
How LendingTree Rates Credit Cards?
Our experts rate credit cards based on several factors including card benefits, bonus offers and independent research. Credit card issuers do not influence or have a say in our card ratings. Read our credit card methodology here.How LendingTree Rates Credit Cards?
Our experts rate credit cards based on several factors including card benefits, bonus offers and independent research. Credit card issuers do not influence or have a say in our card ratings. Read our credit card methodology here.Intro Balance Transfer APR: 0% Intro APR for 18 months
Followed by an ongoing regular balance transfer APR of 17.24% - 28.24% Variable APR
With a long intro APR on balance transfers, the Discover it® Balance Transfer credit card gives you time to pay down debt. Plus, it offers a very reasonable ongoing APR on balance transfers — especially if you can qualify for the lower rate. It also offers an excellent rewards program, making it a great long-term keeper.
Potential Savings
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 could save $1,163.
Who’s this card best for?
This card has much to offer with its long intro APR on balance transfers and low ongoing APR, both of which have the potential to save you lots of money. And thanks to the ongoing rewards program, the Discover it® Balance Transfer card is a good one to keep in your wallet long after the balance transfer is paid off. 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.
The drawback is that you have to enroll in the categories every quarter to earn the elevated cash back. But, if you don’t mind the extra work, you can earn a large sum of cash back each year.
How LendingTree Rates Credit Cards?
Our experts rate credit cards based on several factors including card benefits, bonus offers and independent research. Credit card issuers do not influence or have a say in our card ratings. Read our credit card methodology here.How LendingTree Rates Credit Cards?
Our experts rate credit cards based on several factors including card benefits, bonus offers and independent research. Credit card issuers do not influence or have a say in our card ratings. Read our credit card methodology here.Intro Balance Transfer APR: 0% Intro APR for 21 billing cycles for any balance transfers made in the first 60 days
Followed by an ongoing regular balance transfer APR of 16.24% - 26.24% Variable APR on balance transfers
A lengthy intro APR gives you more time to pay off your balance, and the BankAmericard® credit 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 $6,000 and your APR is 20%. Assuming your monthly payment is $300, you could save $1,180.
Who’s this card best for?
Like many of our 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 16.24% - 26.24% Variable APR on balance transfers).
However, rewards seekers beware: It’s another barebones card that doesn’t offer rewards for the purchases you make. For your daily purchases and bills, we suggest a cashback credit card.
How LendingTree Rates Credit Cards?
Our experts rate credit cards based on several factors including card benefits, bonus offers and independent research. Credit card issuers do not influence or have a say in our card ratings. Read our credit card methodology here.How LendingTree Rates Credit Cards?
Our experts rate credit cards based on several factors including card benefits, bonus offers and independent research. Credit card issuers do not influence or have a say in our card ratings. Read our credit card methodology here.Intro Balance Transfer APR: 0% intro APR for 21 months from account opening on qualifying balance transfers
Followed by an ongoing regular balance transfer APR of 18.24%, 24.74%, 29.99% variable APR
The Wells Fargo Reflect® Card features a 21-month introductory period. This matches the BankAmericard® credit card in terms of the length of the intro APR. It’s a bit pricier to carry a balance with the Wells Fargo Reflect® Card, because the regular APR is high. However, as long as you pay off your balance during the intro period, this card is another great option for financing a new purchase.
Potential Savings
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 could save $1,060.
Who’s this card best for?
If you simply need the longest period possible to pay down your balance, the Wells Fargo Reflect® Card is a good fit. It offers an interest-free period on balance transfers for 21 months, giving you lots of time to pay off debt.
It also comes with a few other useful perks, including roadside protection and up to $600 in cellphone protection.
How LendingTree Rates Credit Cards?
Our experts rate credit cards based on several factors including card benefits, bonus offers and independent research. Credit card issuers do not influence or have a say in our card ratings. Read our credit card methodology here.How LendingTree Rates Credit Cards?
Our experts rate credit cards based on several factors including card benefits, bonus offers and independent research. Credit card issuers do not influence or have a say in our card ratings. Read our credit card methodology here.Intro Balance Transfer APR: 0.00% introductory APR for the first twelve billing cycles on balances transferred during the first 90 days after account opening.
Followed by an ongoing regular balance transfer APR of 13% to 18.00%
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 $6,000 and your APR is 20%. Assuming your monthly payment is $300, you could save $1,222.
Who’s this card best for?
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 Oregon.
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.
How LendingTree Rates Credit Cards?
Our experts rate credit cards based on several factors including card benefits, bonus offers and independent research. Credit card issuers do not influence or have a say in our card ratings. Read our credit card methodology here.How LendingTree Rates Credit Cards?
Our experts rate credit cards based on several factors including card benefits, bonus offers and independent research. Credit card issuers do not influence or have a say in our card ratings. Read our credit card methodology here.Intro Balance Transfer APR: 0.99% introductory APR for 12 months* *Applies to balance transfers requested within 60 days of account opening
Followed by an ongoing regular balance transfer APR of 10.99% to 18.00%
With few balance transfer options for cardholders with fair credit, the Navy Federal Platinum Credit Card almost wins by default. Since Navy Federal is a credit union, membership is required, but its eligibility requirements cover a large portion of the population. With an APR just above 0%, it has 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 $6,000 and your APR is 20%. Assuming your monthly payment is $300, you could save $1,176.
Who’s this card best for?
This card is best for cardholders with lower credit scores who 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. If this isn’t you, you’ll really have to dig to find an alternative option to pay down your debt, since balance transfer card options for people with fair credit are limited.
How LendingTree Rates Credit Cards?
Our experts rate credit cards based on several factors including card benefits, bonus offers and independent research. Credit card issuers do not influence or have a say in our card ratings. Read our credit card methodology here.How LendingTree Rates Credit Cards?
Our experts rate credit cards based on several factors including card benefits, bonus offers and independent research. Credit card issuers do not influence or have a say in our card ratings. Read our credit card methodology here.Intro Balance Transfer APR: 0.00% introductory APR for the first twelve billing cycles on balances transferred during the first 90 days after account opening.
Followed by an ongoing regular balance transfer APR of 13% to 18.00%
Not all balance transfers can be paid off within the introductory period. It’s important to find a card with a low APR after the 0% period ends, and the Choice Rewards World Mastercard® fits the bill. You’ll save a considerable amount on whatever you can pay off during the first 12 billing cycles, and the amount of interest you’ll pay after will likely pale in comparison to what you’d have paid had you not done a balance transfer.
Potential Savings
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 could save $1,222.
Who’s this card best for?
The Choice Rewards World Mastercard® is ideal for someone who will likely be able to pay off the balance transfer before the intro period ends and would like to minimize interest charges by having a low APR. Besides giving you 12 months to pay down your balance transfer, you’ll also receive rewards on your new purchases, which is rare among balance transfer credit cards.
How LendingTree Rates Credit Cards?
Our experts rate credit cards based on several factors including card benefits, bonus offers and independent research. Credit card issuers do not influence or have a say in our card ratings. Read our credit card methodology here.How LendingTree Rates Credit Cards?
Our experts rate credit cards based on several factors including card benefits, bonus offers and independent research. Credit card issuers do not influence or have a say in our card ratings. Read our credit card methodology here.Intro Balance Transfer APR: 0% intro APR on balance transfers for 18 billing cycles
Followed by an ongoing regular balance transfer APR of 16.99% to 25.99%
The U.S. Bank Business Platinum Card is one of the few business credit cards that offers an interest-free period on balance transfers. The long intro period — 18 months — makes it 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 $6,000 and your APR is 20%. Assuming your monthly payment is $300, you could save $1,163.
Who’s this card best for?
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, as it features a 0% intro APR on purchases for 18 billing cycles. After that, a 16.99% to 25.99% (variable) APR applies.
How LendingTree Rates Credit Cards?
Our experts rate credit cards based on several factors including card benefits, bonus offers and independent research. Credit card issuers do not influence or have a say in our card ratings. Read our credit card methodology here.How LendingTree Rates Credit Cards?
Our experts rate credit cards based on several factors including card benefits, bonus offers and independent research. Credit card issuers do not influence or have a say in our card ratings. Read our credit card methodology here.Intro Balance Transfer APR: 0% Intro APR for 18 months
Followed by an ongoing regular balance transfer APR of 17.24% - 28.24% Variable APR
In addition to a long intro balance transfer APR, the Discover it® Balance Transfer gives you an intro offer on new purchases. The fact that there’s a rewards program only sweetens the deal.
Potential Savings
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 could save $1,163.
Who’s this card best for?
If you have some outstanding debt that you want to transfer to a new credit card but don’t want the hassle of managing additional cards, this one gives you the best of both worlds. The card offers a 0% Intro APR for 6 months on purchases (followed by a 17.24% - 28.24% Variable APR), which means that you don’t even have to pay interest on anything for half a year. Be mindful of your spending, though, and make at least minimum payments. Even if some of your transferred balance lingers after the intro period, you’ll enjoy a low APR on your remaining payments.
How LendingTree Rates Credit Cards?
Our experts rate credit cards based on several factors including card benefits, bonus offers and independent research. Credit card issuers do not influence or have a say in our card ratings. Read our credit card methodology here.How LendingTree Rates Credit Cards?
Our experts rate credit cards based on several factors including card benefits, bonus offers and independent research. Credit card issuers do not influence or have a say in our card ratings. Read our credit card methodology here.Intro Balance Transfer APR: 0% Intro APR for 18 months
Followed by an ongoing regular balance transfer APR of 17.24% - 28.24% Variable APR
Few balance transfer cards offer cash back rewards, but Discover it® Balance Transfer wins with its cash back program. In addition to the long intro APR, you also earn rewards on every new purchase.
Potential Savings
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 could save $1,163.
Who’s this card best for?
Not every balance transfer is for a large sum of money, and this card is ideal if you don’t have a large amount and want a card that can become your everyday card for new purchases and earn cashback rewards.
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. There is a $1,500 spending cap on the elevator rate each quarter, but after that you’ll earn 1% on all purchases.
How LendingTree Rates Credit Cards?
Our experts rate credit cards based on several factors including card benefits, bonus offers and independent research. Credit card issuers do not influence or have a say in our card ratings. Read our credit card methodology here.How LendingTree Rates Credit Cards?
Our experts rate credit cards based on several factors including card benefits, bonus offers and independent research. Credit card issuers do not influence or have a say in our card ratings. Read our credit card methodology here.Intro Balance Transfer APR: 0% Intro APR for 21 billing cycles for any balance transfers made in the first 60 days
Followed by an ongoing regular balance transfer APR of 0% Intro APR for 21 billing cycles for any balance transfers made in the first 60 days
This student credit card offers a great intro APR on both purchases and balance transfers and has a $0 annual fee.
Potential Savings
Let’s say you want to do a balance transfer of $300 (matching the minimum deposit required) and your APR is 25% (the average APR for a secured credit card). Assuming your monthly payment is $25, you could save $1,180.
Who’s this card best for?
The BankAmericard® Credit Card for Students is ideal for a young adult student who’s just getting started building credit and needing a line of credit to pay for college expenses. With a 0% Intro APR for 21 billing cycles for any balance transfers made in the first 60 days plus 0% Intro APR for 21 billing cycles for purchases (followed by a 16.24% - 26.24% Variable APR), you’ll be able to cover a large expense (like furnishing your dorm room) without needing to pay it off in a single billing cycle.
How LendingTree Rates Credit Cards?
Our experts rate credit cards based on several factors including card benefits, bonus offers and independent research. Credit card issuers do not influence or have a say in our card ratings. Read our credit card methodology here.How LendingTree Rates Credit Cards?
Our experts rate credit cards based on several factors including card benefits, bonus offers and independent research. Credit card issuers do not influence or have a say in our card ratings. Read our credit card methodology here.Intro Balance Transfer APR: 10.99% Intro APR for 6 months
Followed by an ongoing regular balance transfer APR of 28.24% Variable APR
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 $300 (matching the minimum deposit required) and your APR is 25% (the average APR for a secured credit card). Assuming your monthly payment is $25, you could save $11.
Who’s this card best for?
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 Balance Transfer APR: 0% Intro APR for 15 billing cycles for any balance transfers made in the first 60 days
Followed by an ongoing regular balance transfer APR of 18.24% - 28.24% Variable APR on balance transfers
With a solid sign-up bonus and ability to earn rewards that can be used for travel, the Bank of America® Travel Rewards credit card also gives you an 18-month introductory period on balance transfers.
Potential Savings
Let’s say you want to do a balance transfer of $300 (matching the minimum deposit required) and your APR is 25% (the average APR for a secured credit card). Assuming your monthly payment is $25, you could save $1,162.
Who’s this card best for?
Are you an avid traveler who has a little debt you’d like to consolidate with a balance transfer? If so, the Bank of America® Travel Rewards credit card might be the card for you. The long intro balance transfer APR gives you a generous amount of time to pay down debt, all while earning rewards on your new purchases. The $0 annual fee means this will be a card that’s great to keep in your wallet long after the balance transfer is paid off.
Intro Balance Transfer APR: 0% introductory APR for the first 15 billing cycles following each balance transfer that posts to your account within 45 days of account opening.
Followed by an ongoing regular balance transfer APR of 20.74%, 24.74%, or 29.74% variable
In addition to the long balance transfer intro APR, The Frontier Airlines World MasterCard® offers a generous sign-up bonus. Plus, you’ll earn airline miles with every purchase and receive additional travel rewards, which easily exceed the $89 annual fee.
Potential Savings
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 could save $868.
Who’s this card best for?
The Frontier Airlines World MasterCard® is ideal for a loyal Frontier flier who has some credit card balances they want to pay off. It offers a solid sign-up bonus and ongoing rewards but lacks flexibility in using the rewards outside of its partner programs. The bulk of the benefits come from being a Frontier passenger. Unless you will make good use of these benefits, you can find other general rewards and cash back cards that offer more useful benefits with similar balance transfer terms.
Credit Cards | Our Ratings | Balance Transfer Fee | Intro Balance Transfer APR | Regular Balance Transfer Rate | |
---|---|---|---|---|---|
![]() Discover it® Balance Transfer
on Discover's secure site Rates & Fees |
Winner + 0% balance transfer and purchase APR + cash back
|
3% intro balance transfer fee, up to 5% fee on future balance transfers (see terms)* | 0% Intro APR for 18 months | 17.24% - 28.24% Variable APR |
on Discover's secure site Rates & Fees |
![]() BankAmericard® credit card
|
Longest balance transfer
|
3% of the amount of each transaction. | 0% Intro APR for 21 billing cycles for any balance transfers made in the first 60 days | 16.24% - 26.24% Variable APR on balance transfers | |
![]() BankAmericard® Credit Card for Students
Review Coming Soon
|
4.6
Students
|
3% of the amount of each transaction. | 0% Intro APR for 21 billing cycles for any balance transfers made in the first 60 days | 0% Intro APR for 21 billing cycles for any balance transfers made in the first 60 days | Review Coming Soon |
![]() Bank of America® Travel Rewards credit card
on Bank Of America's secure site |
Travel
|
3% of the amount of each transaction | 0% Intro APR for 15 billing cycles for any balance transfers made in the first 60 days | 18.24% - 28.24% Variable APR on balance transfers |
on Bank Of America's secure site |
![]() U.S. Bank Business Platinum Card
|
Business
|
Either 3% of the amount of each transfer or $5 minimum, whichever is greater | 0% intro APR on balance transfers for 18 billing cycles | 16.99% to 25.99% | |
![]() Choice Rewards World Mastercard®
|
No balance transfer fee
|
$0 | 0.00% introductory APR for the first twelve billing cycles on balances transferred during the first 90 days after account opening. | 13% to 18.00% | |
![]() Navy Federal Platinum Credit Card
|
Fair credit
|
$0 | 0.99% introductory APR for 12 months* *Applies to balance transfers requested within 60 days of account opening | 10.99% to 18.00% | |
![]() Wells Fargo Reflect® Card
|
Long APR runner up
|
5%; min: $5 | 0% intro APR for 21 months from account opening on qualifying balance transfers | 18.24%, 24.74%, 29.99% variable APR | |
![]() The Frontier Airlines World MasterCard®
Review Coming Soon
|
Airline miles
|
Either $5 or 3% of the amount of each transfer, whichever is greater | 0% introductory APR for the first 15 billing cycles following each balance transfer that posts to your account within 45 days of account opening. | 20.74%, 24.74%, or 29.74% variable | Review Coming Soon |
![]() Discover it® Secured Credit Card
on Discover's secure site Rates & Fees |
Bad credit
|
3% intro balance transfer fee, up to 5% fee on future balance transfers (see terms)* | 10.99% Intro APR for 6 months | 28.24% Variable APR |
on Discover's secure site Rates & Fees |
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.
Do you want to choose a card based on your preferred bank? No problem. Here’s a list of top 0% APR balance transfer credit cards from top banks.
Banks may have different steps for completing a balance transfer. Learn how to do a balance transfer with these popular issuers:
A balance transfer lets you move an existing credit card balance from one credit card to another. When you transfer a balance from a credit card with a high interest rate to one with a lower one, you may be able to lower your monthly payment and also save money on interest charges.
Many of the credit cards listed here have 0% introductory rates (typically six to 21 months). This allows you to make significant traction on paying down your balance since every penny goes towards the principal during this time.
Balance transfers may take between three and seven days, but sometimes it takes several weeks. Because on-time payments are essential to your credit score, you should make minimum payments on your existing credit card until the balance has been transferred to your new card.
Balance transfer fees generally range between 3% and 5% of the amount you’re transferring to your new card. Also, there’s usually a minimum amount of $5 or $10. You can find both of these numbers in a credit card’s terms and conditions. You should investigate the fee before you apply for any balance transfer offer, as it can amount to more than $100, depending on the size of your balance.
There are some credit cards that do not charge balance transfer fees. These no-fee balance transfer fee cards can save you hundreds of dollars, depending on the amount you want to transfer. Likewise, choosing a card that has a 3% balance transfer fee will save you more than a card with a 5% balance transfer fee.
Our pick for the best card with no balance transfer fees is the Choice Rewards World Mastercard®.
If you don’t qualify for First Tech Credit Union membership (required for the card), you may qualify for one of these cards:
Balance transfer fee on a $6,000 balance | Fee amount |
---|---|
0% | $0 |
3% | $180 |
5% | $300 |
Find the best balance transfer credit card for you
Keep in mind that you can’t transfer balances from one card to another from the same issuer. Consider the balance transfer fee, the length of a 0% introductory APR and the interest rate once the intro period is over.
Apply for a balance transfer card
Fill out the application for the card of your choice. Complete it accurately and thoroughly.
Follow the issuer's instructions
Once you receive the issuer’s directions on how to transfer the full or partial balance from your current card(s) to your new one do so as soon as possible.
Wait for the balance to transfer
The transfer can take a few days to process, so don’t forget to pay your minimum payment on your old card if its due date is within this time frame.
Start making payments on your balance transfer credit card
Begin making payments on your new credit card once you receive confirmation that your balance has been transferred.
Determine if you need another balance transfer credit card
If your new card limit is less than the balance that you want to transfer, you can try to apply for a second card. As an alternative, focus on paying the balance on your old card as quickly as possible while making minimum payments on the new card.
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:
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.
Balance transfers are good for some people, but they aren’t for everyone. You have to consider your financial situation and whether or not a balance transfer will be helpful in improving it.
A balance transfer credit card is a good idea if:
Balance transfer credit credit cards probably aren’t right for you if:
Not generally. A balance transfer won’t hurt your credit score and could help raise your credit score long term. Initially your credit score might drop a bit when you apply for a new credit card, and the issuer does a hard inquiry.
Your credit score might drop by a few points for each card you apply for. However, once you’ve transferred the balance, your credit utilization ratio drops since you now have another card and an additional line of credit. This should boost your credit score, as will making traction with paying down your balance.
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:
Balance transfer credit card | Intro balance transfer APR | Balance transfer fee | Savings |
---|---|---|---|
Discover it® Balance Transfer | 0% Intro APR for 18 months. Then a 17.24% - 28.24% Variable APR | 3% intro balance transfer fee, up to 5% fee on future balance transfers (see terms)* = $180 | $1,163 |
BankAmericard® credit card | 0% Intro APR for 21 billing cycles for any balance transfers made in the first 60 days. Then a 16.24% - 26.24% Variable APR on balance transfers APR applies. | 3% of the amount of each transaction. = $180 | $1,180 |
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 13% to 18.00% APR applies. | $0 | $1,222 |
Wells Fargo Reflect® Card | 0% intro APR for 21 months from account opening on qualifying balance transfers. Then a 18.24%, 24.74%, 29.99% variable APR APR applies | 5%; min: $5 = $300 | $1,180 |
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 10.99% to 18.00% APR applies. | $0 | $1,176 |
U.S. Bank Business Platinum Card | 0% intro APR on balance transfers for 18 billing cycles. Then a 16.99% to 25.99% APR applies. | Either 3% of the amount of each transfer or $5 minimum, whichever is greater = $180 | $1,163 |
BankAmericard® Credit Card for Students | 0% Intro APR for 21 billing cycles for any balance transfers made in the first 60 days. Then a 0% Intro APR for 21 billing cycles for any balance transfers made in the first 60 days | 3% of the amount of each transaction. = $180 | $1,180 |
Bank of America® Travel Rewards credit card | 0% Intro APR for 15 billing cycles for any balance transfers made in the first 60 days. Then 18.24% - 28.24% Variable APR on balance transfers | 3% of the amount of each transaction = $180 | $1,162 |
The Frontier Airlines World MasterCard® | 0% introductory APR for the first 15 billing cycles following each balance transfer that posts to your account within 45 days of account opening. Then a 20.74%, 24.74%, or 29.74% variable APR applies. | Either $5 or 3% of the amount of each transfer, whichever is greater = $180 | $868 |
When a balance transfer isn’t right but you need to take action to alleviate your credit card debt, try one of the following alternatives to a balance transfer.
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.
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, consolidating debt may save you more than a balance transfer credit card if you can’t qualify for a 0% APR.
These loans, available at banks, credit unions and online lenders, don’t offer 0% APRs but remove the risk of excess late fees for missed payments while 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, they start to snowball and your balance will go in the wrong direction. 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 alone.
Even if you can’t pay off your balance in full each month, pay as much as you can above the minimum payment. This helps reduce your credit utilization ratio which may help you qualify for a balance transfer credit card in the future.
A balance transfer typically takes three to seven days, but in some situations it could take up to six weeks. You should continue making payments to your previous card until the balance transfer is complete.
Balance transfer fees are a one-time fee that generally is between 3% and 5% of the balance you’re transferring. Card issuers usually require a minimum fee of $5 or $10.
Probably not. Balance transfer cards usually require a good to excellent credit score (between 670 and 850) to be approved. There’s a chance you’ll be denied if you have poor to fair credit (between 300 and 669). You can try to apply for a secured credit card like the Discover it® Balance Transfer and transfer debt to that card if you’re approved.
Some credit card issuers do a soft pull of your credit to prequalify applicants. The soft inquiry of your credit won’t affect your credit negatively. However, it is not a guarantee that you will be approved. Be aware that when you apply, a hard inquiry will be done and that does have a small impact on your credit.
No, you cannot transfer credit card balances between cards from the same issuer. This may be a deciding factor in which balance transfer credit card you choose.
Each credit card issuer has a different balance transfer policy which will dictate how much you can transfer in relation to your new card’s credit limit. Some credit card issuers will allow you to transfer up to your credit limit (minus a balance transfer fee). 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.
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.
There’s always a possibility that your balance transfer credit card application (or any credit card) is denied. You could try applying for a credit card with a different issuer if you believe you have good credit, but be aware that another application will result in a hard inquiry on your credit report.
It may be a challenge to get a balance transfer credit card with a poor or fair credit score. In this situation you could try one of the alternatives to balance transfers or work with a nonprofit credit counselor to create a debt repayment plan. To build credit once your debt is paid off, you can consider a secured card which can help improve your credit with responsible spending and repayment.
To bring you the list of best balance transfers cards, we use an objective rating and ranking system that compares features across a large set of credit cards (over 200 of them from over 50 issuers). We use calculations to estimate the value of each card for the average cardholder, based on LendingTree and U.S. Bureau of Labor data.
Note, that our ratings are a starting point for comparing and choosing the best balance transfer credit cards. However, your balance transfer needs may be different from the average cardholder. You should consider the amount you’re likely to transfer and which benefits you value to choose the best card for you.
Additional reporting by Dan Miller.
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.
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.
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 |
---|---|
![]() | 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.
Kristen Grau is a staff writer at LendingTree, where she focuses on credit cards.
Before joining LendingTree in 2022, she wrote about small business taxes for an accounting firm in Orlando. She’s also covered personal finance and credit topics for the personal finance site Debt.com, as well as student finance topics for the education site BestColleges.com. Kristen loves to help people make financial decisions through content that’s empowering and easy to understand.
Kristen studied journalism at Florida Atlantic University.
Read MoreThe above offers and/or promotions may have since changed, expired, or is no longer available. Check the Issuers’ website for more details.