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If you're carrying credit card debt, you can reduce high interest by using one of the best credit cards with introductory 0% APR offers on balance transfers.
But a 0% intro APR isn't a license to splurge. Be sure to use your credit card responsibly and avoid spending more than you can afford to prevent incurring even more debt.
Best Balance Transfer Credit Card Summary
- Wells Fargo Reflect® Card: Best for an extra-long intro APR on balance transfers and purchases
- Citi Simplicity® Card: Best for late payment forgiveness
- Blue Cash Everyday® Card from American Express: Best for groceries, gas, and online shopping
- Chase Freedom Unlimited®: Best for earning flexible rewards on everyday spending
- Chase Freedom Flex℠ : Best for rotating bonus categories and flexible redemptions
- Bank of America® Customized Cash Rewards Credit Card: Best for customizing cash-back bonus categories
- Citi® Double Cash Card: Best for strong flat-rate cash back earning
- Citi Custom Cash℠ Card: Best for automatically maximizing rewards
- Discover it® Balance Transfer: Best for rotating cash back bonus categories
- Chase Slate Edge℠: Best if you're building credit
Compare the Best Balance Transfer Credit Cards
Balance Transfer Credit Card Frequently Asked Questions
How do balance transfer cards work?
Balance transfer cards work by giving you a lower interest rate on your existing credit card debt, which can save you a significant amount of money in a short amount of time.
After you apply and are approved for a credit card with an introductory 0% APR period, transfer existing debt from an existing card so you can eliminate the high rates of interest you pay on the balance each month. Expect to pay a 3% to 5% balance transfer fee per transaction.
Ideally, you'll pay off your debt before the introductory period ends. Otherwise, you'll have to pay high interest rates on your remaining balance once the 0% APR term expires.
Is a balance transfer card right for me?
A balance transfer credit card could help you escape credit card debt if you make a plan to pay it off. Transferring your outstanding balance from a high-interest credit card to one with a 0% intro APR period can give you some financial breathing room.
Balance transfers help you pay off credit card debt without adding interest. But they're only effective if you pay off the full outstanding balance before the intro period ends. Otherwise, you'll start paying high interest once more.
How do I do a balance transfer?
To complete a balance transfer, you'll first have to apply and get approved for a balance transfer credit card. Once you have a card with an introductory APR offer on balance transfers, you'll need to initiate the transfer through the bank that issues your new balance transfer credit card.
You can usually complete this process online, or by calling the number on the back of your 0% intro APR credit card.
How long does a balance transfer take?
A balance transfer generally takes five to seven days, but the actual time can vary by issuer. Your bank may ask you to allow for up to 21 days for a balance transfer to go through, but usually, the transfer should be completed sooner.
What credit score do I need for a balance transfer card?
Balance transfer credit cards usually require at least a good credit score to qualify. If you have bad credit — typically defined as a FICO score below 670 — you probably won't be approved for a balance transfer card.
A bank may be less inclined to approve you for a balance transfer card if your credit score and credit report indicate that you haven't consistently paid off past debts.
Do balance transfers affect your credit score?
Balance transfers can affect your credit in both positive and negative ways. Opening a balance transfer credit card can help your credit score by increasing your total available credit, which in turn improves your credit utilization rate. Paying down your debt will also be beneficial to your credit score.
However, opening a new credit card triggers a hard inquiry on your credit report, which can decrease your credit score in the short term. You'll also pay a 3% to 5% balance transfer fee, which adds to your existing debt.
Balance Transfer Credit Card Offer Reviews
To benefit from a balance transfer card, make sure you can pay off your balance in full before the introductory APR period ends — or you'll start paying interest on your balance once again. For a closer look at the pros and cons, read our guide to find out if balance transfers are worth it.
Wells Fargo Reflect® Card
The
Although the card doesn't earn Wells Fargo rewards for spending, cardholders do get a handful of good benefits, including cell phone protection and roadside dispatch. The cell phone protection is particularly compelling because no-annual-fee cards typically don't offer this benefit. When you use the
Pros: Ultra-long 0% introductory APR on balance transfers and purchases (then
Cons: No welcome bonus offer or rewards, and few benefits aside from cell phone protection
Wells Fargo Reflect credit card review
Citi Simplicity® Card
Consumers with a lot of high-interest credit card debt could save more with a card that offers a 0% intro APR for as long as possible. The
There's no annual fee, yet you get a
Having a full 21 months with a 0% intro APR on balance transfers could help you pay down a ton of debt. But you'll pay a 3% balance transfer fee (minimum of $5) for the privilege. You'll also need to complete any transfers within the first four months after you open the card in order to qualify for the introductory APR.
Other perks this card offers include automatic account alerts, 24/7 customer service, and the ability to choose your payment due date.
Pros: No annual fee, solid 0% intro APR, no late fees
Cons: 3% intro balance transfer fee (minimum $5) on transfers completed within four months, then 5% (minimum $5), few cardholder perks
Amex Blue Cash Everyday
Amex offers a handful of cards with a 0% intro APR on balance transfers. One of the best is the no-annual-fee
New cardholders receive a
There's also a welcome bonus offer of a
With the
- 3% cash back at US supermarkets (up to $6,000 per year, then 1%)
- 3% cash back on US gas stations (up to $6,000 per year in purchases, then 1%)
- 3% cash back on US online retail purchases (up to $6,000 per year, then 1%)
- 1% cash back on all purchases (cash back is received in the form of Reward Dollars)
Otherwise, the
Pros: Long 0% intro APR, no annual fee, great earning rates in useful categories
Cons: Balance transfer fee, foreign transaction fees
Blue Cash Everyday Amex card review
Chase Freedom Unlimited®
The
The intro balance transfer fee is 3% of the amount of each transfer (or $5, whichever is greater) on transfers made within 60 days of account opening. After that, the fee jumps to 5% of the amount of each transfer (or $5, whichever is greater). This card has no annual fee, but you will pay foreign transaction fees on international purchases.
While the
If you have more than one Chase Ultimate Rewards-earning credit card, you can also transfer your points on a card with elevated redemption rates, such as the
This card starts you out with a welcome bonus offer of
If you also have an annual-fee Chase card that earns Chase Ultimate Rewards points, such as the
Pros: Intro APR on balance transfers and purchases, strong earning on all spending, earns valuable Chase Ultimate Rewards points
Cons: 3% intro balance transfer fee (then 5% or $5, whichever is greater, if transfers are made more than 60 days after account opening), foreign transaction fees
Chase Freedom Unlimited review
Chase Freedom Flex℠
The
You can earn
The
- 5% cash back (5x points) on travel purchases made through Chase
- 5% back (5x points) on Lyft rides through March 2025
- 3% back (3x points) on dining and drugstores
- 1% back (1x points) on everything else
It's possible to combine your rewards from the
Pros: Earn up to 5x points on spending, no annual fee, earn valuable Chase Ultimate Rewards points
Cons: 3% intro balance transfer fee (then 5% or $5, whichever is greater, if transfers are made more than 60 days after account opening), foreign transaction fees
Chase Freedom Flex credit card review
Bank of America® Customized Cash Rewards Credit Card
The
New cardholders receive a
And there's a decent welcome offer: a
Pros: Ability to earn the most cash back in a category you choose, no annual fee, long intro APR on balance transfers and purchases
Cons: Foreign transaction fees, few benefits, 3% balance transfer fee
Bank of America Customized Cash Rewards card review
Citi® Double Cash Card
With the
The
The
You won't earn cash back on balance transfers, but it's a great card for earning money back on your everyday expenses. And you can use Citi ThankYou points at a rate of 1 cent each for cash back, travel, gift cards, and more.
The intro balance transfer fee is 3% of each transfer completed within the first four months of account opening, with a minimum of $5. The ongoing balance transfer fee is 5% of each balance transfer, with a minimum charge of $5.
Pros: Strong cash-back rate, no annual fee, long intro APR period
Cons: No welcome bonus at this time, 5% balance transfer fee, 3% foreign transaction fee
Citi Custom Cash℠ Card
The
The qualifying categories include everyday expenses that should appeal to most folks: restaurants, gas stations, grocery stores, select travel, select transit, select streaming services, drugstores, home improvement stores, fitness clubs, and live entertainment.
New cardholders receive an introductory
Although it's marketed as a cash-back card, the
Pros: 0% intro APR on both balance transfers and purchases, no annual fee, strong rewards earning
Cons: 5% balance transfer fee, foreign transaction fees
Discover it® Balance Transfer
If you're carrying high-interest balances on other credit cards, the no-annual-fee
With the
The Discover cash back calendar for Q4 2023 should be easy to maximize for many folks.
Although the card doesn't offer a traditional welcome bonus, Discover will match all the rewards you earn after the first year. You can also qualify for free Social Security Number alerts, no foreign transaction fees, and no late fees on your first late payment.
Pros: 0% intro APR good for both balance transfers and purchases, Cashback Match in the first year, quarterly rotating bonus categories
Cons: Only earns 1% back outside of bonus categories, 3% intro balance transfer fee and up to 5% fee on future balance transfers (see terms)
Discover it Balance Transfer card review
Chase Slate Edge℠
The
With the
Moreover, you can receive an automatic, one-time review of your credit for the chance of a higher limit. But keep in mind that first, you'll need to consistently pay on time and spend at least $500 in the first six months of opening the card.
On each account anniversary, you'll be considered for a 2% APR reduction, as long as you've paid your card on time and spent at least $1,000 on purchases in the previous anniversary year. The reduction is capped, though — it will only be reduced until your APR reaches the Prime Rate plus 9.74%
Pros: Intro APR is good for both balance transfers and purchases, automatic consideration for credit line increase and APR reduction if spending requirements are met
Cons: No rewards or welcome bonus offer
Balance Transfer Credit Card Basics
The average credit card interest rate is over 20%, and it could be even higher depending on your credit score and the card you're using. The last thing you want is to find yourself in the quicksand of credit card interest.
Before you decide to use a 0% intro APR credit card, be sure you have the means and a plan to pay off your balance in full before the introductory APR period ends — otherwise, you'll end up having to pay interest on your remaining balance.
If you don't think you'll be able to pay off your debt in full by the time the introductory APR offer expires, a balance transfer credit card may not be worth it.
What is a balance transfer card?
A balance transfer card is a credit card that lets those with existing debt move their outstanding balance over from another card to avoid interest fees. You're able to avoid interest on a balance transfer card thanks to an intro 0% APR offer, which lasts anywhere from nine to 21 months.
After this introductory period is over, your APR will reset to the standard variable rate. So you need to pay off your credit card debt in full before the intro APR period ends to avoid interest charges.
What's the catch? One disadvantage of a credit transfer is that balance transfer credit cards typically charge an upfront fee of 3% or 5% of your balance — or $300 to $500 for every $10,000 in high-interest debt you transfer. If you don't need to transfer a balance but you need to make a large purchase that you'll need time to pay off, see our list of the best zero interest credit cards.
What are the pros and cons of credit card balance transfers?
The pros to balance transfers and balance transfer credit cards are that you can get more time to pay off an existing balance without incurring sky-high interest fees. Balance transfers also allow you to consolidate credit card debt into one card, which makes it easier to manage your payments without anything slipping through the cracks. And, as mentioned above, opening a balance transfer card can improve your credit score by lowering your credit utilization ratio, provided you don't use up the line of credit on your new card.
What is the downside of a balance transfer? For one, most balance transfer cards come with a balance transfer fee, which is usually 3% to 5% of the amount you're transferring. The other huge potential drawback is that if you don't pay off your total balance before the promotional APR period ends, you'll be charged high interest rates, so you'll want to make sure it's feasible to pay down your balance before the intro APR offer ends.
How To Do a Balance Transfer
Can I get a balance transfer from Bank of America?
Yes, you can complete a balance transfer through Bank of America with a few of its credit cards. If you're applying for a new Bank of America credit card that offers a balance transfer, you may have the option to request the balance transfer right in the application. If you already have a balance transfer card, you can request a balance transfer through the mobile app or the website.
Can I get a balance transfer from Chase?
You can do a balance transfer with a handful of Chase credit cards, and Chase says most transfer requests are processed within a week (though they can take up to 21 days in some cases).
Can I get a balance transfer from Capital One?
You can complete balance transfers with a few different Capital One credit cards. Some of them charge a 3% transfer fee when you complete a balance transfer. You can request a balance transfer online or over the phone, and Capital One says the process typically takes three to 14 days.
Can I get a balance transfer with Discover?
Discover lets you complete a balance transfer, and it even has a card tailored specifically to people looking to complete one. Note that your Discover card account must be open for at least 14 days before your balance transfer request can be processed.
Why You Should Trust Us: How We Chose the Credit Cards for Balance Transfers
Insider selected the best balance transfer cards by looking at all the credit cards with balance transfer offers that are currently available to new applicants.
From there, we narrowed our list down to balance transfer cards offering 0% introductory offers. We arrived at our final picks by evaluating the terms of each introductory APR offer and other card benefits. We prioritized cards that charge lower balance transfer fees as well as cards with the longest introductory 0% APR periods on balance transfers. We also factored in other card benefits, such as cash back or travel rewards, annual fees, and waived late fees.
Here's Insider's methodology for rating credit cards.