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A balance transfer credit card allows you to transfer charges from a card with a high interest rate to a card that gives you from 6 months to 21 months to pay the balance back at a lower rate, sometimes even interest-free or 0%. We analyzed hundreds of balance transfer cards to find the most favorable introductory offers with low interest and low fees. Compare our picks for the 10 best balance transfer credit cards from our partners and see how much each card could help you save.
A balance transfer credit card allows you to transfer charges from a card with a high interest rate to a card that gives you from 6 months to 21 months to pay the balance back at a lower rate, sometimes even interest-free or 0%. We analyzed hundreds of balance transfer cards to find the most favorable introductory offers with low interest and low fees. Compare our picks for the 10 best balance transfer credit cards from our partners and see how much each card could help you save.
Back to topEditorial disclosure: All reviews are prepared by CreditCards.com staff. Opinions expressed therein are solely those of the reviewer and have not been reviewed or approved by any advertiser. The information, including card rates and fees, presented in the review is accurate as of the date of the review. Check the data at the top of this page and the bank's website for the most current information.
Updated: October 11, 2019
In a recent poll, we found that almost half of American adults wrongly thought that you could not transfer a balance to a new card and pay 0% interest for more than a year. In fact, there are numerous credit cards that offer balance transfers with 0% APR for a year or longer.
Balance transfer credit cards are a good option if you are trying to consolidate debt, make lower interest payments, or find time to pay off an old purchase. Nonetheless, a balance transfer can be a confusing process for those who have not gone through it before (and even for those who have). That's why we've compiled this guide to walk you through how balance transfers work, whether they're right for you, and which credit cards are best for balance transfers if you choose to pursue one. Here, we look at:
The 5% back on select categories (up to the quarterly maximum each time you activate, then 1%) then a dollar for dollar cash back match at the end of your first year makes the Discover it Balance Transfer a rewards winner among balance transfer cards.
Not only does the Discover it Balance Transfer let you enjoy a robust balance transfer 18-month 0% intro APR offer (it's 13.74% - 24.74% variable after that), but you can get the same great rewards as the Discover it Cash Back.
As great as this card is for balance transfers, the 0% intro APR offer for purchases isn't amazing. It's the rock bottom minimum of 6 months (it's 13.74% - 24.74% variable after that), so it may not be worthwhile for anything other than a moderately priced purchase.
Bottom line: With a generous balance transfer offer and rewards, this card can be a great addition to your wallet.
The Capital One Quicksilver's balance transfer fee is only 3% and, unlike other cards in this category, the balance transfer fee does not increase after an introductory period.
The Quicksilver is pretty good for balance transfers – thanks to its reasonable introductory offer – and comes with a nifty sign-up bonus. Also, there's a flat rate of 1.5%, so you don't have to think about what types of purchases you are making.
This card doesn't have the high cash back offer for rotating categories of the Chase Freedom, but its BT offer compares well.
Bottom line: While it doesn't have the high cash back offer of the Chase Freedom, this card has the advantage of offering no foreign transaction fees, making it right for international travel.
The Chase Freedom' offers 5% cash back on rotating bonus categories that you must activate each quarter (up to $1,500 per quarter) and 1% on all other purchases.
With competitive ongoing rewards and sign-up bonus, as well as a pretty good offer on 0% intro APR for both purchases and balance transfers for 15 months (then 16.74% - 25.49% variable), this is a card to keep for the long term.
This card has foreign transaction fees of 3%, which means that if you travel abroad or make an online purchase that goes through a foreign bank, the costs can get high quickly.
Bottom line: While this card may not be the best option for international travel due to the foreign transaction fees, the 0% intro offer and the rewards make this a strong card for a domestic lifestyle.
While it doesn't have the 5% back of the Chase Freedom, this card offers a flat 1.5% cash back on all purchases and a nice sign-up bonus – all for no annual fee.
This card's ongoing rewards are strong, and the 0% intro APR offer for balance transfers and purchases for 15 months (then 16.74% - 25.49% variable) compares well with its competitors.
The Chase Freedom Unlimited's foreign transaction fees can put a damper on international travel, even though it is widely accepted internationally because it is in the Visa network.
Bottom line: The Chase Freedom Unlimited is a decent balance transfer card with a focus on earning cash back. The foreign transaction fee is counter-balanced by no annual fee.
The FICO Score for free feature gives this card longevity, if you need a balance transfer card that gets the job done.
Not only does the BankAmericard® offer 18 billing cycles with 0% intro APR (14.74% - 24.74% for variable APR) on balance transfers made within the first 60 days, but it offers the same on purchases. That means you can save on interest charges into 2021.
Unlike the Chase Freedom, this card has no sign-up bonus or ongoing rewards.
Bottom line: If you need a balance transfer card that gets the job done and you don't mind the lack of bells and whistles, the BankAmericard® is a good choice.
This card has a similar offer to the BankAmericard by offering 0% APR on purchases and qualifying balance transfers for 18 months (17.24% - 26.74% variable after), which is an uber-aggressive offer.
The Wells Fargo Platinum also offers cellphone coverage for qualified users, as well as free FICO scores, giving it two very good reasons to keep this card in the long run.
The Wells Fargo Platinum card doesn't have a sign-up bonus or ongoing rewards, which could be factors when you're looking at a card for the long haul.
Bottom line: This card has an unusually long 0% intro APR offer; just make sure you are aware of the caveats and pay off your balance before the regular APR kicks in.
No other card comes close to the Citi Simplicity Card in the way of balance transfers – get 0% intro APR for 21 months, then it's 16.49%-26.49% variable.
In addition to the impressive balance transfer offer this card offers a lot of great "no's" – no penalty rate, no late fees and no annual fee.
Unlike the Discover it Balance Transfer, the Citi Simplicity Card offers no rewards. Also, the purchase offer on this card is only 12 months for 0% intro APR (then 16.49% - 26.49% variable after that), albeit 6 months more than the Discover it Balance Transfer.
Bottom line: If you're looking for the best 0% BT offer on the market, you've come to the right place. For rewards, look elsewhere.
The Citi Double Cash Card beats all the competition with its flat-rate cash back offer of 1% back when you make a purchase and another 1% back when you pay for the purchase. Other flat-rate cards typically pay 1.5% back.
The Double Cash Card's 18-month 0% intro APR offer on balance transfers (then a variable 15.74% - 25.74% after that) is longer than other cash back cards, while the ongoing rewards are also better than most.
There's no 0% intro APR offer on purchases with this card, and the ongoing APR of 15.74%-25.74% variable is one of the higher rates. There's also no sign-up bonus offer.
Bottom line: Even though there is no 0% intro APR offer for purchases, the balance transfer is better than most others and the ongoing rewards counterbalance the lack of a sign-up bonus.
In addition to a solid intro balance transfer offer, the Cash Wise offers the unique perk of up to $600 in cellphone protection ($25 deductible) if you use the card to pay your monthly cellphone bill.
This card offers a solid sign-up bonus of $150 for spending only $500 in the first 3 months and a relatively low on-going APR of 15.74% - 27.74% (Variable) after the 0% intro APR expires.
The 0% intro APR on balance transfers is only 15 months which among the lowest in this category.
Bottom line: The sign-up bonus, rewards and cardholder benefits make this card an interesting choice but if you need a long 0% intro balance transfer offer, look elsewhere.
Among the top balance transfer cards, this one stands alone with its sign-up bonus of 30,000 points after a $3,000 spend within the first 3 months of card membership.
Particularly because it has no annual fee, the Wells Fargo Propel's ongoing rewards help it compete aggressively with travel cards that you'd think would beat it out.
There's a lot to love about this card, but it's definitely not the best choice if you have a sizeable balance transfer or purchase coming soon to your world.
Bottom line: You'll want to assess whether your priority is rewards or a generous 0% intro APR offer, because the rewards are stellar, yet the intro APR offer is rather lackluster.
The best balance transfer credit card is the Citi Simplicity Card with its unrivaled 0% intro APR offer of 21 month on balance transfers (then 16.49% - 26.49% variable). The Discover it Balance Transfer is another great credit card with an interest-free period of 18 months, on-going rewards program and low regular APR of 13.74% - 24.74% variable. All of the cards in the following table have no annual fee.
| Credit Card | Best For: | Balance Transfer offer - 0% APR period | Regular APR | Balance Transfer Fee |
|---|---|---|---|---|
| Discover it® Balance Transfer | Long balance transfer offer with rewards | 18 months | 13.74% - 24.74% Variable | 3%** |
| Capital One® Quicksilver® Cash Rewards Credit Card | Low balance transfer fee | 15 months | 15.74% - 25.74% Variable | 3% |
| Chase Freedom® | Rotating cash back | 15 months | 16.74% - 25.49% Variable | 3% or $5+ |
| Chase Freedom Unlimited® | No annual fee | 15 months | 16.74% - 25.49% Variable | 3% or $5+ |
| BankAmericard® credit card | FICO Score Tracking | 18 billing cycles‡ | 14.74% - 24.74% Variable | 3% or $10* |
| Wells Fargo Platinum card | Long 0% Intro APR Period | 18 months | 17.24% - 26.74% Variable | 3% or $5*† |
| Citi Simplicity® Card - No Late Fees Ever | Longest balance transfer Intro Offer | 21 months | 16.49% – 26.49% Variable | 5% or $5* |
| Citi® Double Cash Card | Cash rewards | 18 months | 15.74% - 25.74% Variable | 3% or $5* |
| Wells Fargo Cash Wise Visa® card | Cardholder benefits | 15 months | 15.74% - 27.74% Variable | 3% or $5* † |
| Wells Fargo Propel American Express® card | Sign-up bonus | 12 months | 15.74% - 27.74% Variable | 3% or $5*† |
*Which ever is greater - †On qualifying transfers for the first 120 days, then 5%
**Intro balance transfer fee, up to 5% fee on future balance transfers (see terms) - ‡On transfers made in the first 60 days
+Of the amount of each transfer, whichever is greater, on transfers made within 60 days of account opening. After that: Either $5 or 5% of the amount of each transfer, whichever is greater.
Number of cards analyzed: 1,002
Criteria used: 0% intro APR period for balance transfers, balance transfer fees, regular APR, savings period, current APR assumption, monthly payment assumption, other rates and fees, customer service, credit needed, security, ease of application, potential rewards, miscellaneous benefits
Ranking methodology: While a large number of factors contribute to the quality of a credit card, the following were our most important criteria in evaluating and choosing the best balance transfer cards:
Here is our breakdown of the top balance transfer credit cards that can help you save on interest.
A balance transfer card is a product that allows you to transfer balances on older cards to the new card, often with a temporary 0% rate. This can easily save you thousands of dollars, provided you pay the debt in full with your new card. Even with the Fed dropping interest rates twice in 2019, when the 0% offer ends, the interest will spike at as much as 25% and even more, depending on your payment history and credit score.
Card debt for the American consumer can be crushing – it averaged $8,022 per bank card (including retail cards) in our recent survey on credit card debt by state, up from $6,354 in 2017 (according to Experian).
What we found with our study was that the states topping the list of the greatest debt burden were weighed down by not only hefty debt, but also low household incomes:
| 2018 rank | State | Total card balance | Monthly payments with 15% interest | Months to pay off | Total interest paid |
|---|---|---|---|---|---|
| 1 | New Mexico | $8,323 | $584.30 | 17 months | $1,319.59 |
| 2 | Louisiana | $8,110 | $576.81 | 17 months | $1,266.61 |
| 3 | West Virginia | $7,563 | $543.36 | 17 months | $1,167.14 |
Source: CreditCards.com Card Debt Burden Study
Meanwhile, we found that the states with the least debt burden had a higher median household income: Massachusetts, Wisconsin and Minnesota, with Massachusetts having the least debt burden.
If you find yourself strapped with interest charges and a cycle of never-ending debt, there is a way to pull yourself up and out, and that is with balance transfer cards.
Balance transfer cards are credit cards that allow you to move debt from one card to another – essentially paying off credit card “A” with new credit card “B.” Typically, a person will transfer his or her balance to a card with a lower interest rate, allowing them to save money on monthly payments or pay off the balance more quickly. For example, if you're paying 12 percent interest on a $3,000 debt, you will have to pay $560 per month for six months to pay off the balance. If you transfer that $3,000 balance to a card that doesn't charge interest for the first six months, your payments will be $500 – for a savings of $60 each month.
Given the benefits of balance transfer cards, it was a bit of a shocker for us to find out in our December 2018 debt poll that only 15% of those with a plan for their card debt would consider using a balance transfer card to address the problem. Yet, used correctly, they are an excellent tool for recovering from card debt. Here's more on what our study found:
CreditCards.com December 2018 credit card debt poll
As CreditCards.com industry analyst Ted Rossman points out, "Balance transfer credit cards are an excellent tool for getting out of debt at the lowest possible cost. At present, the best offers are 0% interest for 21 months (with a 5% transfer fee) or 0% interest for 15 months (with no transfer fee). Take advantage of these promotions and be careful to avoid running up more debt once you've worked so hard to get out of it."
Most balance transfer cards charge a balance transfer fee that is typically 3%-5% or $5-$10, whichever is greater. When you request a transfer, you will likely be allowed to transfer up to 100% of your credit limit, minus the fee.
There are some cards that offer no fee, however. We found in our January 2019 balance transfer survey that there was actually an increase in no-fee balance transfer cards – of 100 cards, 15 balance transfer cards offer no-fee transfers, up from 9 in our December 2017 survey. In the 2019 survey, 8 others offer either an introductory lower fee or waive the fee entirely if you make the transfer in a set amount of time. Sometimes the waived fee comes after the introductory offer ends.
Usually it makes sense to transfer as much of your debt as possible onto a 0% card to minimize your interest payments – but not always. Balance transfer cards usually carry higher-than-average APRs, and if you can't repay the balance before the introductory period, it could potentially cost you more in interest rates and fees than if you leave the balance where it is. If your current account has a lower interest rate, you should do some math to figure out whether transferring all of your balance or just a portion of it will cost less.
You should try to pay off your balance before the regular APR kicks in. However, you should also take into account balances on other cards. You may want to focus on paying down accounts with higher interest rates first, and then make larger payments toward your 0-percent card once you've paid off your other accounts.
Here, we do the math to help you understand your break-even point on the cost of a balance transfer.
As you know now, most of the dominant cards charge a balance transfer fee of 3% or $5, whichever is greater. That means that the 3% doesn't kick in until your transfer is at $167.
Let's take a more likely transfer amount of $1,000. In that case, the 3% balance transfer fee is $30.
But the next question is this: Is it worthwhile to transfer a balance as small as $167? In a word: No. Here's why. If you pay $57 a month (at 17% interest), you will pay it off in 3 months and your interest will be $4.75. That means if you can pay your debt off in 3 months or less, it's not worth making the transfer.
Is a balance transfer worth your while when the balance is $1,000? Well, if you can pay $343 in 3 months (at 17% interest), your interest charges will be $28, making it less than the balance transfer fee for the same amount.
If you're considering a balance transfer card, you may be wondering how much work goes into moving the balance from one card to another. Overall, the process is relatively simple on the end of the cardholder. Here are the steps you should follow:
Balances can take up to 6 weeks to transfer, so we recommend that you pay the minimum amount on your old card until the transfer closes to avoid late fees and other penalties. Also, be sure to transfer your balance before the card's introductory offer ends.
As you might expect, your process doesn't end with getting your new balance transfer card. Now, you'll need to transfer the balance from the old card, and the amount of time it takes can vary widely, depending on the card issuer and whether your balance transfer card is a new or old account.
American Express has one of the longest transfer periods – 6 weeks – while it can take as little as 3 days with a Capital One card. Here is the expected wait time for 5 major card issuers.
| Card issuer | How long does a balance transfer take? |
|---|---|
| Discover | 7 days unless requesting new account, then 14 days |
| American Express | Up to 6 weeks to close a balance transfer |
| Bank of America | Up to 14 days to close a balance transfer |
| Chase | Most transfers take about a week, but it can be up to 21 days |
| Capital One | 3-14 days |
Source: CreditCards.com research
There are times when a balance transfer card is a good choice, but sometimes not so much. Here, we look at ways to use a BT card and times when they might not be right for you.
The cost of moving from one state to another this summer – or even across state – can be prohibitive, what with the costs of transporting a car, hiring a moving company and even hotel costs. A BT card with a 0% intro APR offer can smooth out those rough edges.
Once you've moved, you'll likely look around you and start considering what new furniture to buy to fill out your new home. Heads up that some furniture stores offer 0% offers, but they may offer deferred interest, which means that you aren't avoiding the interest by paying before the offer ends, just postponing it. A BT card with a major bank can help you avoid that trap.
Did you find that your dream home actually needs some work? Rather than pay interest on those renovation expenses, choose a BT card with an offer that gives you time to pay it off while avoiding interest, provided you pay before the interest ends.
When you get back from vacation, you don't want to come home to credit card bills you can't pay off quickly. A balance transfer card can help you with that as well.
If you occasionally pay late on your bills, a balance transfer is not a good choice because one late payment on your card and you could lose the BT offer, and then high interest charges kick in. And that's even if you have the score to get a BT card, since on-time payments are the top factor in your credit score.
Pro tip: Set up an automatic payment through your bank and schedule it a few days before your due date to be on the safe side.
Have you gotten into this mess without understanding how you got there? You may have fallen into the trap of spending on a credit card because you don't "see" the money change hands.
Pro tip: Track your spending for a month, forgetting nothing. Then make a budget that includes room for fun and room for emergencies. Why? Because if your budget is too austere, you are more likely to break the bank. Do the same with your credit card spending, and check your spending every week to make sure you are on track.
If you can't figure out how to pay off your debt by the time the 0% APR offer ends, you may be looking at a card with an offer that's too short for your purposes or you may not be putting enough into your monthly payments. Ask yourself: Is it because you are hankering for a rewards card?
Pro tip: Instead, look at cards with longer offers, which can be up to 21 months. That will allow you to pay a little less each month, and at the same time avoid interest. You'll likely have to forego the shiny object of rewards – you need to choose your priorities, and paying down debt should be your first consideration.
If you can potentially pay off your debt within 6 months, a balance transfer card may not be the right choice for you.
Pro tip: Because most BT cards have a balance transfer fee of up to 5% of the transfer, you may want to opt out of a balance transfer card and pay down the debt quickly. Check with your card issuer to see if they will lower your interest rate. We've found that chances are, they will.
There are times when another option is best for your circumstances, perhaps because you can't pay off the debt before the offer ends or because the balance transfer fee isn't something you want to deal with.
Pro tip: Depending on your situation and the offers available to you, it might make more sense to consolidate your debt with a personal loan.
When comparing balance transfer cards, your gut may tell you to choose the card with the longest introductory period. You're not entirely wrong, but there's another very important consideration: The balance transfer fee. Most balance transfer cards charge a 3% to 5% fee to transfer a balance, which can add up to $100 or more in fees if you have a large balance to transfer.
There are a few cards – such as the Amex EveryDay®* Credit Card – that don't charge a fee for your initial balance transfer within 60 days of account opening. So, which is a better way to go? A no-fee balance transfer offer, or a card with an especially long introductory period? Most of the time, the no-fee card wins out. Here's the math to help you decide:
Before you start comparing balance transfer cards, you need to figure out the following:
Once you know the size of the balance transfer and the installment amount, you need to calculate the fees and interest for each card. Basically, you need to calculate how much of a balance remains for each card once the introductory period expires (don't forget to add the card's balance transfer fee to the initial balance), and then calculate the interest that you will owe each month until the balance is paid off.
Using the same balance transfer amount and installment payment, calculate the fees and interest for both cards, then compare the amounts side by side.
For example, in the table below, we compare the costs of transferring a $5,000 balance to the Discover it Balance Transfer card and the Amex EveryDay* cards with a repayment period of 21 months. Even though the introductory period on the EveryDay is shorter, you would save more than $100 with it in this scenario, due to its waived balance transfer fee.
| Cost of a $5,000 balance transfer over 21 months | |
|---|---|
| Discover it Balance Transfer card 0% intro APR for 18 months on balance transfers (then 13.74% - 24.74% Variable), 3% intro balance transfer fee (then up to 5%, see rates and fees) | Amex EveryDay* card 0% intro APR on balance transfer for 15 months (then 15.24% - 26.24% Variable), $0 intro balance transfer fee if made within 60 days of account opening |
| Monthly payment = $250 3 months interest (18.74% APR) = $19.14 Balance transfer fee = $150 Total paid = $5,169.14 | Monthly payment = $250 6 months interest (18.74% APR) = $61.93 Balance transfer fee = $0 Total paid = $5,061.93 |
Finding the card that will cost you the least to pay down your balance should be your first priority. However, if all else is equal between the cards, you should look at remaining features on the cards to see if either is worth holding onto in the long run. For instance, the Discover it Balance Transfer card from our example has a very valuable cash back program. You can enroll every quarter to earn 5% cash back on up to $1,500 in purchases made in various categories throughout the year.
Sometimes, you are approved for a balance transfer card but when it comes time to make the actual transfer, it is rejected. What to do?
Here's what you can do if this happens to you:
* All information about The Amex EveryDay® Credit Card from American Express has been collected independently by CreditCards.com and has not been reviewed by the issuer. The Amex EveryDay® Credit Card from American Express is no longer available through CreditCards.com.
Laura is an editor and writer at CreditCards.com. She has written extensively on all things credit cards and works to bring you the most up-to-date analysis and advice. Laura's work has been cited in such publications as the New York Times and Associated Press. You can reach her by e-mail at laura.mohammad@creditcards.com and on Twitter @creditcards_lm.
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