Best Balance Transfer Credit Cards

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.

Summary

Here are the best balance transfer credit cards in October 2019:

Good to Excellent

Credit Recommended (670-850)

Apply Now

Estimated Balance Transfer Savings

$328
Savings based on a transfer amount of $2,500 at a current APR of 15%
Learn more about our calculations

At A Glance

Intro Balance Transfer APR
0%
Intro Balance Transfer Period
15 months
Regular Balance Transfer APR
15.74% - 25.74% variable

Good to Excellent

Credit Recommended (670-850)

Apply Now

Estimated Balance Transfer Savings

$265
Savings based on a transfer amount of $2,500 at a current APR of 15%
Learn more about our calculations

At A Glance

Intro Balance Transfer APR
0%
Intro Balance Transfer Period
15 months
Regular Balance Transfer APR
16.74% - 25.49% variable

Good to Excellent

Credit Recommended (670-850)

Apply Now

Estimated Balance Transfer Savings

$265
Savings based on a transfer amount of $2,500 at a current APR of 15%
Learn more about our calculations

At A Glance

Intro Balance Transfer APR
0%
Intro Balance Transfer Period
15 months
Regular Balance Transfer APR
16.74% - 25.49% variable

Good to Excellent

Credit Recommended (670-850)

Apply Now

Estimated Balance Transfer Savings

$434
Savings based on a transfer amount of $2,500 at a current APR of 15%
Learn more about our calculations

At A Glance

Intro Balance Transfer APR
0%
Intro Balance Transfer Period
18 billing cycles for BTs made in the first 60 days
Regular Balance Transfer APR
14.74% - 24.74% variable

Good to Excellent

Credit Recommended (670-850)

Apply Now

Estimated Balance Transfer Savings

$361
Savings based on a transfer amount of $2,500 at a current APR of 15%
Learn more about our calculations

At A Glance

Intro Balance Transfer APR
0%
Intro Balance Transfer Period
18 months
Regular Balance Transfer APR
17.24% - 26.74% variable

Good to Excellent

Credit Recommended (670-850)

Apply Now

Estimated Balance Transfer Savings

$454
Savings based on a transfer amount of $2,500 at a current APR of 15%
Learn more about our calculations

At A Glance

Intro Balance Transfer APR
0%
Intro Balance Transfer Period
21 months
Regular Balance Transfer APR
16.49% - 26.49%* (Variable)

Good to Excellent

Credit Recommended (670-850)

Apply Now

Estimated Balance Transfer Savings

$426
Savings based on a transfer amount of $2,500 at a current APR of 15%
Learn more about our calculations

At A Glance

Intro Balance Transfer APR
0%
Intro Balance Transfer Period
18 months
Regular Balance Transfer APR
15.74% - 25.74% (Variable)

Good to Excellent

Credit Recommended (670-850)

Apply Now

Estimated Balance Transfer Savings

$256
Savings based on a transfer amount of $2,500 at a current APR of 15%
Learn more about our calculations

At A Glance

Intro Balance Transfer APR
0%
Intro Balance Transfer Period
15 months
Regular Balance Transfer APR
15.74% - 27.74% variable

Good to Excellent

Credit Recommended (670-850)

Apply Now

Estimated Balance Transfer Savings

$133
Savings based on a transfer amount of $2,500 at a current APR of 15%
Learn more about our calculations

At A Glance

Intro Balance Transfer APR
0%
Intro Balance Transfer Period
12 months
Regular Balance Transfer APR
15.74% - 27.74% variable

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Editorial 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.

Comparing Balance Transfer Credit Card Offers

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:


Best Balance Transfer Credit Cards

best balance transfer credit cards of 2019

Discover it® Balance Transfer

Best balance transfer card for long balance transfer offer with rewards

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.

Pros

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.

Cons

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.

Capital One® Quicksilver® Cash Rewards Credit Card

Best balance transfer card for low balance transfer fee

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. 

Pros

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.

Cons

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.

Chase Freedom®

Best balance transfer card for rotating cash back

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.

Pros

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.

Cons

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.

Chase Freedom Unlimited®

Best balance transfer card for no annual fee

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.

Pros

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.

Cons

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.

BankAmericard® credit card

Best balance transfer card for FICO Score tracking

The FICO Score for free feature gives this card longevity, if you need a balance transfer card that gets the job done.

Pros

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.

Cons

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.

Wells Fargo Platinum card

Best balance transfer card for long 0% APR period

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.

Pros

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.

Cons

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.

Citi Simplicity® card – No late fees ever

Best balance transfer card for the longest intro balance transfer offer

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.

Pros

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.

Cons

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.

Citi® Double Cash Card

Best balance transfer card for cash rewards

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.

Pros

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.

Cons

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.

Wells Fargo Cash Wise Visa® card

Best balance transfer card for cardholder benefits

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.

Pros

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.

Cons

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.

Wells Fargo Propel American Express® card

Best balance transfer card for sign-up bonus

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.

Pros

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.

Cons

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.

Compare the best balance transfer cards of 2019

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 CardBest For:Balance Transfer offer - 0% APR periodRegular APRBalance Transfer Fee
Discover it® Balance TransferLong balance transfer offer with rewards18 months13.74% - 24.74% Variable3%**
Capital One® Quicksilver® Cash Rewards Credit CardLow balance transfer fee15 months15.74% - 25.74% Variable3%
Chase Freedom®Rotating cash back15 months16.74% - 25.49% Variable3% or $5+
Chase Freedom Unlimited®No annual fee15 months16.74% - 25.49% Variable3% or $5+
BankAmericard® credit cardFICO Score Tracking18 billing cycles14.74% - 24.74% Variable3% or $10*
Wells Fargo Platinum cardLong 0% Intro APR Period18 months17.24% - 26.74% Variable3% or $5*
Citi Simplicity® Card - No Late Fees EverLongest balance transfer Intro Offer21 months16.49% – 26.49% Variable5% or $5*
Citi® Double Cash CardCash rewards18 months15.74% - 25.74% Variable3% or $5*
Wells Fargo Cash Wise Visa® cardCardholder benefits15 months15.74% - 27.74% Variable3% or $5*
Wells Fargo Propel American Express® cardSign-up bonus12 months15.74% - 27.74% Variable3% 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.

How we picked the best BT cards

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:

  1. Length of 0% intro APR period: A good balance transfer card should have an introductory 0% APR period of at least 15 months. In a few cases, a card with a shorter intro offer may be worth it for its other benefits but if balance transfers are your primary intended use, then the longer the better.
  2. Balance transfer fee: If you have a large balance to transfer, this fee can become quite costly. We only considered credit cards with balance transfer fees of no more than 5%.
  3. Regular APR after intro period: Ideally, you want to pay off your balance before the 0% intro APR period is over. However, if this is not possible then you should keep an eye out for cards with reasonable regular interest rates.
  4. Annual fee: The entire point of a balance transfer credit card is to avoid paying more than you have to; paying an annual fee would run counter to that goal. The best balance transfer credit cards have no annual fee – you'll notice that we've eschewed cards that charge such a fee in compiling our list.

Here is our breakdown of the top balance transfer credit cards that can help you save on interest.

What are balance transfer credit cards and how do they work?

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:

3 states with most card debt burden…

2018 rankStateTotal card balanceMonthly payments with 15% interestMonths to pay offTotal interest paid
1New Mexico$8,323$584.3017 months$1,319.59
2Louisiana$8,110$576.8117 months$1,266.61
3West Virginia$7,563$543.3617 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.

How do balance transfer credit cards work?

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.

Common strategies to manage debt

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:

Ways consumers who have a plan would deal with card debt...

  • 69%
  • Paying substantially more than the minimum monthly payment
  • 26%
  • Paying a little more than the minimum monthly payment
  • 15%
  • Transferring my balance to a different credit card with a lower rate
  • 9%
  • Asking my credit card issuer for a lower interest rate
  • 6%
  • Taking out a personal loan to reduce/eliminate/consolidate my credit card debt

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."

How do balance transfers fees work?

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.

How much does a balance transfer cost?

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.

When is a balance transfer fee worth it?

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.

How to perform a balance transfer

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:

  1. Apply for a balance transfer card – Before choosing a card, check out our balance transfer calculator, which factors in fees and interest rates to determine how much you'll save by transferring your existing balance to a different card. Once you find the balance transfer card that best suits you, complete the card application.
  2. Collect your information – Next, gather the account details for the card that has the debt – referred to as the “transfer from” card – including the account number and card balance.
  3. Contact customer service – After receiving your balance transfer card, call customer service and inform them that you want to transfer a balance onto your new card. Once you provide them with the necessary information, they will reach out to the old card company and move the requested amount onto your new card. Many cards also allow you to make balance transfers through your online account, but we advise that you wait until you receive the physical card to initiate a balance transfer. That way, once you receive the card, you can ask for a higher line of credit if the approved amount is below the old balance.

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.

Details on performing a balance transfer with 7 major card issuers:

  • You are not allowed to make a balance transfer from one American Express card to another.
  • You can only qualify for a zero-percent balance transfer offer if you transfer your debt within 60 days of opening your new Bank of America credit card account.
  • A balance transfer with Capital One can take 3 to 14 days.
  • Customers can’t transfer more than $15,000 in credit card debt within any 30-day period with a Chase account.
  • Citi requires that you transfer any balances during the first 4 months of opening your new account.
  • If you try to transfer an amount greater than your credit limit, Discover will process a transfer for less than what you requested.
  • Other credit card providers will charge 3% of the amount you transfer. HSBC charges 4% on most of its cards.

How long does a balance transfer take?

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 issuerHow long does a balance transfer take?
Discover7 days unless requesting new account, then 14 days
American ExpressUp to 6 weeks to close a balance transfer
Bank of AmericaUp to 14 days to close a balance transfer
ChaseMost transfers take about a week, but it can be up to 21 days
Capital One3-14 days

Source: CreditCards.com research

When is a balance transfer card a good choice?

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.

Ways to use a balance transfer card

Moving

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.

Buying furniture

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.

Home renovations

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.

Vacations

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.

When a balance transfer card is not a good choice

You keeping making late payments

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.

You keep incurring debt

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.

You would not pay off before the offer ends

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.

You owe a small amount

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.

You have options

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.

How to compare two balance transfer cards

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:

Step 1: Figure out your payment terms

Before you start comparing balance transfer cards, you need to figure out the following:

  • What size balance do you want to transfer? Keep in mind that your new card will come with a credit limit that may restrict the amount that you're able to transfer.
  • How much can you afford to pay each month? While it's a good idea to pay down your debt as quickly as possible, you should come up with a manageable amount.

Step 2: Calculate fees and interest

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.

Step 3: Compare fees and interest on each card

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

Step 4: Compare the cards' remaining features

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.

What to do if your balance transfer is rejected

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:

  • If the balance transfer is denied – Simply ask the card issuer to reconsider. The reason why you were denied can be the deciding factor.
  • If your credit is poor – If your credit score was too low or you don't have high enough income, you may be denied. Sometimes you can get approval if there are extenuating circumstances.
  • If it's due to lack of available credit – Try resubmitting with a lower amount. If your first problem hasn't been solved (transferring the old balance), you might consider another card. Just make sure you have sufficient income and credit score for that card. Keep in mind that each hard inquiry impacts your score by about 5 points.

* 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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