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12 Best Balance Transfer Credit Cards of December 2024

Updated: Dec 5, 2024
Paul Soucy
Written by
Director
Caitlin Mims
Reviewed by
Content Management Specialist
Kenley Young
Edited by
Fact Checked
Assigning Editor
Fact Checked
Paul Soucy
Written by
Director
Caitlin Mims
Reviewed by
Content Management Specialist
Kenley Young
Edited by
Fact Checked
Assigning Editor
Fact Checked
+ 2 more
+ 2 more
Many or all of the products on this page are from partners who compensate us when you click to or take an action on their website, but this does not influence our evaluations or ratings. Our opinions are our own.

The best balance transfer credit cards charge no annual fee and offer 15 months or more of 0% APR for balance transfers. Moving your high-interest credit card debt to a balance transfer card with a 0% introductory rate can save you hundreds, or even thousands, of dollars in interest and help you get out of debt more quickly.

  • 400+ credit cards reviewed by our team of experts (See our top picks)

  • 80+ years of combined experience covering credit cards and personal finance

  • 27,000+ hours spent researching and reviewing financial products in the last 12 months

  • Objective comprehensive ratings rubrics (Methodology)

NerdWallet's credit cards content, including ratings and recommendations, is overseen by a team of writers and editors who specialize in credit cards. Their work has appeared in The Associated Press, USA Today, The New York Times, MarketWatch, MSN, NBC's "Today," ABC's "Good Morning America" and many other national, regional and local media outlets. Each writer and editor follows NerdWallet's strict guidelines for editorial integrity.

  • 400+ credit cards reviewed by our team of experts (See our top picks)

  • 80+ years of combined experience covering credit cards and personal finance

  • 27,000+ hours spent researching and reviewing financial products in the last 12 months

  • Objective comprehensive ratings rubrics (Methodology)

NerdWallet's credit cards content, including ratings and recommendations, is overseen by a team of writers and editors who specialize in credit cards. Their work has appeared in The Associated Press, USA Today, The New York Times, MarketWatch, MSN, NBC's "Today," ABC's "Good Morning America" and many other national, regional and local media outlets. Each writer and editor follows NerdWallet's strict guidelines for editorial integrity.

NerdWallet's Best Balance Transfer Credit Cards of December 2024

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Best Balance Transfer Credit Cards

Credit card
NerdWallet rating
Intro APRRegular APRRewards rateLearn more
Discover it® Cash Back - 18 Month Intro Balance Transfer Offer ImageDiscover it® Cash Back - 18 Month Intro Balance Transfer Offer
Best for Long intro period + quarterly categories

0% intro APR on Purchases for 6 months and 0% intro APR on Balance Transfers for 18 months

18.49%-27.49% Variable APR

1%-5%

Cashback
Citi Simplicity® Card ImageCiti Simplicity® Card
Best for Extra-long intro period + no late fees

0% intro APR on purchases for 12 months and 0% intro APR on balance transfers for 21 months

18.49%-29.24% Variable APR

N/A

Chase Freedom Unlimited® ImageChase Freedom Unlimited®
Apply Now
on Chase's website
on Chase's website
Best for All-around cash back

0% intro APR on purchases and Balance Transfers for 15 months

19.74%-28.49% Variable APR

1.5%-5%

Cashback
Apply Now
on Chase's website
on Chase's website
BankAmericard® credit card ImageBankAmericard® credit card
Apply Now
on Bank of America's website
on Bank of America's website
Best for Long intro period + straightforward benefits

0% intro APR on Purchases for 18 billing cycles and 0% intro APR on Balance Transfers for 18 billing cycles for any balance transfers made in the first 60 days

15.49%-25.49% Variable APR

N/A

Apply Now
on Bank of America's website
on Bank of America's website
Wells Fargo Reflect® Card ImageWells Fargo Reflect® Card
Best for Longest intro period for transfers & purchases

0% intro APR for 21 months from account opening on purchases and qualifying balance transfers

17.49%, 23.99%, or 29.24% Variable APR

N/A

Citi Double Cash® Card ImageCiti Double Cash® Card
Best for 2% cash back

0% intro APR on balance transfers for 18 months

18.49%-28.49% Variable APR

1%-5%

Cashback
U.S. Bank Visa® Platinum Card ImageU.S. Bank Visa® Platinum Card
Best for Long intro period + low intro fee

0% intro APR for 18 billing cycles on purchases and balance transfers

17.99%-28.99% Variable APR

N/A

Chase Freedom Flex® ImageChase Freedom Flex®
Apply Now
on Chase's website
on Chase's website
Best for Quarterly cash back categories

0% intro APR on purchases and Balance Transfers for 15 months

19.74%-28.49% Variable APR

1%-5%

Cashback
Apply Now
on Chase's website
on Chase's website
Discover it® Chrome ImageDiscover it® Chrome
Best for Long intro period + gas and dining rewards

0% intro APR on Purchases for 6 months and 0% intro APR on Balance Transfers for 18 months

18.49%-27.49% Variable APR

1%-2%

Cashback
Bank of America® Travel Rewards credit card ImageBank of America® Travel Rewards credit card
Apply Now
on Bank of America's website
on Bank of America's website
Best for Travel rewards

0% intro APR on Purchases for 15 billing cycles and 0% intro APR on Balance Transfers for 15 billing cycles for any balance transfers made in the first 60 days

18.49%-28.49% Variable APR

1.5x

Points
Apply Now
on Bank of America's website
on Bank of America's website
Citi® Diamond Preferred® Card ImageCiti® Diamond Preferred® Card
Best for Extra-long balance transfer offer

0% intro APR on purchases for 12 months and 0% intro APR on balance transfers for 21 months

17.49%-28.24% Variable APR

N/A

Navy Federal Credit Union® Platinum Credit Card ImageNavy Federal Credit Union® Platinum Credit Card
Best for Military

0.99% intro APR on qualifying balance transfers for 12 months

11.49%-18.00%, Variable APR

N/A

save money

Find the right credit card for you.

Whether you want to pay less interest or earn more rewards, the right card's out there. Just answer a few questions and we'll narrow the search for you.

Find the right credit card for you.

Whether you want to pay less interest or earn more rewards, the right card's out there. Just answer a few questions and we'll narrow the search for you.

Our pick for: Long intro period + quarterly categories

Balance transfer intro APR
0% intro APR on balance transfers for 18 months
Purchase intro APR
0% intro APR on purchases for 6 months
Regular APR
18.49%-27.49% Variable APR
Annual fee
$0
Rewards rate
1%-5%
Cashback
Intro offer
Cashback Match™
Recommended credit score
Balance transfer intro APR
0% intro APR on balance transfers for 18 months
Purchase intro APR
0% intro APR on purchases for 6 months
Regular APR
18.49%-27.49% Variable APR
Annual fee
$0
Rewards rate
1%-5%
Cashback
Intro offer
Cashback Match™
Recommended credit score

5%
Cash back on everyday purchases at different places you shop each quarter like grocery stores, restaurants, gas stations, and more, up to the quarterly maximum when you activate.
1%
Cash back on all other purchases.

  • INTRO OFFER: Unlimited Cashback Match for all new cardmembers – only from Discover. Discover will automatically match all the cash back you’ve earned at the end of your first year! There’s no minimum spending or maximum rewards. You could turn $150 cash back into $300.
  • Earn 5% cash back on everyday purchases at different places you shop each quarter like grocery stores, restaurants, gas stations, and more, up to the quarterly maximum when you activate. Plus, earn unlimited 1% cash back on all other purchases.
  • Redeem your rewards for cash at any time.
  • Apply and you could get a decision in as little as 60 seconds. No annual fee.
  • Start shopping and earning rewards in minutes with our digital card, before your physical card arrives in the mail, if eligible.
  • Discover could help you reduce exposure of your personal information online by helping you remove it from select people-search sites that could sell your data. It’s free, activate with the mobile app.
  • Get a 0% intro APR for 18 months on balance transfers. Then 18.49% to 27.49% Standard Variable APR applies, based on credit worthiness.
  • Terms and conditions apply.
  • View Rates & Fees

Most balance-transfer cards don't give you much of a reason to hold onto them after the 0% period ends. The Discover it® Cash Back - 18 Month Intro Balance Transfer Offer is a noteworthy exception. Get it for the balance-transfer benefits, keep it for the cash-back rewards.

Pros
  • You get a 0% intro APR on Purchases for 6 months and 0% intro APR on Balance Transfers for 18 months, and then the ongoing APR of 18.49%-27.49% Variable APR. (There's a 3% introductory balance transfer fee and a fee of up to 5% on future balance transfers; see terms.) In addition to the introductory 0% period, this card pays 5% cash back in rotating categories that you activate, on up to $1,500 in purchases each quarter, and 1% on everything else. Discover matches the cash back you earn in your first year — although ideally in that first year you'll be focused more on paying down balances than adding to them.

Cons
  • The 0% period on purchases is considerably shorter than that for balance transfers, so it's best to avoid putting purchases on the card until you've paid off transferred debt. When it comes to rewards, the activation requirement for bonus categories can be a hassle.

Read full review

Our pick for: Extra-long intro period + no late fees

Balance transfer intro APR
0% intro APR on balance transfers for 21 months
Purchase intro APR
0% intro APR on purchases for 12 months
Regular APR
18.49%-29.24% Variable APR
Annual fee
$0
Rewards rate
N/A
Intro offer
N/A
Recommended credit score
Balance transfer intro APR
0% intro APR on balance transfers for 21 months
Purchase intro APR
0% intro APR on purchases for 12 months
Regular APR
18.49%-29.24% Variable APR
Annual fee
$0
Rewards rate
N/A
Intro offer
N/A
Recommended credit score

  • No Late Fees, No Penalty Rate, and No Annual Fee... Ever
  • 0% Intro APR for 21 months on balance transfers from date of first transfer and 0% Intro APR for 12 months on purchases from date of account opening. After that the variable APR will be 18.49% - 29.24%, based on your creditworthiness. Balance transfers must be completed within 4 months of account opening.
  • There is an intro balance transfer fee of 3% of each transfer (minimum $5) completed within the first 4 months of account opening. After that, your fee will be 5% of each transfer (minimum $5).
  • Stay protected with Citi® Quick Lock
  • View Rates & Fees

The 0% intro APR period this card offers on balance transfers is lengthy. And you'll never pay late fees or a penalty APR on the Citi Simplicity® Card.

Pros
  • The long 0% period on balance transfers is this card's primary selling point. (Balance transfer fee: 3% or $5, whichever is greater, in the first four months; 5% or $5, whichever is greater, after that.) The absence of late fees is a benefit for the absent-minded, although you don't want to get in the habit of paying bills late. Other lenders aren't as forgiving, and chronic lateness can kill your credit score.

Cons
  • Because it doesn't earn rewards, there's not a lot of ongoing value to the card once that 0% period runs out.

Read full review

Our pick for: All-around cash back

Balance transfer intro APR
0% intro APR on balance transfers for 15 months
Purchase intro APR
0% intro APR on purchases for 15 months
Regular APR
19.74%-28.49% Variable APR
Annual fee
$0
Rewards rate
1.5%-5%
Cashback
Intro offer
Up to $300
Recommended credit score
Apply Now
on Chase's website
on Chase's website
Balance transfer intro APR
0% intro APR on balance transfers for 15 months
Purchase intro APR
0% intro APR on purchases for 15 months
Regular APR
19.74%-28.49% Variable APR
Annual fee
$0
Rewards rate
1.5%-5%
Cashback
Intro offer
Up to $300
Recommended credit score

5%
Cash back on travel purchased through Chase Travel℠.
3%
Cash back on drugstore purchases.
3%
Cash back on dining at restaurants, including takeout and eligible delivery services.
1.5%
Cash back on all other purchases.

  • INTRO OFFER: Earn an additional 1.5% cash back on everything you buy (on up to $20,000 spent in the first year) - worth up to $300 cash back!
  • Enjoy 6.5% cash back on travel purchased through Chase Travel℠, our premier rewards program that lets you redeem rewards for cash back, travel, gift cards and more; 4.5% cash back on drugstore purchases and dining at restaurants, including takeout and eligible delivery service, and 3% on all other purchases (on up to $20,000 spent in the first year).
  • After your first year or $20,000 spent, enjoy 5% cash back on travel purchased through Chase Travel℠, 3% cash back on drugstore purchases and dining at restaurants, including takeout and eligible delivery service, and unlimited 1.5% cash back on all other purchases.
  • No minimum to redeem for cash back. You can choose to receive a statement credit or direct deposit into most U.S. checking and savings accounts. Cash Back rewards do not expire as long as your account is open!
  • Enjoy 0% Intro APR for 15 months from account opening on purchases and balance transfers, then a variable APR of 19.74% - 28.49%.
  • No annual fee – You won't have to pay an annual fee for all the great features that come with your Freedom Unlimited® card
  • Keep tabs on your credit health, Chase Credit Journey helps you monitor your credit with free access to your latest score, alerts, and more.
  • Member FDIC

The Chase Freedom Unlimited® earns 5 stars for its generous cash-back rewards. Look a little closer, though, and you'll see it also offers a solid 0% intro APR period for balance transfers.

Pros
  • You get a 0% intro APR on purchases and Balance Transfers for 15 months, and then the ongoing APR of 19.74%-28.49% Variable APR. (Balance transfer fee: 3% or $5, whichever is greater, in the first 60 days; 5% or $5, whichever is greater, after that.) The card has ongoing value with 1.5% cash back on most purchases, plus 5% on travel booked through Chase and 3% at drugstores and restaurants. There's an attractive bonus offer for new cardholders, too.

Cons
  • You can get a longer 0% period on transfers with other cards, including a couple that also earn cash back.

Read full review

Our pick for: Long intro period + straightforward benefits

Balance transfer intro APR
0% intro APR on Balance Transfers for 18 billing cycles for any balance transfers made in the first 60 days
Purchase intro APR
0% intro APR on Purchases for 18 billing cycles
Regular APR
15.49%-25.49% Variable APR
Annual fee
$0
Rewards rate
N/A
Intro offer
N/A
Recommended credit score
Apply Now
on Bank of America's website
on Bank of America's website
Balance transfer intro APR
0% intro APR on Balance Transfers for 18 billing cycles for any balance transfers made in the first 60 days
Purchase intro APR
0% intro APR on Purchases for 18 billing cycles
Regular APR
15.49%-25.49% Variable APR
Annual fee
$0
Rewards rate
N/A
Intro offer
N/A
Recommended credit score

  • 0% Intro APR for 18 billing cycles for purchases, and for any balance transfers made in the first 60 days. After the Intro APR offer ends, a Variable APR that’s currently 15.49% - 25.49% will apply. A 3% Intro balance transfer fee will apply for the first 60 days your account is open. After the Intro balance transfer fee offer ends, the fee for future balance transfers is 4%.
  • No annual fee.
  • No penalty APR. Paying late won't automatically raise your interest rate (APR). Other account pricing and terms apply.
  • Access your FICO® Score for free within Online Banking or your Mobile Banking app.
  • Contactless Cards - The security of a chip card, with the convenience of a tap.
  • This online only offer may not be available if you leave this page or if you visit a Bank of America financial center. You can take advantage of this offer when you apply now.

The BankAmericard® credit card is a great option for people looking for breathing room to whittle down high-interest credit card debt.

Pros
  • The card offers an outstanding 0% period to help you wipe out debt: 0% Intro APR for 18 billing cycles for purchases, and for any balance transfers made in the first 60 days. After the Intro APR offer ends, a Variable APR that’s currently 15.49%-25.49% will apply. (Balance transfer fee: 3% for 60 days from account opening, then 4%.) The annual fee is $0.

Cons
  • The card doesn't earn ongoing rewards.

Read full review

Our pick for: Longest intro period for transfers & purchases

Balance transfer intro APR
0% intro APR on Balance Transfers for 21 months from account opening on qualifying balance transfers
Purchase intro APR
0% intro APR on Purchases for 21 months from account opening
Regular APR
17.49%, 23.99%, or 29.24% Variable APR
Annual fee
$0
Rewards rate
N/A
Intro offer
N/A
Recommended credit score
Balance transfer intro APR
0% intro APR on Balance Transfers for 21 months from account opening on qualifying balance transfers
Purchase intro APR
0% intro APR on Purchases for 21 months from account opening
Regular APR
17.49%, 23.99%, or 29.24% Variable APR
Annual fee
$0
Rewards rate
N/A
Intro offer
N/A
Recommended credit score

  • Select “Apply Now” to take advantage of this specific offer and learn more about product features, terms and conditions.
  • 0% intro APR for 21 months from account opening on purchases and qualifying balance transfers. 17.49%, 23.99%, or 29.24% variable APR thereafter; balance transfers made within 120 days qualify for the intro rate, BT fee of 5%, min: $5.
  • $0 Annual Fee.
  • Up to $600 of cell phone protection against damage or theft. Subject to a $25 deductible.
  • Through My Wells Fargo Deals, you can get access to personalized deals from a variety of merchants. It's an easy way to earn cash back as an account credit when you shop, dine, or enjoy an experience simply by using an eligible Wells Fargo credit card.
  • View Rates & Fees

The Wells Fargo Reflect® Card boasts a 0% intro APR period that's close to two years.

Pros
  • The highlight of this $0-annual-fee card: It offers a 0% intro APR for 21 months from account opening on purchases and qualifying balance transfers, and then the ongoing APR of 17.49%, 23.99%, or 29.24% Variable APR. It also offers cell phone insurance.

Cons
  • The balance transfer fee of 5% (minimum $5) is on the high end for cards in its class. The card doesn't earn ongoing rewards on everyday spending. (It's possible to earn rewards through the issuer's "My Wells Fargo Deals" feature, but those are one-off deals that require activation.)

Read full review

Our pick for: 2% cash back

Balance transfer intro APR
0% intro APR on balance transfers for 18 months
Purchase intro APR
N/A
Regular APR
18.49%-28.49% Variable APR
Annual fee
$0
Rewards rate
1%-5%
Cashback
Intro offer
$200
Recommended credit score
Balance transfer intro APR
0% intro APR on balance transfers for 18 months
Purchase intro APR
N/A
Regular APR
18.49%-28.49% Variable APR
Annual fee
$0
Rewards rate
1%-5%
Cashback
Intro offer
$200
Recommended credit score

2%
Cash back on every purchase with unlimited 1% cash back when you buy, plus an additional 1% as you pay for those purchases.

  • Earn $200 cash back after you spend $1,500 on purchases in the first 6 months of account opening. This bonus offer will be fulfilled as 20,000 ThankYou® Points, which can be redeemed for $200 cash back.
  • Earn 2% on every purchase with unlimited 1% cash back when you buy, plus an additional 1% as you pay for those purchases. To earn cash back, pay at least the minimum due on time. Plus, a special travel offer, earn 5% total cash back on hotel, car rentals and attractions booked on the Citi Travel℠ portal through 12/31/25.
  • Balance Transfer Only Offer: 0% intro APR on Balance Transfers for 18 months. After that, the variable APR will be 18.49% - 28.49%, based on your creditworthiness.
  • Balance Transfers do not earn cash back. Intro APR does not apply to purchases.
  • If you transfer a balance, interest will be charged on your purchases unless you pay your entire balance (including balance transfers) by the due date each month.
  • There is an intro balance transfer fee of 3% of each transfer (minimum $5) completed within the first 4 months of account opening. After that, your fee will be 5% of each transfer (minimum $5).
  • View Rates & Fees

The Citi Double Cash® Card is renowned for its best-in-class cash-back rewards. Scroll down the page when you go to apply for the card, and you'll discover that it comes with a terrific balance-transfer offer, too.

Pros
  • As a balance-transfer card, there's a lot to like, including a lengthy introductory interest-free period for transfers. (Balance transfer fee: 3% or $5, whichever is greater, in the first four months; 5% or $5, whichever is greater, after that.) And the card has tremendous ongoing value: 2% cash back on all purchases — 1% when you buy something and 1% when you pay it off.

Cons
  • There's no 0% period for purchases. That means if you transfer a balance onto this card, you'll get no grace period, and you'll be paying interest on purchases right away. Your best move is to pay off the transferred debt first, then start using this card for the rewards.

Read full review

Our pick for: Long intro period + low intro fee

Balance transfer intro APR
0% intro APR on balance transfers for 18 billing cycles
Purchase intro APR
0% intro APR on purchases for 18 billing cycles
Regular APR
17.99%-28.99% Variable APR
Annual fee
$0
Rewards rate
N/A
Intro offer
N/A
Recommended credit score
Balance transfer intro APR
0% intro APR on balance transfers for 18 billing cycles
Purchase intro APR
0% intro APR on purchases for 18 billing cycles
Regular APR
17.99%-28.99% Variable APR
Annual fee
$0
Rewards rate
N/A
Intro offer
N/A
Recommended credit score

  • 0% Intro APR on purchases and balance transfers for 18 billing cycles. After that, a variable APR currently 17.99% - 28.99%.
  • Get up to $600 protection on your cell phone (subject to $25 deductible) against covered damage or theft when you pay your monthly cellular telephone bill with your U.S. Bank Visa® Platinum Credit Card. Certain terms, conditions, and exclusions apply.
  • Choose a payment due date that fits your schedule.
  • No Annual Fee
  • Terms and conditions apply.
  • View Rates & Fees

The lengthy introductory 0% APR periods for both purchases and balance transfers on the U.S. Bank Visa® Platinum Card give you plenty of time to pay down new and old debts interest-free.

Pros
  • The card comes with a generous intro APR offer: 0% intro APR for 18 billing cycles on purchases and balance transfers, and then the ongoing APR of 17.99%-28.99% Variable APR.* You can choose your own due date with this card, which allows you to schedule debt payment for when its easiest on your wallet. It also offers cell phone protection if you use it to pay your cell phone bill.

Cons
  • Once the 0% period ends, so does the chief benefit of this card. Still, the cell phone coverage is a good reason to hold onto it.

Read full review

Our pick for: Quarterly cash back categories

Balance transfer intro APR
0% intro APR on balance transfers for 15 months
Purchase intro APR
0% intro APR on purchases for 15 months
Regular APR
19.74%-28.49% Variable APR
Annual fee
$0
Rewards rate
1%-5%
Cashback
Intro offer
$200
Recommended credit score
Apply Now
on Chase's website
on Chase's website
Balance transfer intro APR
0% intro APR on balance transfers for 15 months
Purchase intro APR
0% intro APR on purchases for 15 months
Regular APR
19.74%-28.49% Variable APR
Annual fee
$0
Rewards rate
1%-5%
Cashback
Intro offer
$200
Recommended credit score

5%
Cash back on up to $1,500 in combined purchases in bonus categories each quarter you activate.
5%
Cash back on Chase travel purchased through Chase Travel®.
3%
Cash back on dining.
3%
Cash back at drugstores.
1%
Cash back on all other purchases.

  • Earn a $200 Bonus after you spend $500 on purchases in your first 3 months from account opening
  • 5% cash back on up to $1,500 in combined purchases in bonus categories each quarter you activate. Enjoy new 5% categories each quarter!
  • 5% cash back on travel purchased through Chase Travel℠, our premier rewards program that lets you redeem rewards for cash back, travel, gift cards and more
  • 3% cash back on drugstore purchases and dining at restaurants, including takeout and eligible delivery service, and unlimited 1% cash back on all other purchases.
  • No minimum to redeem for cash back. You can choose to receive a statement credit or direct deposit into most U.S. checking and savings accounts. Cash Back rewards do not expire as long as your account is open!
  • 0% Intro APR for 15 months from account opening on purchases and balance transfers, then a variable APR of 19.74%-28.49%.
  • No annual fee – You won't have to pay an annual fee for all the great features that come with your Freedom Flex® card
  • Keep tabs on your credit health - Chase Credit Journey helps you monitor your credit with free access to your latest score, real-time alerts, and more.
  • Member FDIC

With a solid 0% intro APR offer for balance transfers, the Chase Freedom Flex® is more than a 5-star rewards card — although its inviting combination of bonus categories and generous sign-up offer have made it a perennial favorite for cash back.

Pros
  • You get a 0% intro APR on purchases and Balance Transfers for 15 months, and then the ongoing APR of 19.74%-28.49%, Variable APR. (Balance transfer fee: 3% or $5, whichever is greater, in the first 60 days; 5% or $5, whichever is greater, after that.) The card offers bonus cash back of 3% to 5% on certain travel, at restaurants and drugstores, and in categories that change each quarter. Other spending earns 1% cash back.

Cons
  • You can get a longer 0% period on transfers with other cards, including a couple that also earn cash back. The rotating quarterly 5% cash back categories give this card a lot of its appeal, but they do require some work, since you have to opt into them every three months.

Read full review

Our pick for: Long intro period + gas and dining rewards

Balance transfer intro APR
0% intro APR on balance transfers for 18 months
Purchase intro APR
0% intro APR on purchases for 6 months
Regular APR
18.49%-27.49% Variable APR
Annual fee
$0
Rewards rate
1%-2%
Cashback
Intro offer
Cashback Match™
Recommended credit score
Balance transfer intro APR
0% intro APR on balance transfers for 18 months
Purchase intro APR
0% intro APR on purchases for 6 months
Regular APR
18.49%-27.49% Variable APR
Annual fee
$0
Rewards rate
1%-2%
Cashback
Intro offer
Cashback Match™
Recommended credit score

2%
Cash back at Gas Stations on up to $1,000 in combined purchases each quarter.
2%
Cash back at Restaurants on up to $1,000 in combined purchases each quarter.
1%
Cash back on all other purchases.

  • INTRO OFFER: Unlimited Cashback Match for all new cardmembers–only from Discover. Discover will automatically match all the cash back you’ve earned at the end of your first year! There’s no minimum spending or maximum rewards. Just a dollar-for-dollar match.
  • Earn 2% cash back at Gas Stations and Restaurants on up to $1,000 in combined purchases each quarter, automatically. Plus earn unlimited 1% cash back on all other purchases.
  • Get a 0% intro APR for 18 months on balance transfers. Then 18.49% to 27.49% Standard Variable APR applies, based on credit worthiness.
  • Redeem your rewards for cash at any time.
  • Discover could help you reduce exposure of your personal information online by helping you remove it from select people-search sites that could sell your data. It’s free, activate with the mobile app.
  • No annual fee.
  • Terms and conditions apply.
  • View Rates & Fees

The rewards on the Discover it® Chrome aren't too strong, but the introductory APR period stands out for those looking to transfer a balance.

Pros
  • You get a 0% intro APR on Purchases for 6 months and 0% intro APR on Balance Transfers for 18 months, and then the ongoing APR of 18.49%-27.49% Variable APR. (There's a 3% introductory balance transfer fee and a fee of up to 5% on future balance transfers; see terms.) In addition to the introductory 0% period, this card pays 2% cash back at restaurants and gas stations, on up to $1,000 in purchases each quarter; other purchases earn 1%.

Cons
  • The 0% period on purchases is considerably shorter than that for balance transfers, so it's best to avoid putting purchases on the card until you've paid off transferred debt.

Read full review

Our pick for: Travel rewards

Balance transfer intro APR
0% intro APR on Balance Transfers for 15 billing cycles for any balance transfers made in the first 60 days
Purchase intro APR
0% intro APR on Purchases for 15 billing cycles
Regular APR
18.49%-28.49% Variable APR
Annual fee
$0
Rewards rate
1.5x
Points
Intro offer
25,000
points
Recommended credit score
Apply Now
on Bank of America's website
on Bank of America's website
Balance transfer intro APR
0% intro APR on Balance Transfers for 15 billing cycles for any balance transfers made in the first 60 days
Purchase intro APR
0% intro APR on Purchases for 15 billing cycles
Regular APR
18.49%-28.49% Variable APR
Annual fee
$0
Rewards rate
1.5x
Points
Intro offer
25,000
points
Recommended credit score

1.5x
Points per $1 spent on all purchases.

  • Earn unlimited 1.5 points per $1 spent on all purchases, with no annual fee and no foreign transaction fees and your points don't expire as long as your account remains open.
  • 25,000 online bonus points after you make at least $1,000 in purchases in the first 90 days of account opening - that can be a $250 statement credit toward travel purchases.
  • Use your card to book your trip how and where you want - you're not limited to specific websites with blackout dates or restrictions.
  • Redeem points for a statement credit to pay for travel or dining purchases, such as flights, hotel stays, car and vacation rentals, baggage fees, and also at restaurants including takeout.
  • 0% Intro APR for 15 billing cycles for purchases, and for any balance transfers made in the first 60 days. After the Intro APR offer ends, a Variable APR that’s currently 18.49% - 28.49% will apply. A 3% Intro balance transfer fee will apply for the first 60 days your account is open. After the Intro balance transfer fee offer ends, the fee for future balance transfers is 4%.
  • If you're a Bank of America Preferred Rewards® member, you can earn 25%-75% more points on every purchase. That means instead of earning an unlimited 1.5 points for every $1, you could earn 1.87-2.62 points for every $1 you spend on purchases.
  • Contactless Cards - The security of a chip card, with the convenience of a tap.
  • This online only offer may not be available if you leave this page or if you visit a Bank of America financial center. You can take advantage of this offer when you apply now.

Check the details of the Bank of America® Travel Rewards credit card, and you'll see that it includes a good 0% intro APR offer for balance transfers. It's the rare dedicated travel card that's also good for transfers.

Pros
  • You get a 0% Intro APR for 15 billing cycles for purchases, and for any balance transfers made in the first 60 days. After the Intro APR offer ends, a Variable APR that’s currently 18.49%-28.49% will apply. (Balance transfer fee: 3% for 60 days from account opening, then 4%.) The card earns 1.5 points per dollar spent, and points can be redeemed for a wide array of travel expenses at 1 cent per point. There's a sign-up bonus, and the annual fee is $0.

Cons
  • When thinking about long-term use, big spenders and frequent travelers may be better off with a card that offers bonus rewards for travel purchases, even if it means paying an annual fee.

Read full review

Our pick for: Extra-long balance transfer offer

Balance transfer intro APR
0% intro APR on balance transfers for 21 months
Purchase intro APR
0% intro APR on purchases for 12 months
Regular APR
17.49%-28.24% Variable APR
Annual fee
$0
Rewards rate
N/A
Intro offer
N/A
Recommended credit score
Balance transfer intro APR
0% intro APR on balance transfers for 21 months
Purchase intro APR
0% intro APR on purchases for 12 months
Regular APR
17.49%-28.24% Variable APR
Annual fee
$0
Rewards rate
N/A
Intro offer
N/A
Recommended credit score

  • 0% Intro APR for 21 months on balance transfers from date of first transfer and 0% Intro APR for 12 months on purchases from date of account opening. After that the variable APR will be 17.49% - 28.24%, based on your creditworthiness. Balance transfers must be completed within 4 months of account opening.
  • There is a balance transfer fee of either $5 or 5% of the amount of each transfer, whichever is greater
  • Get free access to your FICO® Score online.
  • With Citi Entertainment®, get special access to purchase tickets to thousands of events, including concerts, sporting events, dining experiences and more.
  • No Annual Fee - our low intro rates and all the benefits don’t come with a yearly charge.
  • View Rates & Fees

The Citi® Diamond Preferred® Card is all about the long 0% intro APR period. It's about as much breathing room as you'll find anywhere for transferring debt.

Pros
  • The long 0% period for transfers is this card's defining feature, giving you more than a year to whittle down debt. You get a 0% intro APR on purchases for 12 months and 0% intro APR on balance transfers for 21 months, and then the ongoing APR of 17.49%-28.24% Variable APR.

Cons
  • The 5% balance transfer fee (minimum $5) is on the high end. And because it doesn't earn rewards, there's not a lot of ongoing value to the card once that 0% period runs out.

Read full review

Our pick for: Military

Balance transfer intro APR
0.99% intro APR on qualifying balance transfers for 12 months
Purchase intro APR
N/A
Regular APR
11.49%-18.00%, Variable APR
Annual fee
$0
Rewards rate
N/A
Intro offer
N/A
Recommended credit score
Balance transfer intro APR
0.99% intro APR on qualifying balance transfers for 12 months
Purchase intro APR
N/A
Regular APR
11.49%-18.00%, Variable APR
Annual fee
$0
Rewards rate
N/A
Intro offer
N/A
Recommended credit score

  • You can get a 0.99% intro APR for 12 months from account opening on balances transferred within 60 days. You'll also pay no balance transfer fees. After that, a variable APR between 11.49% and 18.00% applies. Expires on Jan. 01, 2025.
  • No annual fees
  • No balance transfer fees
  • No foreign transaction fees

The intro APR on the Navy Federal Credit Union® Platinum Credit Card isn't quite 0%, but this card offers something very rare nowadays — a $0 transfer fee, which could end up saving you more money in the end.

Pros
  • This card charges a 0.99% intro APR on qualifying balance transfers for 12 months, and then the ongoing APR of 11.49%-18.00%, Variable APR. There's no balance transfer fee, which means that for every $1,000 you transfer, you're saving $30 to $50 right off the bat when compared with other cards. And the annual fee is $0.

Cons
  • The intro APR period is comparatively short. You must be a member of Navy Federal Credit Union to qualify for this card, and membership is restricted mostly to the military community.

Read full review
*For U.S. Bank Visa® Platinum Card: An introductory fee of either 3% of the amount of each transfer or $5 minimum, whichever is greater, for balances transferred within 60 days of account opening. After that, either 5% of the amount of each transfer or $5 minimum, whichever is greater.

IS A BALANCE TRANSFER CREDIT CARD RIGHT FOR YOU?

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NerdWallet readers usually land on this page because they’ve concluded that a balance transfer is a good move, and now they’re just looking for the right balance transfer credit card. Below, we’ll go into detail on how to choose among your options. But first, it’s worth quickly reviewing your situation to ensure you don’t apply for a card you can’t use or can’t get approved for.

Video preview image
NerdWallet credit card expert Sally French goes over the basics of balance transfer credit cards.

APPROVAL FOR A BALANCE TRANSFER CREDIT CARD ISN'T GUARANTEED

Generally speaking, you’ll need good to excellent credit to be approved for a balance transfer credit card. That’s roughly defined as a credit score of 690 or better. When someone transfers debt to a new credit card, the issuer of that card is accepting the risk that it might not get paid back. Issuers want to minimize that risk as much as possible, so they prefer applicants with good credit.

Keep in mind, though, that credit scores alone do not guarantee approval for any credit card. Card issuers look at a range of factors when considering applications. They want to see that you have income so you’ll be able to pay your bill. They pay attention to how much other debt you have to evaluate the likelihood that you’ll be able to make payments on all of it.

Because credit scores aren’t the only metric that’s considered, people with credit scores above 800 can (and do) get rejected for balance transfer credit cards. And people with scores below 690 can (and do) get approved. We took a look at approval rates for credit cards on this page among people who have registered for NerdWallet and activated their free credit score.

Over a 10-month period in 2024, the average credit score among applicants for balance transfer credit cards on this page was 701. The average credit score among those approved was 727. The majority of applicants with scores over 720 were approved. However, our data show that some people with scores below 690 — sometimes referred to as “fair” credit — were still able to qualify.

YOUR SAVINGS WITH A BALANCE TRANSFER CREDIT CARD CAN BE LIMITED

Moving debt to a balance transfer credit card with a 0% introductory APR period can definitely save you money on interest in the short term, but it’s not without its own costs. Most notably, these cards charge a balance transfer fee. If you’d be able to pay off your debt in a couple of months even without a transfer, it might make more sense to leave it where it is and pay it off there. That’s because the transfer fee might end up costing more than what you’d save in interest. You can use our balance transfer calculator to get a general sense of how much you might save.

Another consideration: You might get approved for a balance transfer credit card, but the issuer might limit how much you’re allowed to transfer. For example, say you have $12,000 in credit card debt you’d like to transfer. You apply for a balance transfer credit card and are approved for a transfer limit of $5,000. You could still save money by moving some of the debt to the new card, but you can’t move all of it.

A BALANCE TRANSFER SHOULD BE A SOLUTION, NOT A STOPGAP

Ideally, moving debt to a balance transfer credit card will be the first step toward paying off that debt fully. When you’re saving money each month on interest, that’s money you can apply toward paying down the debt more quickly and finally getting out of debt entirely. What you don’t want to do is fall into a cycle of transferring debt from one card to another, letting it sit on that card until the 0% period runs out, then moving it to another card.

CHOOSING A BALANCE TRANSFER CREDIT CARD

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This page includes a variety of balance transfer cards, each of which delivers value in its own way. Some of them offer a 0% introductory APR period and not much more. Others pay rewards on your spending, meaning they can continue to deliver value long after the 0% period ends. Here’s what to consider when looking at balance transfer cards.

Generally speaking, you can’t transfer a balance between cards from the same issuer. If you have debt on a Chase card, for example, you can’t move it to another Chase card; debt on a Discover card can’t be moved to another Discover card; and so on. So start by looking at where your debt currently lives; you’ll want a card from a different issuer.

The defining characteristic of a balance transfer credit card is a 0% introductory APR period. For a certain period of time after you open the card account, you won’t be charged interest on debt that you transfer to the card. At the end of that period, interest will be charged going forward on any amount still unpaid. (Contrary to popular belief, however, a 0% card doesn’t charge “retroactive” interest if you fail to pay off the entire balance by the end of the period. Learn about the difference between 0% APR and deferred interest.)

How long will you need to pay down your debt? It’s natural to go for the card with the longest possible 0% period “just to be safe.” But if you’ll need only, say, nine months to a year, don’t rule out a card with a 12- to 15-month period. Rewards credit cards, particularly cash back cards, often have balance-transfer offers in that range.

Just about every balance transfer credit card charges a balance transfer fee, typically 3% to 5% of the amount transferred. For every $1,000 you transfer, that’s $30 to $50 in fees. Depending on how much debt you’re moving, the fee can be substantial. If your choice is between a card with, say, a 21-month 0% period and a 5% transfer fee and a card with a 15-month 0% period and a 3% transfer fee, it could make more sense to go with the shorter 0% window and save potentially hundreds of dollars on the fee.

At one time in the mid- to late 2010s, it was fairly common to see cards with both a lengthy 0% period and a $0 balance transfer fee. Those kinds of cards have mostly disappeared. There are a few no-fee options available from small banks and credit unions with relatively short periods at 0% APR or a low promotional interest rate, but qualification requirements mean these are realistic options for only a relative handful of people.

Maybe it goes without saying, but we’ll say it: If you’re doing a balance transfer, you’re trying to save money, so you shouldn’t be paying an annual fee on your credit card.

With some balance transfer credit cards, the 0% APR period is the only compelling feature. The ongoing interest rate isn’t particularly low, and the card doesn’t offer rewards or perks that give you much of an incentive to keep using it. So it’s worth thinking about what value the card can give you down the road. Does it offer spending rewards that would allow you to convert it into an everyday card? Are there benefits like cell phone insurance that would justify holding onto it? Does the issuer offer other cards that you could convert your account to by way of a product change?

  • Card issuer
  • Length of 0% introductory APR period
  • Balance transfer fee
  • Annual fee
  • Long-term value
  • Generally speaking, you can’t transfer a balance between cards from the same issuer. If you have debt on a Chase card, for example, you can’t move it to another Chase card; debt on a Discover card can’t be moved to another Discover card; and so on. So start by looking at where your debt currently lives; you’ll want a card from a different issuer.

    The defining characteristic of a balance transfer credit card is a 0% introductory APR period. For a certain period of time after you open the card account, you won’t be charged interest on debt that you transfer to the card. At the end of that period, interest will be charged going forward on any amount still unpaid. (Contrary to popular belief, however, a 0% card doesn’t charge “retroactive” interest if you fail to pay off the entire balance by the end of the period. Learn about the difference between 0% APR and deferred interest.)

    How long will you need to pay down your debt? It’s natural to go for the card with the longest possible 0% period “just to be safe.” But if you’ll need only, say, nine months to a year, don’t rule out a card with a 12- to 15-month period. Rewards credit cards, particularly cash back cards, often have balance-transfer offers in that range.

    Just about every balance transfer credit card charges a balance transfer fee, typically 3% to 5% of the amount transferred. For every $1,000 you transfer, that’s $30 to $50 in fees. Depending on how much debt you’re moving, the fee can be substantial. If your choice is between a card with, say, a 21-month 0% period and a 5% transfer fee and a card with a 15-month 0% period and a 3% transfer fee, it could make more sense to go with the shorter 0% window and save potentially hundreds of dollars on the fee.

    At one time in the mid- to late 2010s, it was fairly common to see cards with both a lengthy 0% period and a $0 balance transfer fee. Those kinds of cards have mostly disappeared. There are a few no-fee options available from small banks and credit unions with relatively short periods at 0% APR or a low promotional interest rate, but qualification requirements mean these are realistic options for only a relative handful of people.

    Maybe it goes without saying, but we’ll say it: If you’re doing a balance transfer, you’re trying to save money, so you shouldn’t be paying an annual fee on your credit card.

    With some balance transfer credit cards, the 0% APR period is the only compelling feature. The ongoing interest rate isn’t particularly low, and the card doesn’t offer rewards or perks that give you much of an incentive to keep using it. So it’s worth thinking about what value the card can give you down the road. Does it offer spending rewards that would allow you to convert it into an everyday card? Are there benefits like cell phone insurance that would justify holding onto it? Does the issuer offer other cards that you could convert your account to by way of a product change?

    NEXT STEPS: USING YOUR BALANCE TRANSFER CREDIT CARD

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    If the balance transfer math works in your favor, here’s what to do.

    Use our guide above to narrow your options based on the card issuer, 0% APR period, transfer fee and other features, then click the “Apply Now” button for your chosen card.

    Be ready to transfer your debt as soon as possible upon opening the card account. On many cards, the 0% rate is available only on transfers completed within a certain time frame, like 45 or 60 days from account opening; other cards might have an introductory balance transfer fee that gets higher after a similar period.

    With some cards, you can do this from your online account dashboard or even the issuer’s mobile app. With others, you’ll need to call customer service. You might even be asked for transfer information during the application process. You’ll generally need to know:

    • The name of the card issuer currently holding the debt.

    • The account number.

    • The amount of debt you want to transfer.

    The issuer of your balance transfer credit card will set your credit limit for transfers, and it’s not necessarily equal to the overall limit for the card. You could get a card with a $12,000 credit limit, but you might be limited to only $4,000 in transfers. The limit you get might be enough to cover all the debt you hope to move. But as discussed above, you might only be approved for enough to move a portion of the balance. There’s no easy way to tell prior to application, as issuers keep their underwriting formulas confidential.

    The transfer doesn't happen as soon as you ask for it. It can take days or even a couple of weeks. Continue paying at least the minimum on your old card until the account shows that the debt has been moved.

    Once the transferred debt appears on the new card, start paying it off. Getting an extended break from interest means you can pay more money toward reducing the underlying debt. Make a plan to get it whittled down by the time the 0% period ends — or as soon as possible afterward.

  • 1. Choose a card and apply
  • 2. Tell the new card’s issuer you want to do a transfer
  • 3. Continue making payments on the old card
  • 4. Pay down the debt on the new card
  • Use our guide above to narrow your options based on the card issuer, 0% APR period, transfer fee and other features, then click the “Apply Now” button for your chosen card.

    Be ready to transfer your debt as soon as possible upon opening the card account. On many cards, the 0% rate is available only on transfers completed within a certain time frame, like 45 or 60 days from account opening; other cards might have an introductory balance transfer fee that gets higher after a similar period.

    With some cards, you can do this from your online account dashboard or even the issuer’s mobile app. With others, you’ll need to call customer service. You might even be asked for transfer information during the application process. You’ll generally need to know:

    • The name of the card issuer currently holding the debt.

    • The account number.

    • The amount of debt you want to transfer.

    The issuer of your balance transfer credit card will set your credit limit for transfers, and it’s not necessarily equal to the overall limit for the card. You could get a card with a $12,000 credit limit, but you might be limited to only $4,000 in transfers. The limit you get might be enough to cover all the debt you hope to move. But as discussed above, you might only be approved for enough to move a portion of the balance. There’s no easy way to tell prior to application, as issuers keep their underwriting formulas confidential.

    The transfer doesn't happen as soon as you ask for it. It can take days or even a couple of weeks. Continue paying at least the minimum on your old card until the account shows that the debt has been moved.

    Once the transferred debt appears on the new card, start paying it off. Getting an extended break from interest means you can pay more money toward reducing the underlying debt. Make a plan to get it whittled down by the time the 0% period ends — or as soon as possible afterward.

    COMMON BALANCE TRANSFER CREDIT CARD MISTAKES

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    A balance transfer credit card can be a powerful tool for getting out from under high-interest credit card debt. But as with any tool, you have to know how to use it for it to be effective. We’ve touched on some of these already, but here are the most common mistakes people make with their balance transfer card.

    Applying for a card from the wrong issuer

    We mentioned above that you can’t transfer debt from, say, the Chase Sapphire Preferred® Card to the Chase Freedom Unlimited®. That’s because both of these cards are issued by Chase, and you can’t transfer debt among cards from the same issuer. But Chase issues plenty of credit cards that don’t have “Chase” in the name — the United℠ Explorer Card, for example, or the Marriott Bonvoy Boundless® Credit Card. You can’t transfer debt from any of those cards to a Chase-branded card either. So double-check which bank issued your card, regardless of which brand name is on the front.

    Assuming how much debt can be transferred

    If your only significant credit card debt is a $3,000 balance that you want to transfer, and you otherwise have good credit, you have a good chance of getting approved for a balance transfer credit card — and for getting a credit limit high enough to move it all. By contrast, if you have $40,000 in balances spread across a few maxed-out cards, you might not get approved for a balance transfer card at all, no matter how good your credit. Or you might get approved, but not with enough of a credit limit to move much of the debt.

    Card issuers don’t offer balance transfer cards out of the goodness of their hearts. They do it to make money. They can make some money from the transfer fee, and if they can turn you into a long-term customer, they make money from your future business. But they can’t make money if a cardholder transfers debt and then defaults on it. So they’re careful about whom they approve, and for how much.

    That’s why consumers can’t assume that a balance transfer credit card will be a simple solution when they are deep in debt.

    Missing payments on the old card

    As discussed above, even after requesting a balance transfer, continue making payments on the old card until you see that the debt no longer appears on the account. The transfer process isn’t instantaneous: Your new card issuer has to send the money to the issuer of the old card, and it has to be directed to the proper account.

    This is where some people get tripped up. They request the transfer, then just wait for the balance to appear on the new card. They stop paying attention to the old card and end up missing a payment, incurring a late fee or even damaging their credit. So keep an eye on the old account, and if there’s a payment due, pay at least the minimum.

    Losing your 0% rate with a missed payment

    Once you’ve moved debt onto a card with a 0% period in effect, it’s critical to make your payments on time every single month. If you’re late, the card issuer could cancel your 0% promotion, and you’ll be back to paying sky-high credit card interest rates on your debt.

    Playing hot potato with credit card debt

    Sometimes finances get tight, and you simply don’t have the means to aggressively pay down your credit card debt, even with a 0% period in effect. In those circumstances, moving debt to a balance transfer card and paying only the minimum for a few months can buy you some breathing room. You do what you have to do.

    You don’t want it to become a habit, though. For one thing, you’re mostly treading water rather than getting ahead. The transfer fee (which usually gets tacked onto the balance you transfer) sets you back at the start, and the minimum monthly payments are fairly small — maybe 1% to 3% of the balance. For another, having debt parked at 0% can encourage you to view that debt as “taken care of” for now, which can in turn encourage more spending and more debt. Then the 0% period runs out and you rush to try to move the balance to another 0% card — playing hot potato with debt rather than getting rid of it.

    ASK OUR CREDIT CARD EXPERTS

    BACK TO TOP

    Melissa Lambarena avatarMelissa Lambarena

    WHERE CAN PEOPLE RUN INTO TROUBLE WITH A BALANCE TRANSFER?

    With a balance transfer, you have to do the math to make sure that balance transfer fee is worth it. If it saves you money compared with the interest you’d pay with your current credit card over time, it can be a useful tool for paying down debt aggressively. Have a strategy in place when using a balance transfer credit card. Curb any habits that may have led to the debt, build an emergency fund to prevent further debt and switch your payment method to debit or cash to make more progress on paying off the balance.

    Melissa Lambarena avatar

    Melissa Lambarena

    Writer, credit cards

    WHERE CAN PEOPLE RUN INTO TROUBLE WITH A BALANCE TRANSFER?

    Balance transfer credit cards can be good debt management tools because they can save you money on interest payments. But you'll still need to be hands on with your debt and have a repayment plan. A late payment can cause you to lose your introductory 0% APR period and result in a penalty APR that’s higher than the card’s regular rate — which can leave you in a worse financial shape than when you started.

    Funto Omojola avatar

    Funto Omojola

    Writer, credit cards

    WHERE CAN PEOPLE RUN INTO TROUBLE WITH A BALANCE TRANSFER?

    Many people hoping to do a balance transfer end up surprised and disappointed when they don't get enough of a credit limit to transfer all the debt they need to move. You might have $20,000 in debt you hope to transfer but only get approved to transfer $3,000.

    Paul Soucy avatar

    Paul Soucy

    Content director, credit cards and travel rewards

    WHERE CAN PEOPLE RUN INTO TROUBLE WITH A BALANCE TRANSFER?

    I've used several balance transfer credit cards as successful debt-zapping tools. If you have significant debt, it'll generally be worth paying the balance transfer fee. Even if you don't get a credit limit high enough to tackle all of your outstanding debt, that's fine. You can start small and attack your balance(s) brick by brick.

    Kenley Young avatar

    Kenley Young

    Editor, credit cards

  • Melissa Lambarena avatarMelissa Lambarena
  • Funto Omojola avatarFunto Omojola
  • Paul Soucy avatarPaul Soucy
  • Kenley Young avatarKenley Young
  • WHERE CAN PEOPLE RUN INTO TROUBLE WITH A BALANCE TRANSFER?

    With a balance transfer, you have to do the math to make sure that balance transfer fee is worth it. If it saves you money compared with the interest you’d pay with your current credit card over time, it can be a useful tool for paying down debt aggressively. Have a strategy in place when using a balance transfer credit card. Curb any habits that may have led to the debt, build an emergency fund to prevent further debt and switch your payment method to debit or cash to make more progress on paying off the balance.

    Melissa Lambarena avatar

    Melissa Lambarena

    Writer, credit cards

    WHERE CAN PEOPLE RUN INTO TROUBLE WITH A BALANCE TRANSFER?

    Balance transfer credit cards can be good debt management tools because they can save you money on interest payments. But you'll still need to be hands on with your debt and have a repayment plan. A late payment can cause you to lose your introductory 0% APR period and result in a penalty APR that’s higher than the card’s regular rate — which can leave you in a worse financial shape than when you started.

    Funto Omojola avatar

    Funto Omojola

    Writer, credit cards

    WHERE CAN PEOPLE RUN INTO TROUBLE WITH A BALANCE TRANSFER?

    Many people hoping to do a balance transfer end up surprised and disappointed when they don't get enough of a credit limit to transfer all the debt they need to move. You might have $20,000 in debt you hope to transfer but only get approved to transfer $3,000.

    Paul Soucy avatar

    Paul Soucy

    Content director, credit cards and travel rewards

    WHERE CAN PEOPLE RUN INTO TROUBLE WITH A BALANCE TRANSFER?

    I've used several balance transfer credit cards as successful debt-zapping tools. If you have significant debt, it'll generally be worth paying the balance transfer fee. Even if you don't get a credit limit high enough to tackle all of your outstanding debt, that's fine. You can start small and attack your balance(s) brick by brick.

    Kenley Young avatar

    Kenley Young

    Editor, credit cards

    FREQUENTLY ASKED QUESTIONS

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    A balance transfer involves moving debt from a high-interest credit card to a new card with a lower interest rate, ideally one with an introductory 0% period. Essentially, you're using one card to pay off another, but because you aren't paying as much in interest, you have more money available to pay down your debt more quickly.

    When evaluating balance transfer credit cards, you'll want to pay attention to:

    • The balance transfer fee. Most cards charge a fee of 3% to 5% of the amount transferred. That translates to $30 to $50 for each $1,000 transferred. A handful of cards charge no transfer fee, although such offers are hard to find and can be difficult to qualify for.

    • The introductory interest rate (APR). Credit cards designed for balance transfers offer a lower interest rate on transfers for a certain period of time after you open the account. Usually, this promotional rate is 0%, but on some cards it might be something like 2.99%.

    • The length of the intro APR period. The best balance transfer credit cards offer 15 months or more at 0%. When the promotional period ends, the interest rate shoots up, so you'll want to have your debt paid off by the end of that time.

    • The annual fee. The point of a balance transfer is to save money, so you shouldn't be paying an annual fee.

    • The issuer. You typically can't transfer debt between cards from the same issuer. For example, if you have debt on a Citi credit card, you can't move it to another Citi card.

    In most cases, you'll need good to excellent credit to qualify for a card with an introductory 0% period. That generally means a credit score of 690 or better. However, credit scores alone aren't the only factor that card issuers take into consideration. A person with an excellent credit score could still be rejected; a person with a score in the mid-600s might still be approved.

    The first step in executing a balance transfer is applying for a balance-transfer credit card. Once you're approved for the new card, tell that card's issuer that you want to do a transfer. (You can sometimes do this through your credit card's online portal or mobile app; in other cases, you'll have to call the number on the back of the card.)

    The new card's issuer will ask for information about the balance you want to transfer, including the financial institution, the account number and the amount of the debt. Depending on your credit limit and the issuer's rules, you may be approved for the full amount of the transfer or only a portion.

    The transfer can take a while, so keep an eye on both accounts until the debt disappears from the old one and shows up in the new one. Make at least the minimum payments on the old account until the debt is transferred.

    A balance transfer by itself isn't going to have much of an effect on your credit score. The transfer doesn't make the debt go away; it simply moves it to a new place. In fact, applying for the balance transfer card could knock a few points off your score in the short term.

    What matters is what you do after you transfer your balance. If you take advantage of the breathing room and significantly reduce your debt, your credit can benefit, since the amounts you owe are a significant factor in your scores.

    If you'll have the money to pay off your credit card debt within a month or two, you're probably better off not bothering with a balance transfer. That's because the transfer fee you'd have to pay would probably outweigh any interest that would accumulate during that time. But if paying off that debt will take three or four months, or longer, your interest savings will probably more than make up for the fee.

    If you take advantage of a 0% balance transfer offer to aggressively pay off what you owe, there's no real downside. The money you save on interest can instead go toward eliminating the debt even more quickly. But if all you're doing is "parking" debt on a 0% card and paying only the required minimum without a plan to significantly reduce what you owe, you're only treading water. The 0% period will run out and you'll be right back where you started.

    For a credit card issuer, taking on a consumer's existing debt at 0% interest is a risk, so issuers are careful about whom they approve for a balance transfer. Generally speaking, issuers are reluctant to take balance transfers from people with credit scores much below 700. Each issuer evaluates applications according to its own risk-assessment rubrics; what might be an "easy" card for one applicant to get could be completely unattainable for someone else. As a result, there's no single balance transfer card that you can confidently say is the "easiest" to quality for.

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    NerdWallet's Credit Cards team selects the best balance transfer credit cards based on overall consumer value, as evidenced by star ratings, as well as their suitability for specific kinds of consumers. Factors in our evaluation include annual fees, balance transfer fees, the length of each card's 0% introductory APR period, ongoing APRs, credit-profile requirements, cardholders' access to credit scores, and other noteworthy features such as rewards or perks that give the card ongoing value beyond the promotional APR period. Learn how NerdWallet rates credit cards.

    About the author

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    Paul Soucy

    Paul has been the lead editor for NerdWallet's credit cards team since 2015 and for the travel rewards team since 2023. Previously, he worked at USA Today and the Des Moines Register, then built a freelance writing and editing business focused on personal finance topics. He has a bachelor's degree in journalism and an MBA. Read full profile
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