Get out of debt faster while paying less.
Learn how you can save big by using a balance transfer card.
Use the right tools for the job
Credit card debt stings. The good news, however, is there’s a way to pay it down with less money in a shorter time. How? By moving your debt to a balance transfer card, which is a credit card that offers a lengthy 0% interest period. Unlike an everyday credit card (which charges interest on balances you carry from month to month), balance transfer cards give you time to pay down debt while preventing interest charges from stacking up.
Take advantage of introductory 0% APRs
When you’re paying down debt, interest rates matter – a lot. For example, compare the differences between paying down a $10,000 debt on an 18% APR card and a 0% balance transfer card. Using the balance transfer card could save you around $1,431, even after paying a transfer fee of $300. Want to save even more? Sign up for a card that doesn’t charge a transfer fee. As a heads up, the amount you may qualify to transfer and save depends on a variety of factors including your credit worthiness.
How to choose the right balance transfer card
A few of our favorite cards
Best for rewards: Capital One® Quicksilver® Cash Rewards Credit Card is a balance transfer card and rewards credit card in one, especially if you travel.
There is No annual fee or foreign transaction fee and it comes with a generous 0% APR offer: 0% on Purchases and Balance Transfers for 15 months. After the intro period, you can expect a 15.49% - 25.49% Variable APR. The card has a welcome offer for new card holders: One-time $150 cash bonus after you spend $500 on purchases within 3 months from account opening. Also, you will earn Earn unlimited 1.5% cash back on every purchase, every day. It is a great choice if you’re trying to earn rewards on new purchases while paying off an old debt. There is a 3% introductory balance transfer fee on the amounts transferred within the first 15 months.
Capital One® Quicksilver® Cash Rewards Credit Card
on Capital One's website
Best for long 0% intro APR period: The Citi Simplicity® Card - No Late Fees Ever is great for people who need extra time to pay down debt interest-free. It has an extra-long 0% introductory APR period: 0% on Purchases for 12 months and 0% on Balance Transfers for 21 months. After the intro period, you can expect a 16.24% - 26.24% Variable APR. Combine that with the $0 annual fee, and you've got one of the few cards that allow you to pay down debt without spending a penny on interest.
The card charges a 5% balance transfer fee.
Citi Simplicity® Card - No Late Fees Ever
on Citibank's application
Best sign-up bonus: The Discover it® Balance Transfer which has an annual fee of $0, is a balance transfer credit card with cash back perks. For new card members, you'll get a big INTRO OFFER: Discover will match ALL the cash back you've earned at the end of your first year, automatically. There's no signing up. And no limit to how much is matched. Plus, when you opt in to
the 5% Cashback Program, Earn 5% cash back at different places each quarter like gas stations, grocery stores, restaurants, Amazon.com and more up to the quarterly maximum, each time you activate. Plus, earn unlimited 1% cash back on all other purchases - automatically. It comes with a generous 0% APR offer: 0% on Purchases for 6 months and 0% on Balance Transfers for 18 months. The go-to APR is 13.49% - 24.49% Variable APR after that. The card charges a 3% balance transfer fee and Discover isn’t widely accepted abroad but it could be a great choice if you’re trying to earn big cash back on new purchases while paying off an old debt.
Discover it® Balance Transfer
Best for cost effectiveness: BankAmericard® credit card
comes with a generous 0% APR offer: 0% on Purchases for 18 billing cycles and 0% on Balance Transfers for 18 billing cycles for balance transfers made in the first 60 days. After the intro period, you can expect a 14.49% - 24.49% Variable APR. Combine that with the $0 annual fee, it is a great card that allows you to pay down debt without spending a penny on interest. It has a 3% balance transfer fee for the first 60 days
BankAmericard® credit card
Updated Jan. 6, 2020.