ADVERTISEMENT: Products from our partners
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 sign-up bonus: The Discover it® Balance Transfer – NerdWallet Exclusive! 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: Unlimited Cashback Match – 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. Plus, when you opt in to
the 5% Cashback Program, Earn 5% cash back on everyday purchases at different places each quarter like Amazon.com, grocery stores, restaurants, gas stations and when you pay using PayPal, up to the quarterly maximum when you activate. Plus, earn unlimited 1% cash back on all other purchases – automatically. It comes with a generous 0% APR offer: 0% intro APR on Purchases for 6 months and 0% intro APR on Balance Transfers for 18 months. The go-to APR is 11.99% - 22.99% 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 – NerdWallet Exclusive!
Best for cost effectiveness: BankAmericard® credit card
comes with a generous 0% APR offer: 0% intro APR for 12 billing cycles on purchases and on balance transfers made within 60 days of account opening. After the intro period, you can expect a 12.99% - 22.99% 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