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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.

A balance transfer card can save over $1,000
chartchart
Total savings:
Financial savings:
$1,431
Pay off debt faster by:
3months

How to choose the right balance transfer card

Know the fees
Know the fees
Make sure you factor in the balance transfer fee (typically 3% to 5%) when choosing a card.
Avoid paying interest
Avoid paying interest
To get the most savings, aim to pay off your debt before interest kicks in.
Use a different provider
Use a different provider
You can’t transfer balances between cards from the same issuer. So be sure to apply to a different issuer.

A few of our favorite cards

Best sign-up bonus:
Discover it® Balance Transfer – NerdWallet Exclusive!

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!

on Discover's website, or call (800) 347-0264

Pros
  • Bonus cash back categories
  • No annual fee
  • Intro APR period on Purchases and Balance Transfers
  • No foreign transaction fee
Cons
  • Slightly less merchant acceptance for Discover in US - acceptance outside of US can be an issue
  • If you value simplicity, a flat rate cash back card may be better
Annual Fee
$0
    Intro APR Promotions
    • 0% intro APR on Purchases for 6 months and 0% intro APR on Balance Transfers for 18 months
    APR
    • APR: 11.99% - 22.99% Variable APR
    • Cash Advance APR: 24.99%, Variable
    Card Details
    • 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.
    • 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.
    • Redeem cash back any amount, any time. Rewards never expire.
    • #1 Most Trusted Credit Card according to Investor’s Business Daily.
    • Get your free Credit Scorecard with your FICO® Credit Score, number of recent inquiries and more.
    • No annual fee.
    • Discover is accepted nationwide by 99% of the places that take credit cards.
    • View Rates and Fees
    Show Details

    Best for cost effectiveness:
    BankAmericard® credit card

    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

    on Bank of America's website

    Pros
    • No annual fee
    • Intro APR period on Purchases and Balance Transfers
    Cons
    • No rewards
    Annual Fee
    $0
      Intro APR Promotions
      • 0% intro APR for 12 billing cycles on purchases and on balance transfers made within 60 days of account opening
      APR
      • APR: 12.99% - 22.99% Variable APR
      Card Details
      • 0% Introductory APR for 12 billing cycles for purchases, and for any balance transfers made in the first 60 days. After the intro APR offer ends, 12.99% - 22.99% Variable APR will apply. A 3% fee (min $10) applies to all balance transfers
      • 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
      Show Details
      Want to see more cards? See our entire lineup of balance transfer cards from 2018.

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