Advertisement

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
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 for rewards:
Capital One® Quicksilver® Cash Rewards Credit Card

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

Pros
  • High rewards rate and no minimum redemption
  • No annual fee or foreign transaction fee
  • Intro APR period on Purchases and Balance Transfers
  • Sign-up bonus
Cons
  • Other cards have longer 0% periods
  • No bonus rewards categories
  • Requires good/excellent credit
Annual Fee
$0
    Intro APR Promotions
    • 0% on Purchases and Balance Transfers for 15 months
    APR
    • APR: 15.49% - 25.49% Variable APR
    • Cash Advance APR: 25.49%, Variable
    Card Details
    • One-time $150 cash bonus after you spend $500 on purchases within 3 months from account opening
    • Earn unlimited 1.5% cash back on every purchase, every day
    • No rotating categories or sign-ups needed to earn cash rewards; plus, cash back won't expire for the life of the account and there's no limit to how much you can earn
    • 0% intro APR on purchases for 15 months; 15.49%-25.49% variable APR after that
    • 0% intro APR on balance transfers for 15 months; 15.49%-25.49% variable APR after that; 3% fee on the amounts transferred within the first 15 months
    • Pay no annual fee or foreign transaction fees
    Show Details

    Best for long 0% intro APR period:
    Citi Simplicity® Card - No Late Fees Ever

    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

    Pros
    • No late fee
    • No annual fee
    • Intro APR period on Purchases and Balance Transfers
    Cons
    • No rewards
    Annual Fee
    $0
      Intro APR Promotions
      • 0% on Purchases for 12 months and 0% on Balance Transfers for 21 months
      APR
      • APR: 16.24% - 26.24% Variable APR
      • Cash Advance APR: 26.74%, Variable
      Card Details
      • No Late Fees, No Penalty Rate, and No Annual Fee... Ever
      • 0% Intro APR on balance transfers for 21 months from date of first transfer. All transfers must be completed in first 4 months. After that, the variable APR will be 16.24% - 26.24%, based on your creditworthiness.
      • 0% Intro APR on purchases for 12 months from date of account opening. After that, the variable APR will be 16.24% - 26.24%, based on your creditworthiness.
      • If you transfer a balance with this offer, after your 0% Intro purchase APR expires, both new purchases and unpaid purchase balances will automatically accrue interest until all balances, including your transferred balances, are paid in full
      • The standard variable APR for Citi Flex Plan is 16.24% - 26.24%, based on your creditworthiness. Citi Flex Plan offers are made available at Citi's discretion.
      • Stay protected with Citi® Quick Lock and $0 liability on unauthorized charges.
      Show Details

      Best sign-up bonus:
      Discover it® Balance Transfer

      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

      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% on Purchases for 6 months and 0% on Balance Transfers for 18 months
        APR
        • APR: 13.49% - 24.49% Variable APR
        • Cash Advance APR: 26.49%, Variable
        Card Details
        • 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.
        • 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.
        • Redeem cash back any amount, any time. Rewards never expire.
        • 100% U.S. based customer service.
        • Get your free Credit Scorecard with your FICO® Credit Score, number of recent inquiries and more.
        • Get an alert if we find your Social Security number on any of thousands of Dark Web sites.* Activate for free.
        • No annual fee.
        • View Rates and Fees
        Show Details

        Best for cost effectiveness:
        BankAmericard® credit card

        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

        on Bank of America's website, or call (800) 322-7707

        Pros
        • No annual fee
        • Intro APR period on Purchases and Balance Transfers
        Cons
        • No rewards
        Annual Fee
        $0
          Intro APR Promotions
          • 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
          APR
          • APR: 14.49% - 24.49% Variable APR
          • Cash Advance APR: See Terms
          Card Details
          • 0% Introductory APR for 18 billing cycles for purchases, and for any balance transfers made in the first 60 days. After the intro APR offer ends, 14.49% - 24.49% 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
          Show Details
          Want to see more cards? See our entire lineup of balance transfer cards from 2018.

          Updated Jan. 6, 2020.