The content on this page is accurate as of the posting date; however, some of the offers mentioned may have expired.

The best balance transfer credit cards help you pay off existing credit card debt while avoiding costly interest fees. These cards come with introductory 0% APR offers, meaning you pay no interest on your balance for a set period of time, typically six to 18 months and up to 21 months in some cases. While most credit card issuers charge a fee to transfer over a balance from another card, the chance to pay no interest while paying off the balance typically more than makes up for the added cost.

According to Experian, the average credit card balance in 2022 was $5,910. Paying off that debt can be tough with interest that keeps growing — the average APR rose above 20% in early 2023. A credit card with a 0% APR offer for a year or more could give you the breathing room you need to finally get out of debt.

Why You Can Trust Our List

Best Balance Transfer Credit Cards

If you're looking for a smart way to save on credit card interest and manage your debt more effectively, balance transfer cards could be the solution to help pay down your debt. We've compiled this guide to the best balance transfer credit cards available today. These cards have lengthy intro APR offers, reasonable fees and some even offer ongoing value beyond the balance transfer offer.


  • Citi® Diamond Preferred® Card

    Best for long 0% APR period on balance transfers


    • 0% Intro APR (then variable APR)Balance Transfer Offer
    • 21 monthsBalance Transfer Duration
    • 18.24% – 28.99% VariableAPR
    • $5 or 5%, whichever is greaterBalance Transfer Fee
    • ExcellentRecommended Credit

  • Chase Slate Edge℠

    Best for ongoing low APR potential


    • 0% Intro APR (then variable APR)Balance Transfer Offer
    • 18 monthsBalance Transfer Duration
    • 20.49% – 29.24% VariableAPR
    • $5 or 3% in the first 60 days. After that, either $5 or 5%, whichever is greater. Balance Transfer Fee
    • Fair–ExcellentRecommended Credit

  • U.S. Bank Visa® Platinum Card

    Best for long intro APR offer on balance transfers and purchases


    • 0% Intro APR (then variable APR)Balance Transfer Offer
    • 18 billing cyclesBalance Transfer Duration
    • 19.74% – 29.74% VariableAPR
    • $5 or 3%, whichever is greaterBalance Transfer Fee
    • Good–ExcellentRecommended Credit

  • Capital One Quicksilver Cash Rewards Credit Card

    Best for intro APR on balance transfers and purchases with ongoing value


    • 0% Intro APR (then variable APR)Balance Transfer Offer
    • 15 monthsBalance Transfer Duration
    • 19.99%–29.99% VariableAPR
    • 3% of the amount transferred that posts on your account during the first 15 monthsBalance Transfer Fee
    • Good–ExcellentRecommended Credit

    Capital One Quicksilver Cash Rewards Credit Card
  • Citi® Double Cash Card

    Best for intro APR on balance transfers and earning rewards


    • 0% Intro APR (then variable APR)Balance Transfer Offer
    • 18 monthsBalance Transfer Duration
    • 19.24% – 29.24% VariableAPR
    • $5 or 3% whichever is greater; $5 or 5% after first four months*Balance Transfer Fee
    • Good–ExcellentRecommended Credit

  • Capital One VentureOne Rewards Credit Card

    Best balance transfer card with travel rewards


    • 0% Intro APR (then variable APR)Balance Transfer Offer
    • 15 monthsBalance Transfer Duration
    • 19.99%–29.99% VariableAPR
    • 3%Balance Transfer Fee
    • Good–ExcellentRecommended Credit

    Capital One VentureOne Rewards Credit Card
  • Citi Simplicity® Card

    Best for long intro APR offer on balance transfers and no late fees


    • 0% Intro APR (then variable APR)Balance Transfer Offer
    • 21 monthsBalance Transfer Duration
    • 19.24% – 29.99% VariableAPR
    • $5 or 3% whichever is greater; $5 or 5% after first four months*Balance Transfer Fee
    • Good–ExcellentRecommended Credit

Card
Balance Transfer Offer

0% intro APR on balance transfers for 21 months and purchases for 12 months
(then 17.99%-28.74% variable APR)

0% intro APR on balance transfers and purchases for 18 months (then
20.24%-28.99% variable APR)

0% intro APR on eligible balance transfers and purchases for 18 billing cycles
(then 19.49%-29.49% variable APR)

0% intro APR on balance transfers and purchases for 15 months, (then
19.99%-29.99% variable APR)

0% intro APR on eligible balance transfers for 18 months (then
18.99%-28.99% variable APR)

0% intro APR on balance transfers and purchases for 15 months (then
19.99%-29.99% variable APR)

0% intro APR on balance transfers for 21 months and purchases for 12 months (then
18.99%-29.74% variable APR)

What Is a Balance Transfer Credit Card?

A balance transfer credit card is a type of credit card that allows you to move debt from one or more credit cards to another. The primary aim is to save money on interest payments with a promotional offer of a low or even 0% interest rate for a specified period. This period can range from several months to over a year or more. If you're juggling multiple credit card payments, consolidating those debts onto one card can also make it easier to track what you owe and make a single monthly payment.

Many balance transfer cards charge a fee (usually a percentage of the transferred balance) to move your debt onto the card. It's important to do the math to see if you'll save more on interest than you pay to transfer the balance. It's also important to pay off your debt during the introductory APR period, as any remaining balance after it ends will start to accrue interest at the regular interest rate.

While a balance transfer card can offer a fresh start, if you continue to accrue new debt, you could end up in a worse position than when you started. The aim should be to use the balance transfer card as a tool to help pay down debt, not as an opportunity to take on more.

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MONEYGEEK EXPERT TIP

Depending on the card issuer, you may be able to transfer over other debt balances besides credit cards, like auto loans, student loans and personal loans. Check with the card issuer or read through the card’s terms and conditions to determine what types of debt can be transferred to it. Most card issuers only allow you to move over balances from cards issued by other credit card companies.

Benefits of Balance Transfer Credit Cards

  • discount icon

    Save on Interest

    A 0% intro APR period can significantly reduce the amount of interest you pay, especially if you have high-interest debt.

  • creditCard1 icon

    Consolidate Debt

    If you're juggling multiple credit card debts, a balance transfer card can consolidate these debts into one place, simplifying your financial management and making it easier to focus on repayment.

  • goodCredit icon

    Improve Your Credit

    If managed correctly, a balance transfer card can help improve your credit score over time by reducing your credit utilization ratio and enabling consistent on-time payments.

Drawbacks of Balance Transfer Credit Cards

  • autopay icon

    Balance Transfer Fees

    Most cards charge a fee for balance transfers, often 3% to 5% of the transferred amount, with a minimum of $5 or $10. Depending on the size of your balance, this fee could offset some or all of your interest savings.

  • shoppingBag icon

    Temptation to Overspend

    The availability of additional credit and a 0% APR period might tempt some users to accrue more debt. This could lead to a worse financial situation in the long run.

  • highInterestAPR icon

    High APRs After Introductory Offer

    After the promotional period ends, the regular interest rate will kick in, and you'll start accruing interest on any remaining balance. If you haven't made significant progress on your balance, you could end up back where you started.

How Balance Transfers Work

When you transfer a balance from one card to the balance transfer card, the new card pays off the old card's debt. This doesn't mean your debt is erased — instead, you now owe the amount you transferred to the new card issuer instead of the old one. However, the key advantage is that you'll be charged less interest during the introductory period on the new card, allowing more of your payments to go toward the principal balance and potentially saving you a significant amount of money.

1

Research and Compare Offers

Start by researching different balance transfer credit cards. Pay attention to the promotional interest rate, the length of the promotional period, any balance transfer fees and the interest rate after the promotional period ends.

2

Apply for A Card

Once you've chosen a balance transfer card that fits your needs, you can apply it. This typically involves providing personal and financial information and agreeing to a hard credit inquiry. If your application is approved, you'll be given a credit limit on your new card. The amount you can transfer may be less than this limit, as it often needs to include any balance transfer fees.

3

Request A Transfer

You'll then request a balance transfer from the old card(s) to the new card. This might be done during the application process or after approval, depending on the card issuer. You'll need to provide details about the debts you want to transfer. The new card issuer will pay off the old card(s), essentially moving your debt from the old card(s) to the new one. This can take anywhere from a few days to a few weeks.

4

Continue Making Payments on the Old Card

Balance transfers take time to be approved and processed. Continue to make minimum payments on your old card until the balance has been moved to the new card. Failure to make payments on the old card before that time could result in costly late fees.

5

Pay Off Your Balance During the Intro APR Period

Begin making payments on your new card. You'll typically pay no interest on the transferred balance during the promotional period. It's wise to try to pay off as much of the balance as possible to take full advantage of the reprieve from interest.

Once the promotional period ends, the interest rate will rise to the regular APR. Any balance remaining will start to accrue interest at this higher rate.

6

Avoid New Purchases

It's best to avoid any new purchases on your balance transfer card. Not only will they likely be charged the regular interest rate — not the promotional rate — but they'll also increase your balance, making it harder to pay off during the introductory period.

Is a Balance Transfer Credit Card Worth It?

Deciding whether a balance transfer credit card is worth it is a complex decision that hinges on your unique financial situation, credit history and spending habits. Consider the interest rates on your current debts, the terms of the balance transfer offer, your ability to pay off the debt before the promotional period ends and the potential impact on your credit score. Other determining factors should include the balance transfer fees and your spending habits. While a balance transfer card can be an effective tool to save money on interest and simplify your financial management, it's not a one-size-fits-all solution and could potentially exacerbate financial issues if not utilized responsibly.

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HOW MUCH CAN A BALANCE TRANSFER SAVE?

Here's a simple example to illustrate how much you could potentially save:

Let's say you have a $5,000 balance on a credit card with an APR of 20%.

Now, let's say you transfer that balance to a new credit card with a 0% introductory APR for 12 months and a 3% balance transfer fee. The balance transfer fee would be $150, so you would start off with a balance of $5,150 on your new card.

If you manage to pay off the balance within the 12-month promotional period, you'd save all the interest you would've paid on the old card during that time, less the balance transfer fee.

In this case, if you had stayed with the old card and made similar payments, you might have paid over $550 in interest during that same 12 months. So your net savings could be around $400.

Who Should Get a Balance Transfer Credit Card?

  • People with high-interest debt: If you're currently carrying a large balance on a credit card with a higher-than-average interest rate, transferring the balance to a card with an introductory 0% APR period can save you a lot of money in interest payments.
  • Those looking to consolidate debt: If you have multiple credit cards and are finding it challenging to manage all the different payments, a balance transfer can consolidate your debts into one place, simplifying your payments.
  • Cardholders with a plan: If you are disciplined in your financial habits and can trust yourself to pay off the debt before the promotional interest rate expires, a balance transfer card could be a good option.

Who Shouldn't Get a Balance Transfer Credit Card?

  • People with lower balances: If you have a relatively low balance on your credit card, transferring it to a card with an intro APR period might not save you much, especially when considering potential balance transfer fees.
  • Individuals with poor credit: If you have poor credit, you might not qualify for the best balance transfer offers, and the fees and higher post-promotional interest rates could end up costing you more in the long run.
  • Frequent balance transfer users: If you've already done a few balance transfers and haven't made significant progress in paying down your debt, it might be time to look at other options. Regularly applying for new balance transfer credit cards can impact your credit score negatively and might be a sign of larger financial issues.

Alternatives to a Balance Transfer Credit Card

If you've accumulated a lot of credit card debt that you need to pay off, there are a few alternatives to balance transfer cards.

  • loans icon

    Personal Loans

    You may qualify for a personal loan with a lower interest rate than your credit card, which you can use to pay off the card balance and save money on interest charges. Also, personal loans typically offer longer payment terms than an introductory period.

  • creditCards icon

    Debt Payoff Plan

    You could keep your balance on the existing card and develop a plan to pay off your debt. One method for paying off debt is called the debt avalanche method. With a debt avalanche, you find the card with the highest interest rate and prioritize paying it off, making minimum payments on all other cards. Once it's paid off, move on to the card with the next-highest interest. Another approach is the snowball method, where you focus on paying off the smallest balance first to help you build momentum for paying off your next-largest balance.

Frequently Asked Questions About Secured Credit Cards

There are important details you should know if you’re thinking about transferring an existing credit card balance.

Continue Reading

Expert Advice: Best Balance Transfer Credit Cards

  1. How can balance transfers impact your credit score short and long term?
  2. What are one or two common mental mistakes people make when they do a balance transfer, and what can you do to avoid them?
Radhika Duggal
Radhika Duggal

CMO, Super.com and Professor at NYU Stern School of Business

Nirit Rubenstein
Nirit Rubenstein

CEO & Co-founder of Dovly

Robert Gmeiner
Robert Gmeiner

Assistant Professor of Financial Economics at Methodist University

David A. Frantsvog
David A. Frantsvog

Assistant Professor at Minot State University

Dr. Rashiqa Kamal, Ph.D.
Dr. Rashiqa Kamal, Ph.D.

Associate Professor of Finance at the University of Wisconsin-Whitewater

Samira Hussein
Samira Hussein

Professor of Business Administration at Johnson County Community College

Kathryn Kelley, CFP®, CLTC®
Kathryn Kelley, CFP®, CLTC®

Financial Advisor at Sale Financial Group

About Grace Pilling


Grace Pilling headshot

Grace Pilling is passionate about empowering readers to make informed financial choices to support their best lives, not a company’s bottom line. Prior to joining MoneyGeek as a senior content manager, Grace was a senior editor at CreditCards.com and Bankrate, where she focused on teaching people how to use credit cards wisely.


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*Rates, fees or bonuses may vary or include specific stipulations. The content on this page is accurate as of the posting/last updated date; however, some of the offers mentioned may have expired. We recommend visiting the card issuer’s website for the most up-to-date information available.
Editorial Disclosure: Opinions, reviews, analyses and recommendations are the author’s alone and have not been reviewed, endorsed or approved by any bank, credit card issuer, hotel, airline, or other entity. Learn more about our editorial policies and expert editorial team.
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