What happens to your old credit card after a balance transfer?

Your old credit card is still open after you transfer the balance. You can choose to close the card if no longer needed. Keeping older accounts open is good for your credit score, though. It still holds value, especially if it carries no annual fee.

How much can someone roughly save with a 0% balance transfer?

The amount you will save through a balance transfer depends on your balance amount, the old card’s interest rate and the length of the introductory APR offer. For example, let’s say you transferred a $3,500 balance to a new card with an 18-month introductory offer and a 3% transfer fee. You would pay off the entire balance in 15 months by making $250 monthly payments and only paying $105 in fees. If your old card charged 14.99% APR and made the same $415 monthly payments, it would take you 16 months to pay off the $3,500 balance, and you would pay $322 in interest.

Can you do balance transfers online?

Some card issuers allow you to transfer balances through your online account or their mobile app. Others require you to call the customer service number located on the back of your card to initiate the transfer.

How long do balance transfers take?

Balance transfers can take up to several weeks to be processed. Citi Bank, for example, can take anywhere from 2 to 21 days to process a balance transfer request for most cards.

How much money can you transfer?

The amount you can transfer depends on the limit set by the card issuer. You can’t transfer a balance larger than the card’s limit, so you may only receive a partial transfer up to the limit.

Can you transfer your credit card balance to a mortgage or another loan?

You cannot literally transfer your credit card balance to a mortgage or a personal loan. However, if you get a home equity loan, you may use proceeds from the same to pay off your credit card balances. This also applies to funds you receive through a personal loan. If you have multiple high-interest credit card debts, you may consider taking a look at what debt consolidation loans have to offer. These loans let you combine multiple debts into a single one. Some credit cards offer 0% APR offers on balance transfers for new cardholders . If you pay off your transferred balance within a stipulated time period – usually 12 to 20 months – you pay no interest. However, outstanding balances start accruing interest from the date the promo period ends.

How many balance transfers can you do on one card?

Generally, there’s no limit to the number of transfers you can do on one card as long as you stay under the transfer limit. But some card issuers may limit the number of transfers, so always check before applying for a new card. Keep in mind that transfers made outside of the introductory period won’t receive 0% APR.

Do balance transfers hurt your credit?

Balance transfers don’t hurt your credit score. As you pay off your balance, your credit utilization goes down, which can help your score. Opening a new credit card, though, can drop your score temporarily. The amount of new credit you have factors into your score and your credit age, which drops each time you open a new card.

What should you do if you still have an unpaid balance when the intro period ends?

If you still have an outstanding balance towards the end of the introductory period, you can transfer the balance to another card, make a lump sum payment at the end to avoid interest charges or keep the remaining balance and pay interest on it.

Can you transfer business card balances?

Yes, business card transfers work the same as with personal credit cards. You can also transfer over a balance from a personal credit card to a business balance transfer card in many cases. A small business owner who used personal cards to launch a business is a perfect candidate for this transfer type.

Can you transfer partial balances?

Yes, you can transfer only a portion of your existing card balance. The remaining balance will still accumulate interest charges until it’s paid off.

Is it better to use a loan or credit card to pay off or consolidate debt?

Whether a loan or balance transfer card is better to pay off debt depends on your specific needs and factors like interest rates, the amount of debt you have and how long you require to pay it off.

The Best Balance Transfer Credit Cards in 2021

Save time searching with MoneyGeek's top picks for the best balance transfer credit card offers for 2021 and tips for finding the best card for balance transfers.

Quality Verified

Last Updated: 9/23/2021

Explore Expert Insight

Balance transfer cards are a valuable tool for paying off credit card debt. And Americans know a thing or two about credit card debt. They accounted for $756 billion in credit card debt in 2020 -- the average credit card balance during that time was $5,315. And with the average annual percentage rate (APR) being 16.28% in Q4 2020, a credit card with a low balance transfer offer could be a good option for people who carry a credit card balance month to month. Expensive interest charges make it difficult to climb out of debt.

The best balance transfer cards help you pay off existing credit card debt while avoiding costly interest fees. These cards come with 0% APR offers, which means you pay no interest on your balance for a set period of time, typically six to 18 months and up to 20 months in some cases. Most credit card issuers charge a fee to transfer over a balance from another card, but in most cases, the chance to pay no interest while paying off the balance more than makes up for the added cost.

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MoneyGeek Quick Tip: Unlike this time last year, balance transfer cards are starting to make a comeback. Though credit card issuers are still being cautious on how they extend credit, you will definitely have more options to chose from in 2021. If you're still not finding what you're looking for after reviewing our list, we recommend comparing credit cards with 0% APR intro offers.

WHICH CARDS STAND OUT IN 2021?

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MoneyGeek’s Take: Credit Cards With The Best Balance Transfer Offers

We analyzed approximately 100+ credit cards to find the very best balance transfer cards on the market for consumers. Factors we considered included balance transfer fees, the length of the 0% APR introductory period, interest paid after the intro period, other card fees, card benefits and perks and the potential drawbacks of each card. Ultimately, the best balance transfer card is the one that’s right for you. Research each card to ensure you find the best option for your specific needs.

0% APR on Balance Transfers for 20 Months

The U.S. Bank Visa Platinum card offers one of the longest introductory APR periods of any balance transfer card.

Introductory 0% APR for 18 Months

New Citi Diamond Preferred Cardholders get 18 months interest-free on balance transfers and new purchases.
The no-fee balance transfer Wells Fargo Platinum card comes with a lengthy intro period, free access to your credit score and several digital budgeting tools.

Best Balance Transfer Cards to Consider in 2021

Below are some of the best balance transfer card offers available currently. Each listing features insights into the offer, including pros and cons and an expert editorial review of the card. Use this information to guide you when choosing the right balance transfer offer for you. Some balance transfer periods extend into 2022, which could help pay down debt easier or future budget planning.

Credit Cards with Longer Balance Transfer Periods

Opting for a balance transfer card with a longer introductory offer allows you time to form a plan for paying off existing credit card debt. It helps with budgeting since you have more time to make payments on the balance.

FEATURED
U.S. Bank Visa Platinum
Best balance transfer credit card for short-term debt repayment
- Good, ExcellentCredit Needed
- 20 monthsBalance Transfer Duration
- $0Annual Fee
- 14.49%–24.49%Regular APR
The U.S. Bank Visa Platinum Card is a solid balance transfer card for short-term needs in part due to its 20-month 0% APR introductory period. This applies to both purchases and balance transfers, so it’s a great way to transfer debt from one account to the other, provided you can pay the balance off by the end of the introductory term.
Afterward, you’ll have a variable APR based on your credit. Note that this APR can be high if your credit is less than stellar, although you need decent credit to qualify in the first place.
More importantly, this card comes with no annual fees and additional cell phone insurance. Pay your cell phone bill every month with this card, and you’ll benefit from theft or damage protection worth up to $600 with a $25 deductible.
Ultimately, this is a valuable if simple card that’s perfect for specific financial goals you want to meet within the next year or two.
Pros
— No annual fee to bog you down
— Excellent introductory APR period for both purchases and balance transfers
— Includes cell phone insurance
— Flexible bill payment dates

Cons
— Does include a foreign transaction fee
— No other meaningful rewards
— Up to $600 protection on cell phone against covered theft or damage if you pay your monthly cell bill with this card
— 0% APR for 20 months after account creation for both purchases and balance transfers
— Variable 14.49%–24.49% APR after the introductory period
— Balance transfer fees are 3% of each transfer amount or $5 minimum, whichever is greater
Disclaimer: Credit card offers are constantly changing. We work hard to stay updated with the latest information, but the offers listed on our site may no longer be available.
Terms, rates and fees apply
Compare this credit card with other top-rated balance transfer cards.

Balance Transfer Cards with Perks

A few balance transfer cards offer more than a break from interest charges. Some cards come with extra perks and benefits similar to those found with top rewards credit cards. Card perks may include travel benefits, purchase protections, loyalty rewards and more.

FEATURED
Citi Diamond Preferred Card
Best balance transfer card for immediate transfers
- ExcellentCredit Needed
- 18 months*Balance Transfer Duration
- $0Annual Fee
- 13.74%-23.74%Regular APR
Citi’s Diamond Preferred Card is an effective short-term balance transfer solution. It has a four-month period during which you can transfer the balance from another account to this card with a 0% APR thanks to the generous introductory offer. The offer also applies to regular purchases and lasts for 18 months after you make your account.
Afterward, you’ll face a variable APR based on your credit score. This basic card limits your ability to transfer any other balances after four months, so you’ll need to use this card quickly to take advantage of its benefits.
With that in mind, this can be a fantastic balance transfer card if you have a specific financial goal in mind and if you want to benefit from Citi’s other deal-sweeteners, including special tickets to events like concerts or dining experiences and free FICO score access.
All told, this simple balance transfer card is quick to grasp and easy to use to its full extent, making it a particularly good choice for cardholders that don’t like a lot of complex rules or bells and whistles.
Pros
— Long 0% APR introductory term
— No annual fees
— Free access to FICO score online
— Special access to Citi-branded tickets to events, etc.

Cons
— Limited time to make balance transfers
— No other significant rewards
— Balance transfer fee of 3% of each amount transferred or $5 minimum, whichever is greater
— 0% APR for 18 months, then a variable APR of between 14.74% and 24.74% based on your credit
— Enjoy Citi Entertainment rewards and tickets upon making your account
— Free FICO score access can be found through your online account’s portal
Disclaimer: Credit card offers are constantly changing. We work hard to stay updated with the latest information, but the offers listed on our site may no longer be available.
Terms, rates and fees apply
Compare this credit card with other top-rated balance transfer cards at CardRatings.com.

Wells Fargo Platinum Card
Best balance transfer card for building credit
- Good, ExcellentCredit Needed
- 18 months*Balance Transfer Duration
- $0Annual Fee
- 16.49%–24.49%Regular APR
If you want to pay down debt particularly quickly, the Wells Fargo Platinum Card might be a good choice. For starters, this card doesn’t come with an annual fee, and you’ll benefit from a generous 0% APR introductory term for up to 18 months. This applies to any purchases and qualifying balance transfers.
Furthermore, you'll enjoy low balance transfer fees of either $5 or 3% of your balance transfer amounts for the first 120 days after opening your account. Thus, you can make your account transfers quickly and benefit from these lower fees before they increase to a minimum of $5 or 5% of each transfer amount.
Additionally, this Wells Fargo card comes with $600 of cell phone insurance if you pay your monthly phone bill with it. The coverage protects you against both theft and physical damage and is subject to a $25 deductible.
You’ll also likely enjoy the financial planning and budgeting tools included with your Wells Fargo account after signing up for this card. All in all, this is a simple but versatile card perfect for people wanting to pay down debt and rebuild their credit, especially since the included online tools can help to make a solid financial plan for the future.
Pros
— No annual fee
— Has a long intro APR term
— Includes cell phone insurance
— Account includes spending monitoring and texts and other alerts when suspicious activity is detected
— Budget-making tools included

Cons
— No significant rewards
— No intro offer
— 3% balance transfer fee for the first 120 days, then increases to 5%. $5 fee minimum regardless
— 0% APR for 18 months, then variable APR of 16.49% to 24.49%
— Cell phone insurance of up to $600 if you pay your phone bill with the card. $25 deductible
Disclaimer: Credit card offers are constantly changing. We work hard to stay updated with the latest information, but the offers listed on our site may no longer be available.
Terms, rates and fees apply
Compare this credit card with other top-rated balance transfer cards.

How We Rank Balance Transfer Credit Cards

We compile and rank our lists of suggested credit cards based on publicly available data from card issuers and other reputable sources like the Consumer Finance Protection Bureau. We review each card's fees, interest rates, rewards, benefits, and more to assign a rating for each feature. These ratings are stack ranked and weighted for each card category to determine our top selections for each type of user. Learn more about our credit card ranking methodology.

Top Rating Criteria for Balance Transfer Cards

Balance Transfer Offer Length

On-Going APR

Balance Transfer Fees

Comparing Different 0% APR Balance Transfer Offers

While they may offer other benefits, by and large, balance transfer cards are created for one thing — to help people pay off credit card balances. Here are several factors to consider as you think about which card is right for you.

Introductory offer period

The introductory 0% APR offer determines how long you have to pay off your transferred balance before you’re hit with interest charges again. Offer lengths range from six months to 20 months. If you’re transferring a large balance or are working with a tight budget, you’re better off with a longer promotional period. Some cards offer 0% APR on new purchases too. While that seems like an extra perk, adding new purchases increases your balance, possibly making it even more challenging to pay off.

Balance transfer fees

Most credit card companies charge a fee for allowing you to transfer a balance over to your newly approved credit card. Typically you’ll pay either a flat fee or a percentage of the transferred balance, whichever is greater. There may also be a minimum balance transfer fee. Always calculate how much your fee is compared to the interest charges you’re currently paying before transferring over a balance.

Balance transfer limits

In many cases, balance transfer cards have set limits to how much you can transfer over. It’s important to pay attention to the limit so that you can find a card that allows you to transfer over your entire existing balance.

Late payments

Your promotional APR rate could be affected or ended with a late payment. You could also face a late payment fee or penalty APR on your balance or future purchases. The last thing you want to do is transfer over your balance and then lose out on the purpose for signing up for the card in the first place.

Regular APR

Once the introductory period ends, your remaining balance is subject to interest charges and, possibly, fees. This is known as your regular APR. In many cases, the regular APR is the same for balance transfers and new purchases.

Other fees

The best balance transfer credit cards come with no annual fees, but there are additional fees to keep in mind when choosing a card. If you plan to use the card when traveling, you might want to find a card with no foreign transaction fees. Other fees to watch for include late fees, returned payment fees and cash advance fees.

Card benefits

A balance transfer card may come with added benefits like travel perks or purchase and fraud protection. Extra perks increase the card’s value, but they shouldn’t take priority over more important factors like the offer length and transfer fees.

Your credit score

For the most part, your credit score will determine which balance cards you qualify for. Most balance transfer cards require good or excellent credit. Only apply for cards when there’s a good chance of approval since each application requires a hard credit inquiry, which can lower your credit score.

Top Balance Transfer Cards at a Glance

Scroll for more

Card Name
BT Offer Length
APR After Offer
Credit Needed
U.S. Bank Visa Platinum
20 months
14.49% - 24.49%
Good-Excellent
Citi Diamond Preferred Card
18 months
13.74% - 23.74%
Excellent
Wells Fargo Platinum card
18 months
16.49%-24.49%
Good-Excellent

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MoneyGeek’s Quick Guide to Understanding Balance Transfers

Paying off debt is a great feeling, which is why a balance transfer card is such a powerful tool. It can jump-start your debt payoff plan. Plus, it allows you to consolidate your credit cards into one monthly bill. Not everyone is a good fit for a balance transfer card, though. There are certain nuances to balance transfer cards that you should know before deciding to apply for a card.

How Balance Transfer Credit Cards Work

Balance transfer cards allow you to transfer over existing credit card balances from other credit cards to your new card. Do the math to verify that the offer is worth any fees incurred.

Once you’re approved for your balance transfer card, you are ready to transfer a credit card balance. Here’s how the process works:

Request a transfer

Contact your new credit card issuer to request to transfer over an existing balance from another card. You can do that by calling the customer service number on the back of your card. Your card issuer may allow you to request transfers online or through its mobile app too. You will be asked for specific information about the debt you are transferring, like the account number and balance amount. Depending on card limits, you could get approved for transferring all or a portion of the existing balance.

Continue making payments on the old card

Balance transfers take time to be approved and processed. The process can potentially take weeks to be finalized. 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 payments.

Plan your debt payoff

Once the balance is moved over to the new card, make a plan to pay it off within the introductory period. Divide the total transferred balance by the promotional period’s length to determine how much you need to pay each month. If you make purchases on the new card during that time, you’ll need to factor them into your calculations too. You can also make extra payments to pay off the debt even faster.

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 they allow to be transferred to a credit card. Most card issuers only allow you to move over balances on cards issued by other credit card companies.

Who Should Consider a Balance Transfer

Balance transfers are best for individuals with high-interest debt who have good enough credit to qualify for a 0% interest balance transfer card. They are also great for those who need extended time to pay off their balance.

A balance transfer might not be the best option for individuals with low balances on existing cards or those with poor credit. Avoid balance transfers if you have no intention of paying off your balance.

Credit Card Balance Transfer Best Practices

Transferring a balance can save you money and help you pay off debt quicker. There are steps you can take to ensure a balance transfer accomplishes its intended goal.

BALANCE TRANSFER BEST PRACTICES

Pay attention to the card details: Always read through the terms and conditions before applying for a new credit card. Pay attention to things like the fee structure, what happens after the introductory period ends and more.
Create a plan to pay off the balance: Determine how much money you need to pay each month to pay off the entire balance before the end of the promotional period. This may require paying more than the minimum payment.
Avoid late fees: Do whatever is necessary to keep from making payments late. Try paying your monthly bill early to ensure your payment goes through correctly.
Avoid new purchases: The goal of the balance transfer card is to pay down debt. Each time you make new purchases, it extends the time and money necessary to pay the total balance.

Alternatives to Balance Transfers

Balance transfers can help you pay down debt quickly, but they aren’t suitable for everyone. If they’re not an option for you, there are other ways to handle debt payoff.

Other Ways to Pay Down Debt

Personal loan: You may qualify for a personal loan with a lower interest rate than your credit card, saving you money in interest charges. Also, personal loans typically offer longer payment terms than an introductory period.

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 work like crazy to pay it off, making minimum payments on all other cards. Once it's paid off, move on to the card with the next highest interest.

Expert Advice for Balance Transfer Cardholders

We continue to help your research by gathering advice from financial, credit counselors and other credit card experts and answering common questions related to balance transfer credit cards.

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

Joseph R. Stasio

Associate Professor, Marketing at Merrimack College

S. Abraham Ravid

Sy Syms Professor of Finance, Sy Syms School of Business at Yeshiva University

Babu George

Associate Dean and Professor, School of Business at Christian Brothers University

Steve Horan

Assistant Professor of Business

FAQs About Transferring Credit Card Balances

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

Balance transfer credit cards help you pay off existing debt without the burden of monthly interest fees. Research whether it makes sense to transfer the balance or not. If so, take the time to compare the best balance transfer credit cards to determine the right card for you.

Learn More About Credit Cards

About the Author

Kevin Payne is a personal finance writer specializing in credit cards, banking, and student loans. He is a regular contributor to Forbes Advisor, The Ascent, Investing Answers, and Student Loan Planner. Kevin is the budget and family travel expert behind FamilyMoneyAdventure.com.

sources

Experian. "Credit Card Debt in 2020: Balances Drop for the First Time in Eight Years." Accessed April 15, 2021.
Federal Reserve. "Consumer Credit - G.19." Accessed April 15, 2021.
Experian. "What Happens When Your Intro 0% APR Ends?." Accessed April 15, 2021.
Bank of America. "Terms and Conditions for BankAmericard®." Accessed April 15, 2021.
Chase. "Can you pay off student loans with a credit card?." Accessed April 15, 2021.
PSECU. "What Debts Can You Transfer to a Credit Card?." Accessed April 15, 2021.
Experian. "How Do Business Credit Card Balance Transfers Work?." Accessed April 15, 2021.
Chron. "How to Transfer a Personal Balance to a Small Business Credit Card." Accessed April 15, 2021.
Discover. "How Long Does a Balance Transfer Take? (and other FAQs)." Accessed April 15, 2021.
Wallethub. "Balance Transfer Calculator." Accessed April 15, 2021.
Discover. "Credit Card Interest Calculator." Accessed April 15, 2021.

*Rates or fees may vary or include specific stipulations. We recommend visiting the card issuer’s website for the most up-to-date information available.
Advertiser Disclosure: MoneyGeek has partnered with CardRatings for our coverage of credit card products. MoneyGeek and CardRatings may receive a commission from card issuers. To ensure thorough comparisons and reviews, MoneyGeek features products from both paid partners and unaffiliated card issuers that are not paid partners.