How to Choose a Balance Transfer Credit Card

When selecting a balance transfer credit card, choose one with a low or 0% introductory APR, a long introductory period and requirements matching your credit score to fully benefit from a balance transfer.

Be sure to read the card issuer’s terms and conditions for balance transfers. Some balance transfer cards limit the amount you can move no matter how high your credit limit is. Also, you cannot transfer balances within the same card issuer or affiliates. That will limit your selection of balance transfer cards.

To find a great balance transfer credit card, you need to be clear about what you're looking for. Here are some scenarios to help you decide what kind of balance transfer offer you should get:

Unfortunately, when it comes to credit cards, you can’t have it all. Cards with the longest 0% APR offers don’t offer rewards or welcome offers.

Your credit score dictates what cards and features you’re most likely to get. If you have an excellent credit score, you’ll most likely qualify for a card with a longer introductory period and lower standard APR like the Citi® Diamond Preferred® Card. Most credit cards with balance transfer offers require at least a good credit rating or a 670 credit score. But you may be eligible for a Chase Slate Edge Card if you have a credit score of at least 580.

There are many ways to check your credit score, one of the easiest is often through your current card issuer. Large credit card issuers like Chase, American Express and Discover all offer credit monitoring to their respective customers. You can also get your credit score from Equifax, Experian or TransUnion.

At the end of your research, you should have a short list of cards you’re considering. Before submitting your application, compute how much you can save with each option. This will help you narrow down the cards you’ll apply for.

From the cards you’ve shortlisted, calculate your potential savings and costs. You can also compare the added perks of these cards. The total of these factors should clarify if a balance transfer is worth it for your situation.

In some instances, a balance transfer may not be the best option for you. For example, if you plan to pay off your balance in three months or less, a balance transfer may cost more than retaining and paying your old card. You can use a balance transfer calculator to compute how much you save on interest or if a balance transfer is worth it.

Once you've identified your ideal balance transfer credit card, the next step is to apply. Your credit score, relationship with the bank and financial history will influence your approval chances and the specific terms you'll be offered.

After submitting your application, it goes under review. This process can take anywhere from a few minutes (in automated systems) to a few business days for manual reviews. Note that you may experience a temporary dip in your credit score due to a hard inquiry.

Once approved, you can initiate the balance transfer. But keep in mind the balance transfer process takes time. Depending on the credit card issuer, it could take between two days to six weeks to complete.

During this period, continue making at least the minimum payments on your existing card to avoid late fees and potential damage to your credit score.You’ll know once a balance transfer is complete if your old card reads $0, or the payment from your new card has been reflected.

Selecting a balance transfer credit card involves understanding various details. To assist you in making an informed choice that aligns with your financial goals, we've compiled a list of frequently asked questions.