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Balance transfer credit cards are a great way to save money while you pay off debt. These types of credit cards offer a low introductory APR -- the best balance transfer credit cards even start with an intro 0% APR. Pay off your balance before the intro period ends, and you can avoid interest fees entirely. On our list of the best balance transfer credit cards, you'll find top choices that offer the longest intro periods and the fewest fees. Great for: Long 0% intro APR
 Rating image, 5.00 out of 5 stars. Credit Score: Intro APR Info IconCircle with letter I in it. 0% intro APR, up to 21 months from account opening on qualifying balance transfers Purchases: 0% intro APR, up to 21 months from account opening Balance Transfers: 0% intro APR, up to 21 months from account opening on qualifying balance transfers Regular APR 16.74% - 28.74% variable APR
Great for: Balance transfers and cash back
Rating image, 5.00 out of 5 stars. Credit Score: Intro APR Purchases: 0%, 6 months Balance Transfers: 0%, 18 months Regular APR 14.99% - 25.99% variable APR Rewards Info IconCircle with letter I in it. 5% cash back at different places each quarter up to the quarterly maximum when you activate. 1% unlimited cash back on all other purchases - automatically 1% - 5% Cashback Welcome Offer Info IconCircle with letter I in it. Discover will match all the cash back you’ve earned at the end of your first year. Cashback Match
Great for: Balance transfers and cash back
Rating image, 5.00 out of 5 stars. Credit Score: Intro APR Info IconCircle with letter I in it. N/A Purchases: N/A Balance Transfers: 0%, 18 months Regular APR 17.74% - 27.74% (Variable) Rewards Info IconCircle with letter I in it. 2% cash back: 1% when you buy plus 1% as you pay Up to 2% cash back Welcome Offer Info IconCircle with letter I in it. Earn $200 cash back after spending $1,500 on purchases in the first 6 months of account opening. $200 cash back
Great for: Balance transfers and purchases
Rating image, 5.00 out of 5 stars. Credit Score: Intro APR Info IconCircle with letter I in it. 0% Intro APR for 21 billing cycles for any purchases, or any balance transfers made in the first 60 days Purchases: 0%, 21 billing cycles Balance Transfers: 0%, 21 billing cycles Regular APR 14.99% - 24.99% Variable APR
Great for: Long 0% intro APR
Rating image, 4.50 out of 5 stars. Credit Score: Intro APR Purchases: 0%, 12 months Balance Transfers: 0%, 21 months Regular APR 17.74% - 28.49% Welcome Offer Info IconCircle with letter I in it. There is an intro balance transfer fee of 3% of each transfer (minimum $5) completed within the first 4 months of account opening. Lower intro balance transfer fee
Great for: Balance transfers and purchases
Rating image, 4.50 out of 5 stars. Credit Score: Intro APR Info IconCircle with letter I in it. 0% Intro APR on purchases and balance transfers for 18 billing cycles. After that, a variable APR currently 18.24% - 28.24% (Variable). Purchases: 0%, 18 billing cycles on purchases Balance Transfers: 0%, 18 billing cycles Regular APR 18.24% - 28.24% (Variable)
Rating image, 4.50 out of 5 stars. Credit Score: Intro APR Info IconCircle with letter I in it. 0% Intro APR for 18 billing cycles for any purchases, or any balance transfers made in the first 60 days Purchases: 0%, 18 billing cycles Balance Transfers: 0%, 18 billing cycles Regular APR 16.99% - 26.99% Variable Rewards Info IconCircle with letter I in it. 3% cash back in your choice category, 2% at grocery stores & wholesale clubs (up to $2,500 in combined choice category/grocery store/wholesale club quarterly purchases), 1% on all other purchases. 1% - 3% cash back Welcome Offer Info IconCircle with letter I in it. $200 online cash rewards bonus after making at least $1,000 in purchases within the first 90 days of account opening $200 cash rewards
Savvy consumers use credit card balance transfer offers to refinance or consolidate credit card debt. And when used correctly, the best balance transfer credit cards can save you hundreds of dollars in interest. To get the best results with these credit cards, it helps to understand how balance transfers work. What is a balance transfer credit card?Balance transfer credit cards are cards that can receive balance transfers -- a feature not offered by all credit cards. A balance transfer is moving a balance from one account to another. Once you've completed a balance transfer, the original account is paid off, and you make payments on the account that received the transfer. You're essentially using the balance transfer card to pay off your debt. The best balance transfer credit cards come with a 0% introductory APR -- similar to 0% intro APR credit cards -- on a qualifying balance transfer. This means that you won't pay credit card interest on the balance transferred for the intro period, which can be anywhere from a few months to 20 or more billing cycles. After the introductory APR ends, the card issuer will start charging the card's regular variable APR on any remaining balance. Paying off your balance quickly will help you avoid getting an interest charge when the intro APR period ends. The type of debt you can transfer depends on your balance transfer card. Sometimes a card issuer will only let you transfer credit card balances, whereas others let you transfer all kinds of debt. Consumers typically use balance transfer cards for credit card debt. The total amount of the transfer plus any transfer fees must be less than the balance transfer card's credit limit. If it isn't, you'll find your balance transfer denied. You can't transfer a balance between two cards from the same card issuer, either. A balance transfer from a Chase credit card to a Citi credit card is fine, but a transfer between two Chase credit cards wouldn't be allowed. What is a balance transfer fee?A balance transfer fee is a fee charged for moving a balance onto a new credit card. The balance transfer fee is charged by the balance transfer card (the card that receives the balance). It's typically between 3% and 5%. The balance transfer fee is charged as a percentage of the amount transferred and typically added to your overall credit card balance. For example, if you transfer $1,000 to a credit card with a 3% balance transfer fee, you'll be charged a $30 balance transfer fee. Your new balance on the balance transfer card will be $1,030. How to do a balance transferHere are a few steps on how to do a balance transfers:
How to do a balance transfer with ChaseBalance transfers with Chase can be completed by logging into your Chase account and doing the following:
How to do a balance transfer with DiscoverBalance transfers with Discover can be done by going to your online Discover account and following these steps:
How to do a balance transfer with Wells FargoBalance transfers with Wells Fargo are available through your online Wells Fargo account when you follow these steps:
What happens to the old credit card after the balance transfer?The credit card that originally had the balance will remain open after the balance transfer. Although you can continue using it, you should strongly consider waiting until you've paid off all your credit card debt. You don't want to make the same mistakes and run up a costly balance. How to compare balance transfer credit cardsComparing credit cards is all about saving the most money, and choosing one of the best balance transfer credit cards can save you big. Here are the steps to compare balance transfer offers:
Avoiding other fees, such as an annual fee or late fee, is also smart. The Citi Simplicity® Card card doesn't charge a late fee, although you should avoid making late payments as you can lose your 0% intro APR offer. None of the cards on this list charge an annual fee. You should avoid cards with an annual fee, as it can eat into any savings you get from the introductory APR. To learn more about how to pick the best balance transfer credit card, check out the video below. Does a balance transfer affect your credit score?Balance transfers can hurt and help your credit. When you use a balance transfer card, it affects three factors used to calculate your credit score:
Although your credit score may or may not drop after a balance transfer, it will likely go up as you pay down your credit card debt. After all, building a positive payment history is one of the best ways to rebuild credit. And a balance transfer credit card allows you to do that faster while also saving on interest. Is there a limit to how much you can transfer?You can never transfer a balance that's larger than your credit limit. Some balance transfer credit cards will only let you transfer up to a percentage of your credit limit -- usually 70% to 95% -- while others will let you reach your credit limit. Keep in mind that any balance transfer fees will add to your balance as well. If you're transferring a $1,000 balance to a card with a 3% balance transfer fee, you'll need a credit limit big enough to cover a $1,030 balance. Is a balance transfer credit card right for you?It's important to consider the benefits and drawbacks of doing a balance transfer with a balance transfer credit card. While the best balance transfer credit cards can save you hundreds in interest, they can also end up costing you. A balance transfer credit card is a good idea if:
A balance transfer credit card is not a good idea if:
Alternatives to balance transfersIf you're not sure that a balance transfer credit card is the best option for you, consider these alternatives: Personal loans for debt consolidationBy paying your debts with a personal loan, you'll have a fixed loan term, payment amount, and interest rate. Consolidating debt is a great way to ensure you can afford your monthly payments and get your debt paid off in full. Even though debt consolidation loans don't offer 0% intro APRs, you can find personal loans with low interest rates. You also won't need to worry about the APR going up like it does with balance transfer cards at the end of the intro period. Home equity loans/home equity lines of creditSince a home equity loan or a home equity line of credit (HELOC) uses your home as collateral, they tend to offer some of the lowest interest rates you can find. Either is an affordable way to pay off debt, but you will need equity in your home to qualify. The fact that your home is the collateral also adds to your risk. Nonprofit credit counseling agenciesWhen you work with a credit counseling agency, it can give you advice on how to budget and pay back your debts. A credit counseling agency can also negotiate a debt management plan with your creditors. This option can be especially helpful if your credit isn't the best, as it's hard to find balance transfer credit cards for bad credit. Negotiating your credit card debtCredit card companies are often willing to negotiate your credit card debt with you if you're having trouble making your monthly payments. Some might even have low interest credit cards you can consider. Many offer hardship plans that can reduce your card's interest rate, fees, or minimum payment amount. Even if your card issuer doesn't, you may still be able to negotiate any of those items. FAQs
Ask the expertsFrancisca Beer, Ph.D. Professor of Finance, California State University, San Bernardino Who would be a good candidate for a balance transfer credit card? Meticulous and knowledgeable consumers who are serious about paying down debt. Balance transfers can be problematic for customers for several reasons. Some customers overlook that a transfer means making monthly payments even if the APR is 0%. Others do not account for the transfer fee when evaluating the benefits of a transfer. Yet others do not understand the impact of a transfer on their credit limit when they use an existing card. Some do not understand when penalty rates will be applied. Do you need good credit for a balance transfer credit card? The transfer request will most probably be rejected when a customer has filed for a bankruptcy in the past. Transfers might also be declined for customers with past due payments or a low credit score. In some cases, the credit score is used to calculate the length of the 0% introduction period. What do consumers need to know about 0% intro APR offers? Generally speaking, if the balance transferred can be paid off within the 0% APR intro period, the transfer is probably a good idea. If the balance cannot be paid within that period of time, it's important to know what the APR will be. It's probably better to avoid using the card for anything else than paying the transfer balance. So customers should steer clear of using the card for both transfer and new purchases. Does a balance transfer hurt your credit rating?A balance transfer can affect your credit score, depending on 1) if you open a new card to transfer a balance and 2) what you do once your balances have been transferred. If you simply move your balances around on your existing cards, your credit score likely won't be impacted.
What credit score do I need for balance transfer cards?Balance transfer credit cards typically require good credit or excellent credit (scores 670 and greater) in order to qualify.
Which is the best bank for balance transfer?List of Best Balance Transfer Credit Cards in India 2022. SBI Cards.. HDFC Bank.. Standard Chartered Bank.. Kotak Mahindra Bank.. ICICI Bank.. RBL Bank.. HSBC Bank.. Are card balance transfers a good idea?A balance transfer credit card is an excellent way to refinance existing credit card debt, especially since credit card interest rates can go as high as 30%. By transferring your balance to a card with a 0% intro APR, you can quickly dodge mounting interest costs and give yourself repayment flexibility.
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Best balance transfer credit cards for excellent credit
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