Balance Transfer Credit Cards

Balance transfer credit cards provide an attractive APR rate as low as 0% for transferring your existing balance on a higher interest credit card, but they also come with many built-in dangers.

Important Considerations

  • Fees associated with the transfer need to be considered when using such a card.
  • Minimum payments are required. Penalties for failing to make a minimum payment can be hefty.
  • Most of the time it is impossible to use the card for daily transactions. As your credit payments will be first applied to a low APR balance, your new transactions will accumulate a high APR, which is what you tried to avoid in the first place.
  • Opening any new credit card will lower your score, which might prevent you from getting a favorable rate for other types of financial instruments, such as a credit line.
Sort 45 Credit Cards by
INTRO BALANCE TRANSFER APR
CREDIT CARD NAME
ANNUAL FEE
PURCHASE APR
KEY BENEFITS

Wells Fargo Propel American Express® Card

Introductory APR for Balance Transfers 0% Intro
APR on balance transfers for 12 months
Wells Fargo Propel Card
Rewards
0% APR
Balance Transfer
No Annual Fee
ANNUAL FEE:

$0

Purchase APR: 15.74% - 27.74%

Key Benefits:
  • Travel (4)
  • Sign Up Benefits (4)
  • Services (1)
  • Security (3)
  • Insurance (7)
  • Fees Benefits (4)
Credit Score: Excellent

Chase Freedom® Credit Card

Introductory APR for Balance Transfers 0% Intro
APR on balance transfers for 15 months
Rewards
0% APR
Balance Transfer
No Annual Fee
ANNUAL FEE:

$0

Purchase APR: 16.99% - 25.75%

Key Benefits:
  • Travel (2)
  • Sign Up Benefits (3)
  • Services (1)
  • Security (4)
  • Insurance (5)
  • Fees Benefits (2)
Credit Score: Excellent

Chase Freedom Unlimited® Credit Card

Introductory APR for Balance Transfers 0% Intro
APR on balance transfers for 15 months
Rewards
0% APR
Balance Transfer
No Annual Fee
ANNUAL FEE:

$0

Purchase APR: 16.99% - 25.74%

Key Benefits:
  • Travel (2)
  • Sign Up Benefits (3)
  • Services (1)
  • Security (4)
  • Insurance (5)
  • Fees Benefits (2)
Credit Score: Excellent

U.S. Bank Visa® Platinum Card

Introductory APR for Balance Transfers 0% Intro
APR on balance transfers for 20 months
0% APR
Balance Transfer
No Annual Fee
ANNUAL FEE:

$0

Purchase APR: 11.99% - 23.99%

Key Benefits:
  • Travel (2)
  • Sign Up Benefits (2)
  • Services (1)
  • Security (5)
  • Insurance (3)
  • Fees Benefits (3)
  • Discounts (1)
Credit Score: Good

Chase Slate® Credit Card

Introductory APR for Balance Transfers 0% Intro
APR on balance transfers for 15 months
Chase Slate Credit Card
0% APR
Balance Transfer
No Annual Fee
ANNUAL FEE:

$0

Purchase APR: 16.99% - 25.74%

Key Benefits:
  • Travel (1)
  • Sign Up Benefits (2)
  • Services (1)
  • Security (6)
  • Insurance (4)
  • Fees Benefits (2)
Credit Score: Good

Disabled American Veterans USAA® Rewards™ Visa Signature® Card

Introductory APR for Balance Transfers 0% Intro
APR on balance transfers for 12 months
Rewards
Balance Transfer
No Annual Fee
ANNUAL FEE:

$0

Purchase APR: 12.90% - 27.90%

Key Benefits:
  • Travel (4)
  • Sign Up Benefits (2)
  • Security (5)
  • Insurance (7)
  • Fees Benefits (2)
Credit Score: Good

Capital One® Credit Card Quicksilver®

Introductory APR for Balance Transfers 0% Intro
APR on balance transfers for 15 months
Quicksilver® from Capital One®
Rewards
0% APR
Balance Transfer
No Annual Fee
ANNUAL FEE:

$0

Purchase APR: 14.74% - 26.74%

Key Benefits:
  • Travel (3)
  • Sign Up Benefits (2)
  • Security (4)
  • Insurance (6)
  • Fees Benefits (1)
Credit Score: Excellent

SavorOne℠ Rewards from Capital One®

Introductory APR for Balance Transfers 0% Intro
APR on balance transfers for 15 months
SavorOne℠ Rewards fromCapital One®
Rewards
0% APR
Balance Transfer
No Annual Fee
ANNUAL FEE:

$0

Purchase APR: 14.74% - 26.74%

Key Benefits:
  • Travel (2)
  • Sign Up Benefits (2)
  • Security (5)
  • Insurance (8)
  • Fees Benefits (1)
Credit Score: Excellent

Wells Fargo Cash Back College Visa® Card

Introductory APR for Balance Transfers 0% Intro
APR on balance transfers for 6 months
Wells Fargo Cash Back College Visa® Card
Rewards
0% APR
Balance Transfer
No Annual Fee
ANNUAL FEE:

$0

Purchase APR: 13.15% - 23.15%

Key Benefits:
  • Travel (2)
  • Sign Up Benefits (2)
  • Services (1)
  • Security (3)
  • Insurance (3)
  • Fees Benefits (3)
Credit Score: Good

Wells Fargo Cash Wise Visa® Card

Introductory APR for Balance Transfers 0% Intro
APR on balance transfers for 12 months
Wells Fargo Cash Wise Visa® Card
Rewards
0% APR
Balance Transfer
No Annual Fee
ANNUAL FEE:

$0

Purchase APR: 15.99% - 26.99%

Key Benefits:
  • Travel (2)
  • Sign Up Benefits (3)
  • Security (4)
  • Insurance (3)
  • Fees Benefits (3)
Credit Score: Good

Most common questions and answers about balance transfer credit cards

Do balance transfer cards offer 0% APR on balance transfers for 15 months?

Sure, some cards offer 0% APR balance transfers for 15 months. The rules for these cards are the same as for all other 0% balance transfer cards.

  • During the promotional period, you must at least make the minimum payment on the statement by the due date.
  • To eliminate the debt before the promotional period ends, you will have to pay more than the minimum each month.
  • At the end of the introductory period, you should have paid off the balance transferred to the card. If you don’t, the interest rate on the card immediately jumps to the regular rate for the remaining balance.
What credit cards have no balance transfer fee?

A balance transfer fee is what you pay to move your balance from one credit card to another. The fee is usually the larger of 3-5% of the balance transferred, or $5-$10. So, transferring a balance of $5,000 could trigger a 3% balance transfer fee, incurring a cost of $150.

However, there are credit cards with no transfer fee and no interest costs. A 0% interest credit card with $0 balance transfer fee can come in two forms. Credit cards may have 0 balance transfer fee for an introductory period or for the life of the card. The Citi Simplicity card offers a 21-month 0% APR balance transfer, with a $5 or 3% fee. Barclaycard Ring Mastercard gives customers two options, one of which allows it to act like a 0 transfer fee credit card. You can select a $0 balance transfer fee for the introductory period. There is no fee for balances transferred when this time has passed.

Having a 0% APR and 0 balance transfer fee card in your wallet is a good strategy. You’ll save money on fees, and earn yourself some time to pay off the loan without additional interest debt.

What credit cards allow to pay off debt with no balance transfer fee and 0% APR on balance transfers?

There are credit cards with no transfer fee and no interest available. With these cards, you must follow a couple of basic rules:

  • The minimum monthly payment must be made by the due date.
  • You have to pay the entire balance off before the promotional period ends. If you don’t, you’ll pay the regular APR on whatever balance is left.

When considering what card to choose, look for a card that gives 0 balance transfer fee. As an example, the Citi Simplicity Card, which offers 0 balance transfer fee for an introductory period. The Barclaycard Ring Mastercard, another example, gives no balance transfer fee for the life of the card.

When you transfer a balance on a credit card what happens?

A balance transfer moves the debt balance you owe from one lender to another lender. This means your debt is now owed to the new party, and not your old lender.

There may be a temporary dip in your credit rating due to the balance transfer card. This is because applying for the card involves a hard inquiry and a new account on your credit file. Your credit card utilization would be affected, but the extent to which is dependent on your debt to credit ratio. Utilization can be for your total accounts or per card. Regardless of the scope, it is advised that your utilization falls at 30% or less of your total credit.

How long does a credit card balance transfer take?

We think a balance transfer is an instant process, but in reality, it takes some time. Depending on the financial institutions, a balance transfer could take up to six weeks to be processed. Most major credit card issuers take between one to two weeks. While the balance transfer is occurring, you should monitor your accounts to keep up-to-date with what’s happening. Keeping up on how the balance transfer goes can help you prevent problems before they occur.

Does credit card balance transfer affect credit score?

The short answer is that it depends on the balance transfer. The effect of a balance transfer would be evident on credit utilization, length of credit history, and new credit factors. Applying for a balance transfer card will initiate a hard inquiry on your credit report. This new credit request will reduce your score by a few points, and post to your report for two years. If approved, the average age of your credit account will be reduced, which may or may not decrease your score. The addition of new credit will cause your utilization to fall, as you carry the same debt on more credit. However, credit utilization considers both your overall utilization and your utilization per card. Packing debt onto a card may drive your card utilization up. It’s recommended that card and overall utilization should be 30% or less.

Can I earn cash back with a balance transfer card?

Yes, several balance transfer credit cards let their holders receive cash backFor exampleSunTrust Travel Rewards credit card has a 15-month 0% APR on balance transfers and allows you to earn 3% back on travel purchases, 2% back on dining, and 1% back on other purchases.

When choosing a zero percent balance transfer credit card with a cashback (points/miles) offer, take into account the following considerations.

  • Earning rewards while paying off debt isn’t the best thing to do. Cashback cards can make you spend more money to receive rewards. This can result in greater debt.
  • Balance transfer fees. Balance transfer cards often have a balance transfer processing fee worth 2-3% of the debt. Be careful, because with some credit cards you can pay more than receive from credit card rewards.
  • Promotional 0% APR offer. The introductory offer expires in a certain period. When chasing the rewards, don’t forget to pay the debt off during this period. Otherwise, you will have to pay interest.
  • Annual fees. Rewards cards sometimes have higher fees than 0% balance transfer cards without a rewards program.
  • You don’t earn cash back on the amount of the balance transfer or balance transfer fees.
What balance transfer cards give rewards points?

Some balance transfer credit cards allow you to earn rewards pointsFor exampleAmex EveryDay® Preferred card has a zero APR on balance transfers for 12 months and lets you receive 3x points on groceries, 2x points on gas, and 1x points on other purchases.

What airline credit cards are best for balance transfers?

Some credit cards allow you to do a balance transfer and earn airline miles at the same time. For exampleFrontier Airlines World Mastercard® has a promotional zero percent APR on balance transfers for 15 billing cycles and lets you receive 5x miles on Frontier Airlines purchases, 3x miles for dining, and 1x miles on other purchases.