14 Best balance transfer cards of January 2025

When Bankrate senior editor Courtney Mihocik needed to pay down credit card debt, she used an introductory balance transfer offer on the Discover it ® Cash Back card. 

“In late 2020, I used the Discover it Cash Back card’s balance transfer offer to pay down the credit card debt that I accumulated from changing jobs and moving to a new apartment. I was a bit naive and didn’t have a solid monthly budget, so I still ended up with a balance at the end, but it was low enough that I could pay off the rest soon after. But when I mixed up my due dates and missed a payment early on, Discover forgave the first late payment (up to $41 after), which I appreciated.”

— Courtney Mihocik, Senior Editor, Credit Cards

Bankrate writer Seychelle Thomas also chose a balance transfer card, and prioritized one card detail over others: the intro APR length on her transfer.

“When I was trying to pay off credit card debt as a freelancer two years ago, I compared balance transfer options and chose to go with the Citi Simplicity® Card. My main priority was finding the longest intro APR period. The Citi Simplicity beat most other options and made it easy for me to pay down my balance on schedule without destroying my fluctuating budget at the time.

Keeping fees to a minimum was next on my list, because every little bit counts when you're paying off debt. When I compared it to the Citi® Diamond Preferred® Card (a card with a similar offer) I noticed that the Citi Simplicity had no late fees, a lower balance transfer fee as an intro offer and no penalty APR rate. That was a no-brainer for me.

The only other advantages of the Diamond Preferred were the FICO score access and Citi Entertainment, but I didn't find them valuable because I had other cards that offered similar features.”

— Seychelle Thomas, Writer, Credit Cards

A balance transfer card — a credit card with its main feature being a 0 percent intro APR offer on transfers — could save you several hundred dollars if you're paying down a large balance. 

Experian’s most recent data shows that the average credit card balance reached $6,501 in 2023, an increase of 10 percent from 2022. Experian data also shows that the average credit card interest rate (variable) for 2023 was 22.77 percent, jumping +4.35 percentage points from the previous year. If you are carrying a balance on your card, the right balance transfer card could save hundreds of dollars paying off credit card debt. Here’s how much you could save transferring $6,501 to a balance transfer card with an 18-month 0 percent intro APR offer — even with a 5 percent balance transfer fee — versus keeping it on a 20 percent APR credit card.

Your transfer limit is usually equal to or less than your credit limit. For example, if an issuer approves you for a credit limit of $5,000, you can transfer up to the same amount with most issuers. However, your credit limit, what debts you can transfer and the balance transfer policies of your specific issuer will also determine the amount you can transfer.

After paying off her balance transfer with the Citi Simplicity card, Thomas saved over $1,100 in interest and gained some other benefits too.

“The balance transfer offer was 0 percent for 21 months, which allowed me to pay off the balance without a ton of strain on my budget. I got approved for a lower credit limit that I was looking for at the time, but it was still a huge help and saved me over $1,100 in interest. Plus, Citi upped my credit limit automatically after a few months which helped boost my credit score alongside my declining credit card balance.” 

A balance transfer card is an effective tool to help you pay off debt, but you’ll want to consider key details before putting in an application. To help guide you in choosing a balance transfer credit card that fits your financial situation, consider the following:

Beware of issuer limitations: You won’t be able to transfer your balance from one card to another card from the same issuer. For example, you can’t transfer a balance from one Citi credit card to another Citi card.

Take note of the transfer timeline: Most balance transfer cards give you two to six months to initiate your balance transfer. Consider this timeframe when choosing your card, and make sure you transfer your balance on time.

Know the balance transfer fee: The difference between a 3 percent balance transfer fee and a 5 percent balance transfer fee depends on the amount you transfer. To save money, look at cards with 3 percent balance transfer fees. If the amount you transfer is relatively small, a 5 percent balance transfer fee can still be reasonable. It will be a good idea to compare potential cards and their fees using our balance transfer calculator.

Consider how much time you need: Choose a card with an intro APR offer period that matches how much time you need to pay off your balance. The best balance transfer cards offer a 0 percent intro APR on transfers for 18 to 21 months, but a shorter time frame can still be a good choice, depending on the balance.  

Look at interest rates after the intro offer ends: Knowing the card’s ongoing APR after the introductory period ends is important, especially if you might carry a balance beyond the intro period. Interest rates for cards vary, and knowing exactly what you're signing up for is helpful.

Bankrate keeps a pulse on what people say about popular credit card topics, like using a balance transfer to help consolidate debt. We found that while many people prefer using a balance transfer to help pay off debt, others prefer alternatives like using an emergency fund.

Consumers now seem more accepting of the initial credit effects of using a 0 percent intro APR card to handle debt. For example, a Reddit user transferred their $5,500 credit card balance to a balance transfer card with a $6,000 limit — creating a utilization rate of over 91 percent on that card. After seeing a significant drop in their credit score, they consulted the community about the long-term impact on their credit and why their VantageScore tanked.

Most commenters were quick to point out that the drop to their score was temporary and that the original poster should focus more on their goal of paying down debt rather than maintaining their credit score for now as suggested by one user: 

“Finance over FICO. Your revolving CC [credit card] debt is priority and your credit score is on the back burner. As you pay down your debt and as time goes on, your score will slowly rise.”

Another user echoed the temporary nature of a credit score drop from a balance transfer stating: “If you mean your score went down because of utilization, that's temporary. Utilization has no memory with FICO, so when your next statement comes, your score will update based on your new utilization. As long as you don't miss any payments, you're golden. Missed payments stay on your report for 7 years and have a more lasting effect."

And both of them are right. Although your credit may suffer temporarily, the balance transfer helps you make progress in paying down debt that could negatively impact your finances for much longer. Plus, your credit score will recover with time as you pay down your debt.

A common mistake that pops up for Redditors transferring balances is attempting to transfer balances within the same bank. One Reddit user sought advice after trying to transfer her $5,000 Chase credit card balance to another Chase card. Once they realized they wouldn’t be able to use the new Chase card for a balance transfer they applied for a Citi credit card, but only received a credit limit of $1,100. The original Redditor weighed the possibility of transferring their balance to Citi and then back to the new Chase card, but one user noted how expensive that option would be and suggested requesting a credit limit increase from Citi instead. If you find yourself in a similar situation, asking for a credit limit increase or performing a partial balance transfer to save money on interest payments is the best way to go.

*The quotes and citations included on this page have been verified by our editorial team and are accurate as of the posting date. Outlinked content may contain views and opinions that do not reflect the views and opinions of Bankrate.

In the face of a tough economic landscape, driven partly by previously high inflation and Federal Reserve rate increases in 2023, many issuers have tightened credit card approval requirements.

According to Bankrate’s proprietary data, approval rates for balance transfer cards decreased overall for applicants in the first half of 2024 — regardless of credit score. Acceptance rates initially increased in January, starting at 66 percent. However, from there, there was only a decline. Among Bankrate users who applied for a balance transfer card, approval rates fell 12 percent from January to July 2024. 

Although your approval odds for a card depend on your credit profile, these trends suggest that getting a balance transfer card may be harder now than it once was.

Here’s the balance transfer credit card approval rates for the top 5 balance transfer cards in the last six months:

If you’re unsure of your approval odds for a card you’re interested in, consider checking whether you can get preapproved for cards with different issuers or use tools like Bankrate’s CardMatch™  to get a better idea of your chances. Exploring preapproval odds before applying could save your credit score a hit.

If getting out of high-interest debt is a priority and you can’t get a balance transfer card, a debt consolidation loan may be your best option. The average interest rates on these loans are much lower than credit card interest rates, so you could still benefit from some savings while paying off high-interest debt.

A balance transfer can already help you save hundreds in interest, but there are a few ways to maximize the interest-free period.

How we assess the best balance transfer credit cards

When evaluating the best balance transfer and low-interest cards, we consider a mix of factors, including how cards score in our proprietary card rating system and whether cards offer features that fit the priorities of a diverse group of cardholders. 

This includes users who need to carry a balance long term, need as much time as possible to chip away at debt or are looking for maximum long-term value via rewards.

Here’s a quick look at how our rating methodology breaks down for balance transfer cards:

We analyzed over 100 of the most popular balance transfer and low-interest cards and scored each based on its introductory APR, intro APR period length, ongoing APR, balance transfer fee, perks and more to determine whether it belonged in this month’s roundup

Here are some of the key factors that we considered:

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