16 Best balance transfer cards of February 2025

A balance transfer card lets you move a balance from one credit card to another. Balance transfer cards typically come with an introductory 0 percent APR offer for a set period, usually between 12 and 21 months. During this period, you won't be charged interest on your transferred balance, which lets you pay off your debt more efficiently.

After your intro period ends, an ongoing APR applies to any remaining balance left over on the card that received the balance transfer. Dedicated balance transfer cards typically offer fewer rewards or perks than rewards cards, but will often feature longer intro APR periods than their reward counterparts. 

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

Transunion’s most recent data shows that the average credit card balance hit $6,380 as of November 2024. That’s nearly a 5 percent increase from 2023 and a 31 percent jump since 2021. While credit card balances increased over the last three years, so were the interest rates attached to them. The Federal Reserve Bank of St. Louis reported that the average interest rate on credit cards was 14.51 percent in 2021. By November 2024, that modest interest rate vanished, and borrowing with a credit card became almost 7 percent more expensive, with average credit card interest rates reaching 21.47 percent.

If you’re part of the nearly half of Americans carrying a balance on your card, the right balance transfer card could save you hundreds of dollars when paying off credit card debt. Here’s how much you could save transferring $6,380 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 21 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, what debts you can transfer and the balance transfer policies of your specific issuer will also determine the amount you can transfer.

A balance transfer card is an effective tool to help you pay off debt, but you’ll want to consider key details before using it to pay off debt if you want to get the most out of it. To maximize your savings with a balance transfer, you’ll want to review the following factors: 

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 on social media 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.

*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 and only a few cuts in 2024, many issuers have tightened credit card approval requirements.

According to Bankrate’s proprietary data, approval rates for balance transfer cards decreased overall for  applicants throughout 2024 — regardless of credit score. Among Bankrate users who applied for a balance transfer card on this page in the second half of 2024, approval rates were significantly lower than during the same period in 2023.

Compared to 2023 data for July through December, the average approval rates for balance transfer cards on our site fell by 11 percent in 2024. For instance, around 67 percent of people who applied for a balance transfer card in September 2023 were approved and only around 58 percent were approved in September 2024.

Although your approval odds for a card depend on your credit profile, these trends suggest that opening a balance transfer card is getting more difficult. However, you may have better approval odds with some cards versus others.

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

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:

Have more questions for our credit cards editors? Feel free to send us an email, find us on Facebook, or Tweet us @Bankrate.