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A balance transfer credit card can help you manage and eliminate debt with introductory APR offers that provide a temporary break from interest charges. The best balance transfer credit cards available from our partners have introductory 0 percent APR offers lasting 15 to 21 months, allowing you to avoid paying interest on a transfer until mid-2025.
Read on to learn more about our picks for the best balance transfer cards of July 2024.
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We helped over 600,000 users compare balance transfer cards in 2023
We compared over 100 introductory APRs
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Why choose Bankrate
We helped over 600,000 users compare balance transfer cards in 2023
We compared over 100 introductory APRs
Over 47 years of experience helping people make smart financial decisions
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At Bankrate we strive to help you make smarter financial decisions. While we adhere to strict editorial integrity, this post may contain references to products from our partners. Here's an explanation for how we make money and how we rate our cards .
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13 Best Balance Transfer Credit Cards with 0% APR for July 2024:
A FICO score/credit score is used to represent the creditworthiness of a person and may be one indicator to the credit type you are eligible for. However, credit score alone does not guarantee or imply approval for any financial product.
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A FICO score/credit score is used to represent the creditworthiness of a person and may be one indicator to the credit type you are eligible for. However, credit score alone does not guarantee or imply approval for any financial product.
Our writers, editors and industry experts score credit cards based on a variety of factors including card features, bonus offers and independent research. Credit card issuers have no say or influence on how we rate cards.
Our writers, editors and industry experts score credit cards based on a variety of factors including card features, bonus offers and independent research. Credit card issuers have no say or influence on how we rate cards.
A FICO score/credit score is used to represent the creditworthiness of a person and may be one indicator to the credit type you are eligible for. However, credit score alone does not guarantee or imply approval for any financial product.
0% intro APR for 21 months from account opening on qualifying balance transfers
Regular APR
18.24%, 24.74%, or 29.99% Variable APR
Rewards rate
Rewards rate is not available for this credit card.
N/A
Annual fee
$0
Why you’ll like this card:It offers one of the longest intro APR periods you can get on both balance transfers and purchases, giving you a ton of flexibility.
What we love: We consider this card a prime pick for people who want a balance transfer credit card. It has a potentially low ongoing interest rate and its intro APR offer is top-notch and among the longest promotional APR offers currently available.
Balance transfer timeline: You must transfer your balance within 120 days to qualify for the intro APR rate (5 percent balance transfer fee applies, minimum $5).
Alternatives: The Chase Freedom Unlimited® card is ideal for anyone who wants to forego a longer introductory APR period on balance transfers in exchange for cash back rewards.
Pros
The same lengthy introductory APR applies to purchases and qualified balance transfers.
You can get up to $600 in cell phone protection against damage or theft (subject to a $25 deductible) if you use the card to pay your monthly phone bill.
Cons
The card comes with a 3 percent foreign transaction fee, which is standard, but adds to your balance if you use the card abroad.
The card has limited long-term value due to its lack of a rewards program.
Select "Apply Now" to take advantage of this specific offer and learn more about product features, terms and conditions.
0% intro APR for 21 months from account opening on purchases and qualifying balance transfers. 18.24%, 24.74%, or 29.99% variable APR thereafter; balance transfers made within 120 days qualify for the intro rate, BT fee of 5%, min $5.
$0 Annual Fee.
Up to $600 of cell phone protection against damage or theft. Subject to a $25 deductible.
Through My Wells Fargo Deals, you can get access to personalized deals from a variety of merchants. It's an easy way to earn cash back as an account credit when you shop, dine, or enjoy an experience simply by using an eligible Wells Fargo credit card.
Our writers, editors and industry experts score credit cards based on a variety of factors including card features, bonus offers and independent research. Credit card issuers have no say or influence on how we rate cards.
Our writers, editors and industry experts score credit cards based on a variety of factors including card features, bonus offers and independent research. Credit card issuers have no say or influence on how we rate cards.
A FICO score/credit score is used to represent the creditworthiness of a person and may be one indicator to the credit type you are eligible for. However, credit score alone does not guarantee or imply approval for any financial product.
3% Cash Back at U.S. supermarkets on up to $6,000 per year in purchases, then 1%. 3% Cash Back on U.S. online retail purchases, on up to $6,000 per year, then 1%. 3% Cash Back at U.S. gas stations, on up to $6,000 per year, then 1%. 1% Cash Back on other purchases.
1% - 3%
Annual fee
$0
Why you’ll like this card:It gives you a chance to pay off debt while making the most of your everyday purchases.
What we love: The Blue Cash Everyday Card is a solid option for use after a balance transfer because of its competitive rewards rates in everyday spending categories. Once you’ve paid down your debt, you can use this card to get cash back at U.S. supermarkets, U.S. gas stations and U.S. online retailers.
You’ll get competitive rewards rates in some of the most popular categories — all for no annual fee.
This card adds boosted rewards for online shopping with U.S. retailers, an uncommon cash back category.
Cons
Stores like Target, Walmart and wholesale clubs don’t count as part of the U.S. supermarket bonus category.
The spending requirement to earn the welcome offer is higher than normal.
Earn a $200 statement credit after you spend $2,000 in purchases on your new Card within the first 6 months.
No Annual Fee.
Balance Transfer is back! Enjoy 0% intro APR on purchases and balance transfers for 15 months from the date of account opening. After that, 19.24% to 29.99% variable APR.
3% Cash Back at U.S. supermarkets on up to $6,000 per year in purchases, then 1%.
3% Cash Back on U.S. online retail purchases, on up to $6,000 per year, then 1%.
3% Cash Back at U.S. gas stations, on up to $6,000 per year, then 1%.
Cash Back is received in the form of Reward Dollars that can be redeemed as a statement credit or at Amazon.com checkout.
Thinking about getting the Disney Bundle which can include Disney+, Hulu, and ESPN+? Your decision made easy with $7/month back in the form of a statement credit after you spend $9.99 or more each month on an eligible subscription (subject to auto renewal) with your Blue Cash Everyday® Card. Enrollment required.
Enjoy up to $15 back per month when you purchase a Home Chef meal kit subscription (subject to auto renewal) with your enrolled Blue Cash Everyday® Card.
Our writers, editors and industry experts score credit cards based on a variety of factors including card features, bonus offers and independent research. Credit card issuers have no say or influence on how we rate cards.
Our writers, editors and industry experts score credit cards based on a variety of factors including card features, bonus offers and independent research. Credit card issuers have no say or influence on how we rate cards.
A FICO score/credit score is used to represent the creditworthiness of a person and may be one indicator to the credit type you are eligible for. However, credit score alone does not guarantee or imply approval for any financial product.
Earn 2% cash back at Gas Stations and Restaurants on up to $1,000 in combined purchases each quarter, automatically. Earn unlimited 1% cash back on all other purchases.
1% - 2%
Annual fee
$0
Why you’ll like this card:It offers great short- and long-term value thanks to its combo of a welcome offer, ongoing rewards and an intro APR.
What we love: It not only boasts a solid intro APR offer, but also a decent cash back rate in two key everyday spending categories, so it should carry good long-term value even after you finish paying off debt. Discover also has lower fees and more forgiving terms than many competing issuers.
Alternatives: The Bank of America® Customized Cash Rewards credit card’s balance transfer offer is not as impressive as the Discover It® Chrome card’s, but the card boasts a wider mix of bonus categories, so it may offer better long-term value. You’ll enjoy bonus cash back in one eligible category of your choice (with options including gas, dining and more) as well as year-round bonus cash back at grocery stores and wholesale clubs.
Pros
It carries limited fees and forgiving terms, including a low balance transfer fee and no late fee the first time you pay late (up to $41 afterward). This makes it a good option if you’re doing your first balance transfer.
Its intro APR period for balance transfers is longer than the period you’ll find on most competing cash back cards with an intro APR offer.
Cons
Its cash back rate, while decent, isn’t the most impressive you can find, even on other cards that offer intro APRs.
Unlike many competing cards, this card carries a much shorter intro APR offer on purchases than on balance transfers, so it’s less useful for financing new purchases.
Intro Offer: Unlimited Cashback Match for all new cardmembers – only from Discover. Discover will automatically match all the cash back you’ve earned at the end of your first year! There’s no minimum spending or maximum rewards. Just a dollar-for-dollar match.
Earn 2% cash back at Gas Stations and Restaurants on up to $1,000 in combined purchases each quarter, automatically. Plus earn unlimited 1% cash back on all other purchases.
Get a 0% intro APR for 18 months on balance transfers. Then 18.24% to 28.24% Standard Variable APR applies, based on credit worthiness.
Redeem your rewards for cash at any time.
Discover could help you reduce exposure of your personal information online by helping you remove it from select people-search sites that could sell your data. It’s free, activate with the mobile app.
Our writers, editors and industry experts score credit cards based on a variety of factors including card features, bonus offers and independent research. Credit card issuers have no say or influence on how we rate cards.
Our writers, editors and industry experts score credit cards based on a variety of factors including card features, bonus offers and independent research. Credit card issuers have no say or influence on how we rate cards.
A FICO score/credit score is used to represent the creditworthiness of a person and may be one indicator to the credit type you are eligible for. However, credit score alone does not guarantee or imply approval for any financial product.
Earn 2% on every purchase with unlimited 1% cash back when you buy, plus an additional 1% as you pay for those purchases. To earn cash back, pay at least the minimum due on time. Plus, for a limited time, earn 5% total cash back on hotel, car rentals and attractions booked on the Citi Travel℠ portal through 12/31/24.
1% - 5%
Annual fee
$0
Why you’ll like this card:It boasts one of the longest intro APR offers you can get on a cash back card and its rewards give it better long-term value than most balance transfer cards.
What we love: In addition to a good intro APR offer on balance transfers, this card also has a solid rewards program that incentivizes both spending and paying on time.
Balance transfer timeline: You must transfer your balance within four months of account opening to qualify for the intro balance transfer fee (3 percent intro balance transfer fee applies, minimum $5; 5 percent balance transfer fee applies after four months, minimum $5).
Alternatives: The Double Cash currently doesn’t offer an introductory APR offer on new purchases, so shoppers looking for a temporary break from interest on purchases along with balance transfers may find the U.S. Bank Visa® Platinum Card to be a better fit.
Pros
The potential cash back rate on this card is one of the highest for a flat-rate cash back card.
The structure of this card’s rewards program encourages responsible credit use, which could help your credit score.
Cons
The intro APR on this card only applies to balance transfers, not new purchases.
The required spend to earn the welcome offer is steep compared to other available options.
Earn $200 cash back after you spend $1,500 on purchases in the first 6 months of account opening. This bonus offer will be fulfilled as 20,000 ThankYou® Points, which can be redeemed for $200 cash back.
Earn 2% on every purchase with unlimited 1% cash back when you buy, plus an additional 1% as you pay for those purchases. To earn cash back, pay at least the minimum due on time. Plus, for a limited time, earn 5% total cash back on hotel, car rentals and attractions booked on the Citi Travel℠ portal through 12/31/24.
Balance Transfer Only Offer: 0% intro APR on Balance Transfers for 18 months. After that, the variable APR will be 19.24% - 29.24%, based on your creditworthiness.
Balance Transfers do not earn cash back. Intro APR does not apply to purchases.
If you transfer a balance, interest will be charged on your purchases unless you pay your entire balance (including balance transfers) by the due date each month.
There is an intro balance transfer fee of 3% of each transfer (minimum $5) completed within the first 4 months of account opening. After that, your fee will be 5% of each transfer (minimum $5).
Our writers, editors and industry experts score credit cards based on a variety of factors including card features, bonus offers and independent research. Credit card issuers have no say or influence on how we rate cards.
Our writers, editors and industry experts score credit cards based on a variety of factors including card features, bonus offers and independent research. Credit card issuers have no say or influence on how we rate cards.
A FICO score/credit score is used to represent the creditworthiness of a person and may be one indicator to the credit type you are eligible for. However, credit score alone does not guarantee or imply approval for any financial product.
0% intro APR for 15 months from account opening on qualifying balance transfers
Regular APR
20.24%, 25.24%, or 29.99% Variable APR
Rewards rate
Earn unlimited 2% cash rewards on purchases.
2%
Annual fee
$0
Why you’ll like this card:It offers flexibility with both its intro APR and its streamlined rewards program, which can help you earn on most purchases.
What we love: The Wells Fargo Active Cash Card provides the opportunity to earn one of the highest cash rewards rates available on purchases. Our advice is to use the balance transfer offer to pay debt and then put the card to use as a rewards-earning machine.
Balance transfer timeline: You must transfer your balance within 120 days to qualify for the balance transfer fee(3 percent intro balance transfer fee applies, then balance transfer fee up to 5 percent, minimum $5).
Alternatives: For people who want one of the longest offers available, the Wells Fargo Reflect Card would provide a longer intro APR than the Active Cash on purchases and qualifying balance transfers.
Pros
You can earn 2 percent unlimited cash rewards on purchases with this card, a high rate compared to most balance transfer cards.
There’s no annual fee that will offset your earned cash rewards.
Cons
Much more competitive intro APR offers are available with other cards.
If you don’t transfer your balance within 120 days you could miss out on the benefits of the intro APR offer.
Select "Apply Now" to take advantage of this specific offer and learn more about product features, terms and conditions.
Earn a $200 cash rewards bonus after spending $500 in purchases in the first 3 months.
Earn unlimited 2% cash rewards on purchases.
0% intro APR for 15 months from account opening on purchases and qualifying balance transfers. 20.24%, 25.24%, or 29.99% Variable APR thereafter; balance transfers made within 120 days qualify for the intro rate and fee of 3% then a BT fee of up to 5%, min: $5.
$0 annual fee.
No categories to track or remember and cash rewards don't expire as long as your account remains open.
Find tickets to top sports and entertainment events, book travel, make dinner reservations and more with your complimentary 24/7 Visa Signature® Concierge.
Up to $600 of cell phone protection against damage or theft. Subject to a $25 deductible.
Our writers, editors and industry experts score credit cards based on a variety of factors including card features, bonus offers and independent research. Credit card issuers have no say or influence on how we rate cards.
Our writers, editors and industry experts score credit cards based on a variety of factors including card features, bonus offers and independent research. Credit card issuers have no say or influence on how we rate cards.
A FICO score/credit score is used to represent the creditworthiness of a person and may be one indicator to the credit type you are eligible for. However, credit score alone does not guarantee or imply approval for any financial product.
0% Intro APR for 15 billing cycles for any BTs made in the first 60 days. A fee of 3% for 60 days from account opening, then 4% will apply.
Regular APR
19.24% - 29.24% Variable APR on purchases and balance transfers
Rewards rate
Earn unlimited 1.5 points per $1 spent on all purchases, with no annual fee and no foreign transaction fees and your points don't expire as long as your account remains open.
1.5X
Annual fee
$0
Why you’ll like this card:It’s one of the only travel cards that helps you minimize interest and earn points on bookings (at a great rate for Preferred Rewards members).
What we love: It’s not often that a no-annual-fee travel card also comes with a competitive intro APR offer on balance transfers, but this card has it all. Plus, you can redeem your travel rewards for statement credits on various travel-related purchases in the past 12 months.
Balance transfer timeline: You must transfer your balance within 60 days to qualify for the intro balance transfer fee (3 percent intro balance transfer fee, then 4 percent).
Alternatives: The Capital One VentureOne Rewards Credit Card is another low-hassle travel card with a noteworthy intro APR offer. It also skips the annual fee while allowing you to use everyday expenses to earn toward travel (See Rates & Fees).
Pros
The intro APR offer also includes purchases, making it an effective tool for financing a larger expense.
You can boost your rewards rate by 25 percent to 75 percent as a Bank of America Preferred Rewards member.
Cons
Bank of America doesn’t have any travel partners, so you can’t transfer points for more value.
Its cardholder perks and benefits are sparse compared to other travel cards.
Earn unlimited 1.5 points per $1 spent on all purchases, with no annual fee and no foreign transaction fees and your points don't expire as long as your account remains open.
25,000 online bonus points after you make at least $1,000 in purchases in the first 90 days of account opening - that can be a $250 statement credit toward travel purchases.
Use your card to book your trip how and where you want - you're not limited to specific websites with blackout dates or restrictions.
Redeem points for a statement credit to pay for travel or dining purchases, such as flights, hotel stays, car and vacation rentals, baggage fees, and also at restaurants including takeout.
0% Intro APR for 15 billing cycles for purchases, and for any balance transfers made in the first 60 days. After the Intro APR offer ends, a Variable APR that’s currently 19.24% - 29.24% will apply. A 3% Intro balance transfer fee will apply for the first 60 days your account is open. After the Intro balance transfer fee offer ends, the fee for future balance transfers is 4%.
If you're a Bank of America Preferred Rewards® member, you can earn 25%-75% more points on every purchase. That means instead of earning an unlimited 1.5 points for every $1, you could earn 1.87-2.62 points for every $1 you spend on purchases.
Contactless Cards - The security of a chip card, with the convenience of a tap.
This online only offer may not be available if you leave this page or if you visit a Bank of America financial center. You can take advantage of this offer when you apply now.
Our writers, editors and industry experts score credit cards based on a variety of factors including card features, bonus offers and independent research. Credit card issuers have no say or influence on how we rate cards.
Our writers, editors and industry experts score credit cards based on a variety of factors including card features, bonus offers and independent research. Credit card issuers have no say or influence on how we rate cards.
A FICO score/credit score is used to represent the creditworthiness of a person and may be one indicator to the credit type you are eligible for. However, credit score alone does not guarantee or imply approval for any financial product.
Enjoy 5% cash back on travel purchased through Chase Travel℠, our premier rewards program that lets you redeem rewards for cash back, travel, gift cards and more. 3% cash back on drugstore purchases and dining at restaurants, including takeout and eligible delivery service. 1.5% cash back on all other purchases.
1.5% - 5%
Annual fee
$0
Why you’ll like this card:If you eat out often, its rewards can be a great tool for everyday rewards alongside its intro APR offer.
What we love: Its cash back program offers tiered cash back rates in popular spending categories and a solid flat rate for all purchases, making it a flexible card with plenty of rewards value after the balance transfer intro APR period ends.
Alternatives: The Freedom Unlimited’s intro APR periods are just a hair short of the offers on other cards and its ongoing APR can be relatively high. If you’re serious about your balance transfer, the Citi Diamond Preferred Card has a longer balance transfer offer and a lower ongoing APR.
Pros
The intro APR offer also includes new purchases, which can be useful while paying down debts.
It offers bonus cash back rates and 1.5 percent back on general purchases, giving it long-term value after you’ve paid off your balance transfer.
Cons
Its intro APR for balance transfers is shorter than many other balance transfer credit cards — people with substantial debt may need longer offers.
Charges a potential indefinite penalty APR if you make a late payment, which can quickly spiral you deeper into debt.
Intro Offer: Earn an additional 1.5% cash back on everything you buy (on up to $20,000 spent in the first year) - worth up to $300 cash back!
Enjoy 6.5% cash back on travel purchased through Chase Travel℠, our premier rewards program that lets you redeem rewards for cash back, travel, gift cards and more; 4.5% cash back on drugstore purchases and dining at restaurants, including takeout and eligible delivery service, and 3% on all other purchases (on up to $20,000 spent in the first year).
After your first year or $20,000 spent, enjoy 5% cash back on travel purchased through Chase Travel℠, 3% cash back on drugstore purchases and dining at restaurants, including takeout and eligible delivery service, and unlimited 1.5% cash back on all other purchases.
No minimum to redeem for cash back. You can choose to receive a statement credit or direct deposit into most U.S. checking and savings accounts. Cash Back rewards do not expire as long as your account is open!
Enjoy 0% Intro APR for 15 months from account opening on purchases and balance transfers, then a variable APR of 20.49% - 29.24%.
No annual fee – You won't have to pay an annual fee for all the great features that come with your Freedom Unlimited® card
Keep tabs on your credit health, Chase Credit Journey helps you monitor your credit with free access to your latest score, alerts, and more.
Our writers, editors and industry experts score credit cards based on a variety of factors including card features, bonus offers and independent research. Credit card issuers have no say or influence on how we rate cards.
Our writers, editors and industry experts score credit cards based on a variety of factors including card features, bonus offers and independent research. Credit card issuers have no say or influence on how we rate cards.
A FICO score/credit score is used to represent the creditworthiness of a person and may be one indicator to the credit type you are eligible for. However, credit score alone does not guarantee or imply approval for any financial product.
6% Cash Back at U.S. supermarkets on up to $6,000 per year in purchases (then 1%). 6% Cash Back on select U.S. streaming subscriptions. 3% Cash Back on transit including taxis/rideshare, parking, tolls, trains, buses and more. 3% Cash Back at U.S. gas stations. 1% Cash Back on other purchases.
1% - 6%
Annual fee
$0 intro annual fee for the first year, then $95.
Why you’ll like this card:You can enjoy a best-in-class rewards rate on groceries as you pay off debt with its intro APR.
What we love: The rewards rates in top spending categories like U.S. supermarket purchases and select U.S. streaming services are hard to beat with this card. Pair the cash back rates with a modest intro APR offer on balance transfers and you have a card that provides value long after you’ve paid off your transferred balance.
Alternatives: If you’re a fan of what the Blue Cash Preferred has to offer, but want to skip the annual fee, the Amex Blue Cash Everyday is a great no-annual-fee alternative.
Pros
The ongoing annual fee after the first year is easy to offset with cash back and annual credits.
It offers competitive cash back rates on gas and transit purchases, which don’t have a spending cap.
Cons
Not ideal for spending abroad due to its 2.7 percent foreign transaction fee.
The annual spending cap on U.S. supermarkets could limit its earning potential.
Earn a $250 statement credit after you spend $3,000 in eligible purchases on your new Card within the first 6 months.
$0 intro annual fee for the first year, then $95.
Buy Now, Pay Later: Enjoy $0 intro plan fees when you use Plan It® to split up large purchases into monthly installments. Pay $0 intro plan fees on plans created during the first 12 months from the date of account opening. Plans created after that will have a monthly plan fee up to 1.33% of each eligible purchase amount moved into a plan based on the plan duration, the APR that would otherwise apply to the purchase, and other factors.
Low Intro APR: 0% on purchases and balance transfers for 12 months from the date of account opening. After that, your APR will be a variable APR of 19.24% - 29.99%.
6% Cash Back at U.S. supermarkets on up to $6,000 per year in purchases (then 1%).
6% Cash Back on select U.S. streaming subscriptions.
3% Cash Back at U.S. gas stations.
3% Cash Back on transit (including taxis/rideshare, parking, tolls, trains, buses and more).
1% Cash Back on other purchases.
Cash Back is received in the form of Reward Dollars that can be redeemed as a statement credit on Amazon.com at checkout.
$84 Disney Bundle Credit: With your enrolled Blue Cash Preferred Card, spend $9.99 or more each month on an auto-renewing Disney Bundle subscription, to receive a monthly statement credit of $7. Valid only at Disney Plus.com, Hulu.com or Plus.espn.com in the U.S.
Our writers, editors and industry experts score credit cards based on a variety of factors including card features, bonus offers and independent research. Credit card issuers have no say or influence on how we rate cards.
Our writers, editors and industry experts score credit cards based on a variety of factors including card features, bonus offers and independent research. Credit card issuers have no say or influence on how we rate cards.
A FICO score/credit score is used to represent the creditworthiness of a person and may be one indicator to the credit type you are eligible for. However, credit score alone does not guarantee or imply approval for any financial product.
Earn 5% cash back on purchases in your top eligible spend category each billing cycle, up to the first $500 spent, 1% cash back thereafter. Special Travel Offer: Earn an additional 4% cash back on hotels, car rentals, and attractions booked on Citi Travel℠ portal through 6/30/2025. Earn unlimited 1% cash back on all other purchases.
1% - 5%
Annual fee
$0
Why you’ll like this card:You won’t have to worry about maximizing bonus categories while saving on interest.
What we love: The Citi Custom Cash Card combines a good balance transfer offer with generous rewards. The bonus cash back rate automatically applies to the eligible category in which you spend the most each billing cycle, so you don't have to do extra legwork to maximize this card after your balance transfer.
Alternatives: People concerned about paying a high go-to APR may be interested in the BankAmericard® credit card.
Pros
The same intro APR offer applies to both purchases and balance transfers.
This card’s 10 eligible bonus categories include plenty of everyday purchases.
Cons
It has a spending cap on your high-earning category, which can be easy to exceed.
The intro APR offers on this card are shorter than what you’d find with other balance transfer cards available.
Earn $200 cash back after you spend $1,500 on purchases in the first 6 months of account opening. This bonus offer will be fulfilled as 20,000 ThankYou® Points, which can be redeemed for $200 cash back.
0% Intro APR on balance transfers and purchases for 15 months. After that, the variable APR will be 19.24% - 29.24%, based on your creditworthiness.
Earn 5% cash back on purchases in your top eligible spend category each billing cycle, up to the first $500 spent, 1% cash back thereafter. Also, earn unlimited 1% cash back on all other purchases. Special Travel Offer: Earn an additional 4% cash back on hotels, car rentals, and attractions booked on Citi Travel℠ portal through 6/30/2025.
No rotating bonus categories to sign up for – as your spending changes each billing cycle, your earn adjusts automatically when you spend in any of the eligible categories.
No Annual Fee
Citi will only issue one Citi Custom Cash® Card account per person.
Our writers, editors and industry experts score credit cards based on a variety of factors including card features, bonus offers and independent research. Credit card issuers have no say or influence on how we rate cards.
Our writers, editors and industry experts score credit cards based on a variety of factors including card features, bonus offers and independent research. Credit card issuers have no say or influence on how we rate cards.
A FICO score/credit score is used to represent the creditworthiness of a person and may be one indicator to the credit type you are eligible for. However, credit score alone does not guarantee or imply approval for any financial product.
0% Intro APR for 15 billing cycles for any BTs made in the first 60 days. A fee of 3% for 60 days from account opening, then 4% will apply.
Regular APR
19.24% - 29.24% Variable APR on purchases and balance transfers
Rewards rate
Earn 3% cash back in the category of your choice (up to $2,500 in combined choice category/grocery store/wholesale club quarterly purchases). Earn automatic 2% at grocery stores and wholesale clubs (up to $2,500 in combined choice category/grocery store/wholesale club quarterly purchases). Earn unlimited 1% on all other purchases.
1% - 3%
Annual fee
$0
Why you’ll like this card:With its easy-to-earn bonus, lengthy intro APR offer and customizable rewards, it offers flexibility and value in both the short and long term.
What we love: The Bank of America Customized Cash Rewards credit card might not have the longest introductory offers, but its long-term value is better than competing cards because of its cash back rewards program.
Balance transfer timeline: You must transfer your balance within 60 days of account opening to qualify for the intro balance transfer fee(3 percent intro balance transfer fee applies to each transfer, then 4%).
Alternatives: People who just want to take advantage of an introductory APR offer on balance transfers and have less interest in pursuing rewards may want to consider the Citi Diamond Preferred card instead.
Pros
Bank of America Preferred Rewards members with qualifying account balances can boost this card’s cash back rate.
You can change your highest-earning spending category once a month.
Cons
There’s a spending cap on your highest-earning cash back categories.
This card isn’t ideal for taking abroad due to its 3 percent foreign transaction fee.
$200 online cash rewards bonus after you make at least $1,000 in purchases in the first 90 days of account opening.
Earn 3% cash back in the category of your choice, automatic 2% at grocery stores and wholesale clubs (up to $2,500 in combined choice category/grocery store/wholesale club quarterly purchases) and unlimited 1% on all other purchases.
Choose 3% cash back on gas and EV charging station, online shopping/cable/internet/phone plan/streaming, dining, travel, drug store/pharmacy or home improvement/furnishings purchases.
If you're a Bank of America Preferred Rewards® member, you can earn 25%-75% more cash back on every purchase. That means you could earn 3.75%-5.25% cash back on purchases in your choice category.
No annual fee and cash rewards don’t expire as long as your account remains open.
0% Intro APR for 15 billing cycles for purchases, and for any balance transfers made in the first 60 days. After the Intro APR offer ends, a Variable APR that’s currently 19.24% - 29.24% will apply. A 3% Intro balance transfer fee will apply for the first 60 days your account is open. After the Intro balance transfer fee offer ends, the fee for future balance transfers is 4%.
Contactless Cards - The security of a chip card, with the convenience of a tap.
This online only offer may not be available if you leave this page or if you visit a Bank of America financial center. You can take advantage of this offer when you apply now.
Our writers, editors and industry experts score credit cards based on a variety of factors including card features, bonus offers and independent research. Credit card issuers have no say or influence on how we rate cards.
Our writers, editors and industry experts score credit cards based on a variety of factors including card features, bonus offers and independent research. Credit card issuers have no say or influence on how we rate cards.
A FICO score/credit score is used to represent the creditworthiness of a person and may be one indicator to the credit type you are eligible for. However, credit score alone does not guarantee or imply approval for any financial product.
0% introductory APR balance transfers for first 18 billing cycles after account opening.
Regular APR
19.24%, 21.24%, 24.24%, 27.24% or 29.24% variable APR based on your creditworthiness.
Rewards rate
Rewards rate is not available for this credit card.
N/A
Annual fee
None
Why you’ll like this card:Your first late fee is refunded every 12 billing cycles, so it’s a safer choice if you’re worried about keeping up with payments.
What we love: It offers a competitive balance transfer intro offer and ongoing APR. People in the states where this card is available could benefit from the forgiving late fee terms: TD Bank will refund your first late payment fee every 12 billing cycles. Remember that late payments are still reported to the credit bureaus and can affect your credit score.
Alternatives: The Citi Simplicity® Card has a longer intro APR offer and is just as forgiving with fees — it charges no late fee, no annual fee and no returned payment fee.
Pros
The late fee refund terms can be helpful in a tight spot while paying off debt.
Its balance transfer intro offer period is longer than some other cards’ offers.
Cons
This card is only available to residents in 15 states and Washington, D.C.
It doesn’t earn rewards, which reduces its long-term value.
Balance transfers: Get a 0% introductory APR on balance transfers for the first 18 billing cycles after account opening. After that, 19.24%, 21.24%, 24.24%, 27.24% or 29.24% variable APR based on your creditworthiness.
Get built-in flexibility with the TD FlexPay Credit Card
TD's best balance transfer offer
Get Visa benefits like cell phone protection when you pay your monthly mobile bill with your card
No annual fee
Must be a resident of CT, DC, DE, FL, MA, MD, ME, NC, NH, NJ, NY, PA, RI, SC, VA or VT.
Our writers, editors and industry experts score credit cards based on a variety of factors including card features, bonus offers and independent research. Credit card issuers have no say or influence on how we rate cards.
Our writers, editors and industry experts score credit cards based on a variety of factors including card features, bonus offers and independent research. Credit card issuers have no say or influence on how we rate cards.
A FICO score/credit score is used to represent the creditworthiness of a person and may be one indicator to the credit type you are eligible for. However, credit score alone does not guarantee or imply approval for any financial product.
0% intro APR for 15 months on balance transfers, then 12.15% to 26.15% variable regular APR
Regular APR
12.15% to 26.15% variable
Rewards rate
Rewards rate is not available for this credit card.
N/A
Annual fee
$0
Why you’ll like this card:You have a chance at a lower-than-average ongoing APR, which could help you save on interest even after your intro APR period ends.
What we love: This card from USAA boasts a competitive intro APR offer for balance transfers, but its true worth lies in its potentially low ongoing APR. Many of the best low-interest credit cards don’t start this low, so it’s a great option to consider if you qualify for USAA membership.
Balance transfer timeline: You must transfer your balance within 90 days to qualify for the intro APR rate (5 percent balance transfer fee for each transfer applies).
Alternatives: The USAA Rate Advantage Credit Card has limited value after the intro offer ends, so it may be worth considering a card that earns rewards like the Citi Double Cash.
Pros
The ongoing interest rate on this card may be one of the lowest rates you’ll see on many balance transfer credit cards.
This card is light on fees as it doesn’t charge an annual fee or foreign transaction fees.
Cons
Eligibility for the card is restricted to military personnel, veterans and their families.
The card’s 5 percent balance transfer fee is a bit high and may add a lot to your payoff amount.
Must be a USAA member, or become a member, to apply. USAA proudly offers membership to current and former military, as well as their spouses and dependents.
Intro Offer: Get a 0% intro APR for 15 months on balance transfers and convenience checks that post within 90 days of account opening. After this time, the variable regular APR of 12.15% to 26.15% will apply to introductory balances.
A fee of 5% of the amount of each balance transfer, cash advance and convenience check applies.
Take advantage of USAA's lowest interest rate card, whether you’re making a purchase or transferring a balance.
Pay less in interest if you carry a balance from month to month.
Enjoy the same low variable regular APR on purchases, balance transfers, and cash advances.
Our writers, editors and industry experts score credit cards based on a variety of factors including card features, bonus offers and independent research. Credit card issuers have no say or influence on how we rate cards.
Our writers, editors and industry experts score credit cards based on a variety of factors including card features, bonus offers and independent research. Credit card issuers have no say or influence on how we rate cards.
A FICO score/credit score is used to represent the creditworthiness of a person and may be one indicator to the credit type you are eligible for. However, credit score alone does not guarantee or imply approval for any financial product.
0% Intro APR for 15 billing cycles for any BTs made in the first 60 days. A fee of 3% for 60 days from account opening, then 4% will apply.
Regular APR
19.24% - 29.24% Variable APR on purchases and balance transfers
Rewards rate
Earn unlimited 1.5% cash back on all purchases.
1.5%
Annual fee
$0
Why you’ll like this card:You can save on interest with its intro APR and enjoy long-term value thanks to its $0 annual fee and solid flat rewards rate.
What we love: People who qualify for the Bank of America Preferred Rewards program could get some of the highest flat cash back rates available with the Bank of America Unlimited Cash Rewards credit card. If you qualify, you could get a 25 percent to 75 percent boost on your cash rewards potential.
Balance transfer timeline: You must transfer your balance within 60 days of account opening to qualify for the intro balance transfer fee (3 percent intro balance transfer fee, then 4 percent).
Alternatives: Cash back maximizers who don’t use Bank of America and don’t mind keeping track of a few bonus categories to earn a higher rewards rate while paying down a balance may find more value with the Discover it® Cash Back.
Pros
The rewards you earn with this card never expire as long as your account remains open and there’s no minimum amount that you need to redeem for direct deposits or statement credits.
This card doesn’t charge an annual fee, saving some money for cardholders.
Cons
This card charges a foreign transaction fee on purchases made outside of the U.S.
You’ll need to maintain relatively high balances across your Bank of America accounts to qualify for the Bank of America Preferred Rewards® program (at least $20,000 minimum).
$200 online cash rewards bonus after you make at least $1,000 in purchases in the first 90 days of account opening.
Earn unlimited 1.5% cash back on all purchases.
If you're a Bank of America Preferred Rewards® member, you can earn 25%-75% more cash back on every purchase. That means you could earn 1.87%-2.62% cash back on every purchase with Preferred Rewards.
No annual fee.
No limit to the amount of cash back you can earn and cash rewards don’t expire as long as your account remains open.
0% Intro APR for 15 billing cycles for purchases, and for any balance transfers made in the first 60 days. After the Intro APR offer ends, a Variable APR that’s currently 19.24% - 29.24% will apply. A 3% Intro balance transfer fee will apply for the first 60 days your account is open. After the Intro balance transfer fee offer ends, the fee for future balance transfers is 4%.
Contactless Cards - The security of a chip card, with the convenience of a tap.
This online only offer may not be available if you leave this page or if you visit a Bank of America financial center. You can take advantage of this offer when you apply now.
2024 Bankrate Awards Winner
Best for no late fees
Citi Simplicity® Card
*The information about the Citi Simplicity® Card has been collected independently by Bankrate.com. The card details have not been reviewed or approved by the card issuer.
*
Bankrate score
Rating: 4.5 stars out of 5
4.5
Our writers, editors and industry experts score credit cards based on a variety of factors including card features, bonus offers and independent research. Credit card issuers have no say or influence on how we rate cards.
Our writers, editors and industry experts score credit cards based on a variety of factors including card features, bonus offers and independent research. Credit card issuers have no say or influence on how we rate cards.
A FICO score/credit score is used to represent the creditworthiness of a person and may be one indicator to the credit type you are eligible for. However, credit score alone does not guarantee or imply approval for any financial product.
Intro offer
Intro offer is not available for this Citi credit card.
N/A
Rewards Rate
Rewards rate is not available for this credit card.
N/A
Annual fee
$0
Regular APR
19.24% - 29.99% (Variable)
Why you’ll like this card:It comes with one of the longest balance transfer offers on the market and a decent intro APR offer on purchases.
N/A
What we love: If you're looking to avoid some common credit card fees and minimize interest charges, this card could be a great fit. It not only boasts one of the longest introductory APR offers available on balance transfers, but also carries no late fees or annual fee.
Balance transfer timeline: You must transfer your balance within the first four months of account opening (3 percent intro balance transfer fee applies ($5 minimum), then 5 percent (minimum $5).)
Alternative: The BankAmericard credit card boasts a long intro APR period with no annual fee and a chance at a lower-than-average ongoing APR afterward. There’s also no penalty APR, should you accidentally miss a payment.
Pros
You’ll skip late fees, penalty APRs and annual fees with this card (though late payments still affect your credit).
This card offers an intro APR on both balance transfers and new purchases, making it a good choice no matter what kind of credit card debt you need to pay off.
Cons
There's no rewards program, so the card holds limited long-term value.
Its ongoing APR is relatively high, so it may not be a great choice if you need to carry a balance beyond the promotional period.
Best for no penalty APR
BankAmericard® credit card
*The information about the BankAmericard® credit card has been collected independently by Bankrate.com. The card details have not been reviewed or approved by the card issuer.
*
Bankrate score
Rating: 4.8 stars out of 5
4.8
Our writers, editors and industry experts score credit cards based on a variety of factors including card features, bonus offers and independent research. Credit card issuers have no say or influence on how we rate cards.
Bankrate score
Rating: 4.8 stars out of 5
4.8
Our writers, editors and industry experts score credit cards based on a variety of factors including card features, bonus offers and independent research. Credit card issuers have no say or influence on how we rate cards.
Recommended credit score: 670 - 850
A FICO score/credit score is used to represent the creditworthiness of a person and may be one indicator to the credit type you are eligible for. However, credit score alone does not guarantee or imply approval for any financial product.
Balance transfer intro APR
0% Intro APR for 18 billing cycles for any BTs made in the first 60 days. A fee of 3% for 60 days from account opening, then 4% will apply.
Regular APR
16.24% - 26.24% Variable APR on purchases and balance transfers
Rewards rate
Rewards rate is not available for this credit card.
N/A
Annual fee
$0
Why you’ll like this card:You can take advantage of a solid intro APR offer, a low balance transfer fee and a chance at lower-than-average ongoing APR.
What we love: This card boasts a competitive intro APR offer on both balance transfers and purchases, as well as a decent ongoing APR after the promotional period ends. Though it lacks a rewards program, it’s still a good choice if you’re focused on paying off debt.
Balance transfer timeline: You must transfer your balance within 60 days to qualify for the intro balance transfer fee(3 percent intro balance transfer fee applies, then 4%).
Alternatives: The Citi Simplicity Card is a similar balance transfer card option that may be the ideal solution for anybody who wants to avoid an annual fee, penalty APR and late payment penalties altogether.
Pros
Its ongoing APR is lower than the rate you’ll find on many rival cards, so it could help you save money if you need to carry a balance after your intro APR period ends.
There’s no penalty APR, so it may not sting as much if you accidentally miss a payment.
Cons
The card has limited long-term value because it doesn’t earn rewards or provide many noteworthy perks.
It’s not a good choice for traveling abroad due to its foreign transaction fee.
Best credit union balance transfer card
Gold Visa® Card
*The information about the Gold Visa® Card has been collected independently by Bankrate.com. The card details have not been reviewed or approved by the card issuer.
*
Recommended credit score: 670 - 850
A FICO score/credit score is used to represent the creditworthiness of a person and may be one indicator to the credit type you are eligible for. However, credit score alone does not guarantee or imply approval for any financial product.
Balance transfer intro APR
0% Balance Transfers Promo APR for 15 months
Regular APR
17.99% Variable APR
Rewards rate
Rewards rate is not available for this credit card.
N/A
Annual fee
$0
Why you’ll like this card:You can take advantage of one of the lowest ongoing APRs currently available on a balance transfer card.
What we love: The Gold Visa Card from PenFed Credit Union offers a way for members to transfer and pay down high-interest credit card debt. Not only does it have a competitive intro APR offer, but the ongoing APR is also lower than the average credit card interest rate.
Alternatives: If you qualify for membership, the USAA Rate Advantage Credit Card is worth considering because it has the same offer length, but a potentially lower ongoing APR.
Pros
The ongoing APR after the balance transfer period is low compared to other cards’ interest rates.
It doesn’t charge a foreign transaction fee, making it a solid option to take abroad after paying off a transferred balance.
Cons
The card is light on perks and benefits, which limits its long-term value.
You have to establish membership to apply for the card, adding an extra step to your balance transfer process.
Compare Bankrate's best 0% balance transfer credit cards
Our writers, editors and industry experts score credit cards based on a variety of factors including card features, bonus offers and independent research. Credit card issuers have no say or influence on how we rate cards.
Our writers, editors and industry experts score credit cards based on a variety of factors including card features, bonus offers and independent research. Credit card issuers have no say or influence on how we rate cards.
Intro Offer: Unlimited Cashback Match for all new cardmembers – only from Discover. Discover will automatically match all the cash back you’ve earned at the end of your first year! There’s no minimum spending or maximum rewards. Just a dollar-for-dollar match.
Our writers, editors and industry experts score credit cards based on a variety of factors including card features, bonus offers and independent research. Credit card issuers have no say or influence on how we rate cards.
18 months
0% intro for 18 months on Balance Transfers
Intro Offer: $200 cash back
Earn $200 cash back after you spend $1,500 on purchases in the first 6 months of account opening. This bonus offer will be fulfilled as 20,000 ThankYou® Points, which can be redeemed for $200 cash back.
Our writers, editors and industry experts score credit cards based on a variety of factors including card features, bonus offers and independent research. Credit card issuers have no say or influence on how we rate cards.
Our writers, editors and industry experts score credit cards based on a variety of factors including card features, bonus offers and independent research. Credit card issuers have no say or influence on how we rate cards.
15 billing cycles
0% Intro APR for 15 billing cycles for any BTs made in the first 60 days. A fee of 3% for 60 days from account opening, then 4% will apply.
Intro Offer: 25,000 points
25,000 online bonus points after you make at least $1,000 in purchases in the first 90 days of account opening - that can be a $250 statement credit toward travel purchases.
Regular APR: 19.24% - 29.24% Variable APR on purchases and balance transfers
Our writers, editors and industry experts score credit cards based on a variety of factors including card features, bonus offers and independent research. Credit card issuers have no say or influence on how we rate cards.
15 months
0% Intro APR on Balance Transfers for 15 months
Intro Offer: Up to $300 cash back
Earn an extra 1.5% on everything you buy (on up to $20,000 spent in the first year) — worth up to $300 cash back. That’s 6.5% on travel purchased through Chase Travel℠, 4.5% on dining and drugstores, and 3% on all other purchases.
Our writers, editors and industry experts score credit cards based on a variety of factors including card features, bonus offers and independent research. Credit card issuers have no say or influence on how we rate cards.
Our writers, editors and industry experts score credit cards based on a variety of factors including card features, bonus offers and independent research. Credit card issuers have no say or influence on how we rate cards.
Earn $200 in cash back after you spend $1500 on purchases in the first 6 months of account opening. This bonus offer will be fulfilled as 20,000 ThankYou® points, which can be redeemed for $200 cash back.
Our writers, editors and industry experts score credit cards based on a variety of factors including card features, bonus offers and independent research. Credit card issuers have no say or influence on how we rate cards.
15 billing cycles
0% Intro APR for 15 billing cycles for any BTs made in the first 60 days. A fee of 3% for 60 days from account opening, then 4% will apply.
Intro Offer: $200
$200 online cash rewards bonus after you make at least $1,000 in purchases in the first 90 days of account opening.
Regular APR: 19.24% - 29.24% Variable APR on purchases and balance transfers
Our writers, editors and industry experts score credit cards based on a variety of factors including card features, bonus offers and independent research. Credit card issuers have no say or influence on how we rate cards.
Our writers, editors and industry experts score credit cards based on a variety of factors including card features, bonus offers and independent research. Credit card issuers have no say or influence on how we rate cards.
Our writers, editors and industry experts score credit cards based on a variety of factors including card features, bonus offers and independent research. Credit card issuers have no say or influence on how we rate cards.
15 billing cycles
0% Intro APR for 15 billing cycles for any BTs made in the first 60 days. A fee of 3% for 60 days from account opening, then 4% will apply.
Intro Offer: $200
$200 online cash rewards bonus after you make at least $1,000 in purchases in the first 90 days of account opening.
Regular APR: 19.24% - 29.24% Variable APR on purchases and balance transfers
Our writers, editors and industry experts score credit cards based on a variety of factors including card features, bonus offers and independent research. Credit card issuers have no say or influence on how we rate cards.
18 billing cycles
0% Intro APR for 18 billing cycles for any BTs made in the first 60 days. A fee of 3% for 60 days from account opening, then 4% will apply.
Intro Offer: N/A
Regular APR: 16.24% - 26.24% Variable APR on purchases and balance transfers
Gold Visa® Card
Credit union card
15 months
0% introductory APR for 15 months on balance transfers made in the first 90 days after account opening
Intro Offer: N/A
Regular APR: 17.99% Variable APR
What is a balance transfer credit card?
A balance transfer card lets you move a balance from one credit card to another. Sometimes, you can transfer more than just credit card debt to a balance transfer card, such as a personal loan.
Balance transfer cards typically come with an introductory 0 percent APR offer for a set period (typically 12 to 21 months), during which you won’t be charged interest on your transferred balance. This interest-free period allows you to pay off debt more efficiently, since your payments will go toward your principal balance instead of interest charges.
When the intro APR period ends, interest applies to any remaining balance at the end of each billing cycle like a regular credit card. The average intro APR period is 12 to 21 months, with many of the best balance transfer intro periods offering 18 to 21 months. However, cards with longer intro periods often lack rewards, hindering their long-term value.
The amount of time it takes for a balance to transfer from one credit card to another will vary by issuer. The process typically takes five to seven days, but some credit card companies may take up to six weeks to complete balance transfers. Others may take as little as two days. You will typically receive an estimated turnaround time from your card provider in advance. Also, if your new card issuer approves your balance transfer request, it must coordinate the transfer with your current card issuer, which could cause potential delays.
Balance transfer fee: In exchange for letting you transfer a balance, the new card typically charges a balance transfer fee. This fee is usually 3 percent to 5 percent of the balance you’re transferring, with a minimum of $5.
Intro APR offer: This is the time period, usually lasting 12 to 18 months, during which you won’t pay interest on your balance.
Transfer window: Some balance transfer cards require you to transfer a balance within a designated timeframe to qualify for the intro offer. Common transfer windows are 60 to 120 days.
Ongoing APR: This interest rate applies to any balance remaining after the intro period ends. The current average interest rate is about 20 percent.
Expert advice on choosing a 0% balance transfer card
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 on choosing a balance transfer credit card that fits your unique financial situation, consider the following questions:
Beware of issuer limitations with balance transfers
Keep in mind that 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. When you compare your card options, look for cards from issuers you don’t have an account with.
Take note of the transfer timeline
Consider this timeframe when choosing your card and make sure you transfer your balance on time. Otherwise, you may have to wait for a promotional offer from the issuer or look at another card.
Know the balance transfer fee
The difference between a 3 percent balance transfer fee and a 5 percent balance transfer fee could be significant, depending on the amount you transfer. If you want to save money, take a closer look at cards with 3 percent balance transfer fees. If the amount you transfer is relatively small, a 5 percent balance transfer fee may still be a reasonable option.
Don’t forget about intro offers on purchases
Not all balance transfer cards provide an intro APR offer for new purchases. Keep this in mind if you plan to use the card for both new purchases and a balance transfer. Depending on the cardholder agreement, some issuers may charge interest on new purchases if you’re carrying any balance, including from a balance transfer.
Measure the time you need to pay off your balance
You’ll want to choose a card with an intro APR offer period that matches how much time you reasonably 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
Know what the card’s APR is after the introductory period ends. Interest rates vary widely and knowing exactly what you're signing up for is helpful if you need to occasionally carry a balance beyond the intro period.
Decide if long-term value is a top priority
Most balance transfer cards trade top-notch card features for a lengthy intro APR period, so you’ll usually miss out on rewards and additional cardholder benefits. However, some cards may still offer basic benefits like purchase protection and identity theft protection services.
Here’s how a Bankrate expert chose her balance transfer card
When Bankrate writer Seychelle Thomas chose a balance transfer card to help her pay off debt, she prioritized one card detail over others: the 0 percent 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.
What people say about balance transfer credit cards
Bankrate keeps a pulse on how people react to the latest trends in the credit card world and breaks down how everyone can best prepare their finances for these market changes.
The current bulk of online and social media conversation revolves around optimizing credit card reward and sign-up bonus strategies, but inflation rates, snowballing card balances and sky-high APRs certainly seems to affect the discussion around balance transfer cards.
Consumers now seem more torn about using a 0 percent intro APR card to handle debt. For example, a Reddit user had $9,000 in credit card debt that they could pay off with emergency savings. However, they asked the community whether a balance transfer card would be a better idea since they were worried about potential emergencies. Both solutions quickly gained traction in the thread: one user suggested a balance transfer card, but another recommended using an emergency fund.
“If you can avoid using the 0 percent APR as an opportunity to take on more debt, it’s probably a good idea,” one user commented in favor of balance transfer cards. “[T]aking the balance transfer offer would probably save you money unless you pay off your current card in less than three months.”
However, another user pointed out that savings accounts don’t accumulate interest as fast as credit cards, so paying off the debt with an emergency fund may be the better option.
Both options are valid and have their advantages and drawbacks if you’re in a similar dilemma. A balance transfer card could protect your savings, but a financial emergency could derail your payment plan. Paying off the balance with your savings immediately gets you out of debt, but any unexpected expenses could risk you getting into credit card debt again.
In another example, a myFICO Forum user recently asked for advice for handling lingering debt after a balance transfer. Many other users advised them to stick to a strict budget and stop using credit cards altogether. Finding a credit card debt payoff plan that works for you is the best approach if you catch your card balance snowballing before it’s unmanageable. An issuer’s credit card hardship program may help pay off debt if you qualify, but some of these repayment plans may still allow interest to accrue. As some of myFICO Forum users mentioned, getting an installment loan from a bank to pay off your credit card debt could save you money on interest, but these can be risky options if you don’t adjust your spending habits.
*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.
How to maximize your 0% balance transfer savings
A balance transfer can already help you save hundreds in interest, but there are a few ways to maximize the interest-free period.
Initiate your balance transfer immediately: Most cards require you to transfer your debt within a set period of time to qualify for a 0 percent intro APR offer. And the sooner you transfer the balance, the sooner interest stops accruing on that debt.
Create a payoff strategy: Paying off as much of your transferred balance as you can within the intro APR period is key to a successful balance transfer. Creating a payoff plan gives you a clear timeline to work with and sticking to it could save you a ton in interest charges.
Don’t miss a payment: Missing a payment on your balance transfer card could void your intro offer, so nailing down a payment plan and sticking to it is crucial to maximizing the offer.
Our data: Are balance transfer cards becoming harder to get?
In the face of a tougher economic landscape, driven in part by inflation and Federal Reserve rate increases in 2023, issuers may be tightening credit card approval requirements.
According to Bankrate’s proprietary data, approval rates for balance transfer cards decreased overall for applicants in the back half of 2023 — regardless of credit score. Among Bankrate users who applied for a balance transfer card, approval rates fell 17 percent from August to December 2023.
Although your approval odds for a card depend on your credit profile, these trends suggest that getting your hands on a balance transfer card may be harder now than it once was.
Here’s how balance transfer credit card approval rates for Bankrate users declined in the last few months of 2023.
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 putting in an application 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, debt consolidation 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.
How much money could you save with a 0% balance transfer?
A 0 percent intro APR offer could save you several hundred dollars if you're paying down a large balance.
Bankrate’s most recent data shows that the average credit card balance reached $6,501 in the third quarter of 2023. We’ve set up a scenario based on this average, where you would transfer a credit card balance of $6,501 based on the following conditions:
Balance transfer fee: You would pay the 3 percent to 5 percent balance transfer fee upfront.
Intro offer: You would pay off the $6,501 balance within the intro offer period for each card.
Interest and savings: We calculate potential savings with each card by comparing how much interest you would pay on your current card at 20 percent APR (approximately the current average interest rate), minus the balance transfer fee.
APR
With 5% balance transfer fee
Monthly payment
Total interest
Total amount paid
20% for 18 months
$6,501
$421
$1077
$7,578
0% intro on balance transfers for 18 months
$6,501
$325
$0
$6826
In the news: Americans are choosing fun over savings
In the two years post-pandemic, Americans seem to be doing their best to compensate for lost travel and live events. A recent Bankrate survey found that around 38 percent of American adults say they’re willing to go into debt for fun activities, including travel, dining and entertainment. 27 percent are willing to take on debt to travel, 14 percent will carry debt for dining out and 13 percent will go into debt for entertainment. While there are variations depending on household income, age and parenthood, it generally ranges between 37 and 43 percent of people.
While many may be willing to take on debt temporarily, the longer you carry a balance on a card with a high interest rate, the more debt you’ll face. As rates remain high, completing a balance transfer could be one of the most helpful ways to manage your debt and save as much as possible on interest charges.
How we assess the best balance transfer credit cards
100+
Cards rated
400+
APRs tracked
3000
Data points analyzed
40+
Perks evaluated
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:
5
Rating: 5 stars out of 5
Overall Score
Intro APR and offer length for balance transfers45%
Balance transfer, annual and other fees22%
Intro APR and offer length for new purchases18%
Ongoing APR15%
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:
The primary factor in a balance transfer or low-interest card’s rating and its inclusion in our list is the quality of its introductory APR offer and ongoing APR. This includes both the introductory rate itself and the length of the intro APR on both balance transfers and new purchases.
For cards designed primarily for balance transfers, the intro APR offer on balance transfers has the largest impact on overall score. The quality of these cards’ intro APR on new purchases is also considered, but holds less weight than the intro APR on balance transfers.
For general low-interest cards, the intro APR offer on new purchases has the largest impact on overall score, followed by the ongoing APR and intro APR offer on balance transfers. This weighting assumes cardholders considering a card in this category will prioritize payment flexibility on new purchases or may need to carry a balance long term, whereas cardholders trying to pay off debt will opt for a dedicated balance transfer card.
The cards that score the highest in these categories and are most likely to be included in our list tend to offer long 0% intro APRs on both balance transfer and new purchases as well as a lower-than-average low-end APR.
Along with evaluating each card’s intro APR offers, we score balance transfer and low-interest cards based on their fees.
Of primary importance is a card’s balance transfer fee, since this can play a large role in the total cost of a balance transfer. We rate each card’s balance transfer fee based on how it stacks up against the fee you’ll find on competing cards.
While this fee carries less weight when we assess general low-interest cards than dedicated balance transfer cards, it still factors into our evaluation since cardholders may decide to transfer debt to a low-interest card even if it offers no intro APR or an intro APR higher than 0 percent.
And while a lower balance transfer fee could save you more overall than a few extra months of 0 percent intro APR, this fee carries less weight in our scoring system than a card’s introductory APR and intro APR period. This is because many users prioritize getting as much time as possible to pay off debt while avoiding interest.
Other fees considered in our assessment include the presence of annual, foreign transaction, cash advance and late payment fees, along with penalty APRs. Annual fees are weighted most heavily since these are the only “unavoidable” fees in the list and tend to be less common on dedicated balance transfer and low-interest credit cards.
While getting a generous intro APR offer and low ongoing APR are likely to be the biggest priorities for someone looking for a low-interest or balance transfer card, we also consider how much value a card can offer after its intro APR comes to an end.
Balance transfer and low-interest cards receive a higher rating and are more likely to be included in our list of best cards if they also include an ongoing rewards program or unique and valuable perks. Such features make a card more useful long term and make it less likely you’ll need to apply for a new card (and temporarily hurt your credit score) after you pay off debt.
With this in mind, our best cards list often includes a number of rewards and cash back cards alongside dedicated balance transfer cards. These cards tend to offer slightly shorter intro APR periods, but could help you save more overall, either via rewards earned on everyday spending, valuable perks or a lower balance transfer fee.
Have more questions for our credit cards editors? Feel free to send us an email, find us on Facebook, or Tweet us @Bankrate.
Frequently asked questions about balance transfer credit cards
Some of the best balance transfer cards require good to excellent credit (FICO score of 670 – 850) to qualify. Even more, last year, credit lenders reported tightening their approval standards, meaning it may be more difficult to qualify for a certain card now. If your credit isn't up to par yet, you may be able to find secured credit cards that allow balance transfers, but they probably won't have 0 percent intro APR offers.
A few factors could cause you to experience a temporary dip in your credit score after you complete a balance transfer. Applying for a new credit card usually involves a hard inquiry, and opening a new card shortens your average account age. Also, if you apply for many new accounts in a short time or close an account as soon as you transfer a balance, these actions could negatively affect your score. However, your credit score won't be as affected if you pay down the balance on time every month and keep your debt-to-credit ratio low overall.
Apply for a balance transfer credit card and get approved
Initiate a transfer to your new balance transfer card through your online account with your new issuer
Wait for verification that the transfer is complete
Set your payment plan in motion
Yes, but transferring balances multiple times can quickly deplete your available credit and increase your overall debt-to-credit ratio since you're only moving the debt and not paying it off. That makes it harder for you to get approved for future credit and can cause your interest rates to rise as well. If you are in a position where you need to transfer your credit card balance more than once, then you should consider alternative options before doing so.
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 and the balance transfer policies of your specific issuer will determine the amount you can transfer.
As a credit counselor, there are two big mistakes I see people make with balance transfers. First, they transfer the balance and then only make the minimum payment. As a result, when the promotional rate ends they are stuck with a high interest rate again and they often cycle from one balance transfer to the next, paying a fee each time and often not making any real progress on paying down the balance. Secondly, much like when taking out a debt consolidation loan, people often transfer the balance and then either continue to accrue debt on the previous account or put new charges on the balance transfer account, resulting in more debt and a high interest rate paid on those new charges.
Often people transfer card balances to take advantage of a 0 percent intro APR offer, but then they’re surprised by the much higher APR they’re hit with at the end of the introductory period. You must understand the rules of each individual card when you’re making a balance transfer and know that 0 percent doesn’t mean $0. Be sure to check for transfer fees or limits, and always understand what is going to happen if you don’t pay off the transfer within the bank’s designated time frame.
Balance transfer cards can save people who have expensive, overwhelming debt so much money on interest fees. But you have to consider your overall financial picture and commit to paying the transferred balance off and not adding new debt.
By far the biggest mistake people make is running up a balance on the old card again. Then, if they don’t pay the transferred balance off before the intro rate reverts to the regular rate, they’re really in trouble. To make balance transfer credit cards work in your favor, you absolutely have to be committed to the process.
Bankrate expert Garrett Yarbrough strives to make navigating credit cards and credit building smooth sailing for his readers. After regularly featuring his credit card,…
Courtney Mihocik is an editor at Bankrate Credit Cards and CreditCards.com specializing in credit card news and personal finance advice. Previously, she led insurance content at…
* See the online application for details about terms and conditions for these offers. Every reasonable effort has been made to maintain accurate information. However all credit card information is presented without warranty. After you click on the offer you desire you will be directed to the credit card issuer's web site where you can review the terms and conditions for your selected offer.
Editorial Disclosure: Opinions expressed here are the author’s alone, and have not been reviewed or approved by any advertiser. The information, including card rates and fees, is accurate as of the publish date. All products or services are presented without warranty. Check the bank’s website for the most current information.
