Best Balance Transfer Credit Cards: A credit card is a payment card issued to users (cardholders) to enable the cardholder to pay a merchant for goods and services based on the cardholder’s accrued debt (i.e., promise to the card issuer to pay them for the amounts plus the other agreed charges).
The card issuer (usually a bank or credit union) creates a revolving account and grants a line of credit to the cardholder, from which the cardholder can borrow money for payment to a merchant or as a cash advance. There are two credit card groups: consumer credit cards and business credit cards. Most cards are plastic, but some are metal cards (stainless steel, gold, palladium, titanium), and a few gemstone-encrusted metal cards.
Best Balance Transfer Credit Cards
Credit card interest rates are typically in the double digits, so carrying a balance on your credit card is likely costing you a lot. But one way to get that debt under control is to choose the right card.
Considering Americans carry an average balance of $5,313, there’s a lot of room to save money with a balance transfer credit card. These cards offer no interest on balance transfers for a set period of time — at least six months and up to 20 months. During the introductory 0% APR period, you can pay off debt without paying costly interest charges.
We analyzed 101 popular balance transfer cards using an average American’s annual spending budget and credit card debt and dug into each card’s perks and drawbacks to find the best of the best based on your consumer habits. (See our methodology for more information on how we choose the best cards.)
Before signing up
Before signing up for a balance transfer card, consider how you plan on tackling your debt repayment plan. When we crunched the numbers to see which cards could help you pay down debt at the lowest cost, we assumed you’d transfer an average debt of $5,313 and pay $200 per month, which means you could pay off the debt in roughly 27 months with a card offering no interest for 20 months.
We factored in each card’s transfer fee, the length of the 0% interest period, and any interest you’d pay once the intro period ends. But the more you pay each month, the faster you’ll pay off the balance you’ve transferred, and ideally, you could pay off the debt in full before the higher interest rates kick in.
Below, Select rounds up some of the best credit cards that offer no interest on balance transfers for up to 20 months. Credit card recommendations are broken up by the length of the intro 0% APR period.
Best balance transfer credit cards
1. Wells Fargo Reflect℠ Card
If you’re looking to pay less interest on your existing debt, the Wells Fargo Reflect℠ Card is a straightforward choice. It carries no annual fee and new cardholders get a generous introductory period to pay down balances. Just make sure to make that balance transfer within the eligibility window or you’ll be subject to a higher balance transfer fee.
- Annual Fee: $0
- Balance Transfer Offer: Get a 0% intro APR for 18 months from account opening on purchases and qualifying balance transfers. An extension of up to 3 months of additional introductory APR will apply with on-time minimum payments during the introductory and extension periods. An introductory balance transfer fee of either $5 or 3% of the amount of each balance transfer, whichever is greater, for 120 days from account opening applies. After that, up to 5% for each balance transfer, with a minimum of $5.
- Balance Transfer Fee: The fee for a balance transfer is up to 5%; min: $5.
- Other Benefits and Drawbacks: Although there are no rewards with this card, it does come with some money-saving protections like up to $600 in cell phone protection when you pay your monthly bill with the card (subject to a $25 deductible) and access to roadside dispatch.
2. Bank of America® Customized Cash Rewards credit card
The Bank of America® Customized Cash Rewards credit card is a solid option for someone who typically spends in everyday categories like gas or groceries but wants the flexibility to maximize their earnings if their biggest expenditures fluctuate from month to month.
- Annual Fee: $0
- Balance Transfer Offer: Get a 0% introductory 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 13.99% – 23.99% variable APR will apply. A 3% fee (min $10) applies to all balance transfers.
- Balance Transfer Fee: Either $10 or 3% of the amount of each transaction, whichever is greater.
- Other Benefits and Drawbacks: The secret sauce with this card is that those who qualify for the bank’s Preferred Rewards program can earn an additional 25% to 75% bonus points on all purchases. You’ll need $20,000 in combined assets for a 25% bump, $50,000 for a 50% bump and $100,000 for a 75% bump.
3. U.S. Bank Visa® Platinum Card *
If you’re looking for a long introductory period to pay off a big purchase or shed existing debt, the U.S. Bank Visa® Platinum Card is a top choice. Its extra-lengthy offer on both balance transfers and purchases can give you the breathing room you’re seeking.
- Annual Fee: $0
- Balance Transfer Offer: Get a 0% intro APR on purchases and balance transfers for 20 billing cycles, followed by a regular variable APR of 14.49% – 24.49%.
- Balance Transfer Fee: Either 3% of the amount of each transfer or $5 minimum, whichever is greater
- Other Benefits and Drawbacks: Beyond the long intro APR offer, the card doesn’t offer much else. There are no perks like rewards or other benefits, making this card all about the 0% period.
4. Citi® Double Cash Card
The Citi® Double Cash Card’s 2% cashback on all purchases—1% when purchases are made and another 1% when they’re paid off—provides generous and simple cash-back rewards on every purchase.
- Annual Fee: $0
- Balance Transfer Offer: Get a 0% intro APR on balance transfers for 18 months. After that, the standard variable APR will be 13.99% – 23.99%, based on creditworthiness. There is also an intro balance transfer fee of either $5 or 3% of the amount of each transfer, whichever is greater, completed within the first 4 months of account opening. After that, the fee will be 5% of each transfer (minimum $5).
- Balance Transfer Fee: There is an intro balance transfer fee of 3% of each transfer (minimum $5) completed within the first 4 months of account opening. A balance transfer fee of 5% of each transfer ($5 minimum) applies if completed after 4 months of account opening.
- Other Benefits and Drawbacks: Unlike similar cards with balance transfer offers, the Citi Double Cash has staying power long past the end of the promotional period. Accumulate at least $25 and take those earnings as a check, redeem for a statement credit or have it deposited into an eligible checking or savings account.
5. BankAme#ricard® credit card
The BankAmericard® credit card offers a generous 0% introductory APR period on both purchases and balance transfers and comes with an option to opt-in to overdraft protection too.
- Annual Fee: $0
- Balance Transfer Offer: Get a 0% introductory APR for 18 billing cycles for purchases and for any balance transfers made in the first 60 days. After the intro APR offer ends, a 12.99% – 22.99% variable APR will apply. A 3% fee (min $10) applies to all balance transfers.
- Balance Transfer Fee: Either $10 or 3% of the amount of each transaction, whichever is greater.
- Other Benefits and Drawbacks: Beyond the 0% intro APR offer, the card doesn’t earn rewards or come with other meaningful benefits, making it unlikely that it’s a long-term choice after the introductory period ends.
6. Navy Federal Credit Union Platinum Credit Card *
The multiple zeros associated with the Navy Federal Credit Union Platinum Credit Card* make it a hero for those seeking to tame high-interest credit card debt. The card, which is issued on either the Visa or the Mastercard network, carries no annual fee, No balance transfer fees, and comes with an introductory 0% APR offer on balance transfers.
- Annual Fee: $0
- Balance Transfer Offer: Get a 0% on balance transfers for 12 months (expires on February 28, 2022), followed by a regular APR of 5.99%-18.00% variable on both purchases and balance transfers. It must be completed within 30 days of account opening.
- Balance Transfer Fee: None
- Other Benefits and Drawbacks: The lack of a balance transfer fee makes this card a rarity among balance transfer cards, but the promo period is shorter than that of other cards. Another potential snag is that you have to join Navy Federal’s credit union to apply for the card, although nearly anyone with a military-affiliated family member is eligible.
7. Citi® Diamond Preferred® Card
Most balance transfer cards require you to make your balance transfer within the first month or two of opening your account in order to qualify for their 0% intro APR offer. But the Citi® Diamond Preferred® Card has one of the most generous time periods of any card on the market, giving you four months from the date you open your account to transfer the debt to the card.
- Annual Fee: $0
- Balance Transfer Offer: Get a 0% intro APR for 21 months on eligible balance transfers from the date of the first transfer and 0% intro APR for 12 months on purchases from the date of account opening. After that, the variable APR will be 13.74% – 23.74% based on your creditworthiness. Balance transfers must be completed within 4 months of account opening. There is a balance transfer fee of either $5 or 5% of the amount of each transfer, whichever is greater.
- Balance Transfer Fee: Balance transfer fee applies with this offer 5% of each balance transfer; $5 minimum.
- Other Benefits and Drawbacks: The Citi Diamond Preferred doesn’t come with a lot of frills, but like most Citi cards, you’ll get access to the Citi Concierge and you can choose which day of the month for your payment due date. You’ll also get special event access through Citi Entertainment®.
8. Citi Simplicity® Card
If you’re seeking a long time period to chip away at a balance, the Citi Simplicity® Card deserves a look. With no late fees or penalty fees, it’s a solid choice among balance transfer cards when you’re looking to shed debt with a side of extra flexibility.
- Annual Fee: $0
- Balance Transfer Offer: Get a 0% intro APR for 21 months on balance transfers from the date of first transfer and 0% intro APR for 12 months on purchases from the date of account opening. After that, the variable APR will be 14.74% – 24.74%, based on your creditworthiness. Balance transfers must be completed within 4 months of account opening. There is a balance transfer fee of either $5 or 5% of the amount of each transfer, whichever is greater.
- Balance Transfer Fee: Balance transfer fee applies with this offer 5% of each balance transfer; $5 minimum
- Other Benefits and Drawbacks: The Citi Simplicity packs a nice punch of triple zeros: No annual fee, no penalty fees, and no late fees. The card also comes with Citi perks including Citi Concierge service.
9. Citi Rewards+® Card
If you want a balance transfer card that you’re likely to use even after the intro APR period, the Citi Rewards+® Card could be a worthy addition to your wallet. The card earns 2 ThankYou Points per dollar at supermarkets and gas stations for the first $6,000 in spending per year and 1 ThankYou Point per dollar on all other eligible purchases. Plus, for a limited time, earn 5 ThankYou Points per dollar on air travel and hotels up to $6,000 in the first 12 months of account opening. The card will automatically round up to the nearest 10 points on every purchase, potentially snagging you a few extra rewards on every purchase.
- Annual Fee: $0
- Balance Transfer Offer: Get a 0% intro APR on balance transfers for 15 months from the date of first transfer and on purchases from the date of account opening. After that, the variable APR will be 13.49% – 23.49%, based on your creditworthiness. Any intro balance transfer fee of either 3% of each transfer or a minimum amount of $5 within the first 4 months of account opening applies. After that, the amount of each balance transfer will be 5% of each transfer (minimum $5) applies.
- Balance Transfer Fee: A balance transfer fee of 5% of each transfer ($5 minimum) applies if completed after 4 months of account opening.
- Other Benefits and Drawbacks: One caveat about those rewards: Redeeming earnings on this card as a statement credit or straight cashback is worth less than one cent per point. To get the full value from your ThankYou points, redeem them towards a student loan or mortgage payment or combine them with another ThankYou points earning card such as the Citi Premier® Card.
Chase Freedom Flex℠
If you’re looking for the needle in the haystack—a balance transfer card that also earns rewards across a wide swath of categories—look no further. The Chase Freedom Flex℠ fits the bill, earning 5% cash back on up to $1,500 in categories that rotate quarterly (requires activation), 5% on travel purchased through Chase Ultimate Rewards®, 3% on dining and drugstores, and 1% on all other purchases.
- Annual Fee: $0
- Balance Transfer Offer: Get a 0% intro APR for 15 months from account opening on purchases and balance transfers, then a variable APR of 14.99 – 23.74% applies. Intro balance transfer fee of either $5 or 3% of the amount of each transfer, whichever is greater in the first 60 days, after that either $5 or 5% of the amount of each transfer, whichever is greater applies.
- Balance Transfer Fee: Either $5 or 5% of the amount of each transfer, whichever is greater.
- Other Benefits and Drawbacks: Be aware that in order to earn that 5% rate on travel, you have to book through the Chase Ultimate Rewards travel center. The card runs on the Mastercard network, which means it comes with some nice extras like trip and purchase insurances and protections.
In Conclusion
A balance transfer lets you save on existing high-interest debt by transferring your balance to a card with a lower interest rate or one with a 0% APR offer on balance transfers. Sometimes there is a balance transfer fee to move debt from one card to another, typically between 3% to 5% of the amount being transferred.
This fee will add to your debt load, so do the math before deciding to transfer your debt to another card. If the amount you’re paying in balance transfer fees is greater than what you’d save on interest by doing the transfer, then it’s probably not a good money move.
However, if there is anything you think we are missing. Don’t hesitate to inform us by dropping your advice in the comment section.
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