Balance transfer credit cards can help reduce your debt and save you money. Act today and stop paying interest. Walletero has analyzed hundreds of offers to present you with our top recommendations below which require good (670 to 749) to excellent credit (750+).
Our Picks
U.S. Bank Visa® Platinum Card
For Excellent Credit Recommended
- Introductory APR: 0%
- Introductory Period: 20 Months
- Balance Transfer Fee: 3%
- Estimated Savings: $556
Summary Terms
- 0% intro APR for the first 20 billing cycles on balance transfers and purchases.
- 3% balance transfer fee of the amount of each transfer with a minimum of $5.
- Regular variable APR of 14.49% to 24.49% after Intro offer based on your creditworthiness.
- $0 annual fee.
Additional Information
- Cell Phone Protection – Coverage when you pay your monthly cellular bill with your U.S. Bank Visa® Platinum Card*.
- Fraud Protection – Detects and notifies you of any unusual card activity to help prevent fraud.
- Choose Your Payment Due Date – Pick your credit card due date*.
- 24/7 Account Access – Use Online Banking or the U.S. Bank Mobile App to make a payment, check your balance, view transactions and more.
- Free TransUnion® Credit Score* – Enroll in Online Banking and get your TransUnion Credit Score at no cost.
- AutoPay – Avoid interest and late fees with automatic payments that put you in control.
Citi Simplicity® Card
For Good to Excellent Credit Recommended
- Introductory APR : 0% Intro. APR
- Introductory Period : 18 Months
- Balance Transfer Fee : 3% Fee
Summary Terms
- 0% Intro APR on balance transfers for 18 months from date of first transfer.
- 3% or $5 minimum fee on balance transfers, whichever is greater, for each transfer.
- 0% Intro APR on purchases for 18 months.
- Regular 14.74% – 24.74% variable APR based on your creditworthiness.
- $0 annual fee.
Additional Information
- Keep it simple with no late fees, no penalty rate and no annual fee – ever.
- 0% Intro APR on balance transfers for 18 months from date of first transfer. All transfers must be completed in first 4 months. After that, the variable APR will be 14.74% – 24.74%, based on your creditworthiness.*
- 0% Intro APR on purchases for 18 months from date of account opening. After that, the variable APR will be 14.74% – 24.74%, based on your creditworthiness.*
- Balance transfer fee of 3% or $5 minimum, whichever is greater, for each transfer.
- $0 liability on unauthorized charges.
Citi® Double Cash Card – 18 Mo. Bal. Transfer Offer
- Introductory APR : 0% Intro. APR
- Introductory Period : 18 Months
- Balance Transfer Fee : 3% Fee
Summary Terms
- 0% Intro APR for 18 months on balance transfers from date of first transfer.
- 3% balance transfer fee of the amount of each transfer or $5, whichever is greater.
- Standard variable APR for purchases is 13.99% – 23.99%, based on creditworthiness.*
- $0 annual fee.
Additional Information
- Earn 2% cash back. 1% on purchases and 1% as you pay for them.
- Balance transfers do not earn cash back.
- 0% intro APR for 18 months on balance transfers, then a variable APR of 13.99% – 23.99% based on your creditworthiness.
- Balance transfers must be completed within 4 months of account opening.
- There are no caps on the total amount of cash back you earn.
- No category restrictions: Earn cash back without the hassle of signing up for different categories*
- $0 liability for unauthorized charges. You’re completely protected against unauthorized credit card charges on your account.
- 24 Hour fraud protection – will alert you for unusual activity on your account.
- Credit card late fee pass – You get a pass on your first late fee.
Chase Freedom®
- Introductory APR : 0% Intro. APR
- Introductory Period : 15 Months
- Balance Transfer Fee : 3% Fee
Summary Terms
- 0% intro APR for 15 months on balance transfers.
- 5% balance transfer fee on the amount transferred with $5 minimum.
- Intro purchase APR is 0% for 15 months from account opening.
- Regular variable APR of 14.99%– 23.74% after Intro offer.
- $0 annual fee.
Additional Information
- Earn $200 bonus after you spend $500 on purchases in your first 3 months from account opening.*
- Earn 5% cash back on up to $1,500 in combined purchases in bonus categories each quarter you activate.*
- Earn unlimited 1% cash back on all other purchases.*
- Cash Back rewards do not expire as long as your account is open* and there is no minimum to redeem for cash back.
- 0% intro APR for 15 months from account opening on purchases and balance transfers, then a variable 14.99%– 23.74% APR. Balance transfer fee is 3% of the amount transferred with a minimum of $5.
- Zero Liability Protection – Means you won’t be held responsible for unauthorized charges made with your card or account information.*
Quicksilver® from Capital One®
- Introductory APR : 0% Intro. APR
- Introductory Period : 15 Months
- Balance Transfer Fee : 3% Fee
Summary Terms
- 0% Intro APR for 15 months for balance transfers and purchases.
- Regular 15.49% – 25.49% variable APR after that.
- 3% balance transfer fee on the amounts transferred within the first 15 months.
- $0 annual fee.
- Earn unlimited 1.5% cash back on every purchase, every day.
Additional Information
- Earn a one-time $150 cash bonus once you spend $500 on purchases within 3 months from account opening.
- Earn unlimited 1.5% cash back on every purchase, every day.
- Regular APR is 15.49% – 25.49% variable APR after Intro period based on your creditworthiness.
- 24/7 customer service.
- Redeem cash back for any amount at any time with no expiration date for the life of the account.
- No foreign transaction fees. You won’t pay a transaction fee when making a purchase outside of the United States.
- For excellent credit.
Bank of America® Cash Rewards
- Introductory APR : 0% Intro. APR
- Introductory Period : 15 Months
- Balance Transfer Fee : 3% Fee
Chase Freedom Unlimited®
- Introductory APR : 0% Intro. APR
- Introductory Period : 15 Months
- Balance Transfer Fee : 3% Fee
Summary Terms
- 0% intro APR for 15 months on balance transfers.
- 3% balance transfer fee on the amount transferred with $5 minimum.
- Intro purchase APR is 0% for 15 months from account opening.
- Regular variable APR of 14.99%–23.74% after Intro offer.
- $0 annual fee.
Additional Information
- Earn unlimited 1.5% cash back on every purchase.*
- Cash Back rewards do not expire as long as your account is open* and there is no minimum to redeem for cash back.
- 0% intro APR for 15 months from account opening on purchases and balance transfers, then a variable 14.99%–23.74% APR. Balance transfer fee is 3% of the amount transferred with a minimum of $5.
- Zero Liability Protection – Means you won’t be held responsible for unauthorized charges made with your card or account information.*
- Fraud Alerts – In the case of unusual activity, Chase can notify you by phone, text* or email.
- Special offer: Earn $200 Bonus after you spend $500 on purchases in your first 3 months from account opening.*
SavorOne® Rewards from Capital One®
- Introductory APR : 0% Intro. APR
- Introductory Period : 15 Months
- Balance Transfer Fee : 3% Fee
Summary Terms
- 0% Intro APR for 15 months for balance transfers and purchases.
- Regular 15.49% – 25.49% variable APR after that.
- 3% balance transfer fee on the amounts transferred within the first 15 months.
- $0 annual fee.
- Earn Unlimited 3% cash back on dining & entertainment.
Additional Information
- Earn a one-time $200 cash bonus once you spend $500 on purchases within 3 months from account opening.*
- Earn unlimited 3% cash back on dining and entertainment, 2% at grocery stores and 1% on all other purchases.*
- Regular APR is 15.49% – 25.49% variable APR after Intro period based on your creditworthiness.
- 24/7 customer service.
- Rewards don’t expire for the life of the account, and you can redeem cash back for any amount.
- No foreign transaction fees. You won’t pay a transaction fee when making a purchase outside of the United States.
- Complimentary Concierge Service – Enjoy comprehensive, personalized assistance in dining, entertainment and travel—24 hours a day, 365 days a year.
- For excellent credit.
How Balance Transfers Can Help You Reduce Your Debt
With their attractive 0% APR’s, balance transfer credit cards offer convenient borrowing to help you manage your expensive debt. Take advantage of their promotional offers to help you get out of debt faster.
How does a balance transfer work?
Balance transfer credit cards allow you to pay off high interest balances from one or several credit cards, store cards or other creditors. You basically borrow with the new card—typically at a 0% introductory rate, to pay off high interest balances. By saving on interest, you can reduce your debt faster.
These cards offer their introductory rates for a limited time only. And when the offer ends, the interest rate will revert to the regular purchase APR stated in the terms of the card. To qualify, your credit needs to be good to excellent.
You definitely want to shop for cards with long introductory offer periods, but make sure that you take into consideration whether you have to pay a balance transfer fee or not. Our balance transfer calculator can help simplify things for you when evaluating a balance transfer offer.
How can it help you reduce debt?
Transferring high interest balances to a credit card with a 0% APR promotional rate can help you get out of debt faster because your transferred balance doesn’t incur interest charges during the promotional period.
The money you save by avoiding those interest charges can be used instead to tackle your outstanding balance and help you pay down your debt faster.
After you compare balance transfer offers and find the one you want, you’ll need to determine how much to transfer. Here’s one simple approach you can follow to reduce debt:
- Take the number of months in your 0% APR promotional period
- Subtract one from that number
- Figure out what you can pay consistently every month towards debt repayment
- Multiply b) by c). This is the total amount you should be able to pay off by the time your promotional offer ends.
For example, if you can afford $100 per month towards debt repayment, and your new credit card has a 12-month 0% APR on balance transfers, the transfer amount would work out as $100 x 11 or $1,100.
You subtract one in the second step above to cover any applicable balance transfer fee, should you choose a card that charges one, or as an extra payment cushion. If you use the extra payment cushion, make sure you cover your minimum due that month to avoid potentially losing your promotional offer.
In some cases, you may need to transfer a larger amount than the one obtained using the above method. In that case, check out our Shed Debt Faster guide, where you’ll learn how to manage larger transfers.
How do you complete a balance transfer?
Completing a balance transfer is simple and you can apply online for most cards. Here are some pointers to help you make sure everything goes smoothly:
- Before you apply: Review your financial picture, particularly your credit score, to find out if your application is likely to be accepted by the issuer. Balance transfers require good to excellent credit.
- After you’ve applied: After you get approved, you can request your balance transfer online or over the phone. Choose the amount you wish to transfer, preferably one you can pay off before the promotional period ends to avoid interest charges.
- Keep track of your accounts: Once you’re approved and your account is opened, it can take a couple of weeks for the issuer to complete the balance transfer. That means you should continue making payments on your old accounts until your statement shows that the balance transfer has gone through.
- One last check: Even if your old account shows an outstanding balance of zero, do go back and check it during the next payment cycle. Make sure no interest due hit the account after the balance was transferred.
What are the do’s and don’ts?
Here are some of the most important do’s and don’ts to keep in mind after you complete your balance transfer:
Keep track of your promotional period to avoid interest
After you complete your balance transfer, keep a watchful eye on your promotional period. Once it expires, if you haven’t paid off your balance, you will incur interest on the remaining amount outstanding at the regular purchase APR on your card.
Set up alarms and reminders. We can be forgetful about distant, future due dates. Use your mobile phone to set up alarms and calendar reminders with the expiration date of your promotional offer. Set the reminder a couple of months ahead of the due date to give yourself enough time to find a new balance transfer offer in case you aren’t able to pay it off before the promotional period expires.
Pay more than your minimum due each month
After you complete your 0% balance transfer offer, you’ll still need to make payments each month. Choose monthly payments that are large enough to pay off your balance by the end of the offer period.
If you can’t, then pay as much as you can each month, making sure you cover your minimum payment due to avoid penalties and potentially losing your promotional offer.
Don’t make purchases with a balance transfer card
If your balance transfer card doesn’t come with a 0% APR on purchases, you’ll want to avoid using it. If you use it, you will pay interest on purchases at the regular rate unless you pay off your transferred balance first.
That’s because your monthly payments won’t be applied towards your purchases until your transferred balance is paid off. Interest charges on those purchases will increase your balance.
Avoid late payments
Late payments on your balance transfer card may cause you to lose your promotional offer; on top of that, you’ll be charged a late fee in most cases.
Late payments get reported to the main credit bureaus and will hurt your credit score, since one of the most important components of your score is your payment history. If you need to make another balance transfer later on, you may find it harder to qualify.