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Browse the Best Balance Transfer Credit Cards

Struggling to find the best balance transfer credit cards? At BestCards.com we have a selection of the best balance transfer cards from the biggest banks and regional credit unions. Browse offers below.

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Showing 58 Cards

Date Reviewed: December 24, 2019

Odyssey Rewards World Elite Mastercard®

Odyssey Rewards World Elite Mastercard®
  • Regular Purchase APR 6.99% to 18% variable based on creditworthiness and the Prime Rate
  • Balance Transfer APR 6.99% to 18% variable based on creditworthiness and the Prime Rate
  • Cash Advance APR 6.99% to 18% variable based on creditworthiness and the Prime Rate
  • Annual Fee $75
  • Credit Needed Excellent , Good
  • Processing Network Mastercard
Best Benefits
  • No annual fee for the first year
  • Earn 3x points on travel purchases and 2x points on dining
  • No fees on foreign transactions, cash advances, and balance transfers
  • 0% intro APR for 12 months on balance transfers
Rates & Fees
  • Regular Purchase APR: 6.99% to 18% variable based on creditworthiness and the Prime Rate
  • Intro Balance Transfer APR: 0% for 12 months from account opening date
  • Balance Transfer APR: 6.99% to 18% variable based on creditworthiness and the Prime Rate
  • Cash Advance APR: 6.99% to 18% variable based on creditworthiness and the Prime Rate
  • Annual Fee: $75
  • Late Payment Penalty Fee: Up to $25
  • Return Payment Penalty Fee: Up to $25

Date Reviewed: December 20, 2019

Valley Strong Visa Platinum Card

Valley Strong Visa Platinum Card
  • Regular Purchase APR 8.5% to 15.65% variable based on creditworthiness and the Prime Rate
  • Balance Transfer APR 8.5% to 15.65% variable based on creditworthiness and the Prime Rate
  • Cash Advance APR 10.5% to 15.65% variable based on creditworthiness and the Prime Rate
  • Annual Fee None
  • Credit Needed Good , Fair
  • Processing Network Visa
Best Benefits
  • No annual fee
  • No balance transfer fee
  • Competitive interest rates
  • Auto rental collision damage waiver included
Rates & Fees
  • Regular Purchase APR: 8.5% to 15.65% variable based on creditworthiness and the Prime Rate
  • Balance Transfer APR: 8.5% to 15.65% variable based on creditworthiness and the Prime Rate
  • Cash Advance APR: 10.5% to 15.65% variable based on creditworthiness and the Prime Rate
  • Cash Advance Transaction Fee: Either $10 or 2% of the amount of each cash advance, whichever is greater
  • Foreign Transaction Fee: 1% of the transaction amount in U.S. dollars
  • Late Payment Penalty Fee: $10
  • Return Payment Penalty Fee: Up to $30
Credit Card Deals
  • Spoil your pup with a FREE upgrade to BarkBox. - Offer Expires on December 31, 2020 - See Details
  • Save 10% on all Afternoon Tea orders - Offer Expires on December 31, 2020 - See Details
  • Save 10% on The Berlin Pass - Offer Expires on December 31, 2020 - See Details
  • Complimentary EZ Mini Crunchies (60g) when you spend S$120 - Offer Expires on December 31, 2020 - See Details
  • 10% off museum entry - Offer Expires on December 31, 2020 - See Details
  • Save up to 55% on London theater tickets - Offer Expires on December 31, 2020 - See Details
  • Save an extra 10% on Tower of London access tickets - Offer Expires on December 31, 2020 - See Details
  • Save 5% with Alamo® at participating locations - Offer Expires on December 31, 2020 - See Details
  • Save 5% with Enterprise Rent-A-Car® at participating locations - Offer Expires on December 31, 2020 - See Details
  • Save an extra 5% on The Paris Explorer Pass - Offer Expires on December 31, 2020 - See Details
  • View All Deals -

Date Reviewed: August 15, 2019

Navy Federal Visa® Platinum

Navy Federal Visa® Platinum
  • Regular Purchase APR 5.99% to 18% variable based on creditworthiness and the Prime Rate
  • Balance Transfer APR 5.99% to 18% variable based on creditworthiness and the Prime Rate
  • Cash Advance APR 7.99% to 20% variable based on the Prime Rate
  • Annual Fee None
  • Credit Needed Excellent , Good , Fair
  • Processing Network Visa
Best Benefits
  • No annual fee
  • 0% introductory APR for the first 12 months after opening account
  • No foreign transaction fees
Rates & Fees
  • Regular Purchase APR: 5.99% to 18% variable based on creditworthiness and the Prime Rate
  • Intro Balance Transfer APR: 0% for 12 months from account opening date
  • Balance Transfer APR: 5.99% to 18% variable based on creditworthiness and the Prime Rate
  • Cash Advance APR: 7.99% to 20% variable based on the Prime Rate
  • Penalty APR: 18%
  • Late Payment Penalty Fee: Up to $20
  • Return Payment Penalty Fee: Up to $20
Credit Card Deals
  • Spoil your pup with a FREE upgrade to BarkBox. - Offer Expires on December 31, 2020 - See Details
  • Save 10% on all Afternoon Tea orders - Offer Expires on December 31, 2020 - See Details
  • Save 10% on The Berlin Pass - Offer Expires on December 31, 2020 - See Details
  • Complimentary EZ Mini Crunchies (60g) when you spend S$120 - Offer Expires on December 31, 2020 - See Details
  • 10% off museum entry - Offer Expires on December 31, 2020 - See Details
  • Save up to 55% on London theater tickets - Offer Expires on December 31, 2020 - See Details
  • Save an extra 10% on Tower of London access tickets - Offer Expires on December 31, 2020 - See Details
  • Save 5% with Alamo® at participating locations - Offer Expires on December 31, 2020 - See Details
  • Save 5% with Enterprise Rent-A-Car® at participating locations - Offer Expires on December 31, 2020 - See Details
  • Save an extra 5% on The Paris Explorer Pass - Offer Expires on December 31, 2020 - See Details
  • View All Deals -

Date Reviewed: August 01, 2019

State Farm® Good Neighbor Visa®

State Farm® Good Neighbor Visa®
  • Regular Purchase APR 14.74% to 24.74% variable based on creditworthiness and the Prime Rate
  • Balance Transfer APR 14.74% to 24.74% variable based on creditworthiness and the Prime Rate
  • Cash Advance APR 25.99% variable based on the Prime Rate
  • Annual Fee None
  • Credit Needed Excellent , Good
  • Intro Purchase APR 0% for 12 months from account opening date
  • Processing Network Visa
Best Benefits
  • No annual fee
  • 0% introductory APR for the first 12 months after opening account
  • Low APR
  • $250,000 Travel Accident Insurance
Rates & Fees
  • Intro Purchase APR: 0% for 12 months from account opening date
  • Regular Purchase APR: 14.74% to 24.74% variable based on creditworthiness and the Prime Rate
  • Intro Balance Transfer APR: 0% for 12 months from account opening date
  • Balance Transfer APR: 14.74% to 24.74% variable based on creditworthiness and the Prime Rate
  • Balance Transfer Transaction Fee: Either $10 or 3% of the amount of each balance transfer, whichever is greater
  • Cash Advance APR: 25.99% variable based on the Prime Rate
  • Cash Advance Transaction Fee: Either $10 or 5% of the amount of each cash advance, whichever is greater
  • Foreign Transaction Fee: 3% of each transaction in U.S. dollars
  • Late Payment Penalty Fee: Up to $38
  • Return Payment Penalty Fee: Up to $38
Credit Card Deals
  • Spoil your pup with a FREE upgrade to BarkBox. - Offer Expires on December 31, 2020 - See Details
  • Save 10% on all Afternoon Tea orders - Offer Expires on December 31, 2020 - See Details
  • Save 10% on The Berlin Pass - Offer Expires on December 31, 2020 - See Details
  • Complimentary EZ Mini Crunchies (60g) when you spend S$120 - Offer Expires on December 31, 2020 - See Details
  • 10% off museum entry - Offer Expires on December 31, 2020 - See Details
  • Save up to 55% on London theater tickets - Offer Expires on December 31, 2020 - See Details
  • Save an extra 10% on Tower of London access tickets - Offer Expires on December 31, 2020 - See Details
  • Save 5% with Alamo® at participating locations - Offer Expires on December 31, 2020 - See Details
  • Save 5% with Enterprise Rent-A-Car® at participating locations - Offer Expires on December 31, 2020 - See Details
  • Save an extra 5% on The Paris Explorer Pass - Offer Expires on December 31, 2020 - See Details
  • View All Deals -

Date Reviewed: August 01, 2019

State Farm® Rewards Visa®

State Farm® Rewards Visa®
  • Regular Purchase APR 15.74% to 25.74% variable based on creditworthiness and the Prime Rate
  • Balance Transfer APR 15.74% to 25.74% variable based on creditworthiness and the Prime Rate
  • Cash Advance APR 25.99% variable based on the Prime Rate
  • Annual Fee None
  • Credit Needed Excellent , Good
  • Intro Purchase APR 0% for 12 months from account opening date
  • Processing Network Visa
Best Benefits
  • Earn 3 points for every $1 spent on insurance premium payments
  • Earn 1 point for every $1 spent on all other eligible purchases
  • 0% introductory rate for 12 months on purchases and balance transfers
  • No annual fee
Rates & Fees
  • Intro Purchase APR: 0% for 12 months from account opening date
  • Regular Purchase APR: 15.74% to 25.74% variable based on creditworthiness and the Prime Rate
  • Intro Balance Transfer APR: 0% for 12 months from account opening date
  • Balance Transfer APR: 15.74% to 25.74% variable based on creditworthiness and the Prime Rate
  • Balance Transfer Transaction Fee: Either $10 or 3% of the amount of each balance transfer, whichever is greater
  • Cash Advance APR: 25.99% variable based on the Prime Rate
  • Cash Advance Transaction Fee: Either $10 or 5% of the amount of each cash advance, whichever is greater
  • Foreign Transaction Fee: 3% of each transaction in U.S. dollars
  • Late Payment Penalty Fee: Up to $38
  • Return Payment Penalty Fee: Up to $38
Credit Card Deals
  • Spoil your pup with a FREE upgrade to BarkBox. - Offer Expires on December 31, 2020 - See Details
  • Save 10% on all Afternoon Tea orders - Offer Expires on December 31, 2020 - See Details
  • Save 10% on The Berlin Pass - Offer Expires on December 31, 2020 - See Details
  • Complimentary EZ Mini Crunchies (60g) when you spend S$120 - Offer Expires on December 31, 2020 - See Details
  • 10% off museum entry - Offer Expires on December 31, 2020 - See Details
  • Save up to 55% on London theater tickets - Offer Expires on December 31, 2020 - See Details
  • Save an extra 10% on Tower of London access tickets - Offer Expires on December 31, 2020 - See Details
  • Save 5% with Alamo® at participating locations - Offer Expires on December 31, 2020 - See Details
  • Save 5% with Enterprise Rent-A-Car® at participating locations - Offer Expires on December 31, 2020 - See Details
  • Save an extra 5% on The Paris Explorer Pass - Offer Expires on December 31, 2020 - See Details
  • View All Deals -

Date Reviewed: June 18, 2019

SunTrust Prime Rewards Credit Card

SunTrust Prime Rewards Credit Card
  • Regular Purchase APR 11.24% to 21.24% variable based on creditworthiness and the Prime Rate
  • Balance Transfer APR 11.24% to 21.24% variable based on creditworthiness and the Prime Rate
  • Cash Advance APR 24.99% variable based on the Prime Rate
  • Annual Fee None
  • Credit Needed Excellent , Good
  • Processing Network Mastercard
Best Benefits
  • 3-year introductory APR offer at the Prime Rate on all balance transfers made within the first 60 days of account opening
  • Intro balance transfer fee of $0 when you transfer a balance during the first 60 days your account is open
  • 1% unlimited cash back, no annual fee, and no foreign transaction fees
  • No annual fee
Rates & Fees
  • Regular Purchase APR: 11.24% to 21.24% variable based on creditworthiness and the Prime Rate
  • Intro Balance Transfer APR: Prime Rate for the first 36 months for all balances transferred within 60 days of account opening
  • Balance Transfer APR: 11.24% to 21.24% variable based on creditworthiness and the Prime Rate
  • Balance Transfer Transaction Fee: None for all balances transferred within 60 days of account opening, then $10 or 3% of the amount of the transfer, whichever is greater
  • Cash Advance APR: 24.99% variable based on the Prime Rate
  • Cash Advance Transaction Fee: Either $10 or 4% of the amount of each advance, whichever is greater
  • Late Payment Penalty Fee: Up to $39
  • Return Payment Penalty Fee: Up to $39

Date Reviewed: June 05, 2019

BMO Harris Bank Platinum Rewards Mastercard®

BMO Harris Bank Platinum Rewards Mastercard®
  • Regular Purchase APR 13.99%, 15.99%, 18.99% or 21.99% variable based on creditworthiness and the Prime Rate
  • Balance Transfer APR 13.99%, 15.99%, 18.99% or 21.99% variable based on creditworthiness and the Prime Rate
  • Cash Advance APR 24.24% variable based on the Prime Rate
  • Annual Fee None
  • Credit Needed Excellent , Good
  • Processing Network Mastercard
Best Benefits
  • Receive 2 points per $1 spent on eligible gas and grocery purchases, up to $2,500 in combined spend each calendar quarter; receive 1 point per $1 spent on all other purchases
  • 0% 12-month introductory APR on balance transfers made within 90 days of opening an account
  • Earn 25,000 bonus points when you spend $2,000 in the first 3 months of account opening
  • 10% anniversary point bonus every year
Rates & Fees
  • Regular Purchase APR: 13.99%, 15.99%, 18.99% or 21.99% variable based on creditworthiness and the Prime Rate
  • Intro Balance Transfer APR: 0% for 12 months on transfers made within 90 days from account opening date
  • Balance Transfer APR: 13.99%, 15.99%, 18.99% or 21.99% variable based on creditworthiness and the Prime Rate
  • Balance Transfer Transaction Fee: Either $10 or 3% of the amount of each transfer, whichever is greater
  • Cash Advance APR: 24.24% variable based on the Prime Rate
  • Cash Advance Transaction Fee: Either $10 or 3% of the amount of each cash advance, whichever is greater
  • Foreign Transaction Fee: 3% of the transaction amount in U.S. dollars
  • Late Payment Penalty Fee: Up to $37
  • Return Payment Penalty Fee: Up to $37

Date Reviewed: May 22, 2019

KeyBank Business Rewards Mastercard® Credit Card

KeyBank Business Rewards Mastercard® Credit Card
  • Regular Purchase APR 11.99% to 21.99% variable based on creditworthiness and the Prime Rate
  • Balance Transfer APR 11.99% to 21.99% variable based on creditworthiness and the Prime Rate
  • Cash Advance APR 23.99% variable based on the Prime Rate
  • Annual Fee None
  • Credit Needed Good , Fair
  • Intro Purchase APR 0% for 6 months from account opening date
  • Processing Network Mastercard
Best Benefits
  • Earn 10 points per $1 in combined purchases on gas, restaurants, travel, and telecommunications
  • Earn 5 points per $1 in other eligible purchases
  • Earn 100,000 bonus points when you spend $1,000 within the first 60 days from opening an account
  • Introductory 0% APR for 6 months on purchases and balance transfers
  • No annual fee
Rates & Fees
  • Intro Purchase APR: 0% for 6 months from account opening date
  • Regular Purchase APR: 11.99% to 21.99% variable based on creditworthiness and the Prime Rate
  • Intro Balance Transfer APR: 0% for 6 months on transfers made within 60 days from account opening date
  • Balance Transfer APR: 11.99% to 21.99% variable based on creditworthiness and the Prime Rate
  • Balance Transfer Transaction Fee: Either $10 or 3% of the amount of each transfer, whichever is greater
  • Cash Advance APR: 23.99% variable based on the Prime Rate
  • Cash Advance Transaction Fee: Either $10 or 4% of the amount of each cash advance, whichever is greater
  • Penalty APR: 29.99% variable based on the Prime Rate
  • Foreign Transaction Fee: 3% of the amount of each transaction in U.S. dollars
  • Late Payment Penalty Fee: Up to $39
  • Over Limit Penalty Fee: $39 per cycle

Date Reviewed: May 21, 2019

KeyBank Business Mastercard® Credit Card

KeyBank Business Mastercard® Credit Card
  • Regular Purchase APR 10.99% to 20.99% variable based on creditworthiness and the Prime Rate
  • Balance Transfer APR 10.99% to 20.99% variable based on creditworthiness and the Prime Rate
  • Cash Advance APR 23.99% variable based on the Prime Rate
  • Annual Fee None
  • Credit Needed Good , Fair
  • Intro Purchase APR 0% for 6 months from account opening date
  • Processing Network Mastercard
Best Benefits
  • 0% introductory APR for 6 months on purchases and balance transfers
  • No annual fee
  • Generous credit lines offered
  • Lost or stolen reporting available 24/7
Rates & Fees
  • Intro Purchase APR: 0% for 6 months from account opening date
  • Regular Purchase APR: 10.99% to 20.99% variable based on creditworthiness and the Prime Rate
  • Intro Balance Transfer APR: 0% for 6 months on transfers made within 60 days from account opening date
  • Balance Transfer APR: 10.99% to 20.99% variable based on creditworthiness and the Prime Rate
  • Balance Transfer Transaction Fee: Either $10 or 3% of the amount of each transfer, whichever is greater
  • Cash Advance APR: 23.99% variable based on the Prime Rate
  • Cash Advance Transaction Fee: Either $10 or 4% of the amount of each cash advance, whichever is greater
  • Penalty APR: Up to 29.99% variable based on the Prime Rate
  • Foreign Transaction Fee: 3% of the amount of each transaction in U.S. dollars
  • Late Payment Penalty Fee: Up to $39
  • Over Limit Penalty Fee: $39 per cycle

Date Reviewed: May 21, 2019

KeyBank Latitude® Credit Card

KeyBank Latitude® Credit Card
  • Regular Purchase APR 9.99% to 19.99% variable based on creditworthiness and the Prime Rate
  • Balance Transfer APR 9.99% to 19.99% variable based on creditworthiness and the Prime Rate
  • Cash Advance APR 23.99% variable based on the Prime Rate
  • Annual Fee None
  • Credit Needed Good , Fair
  • Intro Purchase APR 0% for 15 months from account opening date
  • Processing Network Mastercard
Best Benefits
  • 0% introductory APR on purchases and balance transfers for 15 months from account opening date
  • Low regular APR on purchases and balance transfers after promotional rate expires
  • No annual fee
  • Temporary lock feature lets you freeze your card and prevent fraudulent activity if it gets lost or stolen
Rates & Fees
  • Intro Purchase APR: 0% for 15 months from account opening date
  • Regular Purchase APR: 9.99% to 19.99% variable based on creditworthiness and the Prime Rate
  • Intro Balance Transfer APR: 0% for 15 months on transfers made within 60 days from account opening date
  • Balance Transfer APR: 9.99% to 19.99% variable based on creditworthiness and the Prime Rate
  • Balance Transfer Transaction Fee: Either $10 or 3% of the amount of each transfer, whichever is greater
  • Cash Advance APR: 23.99% variable based on the Prime Rate
  • Cash Advance Transaction Fee: Either $10 or 4% of the amount of each cash advance, whichever is greater
  • Foreign Transaction Fee: 3% of the amount of each transaction in U.S. dollars
  • Late Payment Penalty Fee: UP to $39
  • Over Limit Penalty Fee: $10 for each overdraft protection

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What is a Balance Transfer Credit Card? 

A balance transfer credit card is a type of credit card offer meaning that cardholders can transfer credit card debt from multiple cards onto one in order to consolidate the amount owed. This is a popular debt management strategy, because having all your credit card debt compiled in one place can potentially reduce overall costs. 

Many of the best credit card balance transfer offers include features to simplify your payments and save you moneyWhen applying for a balance transfer card, you’ll want to look for perks like: 

  • Long 0% introductory APR periods  
  • Low or fixed interest rates 
  • Waived balance transfer fees 
  • No annual fee 

The Pros and Cons of Transferring a Credit Card Balance  

The main reason to apply for a balance transfer card is because it can make the process of paying off your debt a little easier. When carrying debt across several cards, it can be difficult to know which balance to tackle first, leaving you feeling overwhelmed on all sides. With all of your debt compiled onto one card instead, you can focus your energy in one direction and possibly feel more empowered to tackle your payments.  

This approach to debt management may also help you save money in the long run and reduce your risk of defaulting. Rather than juggling multiple cards with variable APRs and fees, you’ll have just one (hopefully low) APR to worry about. That’s where 0% APR $0 balance transfer credit cards come into play.

However, debt consolidation using a balance transfer card isn’t always the most lucrative option. For instance, it’s not as effective if you have student loans and other types of debt as well. It’s also important to make sure you have a payment strategy in place and stick to it. Otherwise, you may cancel out any benefits from transferring your balances in the first place.  

How to Transfer a Credit Card Balance 

It helps to know how balance transfers work before you jump into applying for your first balance transfer credit card. Otherwise, you may choose a card that doesn’t fit your situation well and end up compounding your debt, rather than reducing it. Follow these steps to get on the right track toward eliminating your credit card debt: 

  1. Examine your current credit cards. It’s important to note the interest rates, fees, balances, and other information for the cards you already have. That way, you can ensure your new card has better terms. You’ll also need to keep track of the issuers, so you’re sure choose a different one; you usually can’t perform same-issuer transfers. 
  2. Make a plan for paying off your debt. How fast can you realistically pay off this debt? What is the largest monthly payment you can consistently afford? Questions like these can help you identify the card that fits your needs. 
  3. Select and apply for a balance transfer card. Put what you’ve learned about your financial needs and goals into your research to find a card with the right APRs, intro period, and credit limit. 
  4. Request the balance transfer. Contact the issuer of your new card either online or over the phone to initiate the transfer of each balance.  
  5. Keep up with your payments. The best way to make a balance transfer credit card worthwhile is to make consistent payments. 

For more information on this processyou can check out our full article addressing the question How do credit card balance transfers work? 

How to Spot the Best Balance Transfer Credit Cards 

As with all credit cards, some balance transfer credit cards are better than others. The best one for you will also depend on your own financial circumstances. For that reason, you’ll want to look out for a few features in particular to make sure you get the most out of your new card while you pay off the balance. 

No Credit Card Balance Transfer Fee 

It’s not often that you find a balance transfer credit card with no fee for balance transfers, which is why it’s considered a standout feature. Some cards waive the fee for the first few months, while others skip it completely. This can save you hundreds of dollars on each transfer, depending on the size. Most credit cards charge at least $5 or 3% of the amount of each transfer, if not more. 

Low Regular Interest 

The main point in applying for a balance transfer credit card is to get a lower rate than you currently have. That way, you can minimize your interest accrual over time while you pay off your balance 

APRs for low interest credit cards can vary widely depending on your creditworthiness and the size of the issuer. For instance, the best low interest balance transfer card for fair credit at a credit union will look very different than what big banks may offer for the same credit score. You’ll want to make sure you qualify for reasonable rates on whichever card you choose to apply for, as this will affect how beneficial the card is for you. 

Long Introductory Period 

In order to avoid paying interest on the balance, you’ll want to look for 0% interest balance transfer credit cards. The longer the introductory period, the more time you’ll have to pay off the debt without accruing more interest 

Some of the best options offer 0% APR for anywhere from 12 to 21 months. It’s also important to note any limitations to the introductory period. Specifically, many cards only offer 0% interest for transfers made in the first 60 days from account opening.  

Some quality balance transfer credit cards also provide 0% on balance transfers and 0% on purchases for 12 months or more. These cards make financing larger purchases easy and straightforward, as cardholders pay down the balance over 12 months, rather than right away.

High Credit Limit 

You’ll want to pay attention to the credit limit available with the card, because you won’t be able to move all of your debt over if it exceeds this amount. This can be tricky to navigate, especially if you have less-than-stellar credit.  

While not technically a balance transfer card, the Upgrade Card can be a great option for this situation. This credit line can offer lower rates and higher limits that you would find with most traditional credit card offers. Rather than transferring a balance to the card, you transfer the necessary funds from the credit line to your bank account to pay off your credit cards. The best part is, you can skip balance transfer fees altogether and even pay off other types of debt as well. 

Balance Transfer FAQs

Balance transfers can seem confusing – but they don’t have to be. Here are some of the most commonly asked questions about balance transfers and balance transfer credit cards:

What is a balance transfer?

  • A balance transfer is a process of taking an existing credit card balance and moving it to a new account with a lower regular APR. These transfers make it easier to pay down balances and often come with intro APR offers.

Who can qualify for a balance transfer card?

  • Because these types of cards offer low-interest rates, a good credit score is a minimum requirement for a balance transfer card. Many issuers require an excellent credit score, so a good benchmark for obtaining a card like these is a FICO Score of 700 or higher.

What are the downsides to a balance transfer?

  • Because these cards feature an introductory rate, you might find yourself stuck with more debt than you began. After the promotional period ends, only those with the best credit scores will have the lowest rates. Those with good credit might be paying a higher APR – primarily if they conduct their transfer using a rewards credit card. Other negatives of transferring a balance include:
    • Increasing credit utilization on a single card, which can lower your credit score.
    • Lowering the average age of your credit accounts by opening a new line of credit.
    • A new line of credit also means a further hard inquiry, which can also impact your credit score.

Do all balance transfer cards come with 0% intro APR?

  • While many cards feature 0% intro AR, not all balance transfer cards provide an interest-free period, some cards – especially those from credit unions or smaller banks – may only offer a reduced interest rate. These rates maybe 3.99% or higher, but are often significantly lower than the standard variable APR.

Do all card issuers offer a balance transfer card?

  • While most major card issuers provide a variety of offers, not all currently offer a balance transfer credit card. Most significant issuers and banks, like Chase (Chase Slate Card), Citi (the Citi Simplicity Card), and others, provide balance transfer cards and low APR Cards. Discover also reintroduced its balance transfer card, the Discover It Balance Transfer.

What is the average interest rate on a balance transfer card?

Do rewards cards make good balance transfer cards?

  • In some cases, yes. Some cash back cards, like the Citi Double Cash Card, offer 0% APR on balance transfers and cash back rewards program in one package. Just be sure to pay your statement balance in full before the due date, or you might incur a late fee or penalty APR.

Find Your Balance Transfer Credit Card 

The BestCards team works to provide the most up-to-date information and honest reviews on the balance transfer credit cards currently available. Browse our collection of over 800 cards to compare your options, and get valuable guidance from our resource articlesLet us help you find the perfect card for your wallet!