Use our table to compare your options to find the best balance transfer credit card for you. You can refine your search by selecting "Search filters" to see products in your credit score range with features you need.
When sizing up possible balance transfer cards, carefully consider these five card features.
Before applying for a balance transfer card, take a look at the positives and negatives of owning one:
Citi offers the two cards with the strongest balance transfer offer: the Citi Diamond Preferred and the Citi Simplicity.
At one point there was a no-interest credit card for 24 months on the market. But that length for a 0% APR is extremely rare.
If you can’t qualify for a 21-month intro balance transfer, a range of cards still come up just short of 21 months and can still save you hundreds of dollars.
Information on maximum credit limits is sparse. Most of what exists is anecdotal, and the limits included are estimations based on reviews and details provided by credit card issuers.
Your assigned credit limit varies based on several factors, including your creditworthiness. To receive a higher credit limit, you need a good to excellent credit score.
| Credit card | Estimated maximum limit |
|---|---|
| Luxury Card Mastercard® Black Card™ | $25,000 |
| Chase Freedom Unlimited® | $25,000 |
| U.S. Bank Cash+® Visa Signature® Card | $25,000 |
| Discover it® Cash Back | $30,000 |
| Citi® Double Cash Card | $50,000 |
| Bank of America® Customized Cash Rewards | $95,000 |
A balance transfer credit card allows you to move debts, like loans and credit card balances, to a new card with a lower interest rate. This allows you to quickly pay off your balances and save money on interest.
There are two ways a balance transfer credit card could improve your credit score:
Utilization rate. Adding another card to your wallet comes with an additional line of credit. If your debt levels stay the same, adding another line of credit will lower your utilization rate, which positively affects your credit score.
Paying off your balance. It’s best to use an interest-free period to pay off your debt. Once you pay off your balance, the lower debt levels will positively affect your credit score.
Keep in mind that moving your balance won’t erase your debt or poor spending habits. Even if you close your account, anything that happened with the old account will remain on your credit report.
Though the transfer process might differ slightly from provider to provider, you’ll generally perform the same three steps during your balance transfer.
Transferring debt between cards with the same issuer is typically not allowed. Most credit card companies have restrictions on transferring balances on other credit cards or loans from the same issuer.
For example, if you have debt on a Citi® Double Cash Card and apply for a Citi® Diamond Preferred® Card, your transfer application will likely be denied because they’re both Citi credit cards.
Check with the issuer before you apply for your balance transfer card to learn if you can transfer balances from particular cards.
While it’s very rare an issuer will approve a balance transfer within the same bank or provider, there are sometimes exceptions. For example, Barclays will consider a transfer between some of its issued cards at its discretion.
It comes down to profit. Lenders make their money from cardholders through fees and interest. There’s not much benefit for the lender to let their customers freely save on interest.
Plus, when you’re sent balance transfer offers in the mail, the issuer is often looking for new customers. A balance transfer serves as an incentive to open up that account with a new bank.
Applying for a balance transfer card is much like applying for a standard credit card:
There are two main costs to keep in mind when it comes to the costs of a balance transfer: APR and transfer fees.
Note that you only need to worry about your revert APR if you don’t have an intro APR offer or you were unable to pay off your balance transfer before the end of your intro APR offer.
A balance transfer credit card can be a great tool to save money on your debts, but it’s not always the optimal choice. Here’s a quick cheat sheet on whether a balance transfer card could work for you.
If you have a credit card debt of $1,000 and you make $100 repayments per month, a balance transfer offer can help you regain control of your finances and save.
| Normal credit card without balance transfer offer | 0% balance transfer credit card | |
|---|---|---|
| Interest rate | 20% | 0% |
| Months required to repay | 12 months | 10 months |
| Interest paid over this period | $200 | $0 |
In the example above, not only can you save $200, but you’ll also repay your debt faster — as long as you pay your debt before the 0% offer ends. Any debt not paid off is subject to the revert APR.
You can calculate how much interest you’ll save with your balance transfer credit card using our balance transfer calculator. By considering the interest you can save helps you compare your options and determine which 0% balance transfer credit card is right for you.
The type of balance transfer card that’s best for you depends on how much debt you’re transferring and how long you need to pay off the balance. Balance transfer cards with a balance transfer fee tend to have longer intro APR periods. This can help you pay less per month over a longer period, albeit at the price of the balance transfer fee tagged onto the balance.
If you’re looking to pay off that transferred debt as soon as possible, a no-fee balance transfer card is the most effective way to do so as long as you can make the higher monthly payments.
While rare, there are some balance transfer cards that offer both. The Amex Everyday, for example, features a 15-month 0% intro APR on balance transfers and no balance transfer fee provided you make your transfer within 60 days of account opening.
Also, some balance transfer cards will offer a no-fee period as part of a limited-time welcome offer, so keep an eye out for any potential deals.
If you want to qualify for a card with no balance transfer fees and 0% APR on balance transfer, you’ll need good to excellent credit. If you’re unsure whether you qualify, check whether your preferred card choice allows for pre-qualification. And if you need help raising your credit score, check out some simple credit-building tips to give your credit score a boost.
Barclays has been known to offer rewards with balance transfers on rare occasion.
At the time of writing, you can earn rewards on balance transfers made with the Wyndham Rewards® Earner℠Card. The first use of the card for a purchase or balance transfer will earn 30,000 points. A similar offer is available for the Carnival® World Mastercard® and other Barclaycard cruise line credit cards.
Yes, a balance transfer does count as a payment. As soon as your balance transfer request is approved, you authorize your new card provider to pay for your old debt. You can see it in your credit card statement or payment history as paid.
But because your card provider makes the payment and not you, you rarely earn rewards on balance transfers.
If you don’t care much about what kind of credit card you get, or if the card that rewards you on a balance transfer that aligns with your financial situation — earning points on a balance transfer may be worth it. If nothing more, it’ll offset a small portion of your balance transfer fee.
But if you want a credit card with even greater value after the intro APR period expires, then a balance transfer card with a rewards program you will actually use may be the more prudent choice.
Yes, you can — though you’ll usually need a strong credit score of 670 or higher to qualify. Also, your rewards or balance transfer intro APR period may not be as strong as a card that specializes in one or the other.
That said, plenty of solid rewards cards have balance transfer offers, including 0% intro APRs and no balance transfer fees. You can earn points, miles or cash back with these cards — some with rewards rates of up to 3%.
You’ll have to weigh what’s most important when choosing a credit card for balance transfers and rewards. Consider the following:
The best way to leverage the benefits of a balance transfer card is to focus on doing away with your debt, rather than the perks banks and providers use to lure you in:
A balance transfer credit card with a promotional offer can be a great way to repay your debt without interest. But once your promotional period ends, the revert rate — usually the purchase or cash advance rate — kicks in on any remaining balance, ranging from around 14% to 26%.
Find your card’s revert rate in your credit card terms and conditions. This rate is located in the section detailing your intro balance transfer APR details.
If your balance transfer credit card comes with a promotional offer, the 0% or low interest intro on balance transfers will only be available for a set period — usually between six to 21 months, depending on the card and offer. Once this promotional offer ends, you’re required to pay the revert rate on any remaining balances. This is the standard purchase rate or cash advance rate, and it’s usually much higher than the promotional rate.
If you negotiate with the credit card company before you open a new account with a promotional period, you could try to get it extended — for example negotiate a 0% intro APR from 12 to 21 months. It never hurts to ask.
However, if you’ve already made the transfer and your promotional time is almost up, it’s harder to negotiate a longer 0% promotional period. Credit card companies offer 0% promotional periods to hook you into getting the card. They aren’t motivated to keep you at a 0% intro APR when the revert rate is right around the corner.
So, what can you do if you’re at the end of your promotional period and still have a balance? If you’ve been a loyal customer who consistently makes on-time payments, you could try to negotiate a lower revert rate by expressing interest in transferring your balance to another provider. Credit card companies can’t make money if they lose customers.
No. After you transfer your balance to your new credit card, your old card account remains open. The only difference is the balance is reduced, assuming your transfer was successful.
To stay current on your account — and avoid your old issuer submitting negative reports to the credit bureaus — continue making regular payments on your old balance until your new card confirms the transfer. After that confirmation, you can request to close your old credit card account if you wish.
You don’t have to close a card account after a balance transfer. In fact, it can be beneficial to your credit score to keep it open. But there might be a few reasons you decide to close the account:
Balance transfers can be a good way to make a dent in your debt when high-interest charges are eating away at your payments. Before you apply, make sure the switch will save you time and money.
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