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Best for long balance transfer period
Bankrate score
Rating: 4.3 stars out of 5
4.3
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Bankrate review
Bankrate score
Rating: 4.3 stars out of 5
4.3
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Bankrate review
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.
on Wells Fargo's secure site
Balance transfer intro APR
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
Best for everyday spending
Bankrate score
Rating: 4.6 stars out of 5
4.6
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 review
Bankrate score
Rating: 4.6 stars out of 5
4.6
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Bankrate review
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.
on American Express's secure site
See Rates & Fees, Terms Apply
Balance transfer intro APR
0% on balance transfers for 15 months
APR
19.24% - 29.99% Variable
Rewards rate
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
Best for welcome offer
Bankrate score
Rating: 4 stars out of 5
4.0
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 review
Bankrate score
Rating: 4 stars out of 5
4.0
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 review
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.
on Discover's secure site
Balance transfer intro APR
0% for 18 months
Regular APR
18.24% - 28.24% Variable APR
Rewards rate
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
Best for long-term value
Bankrate score
Rating: 4.2 stars out of 5
4.2
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Bankrate review
Bankrate score
Rating: 4.2 stars out of 5
4.2
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 review
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.
on Citi's secure site
Balance transfer intro APR
0% intro for 18 months on Balance Transfers
Regular APR
19.24% - 29.24% (Variable)
Rewards rate
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
Best for flat-rate cash back
Bankrate score
Rating: 4.3 stars out of 5
4.3
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 review
Bankrate score
Rating: 4.3 stars out of 5
4.3
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 review
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.
on Wells Fargo's secure site
Balance transfer intro APR
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
Best for travel
Bankrate score
Rating: 4.1 stars out of 5
4.1
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 review
Bankrate score
Rating: 4.1 stars out of 5
4.1
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 review
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.
on Bank of America's secure site
Balance transfer intro APR
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
Best for dining
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 review
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 review
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.
on Chase's secure site
Balance transfer intro APR
0% Intro APR on Balance Transfers for 15 months
Regular APR
20.49% - 29.24% Variable
Rewards rate
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
Best for groceries
Bankrate score
Rating: 4.4 stars out of 5
4.4
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 review
Bankrate score
Rating: 4.4 stars out of 5
4.4
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 review
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.
on American Express's secure site
See Rates & Fees, Terms Apply
Balance transfer intro APR
0% on balance transfers for 12 months
APR
19.24% - 29.99% Variable
Rewards rate
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.
Best for flexibility
Bankrate score
Rating: 4.4 stars out of 5
4.4
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 review
Bankrate score
Rating: 4.4 stars out of 5
4.4
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 review
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.
on Citi's secure site
Balance transfer intro APR
0% for 15 months on balance transfers
Regular APR
19.24% - 29.24% (Variable)
Rewards rate
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
Best for customizable rewards
Bankrate score
Rating: 4.3 stars out of 5
4.3
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 review
Bankrate score
Rating: 4.3 stars out of 5
4.3
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 review
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.
on Bank of America's secure site
Balance transfer intro APR
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
Only Available in 15 East Coast States and D.C.
Best for late payment fee forgiveness
Bankrate score
Rating: 4.1 stars out of 5
4.1
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 review
Bankrate score
Rating: 4.1 stars out of 5
4.1
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 review
See Terms
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.
on TD Bank's secure site
Balance transfer intro APR
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
Best for low interest
Bankrate score
Rating: 3 stars out of 5
3.0
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 review
Bankrate score
Rating: 3 stars out of 5
3.0
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 review
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.
on USAA's secure site
Balance transfer intro APR
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
Best for simplicity
Bankrate score
Rating: 3.8 stars out of 5
3.8
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 review
Bankrate score
Rating: 3.8 stars out of 5
3.8
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 review
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.
on Bank of America's secure site
Balance transfer intro APR
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
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.
Bankrate review
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.
Bankrate review
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.
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)
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
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
Compare Bankrate's best 0% balance transfer credit cards
Card Name | Bankrate's pick for | 0% balance transfer intro APR period | Card highlights | Bankrate Review Score |
---|---|---|---|---|
Long balance transfer period | Intro Offer: N/A Regular APR: 18.24%, 24.74%, or 29.99% Variable APR | 4.3 / 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. (Read card review) on Wells Fargo's secure site | ||
Everyday spending | Intro Offer: Earn $200 Earn a $200 statement credit after you spend $2,000 in purchases on your new Card within the first 6 months. Regular APR: 19.24% - 29.99% Variable | 4.6 / 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. (Read card review) on American Express's secure site See Rates & Fees, Terms Apply | ||
Welcome offer | Intro Offer: Cashback Match 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. Regular APR: 18.24% - 28.24% Variable APR | 4.0 / 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. (Read card review) on Discover's secure site | ||
Long-term value | 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. Regular APR: 19.24% - 29.24% (Variable) | 4.2 / 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. (Read card review) on Citi's secure site | ||
Flat-rate cash back | Intro Offer: $200 cash rewards Earn a $200 cash rewards bonus after spending $500 in purchases in the first 3 months Regular APR: 20.24%, 25.24%, or 29.99% Variable APR | 4.3 / 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. (Read card review) on Wells Fargo's secure site | ||
Travel | 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 | 4.1 / 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. (Read card review) on Bank of America's secure site | ||
Dining and drugstores | 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. Regular APR: 20.49% - 29.24% Variable | 4.8 / 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. (Read card review) on Chase's secure site | ||
Groceries | Intro Offer: Earn $250 Earn a $250 statement credit after you spend $3,000 in eligible purchases on your new Card within the first 6 months. Regular APR: 19.24% - 29.99% Variable | 4.4 / 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. (Read card review) on American Express's secure site See Rates & Fees, Terms Apply | ||
Flexibility | Intro Offer: $200 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. Regular APR: 19.24% - 29.24% (Variable) | 4.4 / 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. (Read card review) on Citi's secure site | ||
Customizable rewards | 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 | 4.3 / 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. (Read card review) on Bank of America's secure site | ||
Late fee forgiveness | Intro Offer: N/A Regular APR: 19.24%, 21.24%, 24.24%, 27.24% or 29.24% variable APR based on your creditworthiness. | 4.1 / 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. (Read card review) on TD Bank's secure site | ||
Low interest | Intro Offer: N/A Regular APR: 12.15% to 26.15% variable | 3.0 / 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. (Read card review) on USAA's secure site | ||
Simplicity | 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 | 3.8 / 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. (Read card review) on Bank of America's secure site | ||
No late fees | Intro Offer: N/A Regular APR: 19.24% - 29.99% (Variable) | |||
No penalty APR | Intro Offer: N/A Regular APR: 16.24% - 26.24% Variable APR on purchases and balance transfers | |||
Credit union card | Intro Offer: N/A Regular APR: 17.99% Variable APR |
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 ourproprietary card rating systemand 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:
Have more questions for our credit cards editors? Feel free to send us an email, find us on Facebook, or Tweet us @Bankrate.
What is a balance transfer credit card?
A balance transfer card lets you move a balance from one credit card to another. In some cases, you can transfer more than just credit card debt to a balance transfer card, such as personal loans.
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.
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.
Learn more:How long does a balance transfer take?
Balance transfer terms to know
- 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, in which you will not have interest applied to 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 is what applies to any remaining balance you have after the intro period ends. The current average interest rate is about 20 percent.
Pros and cons of 0% balance transfer credit cards
Plenty of things make a balance transfer card worthwhile, but some of the drawbacksmay have you eyeing other options. Consider the following pros and cons when taking a look at a balance transfer credit card.
Pros
Save money: You could save on interest charges by temporarily pausing interest on transferred debt.
Improve credit utilization ratio: Debt reduction can lower your credit utilization ratio over time, which means you’re using less of your available credit and potentially improving your credit score.
Reduce monthly payments: The temporary break from interest on your transferred balance could translate to a lower monthly payment during the intro APR period.
Consolidate debts: If you have multiple cards with high balances, you can simplify your debt payment process by consolidating the debt onto one card.
Cons
High credit approval threshold: The best balance transfer cards with the longest 0 percent intro offers tend to be available to people with good or excellent credit.
Interest on remaining balance: If you don’t pay off the transfer entirely during the introductory period, the remaining balance will be subject to the new card’s regular APR, which can get pretty high.
May not have rewards: The main feature on most balance transfer cards is a lengthy intro APR period, and many intro APR-focused cards don’t earn rewards, though some cards do offer relatively modest cash back rewards.
Limits on transfer amounts: Balance transfer cards may limit the amount you’re allowed to transfer and it can be difficult to know these limits until you apply for the card.
Dig deeper:What is a balance transfer, and is it a good idea for debt?
How to maximize your 0% balance transfer savings
- Initiate your balance transfer immediately: Most cards require you to transfer your credit card balance within a set period of time to be eligible for the intro APR offer. Plus, the sooner you transfer the balance, the sooner interest stops accruing on that debt.
- Keep up with payments until your transfer is complete: You don’t want to run the risk of seriously hurting your credit by missing a payment, since payment history is the most significant factor affecting your credit score. Until you have confirmation from your previous issuer that your card balance is zero, keep up with payments on your card to protect your credit.
- Create a payoff strategy: The best way to maximize the value of your balance transfer card is to make sure you pay off your transferred balance within the intro APR period. This allows you to avoid interest charges and provides a clear timeline for you to pay down your debt.
- 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. You must pay at least the minimum due.
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:
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.
— Seychelle Thomas, Writer, Credit Cards
Learn more:How to choose a balance transfer credit card
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 like usual, but inflation rates, snowballing card balances and sky-high APRs certainly seems to affect the discussion around balance transfer cards.
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.
Experian’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.
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.
Frequently asked questions about balance transfer credit cards
Ask the experts: What is the biggest mistake people make with balance transfers?
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.
* 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.