12 Best Balance Transfer Credit Cards of December 2024
Updated: Nov 19, 2024
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The best balance transfer credit cards charge no annual fee and offer 15 months or more of 0% APR for balance transfers. Moving your high-interest credit card debt to a balance transfer card with a 0% introductory rate can save you hundreds, or even thousands, of dollars in interest and help you get out of debt more quickly.
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The best balance transfer credit cards charge no annual fee and offer 15 months or more of 0% APR for balance transfers. Moving your high-interest credit card debt to a balance transfer card with a 0% introductory rate can save you hundreds, or even thousands, of dollars in interest and help you get out of debt more quickly.
Why trust NerdWallet
400+ credit cards reviewed by our team of experts (See our top picks)
80+ years of combined experience covering credit cards and personal finance
27,000+ hours spent researching and reviewing financial products in the last 12 months
Objective comprehensive ratings rubrics (Methodology)
NerdWallet's credit cards content, including ratings and recommendations, is overseen by a team of writers and editors who specialize in credit cards.
Their work has appeared in The Associated Press, USA Today,
The New York Times, MarketWatch, MSN, NBC's "Today," ABC's "Good Morning America"
and many other national, regional and local media outlets.
Each writer and editor follows NerdWallet's strict guidelines for editorial integrity.
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The best balance transfer credit cards charge no annual fee and offer 15 months or more of 0% APR for balance transfers. Moving your high-interest credit card debt to a balance transfer card with a 0% introductory rate can save you hundreds, or even thousands, of dollars in interest and help you get out of debt more quickly.
Why trust NerdWallet
400+ credit cards reviewed by our team of experts (See our top picks)
80+ years of combined experience covering credit cards and personal finance
27,000+ hours spent researching and reviewing financial products in the last 12 months
Objective comprehensive ratings rubrics (Methodology)
NerdWallet's credit cards content, including ratings and recommendations, is overseen by a team of writers and editors who specialize in credit cards. Their work has appeared in The Associated Press, USA Today, The New York Times, MarketWatch, MSN, NBC's "Today," ABC's "Good Morning America" and many other national, regional and local media outlets. Each writer and editor follows NerdWallet's strict guidelines for editorial integrity.
The best balance transfer credit cards charge no annual fee and offer 15 months or more of 0% APR for balance transfers. Moving your high-interest credit card debt to a balance transfer card with a 0% introductory rate can save you hundreds, or even thousands, of dollars in interest and help you get out of debt more quickly.
Why trust NerdWallet
400+ credit cards reviewed by our team of experts (See our top picks)
80+ years of combined experience covering credit cards and personal finance
27,000+ hours spent researching and reviewing financial products in the last 12 months
Objective comprehensive ratings rubrics (Methodology)
NerdWallet's credit cards content, including ratings and recommendations, is overseen by a team of writers and editors who specialize in credit cards. Their work has appeared in The Associated Press, USA Today, The New York Times, MarketWatch, MSN, NBC's "Today," ABC's "Good Morning America" and many other national, regional and local media outlets. Each writer and editor follows NerdWallet's strict guidelines for editorial integrity.
Why trust NerdWallet
400+ credit cards reviewed by our team of experts (See our top picks)
80+ years of combined experience covering credit cards and personal finance
27,000+ hours spent researching and reviewing financial products in the last 12 months
Objective comprehensive ratings rubrics (Methodology)
NerdWallet's credit cards content, including ratings and recommendations, is overseen by a team of writers and editors who specialize in credit cards. Their work has appeared in The Associated Press, USA Today, The New York Times, MarketWatch, MSN, NBC's "Today," ABC's "Good Morning America" and many other national, regional and local media outlets. Each writer and editor follows NerdWallet's strict guidelines for editorial integrity.
NerdWallet's Best Balance Transfer Credit Cards of December 2024
Wells Fargo Reflect® Card: Best for Longest intro period for transfers & purchases
Citi Simplicity® Card: Best for Extra-long intro period + no late fees
Citi® Diamond Preferred® Card: Best for Extra-long balance transfer offer
BankAmericard® credit card: Best for Long intro period + straightforward benefits
U.S. Bank Visa® Platinum Card: Best for Long intro period + low intro fee
Discover it® Cash Back - 18 Month Intro Balance Transfer Offer: Best for Long intro period + quarterly categories
Navy Federal Credit Union® Platinum Credit Card: Best for Military
Discover it® Chrome: Best for Long intro period + gas and dining rewards
Citi Double Cash® Card: Best for 2% cash back
Chase Freedom Unlimited®: Best for All-around cash back
Bank of America® Travel Rewards credit card: Best for Travel rewards
Chase Freedom Flex®: Best for Quarterly cash back categories
Show SummaryHide Summary
Best Balance Transfer Credit Cards
| Credit card | NerdWallet rating | Intro APR | Regular APR | Rewards rate | Learn more |
|---|---|---|---|---|---|
Find the right credit card for you.
Whether you want to pay less interest or earn more rewards, the right card's out there. Just answer a few questions and we'll narrow the search for you.
Whether you want to pay less interest or earn more rewards, the right card's out there. Just answer a few questions and we'll narrow the search for you.
FULL LIST OF EDITORIAL PICKS: BEST BALANCE TRANSFER CREDIT CARDS
Before applying, confirm details on the issuer’s website.
Wells Fargo Reflect® Card
Our pick for: Longest intro period for transfers & purchases
The Wells Fargo Reflect® Card has one of the longest intro APR periods on the market — approaching almost two years. You'll be hard-pressed to find a longer interest-free promotion, and it applies to both purchases and balance transfers. Read our review.
BankAmericard® credit card
Our pick for: Long intro period + straightforward benefits
The BankAmericard® credit card isn't flashy, nor does it aim to be. You get one of the better introductory APR periods available, providing plenty of time to whittle down debt or finance a large purchase. And that's about it. Read our review.
Chase Slate Edge℠
Our pick for: Long intro period + interest-saving incentives
The $0-annual-fee Chase Slate Edge℠ is light on flash but features an excellent intro APR period on purchases and balance transfers, plus some other potential incentives for paying on time. Read our review.
U.S. Bank Visa® Platinum Card
Our pick for: Long intro period + low intro fee
A lengthy introductory APR period for both purchases and balance transfers has made the U.S. Bank Visa® Platinum Card a NerdWallet favorite. Read our review.
Citi Simplicity® Card
Our pick for: Extra-long intro period + no late fees
The Citi Simplicity® Card has an excellent 0% intro APR period on balance transfers, and an OK one on purchases. It doesn't charge an annual fee, late fees or penalty APRs either. Read our review.
Citi® Diamond Preferred® Card
Our pick for: Extra-long balance transfer offer
The Citi® Diamond Preferred® Card offers a super-lengthy 0% intro APR period on balance transfers, and there's also a decent offer on purchases. But the balance transfer fee is pricey. It doesn't have the late-fee forgiveness of Citi's other balance-transfer card, but it's still a great option. Read our review.
Discover it® Cash Back - 18 Month Intro Balance Transfer Offer
Our pick for: Long intro period + quarterly categories
What makes the Discover it® Cash Back - 18 Month Intro Balance Transfer Offer stand out from other balance-transfer cards is its ongoing cash-back rewards, which give you a great reason to keep using the card regularly even after its introductory APR period ends. Read our review.
Discover it® Chrome
Our pick for: Long intro period + gas and dining rewards
The Discover it® Chrome doesn't have rotating categories like some of Discover's better-known cards. Instead, it gives you extra rewards at gas stations and restaurants, with no activation required, plus an outstanding balance transfer offer. You get the "cash-back match" bonus in your first year, too. Read our review.
Citi Double Cash® Card
Our pick for: 2% cash back
Year after year, the Citi Double Cash® Card has been a top choice among flat-rate cash-back cards. You earn 2% cash back on every purchase — 1% when you buy something and 1% when you pay it off. There's no 0% intro period for purchases and no bonus categories, but the high rewards rate more than makes up for the lack of bells and whistles. Read our review.
Chase Freedom Unlimited®
Our pick for: All-around cash back
The Chase Freedom Unlimited® was already a fine card when it offered 1.5% cash back on all purchases. Now it's even better, with bonus rewards on travel booked through Chase, as well as at restaurants and drugstores. On top of all that, new cardholders get a 0% introductory APR period and the opportunity to earn a sweet bonus. Read our review.
Chase Freedom Flex®
Our pick for: Quarterly cash back categories
The Chase Freedom Flex® offers bonus cash back in quarterly categories that you activate, as well as on travel booked through Chase, at restaurants and at drugstores. Category activation can be a hassle, but if your spending matches the categories — and for a lot of people, it will — you can rack up hundreds of dollars a year. There's a fantastic bonus offer for new cardholders and an intro APR offer, too. Read our review.
Bank of America® Travel Rewards credit card
Our pick for: Travel rewards
One of the best no-annual-fee travel cards available, the Bank of America® Travel Rewards credit card gives you a solid rewards rate on every purchase, with points that can be redeemed for any travel purchase, without the restrictions of branded airline and hotel cards. Bank of America® has an expansive definition of "travel," too, giving you additional flexibility in how you use your rewards. Read our review.
Navy Federal Credit Union® Platinum Credit Card
Our pick for: Military
A $0 annual fee. An introductory APR that's about as close to 0% as you can get. A $0 balance transfer fee. And depending on your credit, an ongoing APR that's as close to rock-bottom as you can get. You have to be a member of Navy Federal, however, and unlike with some other credit unions, the eligibility requirements don't include a "shortcut" that gets you in via donation. Read our review.
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OTHER RESOURCES
What is a balance transfer credit card?
A credit card balance transfer involves moving debt from a high-interest credit card to a new card with a lower interest rate, ideally one with an introductory 0% period. Essentially, you're using one credit card to pay off another, but because you aren't paying as much in interest, you have more money available to pay down your debt faster.
How much can I save with a balance transfer credit card?
Whether a balance transfer will save you money depends mostly on four factors:
How much you owe.
The current interest rate on that debt.
The balance transfer fee.
How long the 0% period on the new card lasts.
Enter this information into NerdWallet's balance transfer calculator to get a sense of how much you could save by doing a balance transfer.
How to do a balance transfer using a credit card
If the math on a balance transfer works in your favor, here’s what to do next.
Apply for a balance transfer card. In many cases, cards with an introductory 0% APR offer for transfers give you only a short period of time after opening your account to take advantage of the offer — say, 60 days.
Tell the new card’s issuer you want to do a transfer. With some cards, you can do this from your online account dashboard or even the issuer’s mobile app. With others, you’ll need to call customer service.
Provide information requested by your issuer. You’ll need to know the account number of the debt you want to transfer and how much you want to move. Depending on your credit limit, you may get approved to transfer the entire amount or just a part of it.
Continue making payments on the old card. The transfer doesn't happen as soon as you ask for it. It can take days or even a couple of weeks. Pay at least the minimum until your old card account shows that the debt has been moved.
Watch your accounts. You’ll see the debt paid off on the old card and show up on the new one. Now it’s time to pay it down.
Pros and cons of balance transfer credit cards
Pros: Why it’s worth getting a balance transfer credit card
You can pay off your debt faster. Apply the money you save in interest to your balance to get you out of debt faster. Don’t just move debt from one card to another to avoid paying it off.
It simplifies your finances. If you’re juggling multiple payments and due dates, you may find it easier to consolidate into one monthly lower-interest payment.
Cons: Why a balance transfer credit card might not be for you
If you don’t pay off your debt within the 0% period, you could be worse off. You could end up paying interest at even higher rate than on your previous card when the 0% period expires.
There’s typically a fee involved. Most cards have a balance transfer fee of 3% to 5%.
You need good to excellent credit to qualify. If your credit standing is just OK, you may not get approved.
You may get approved for an amount less than you want to transfer. The new card's issuer might let you transfer only a portion of what you owe.
How to compare balance transfer credit cards
Look at the issuer that holds your current debt. In most cases, you can't transfer balances among cards from the same bank — from one Chase card to another Chase card, for example.
Compare 0% APR periods for balance transfers. The longer the 0% period, the better, since you’ll have more time to pay down your debt without interest.
Compare balance transfer fees. Transfer fees on most credit cards range from 3% to 5%. That’s equivalent to $30 to $50 for each $1,000 you transfer.
Say no to annual fees. A good balance transfer card will not charge an annual fee. Some rewards cards with annual fees do offer 0% introductory periods, but they're a bad choice for getting out of debt.
Making the most of your balance transfer credit card
Use your balance transfer credit card only for debt, rather than for additional spending that just adds debt.
Know when the promotional period ends, and aim to have the debt paid off by then.
Pay on time. If you’re late with a payment, your card’s 0% balance transfer APR could be canceled.
Make a plan. Take stock of your debt and figure out what you’ll have to do to become debt-free.
» MORE: Should I do a balance transfer?
Alternatives to using a 0% balance transfer credit card
Maybe a balance transfer credit card isn’t right for you. There are other ways to get a handle on your debt.
Pay more than the minimum due.
Use a debt payment calculator. These tools show you how much you would pay in interest without a transfer. If you're committed to paying down debt quickly, you may be better off leaving the debt where it is and not paying a transfer fee. See our calculator here.
Ask if you qualify for a lower rate. If your credit score has improved since you opened the account, it could pay off to ask your issuer to lower your interest rate.
Consider a personal loan. Personal loans can be issued by banks, credit unions and online lenders. Some loans designed for debt consolidation can even be paid directly to your creditors, streamlining the process. Learn more about personal loans here.
*For U.S. Bank Visa® Platinum Card: An introductory fee of either 3% of the amount of each transfer or $5 minimum, whichever is greater, for balances transferred within 60 days of account opening. After that, either 5% of the amount of each transfer or $5 minimum, whichever is greater.
Last updated on November 19, 2024
Methodology
NerdWallet's Credit Cards team selects the best balance transfer credit cards based on overall consumer value, as evidenced by star ratings, as well as their suitability for specific kinds of consumers. Factors in our evaluation include annual fees, balance transfer fees, the length of each card's 0% introductory APR period, ongoing APRs, credit-profile requirements, cardholders' access to credit scores, and other noteworthy features such as rewards or perks that give the card ongoing value beyond the promotional APR period. Learn how NerdWallet rates credit cards.
Frequently asked questions
What is a balance transfer?
A balance transfer involves moving debt from a high-interest credit card to a new card with a lower interest rate, ideally one with an introductory 0% period. Essentially, you're using one card to pay off another, but because you aren't paying as much in interest, you have more money available to pay down your debt more quickly.
What should I look for in a balance transfer card?
When evaluating balance transfer credit cards, you'll want to pay attention to:
The balance transfer fee. Most cards charge a fee of 3% to 5% of the amount transferred. That translates to $30 to $50 for each $1,000 transferred. A handful of cards charge no transfer fee, although such offers are hard to find and can be difficult to qualify for.
The introductory interest rate (APR). Credit cards designed for balance transfers offer a lower interest rate on transfers for a certain period of time after you open the account. Usually, this promotional rate is 0%, but on some cards it might be something like 2.99%.
The length of the intro APR period. The best balance transfer credit cards offer 15 months or more at 0%. When the promotional period ends, the interest rate shoots up, so you'll want to have your debt paid off by the end of that time.
The annual fee. The point of a balance transfer is to save money, so you shouldn't be paying an annual fee.
The issuer. You typically can't transfer debt between cards from the same issuer. For example, if you have debt on a Citi credit card, you can't move it to another Citi card.
Who can qualify for a balance transfer card?
In most cases, you'll need good to excellent credit to qualify for a card with an introductory 0% period. That generally means a credit score of 690 or better. However, credit scores alone aren't the only factor that card issuers take into consideration. A person with an excellent credit score could still be rejected; a person with a score in the mid-600s might still be approved.
How does a balance transfer work?
The first step in executing a balance transfer is applying for a balance-transfer credit card. Once you're approved for the new card, tell that card's issuer that you want to do a transfer. (You can sometimes do this through your credit card's online portal or mobile app; in other cases, you'll have to call the number on the back of the card.)
The new card's issuer will ask for information about the balance you want to transfer, including the financial institution, the account number and the amount of the debt. Depending on your credit limit and the issuer's rules, you may be approved for the full amount of the transfer or only a portion.
The transfer can take a while, so keep an eye on both accounts until the debt disappears from the old one and shows up in the new one. Make at least the minimum payments on the old account until the debt is transferred.
Does a balance transfer help your credit score?
A balance transfer by itself isn't going to have much of an effect on your credit score. The transfer doesn't make the debt go away; it simply moves it to a new place. In fact, applying for the balance transfer card could knock a few points off your score in the short term.
What matters is what you do after you transfer your balance. If you take advantage of the breathing room and significantly reduce your debt, your credit can benefit, since the amounts you owe are a significant factor in your scores.
Is there a downside to a balance transfer?
If you'll have the money to pay off your credit card debt within a month or two, you're probably better off not bothering with a balance transfer. That's because the transfer fee you'd have to pay would probably outweigh any interest that would accumulate during that time. But if paying off that debt will take three or four months, or longer, your interest savings will probably more than make up for the fee.
If you take advantage of a 0% balance transfer offer to aggressively pay off what you owe, there's no real downside. The money you save on interest can instead go toward eliminating the debt even more quickly. But if all you're doing is "parking" debt on a 0% card and paying only the required minimum without a plan to significantly reduce what you owe, you're only treading water. The 0% period will run out and you'll be right back where you started.
What's the easiest balance transfer card to get?
For a credit card issuer, taking on a consumer's existing debt at 0% interest is a risk, so issuers are careful about whom they approve for a balance transfer. Generally speaking, issuers are reluctant to take balance transfers from people with credit scores much below 700. Each issuer evaluates applications according to its own risk-assessment rubrics; what might be an "easy" card for one applicant to get could be completely unattainable for someone else. As a result, there's no single balance transfer card that you can confidently say is the "easiest" to quality for.
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