If you're carrying credit card debt, you can reduce high interest by transferring your outstanding balance to a credit card that offers a period of zero interest when you first open the account, also called a 0% intro APR.
A zero-interest introductory period isn't a license to splurge. Be sure to use your credit card responsibly, and avoid spending more than you can afford to prevent incurring even more debt.
Many balance transfer credit cards offer no-interest periods for new purchases as well as on balances transferred from other debt. Others only offer a 0% intro APR on balance transfers, so make sure you read the fine print to avoid unpleasant surprises.
Best Balance Transfer Credit Cards
Best for both balance transfers and new purchases: Wells Fargo Reflect® Card
Best for flexible rewards: Chase Freedom Unlimited®
Best for long 0% intro APR: Citi Simplicity® Card
Best for families: Blue Cash Everyday® Card from American Express
Best for custom cash back: Bank of America® Customized Cash Rewards Credit Card
Best for building credit: Chase Slate Edge℠
Featured Balance Transfer Credit Cards
$0
0% intro APR on purchases and balance transfers for 15 months from account opening
18.24% - 29.24% Variable
Earn a $200 statement credit
Good to Excellent
- Good bonus cash-back rate at U.S supermarkets
- No annual fee.
- If you spend more than $6,000 at U.S supermarkets in a year, you should use another card to earn bonus rewards once you hit that cap.
The Blue Cash Everyday® Card from American Express is a solid cash-back card with no annual fee. It's an especially valuable choice for purchases at US supermarkets, gas stations, and online retail purchases, thanks to its bonus earning categories.
Amex Blue Cash Everyday Card- Earn a $200 statement credit after you spend $2,000 in purchases on your new Card within the first 6 months.
- No Annual Fee.
- Enjoy 0% intro APR on purchases and balance transfers for 15 months from the date of account opening. After that, 18.24% to 29.24% variable APR.
- 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%.
- Cash back is received in the form of Reward Dollars that can be redeemed as a statement credit or at Amazon.com checkout.
- Thinking about getting the Disney Bundle which can include Disney+, Hulu, and ESPN+? Your decision made easy with $7/month back in the form of a statement credit after you spend $9.99 or more each month on an eligible subscription (subject to auto renewal) with your Blue Cash Everyday® Card. Enrollment required.
- Enjoy up to $15 back per month when you purchase a Home Chef meal kit subscription (subject to auto renewal) with your enrolled Blue Cash Everyday® Card.
- Apply with confidence. Know if you're approved for a Card with no impact to your credit score. If you're approved and you choose to accept this Card, your credit score may be impacted.
- Terms Apply.
$0
0% intro APR for 21 months from account opening on purchases and qualifying balance transfers made within 120 days
17.24%, 23.74%, or 28.99% Variable
N/A
Good to Excellent
- Extra-long intro APR on purchases and qualifying balance transfers
- No annual fee
- Cell phone protection
- No rewards
- Foreign transaction fees
If you're looking for the best Wells Fargo credit card for balance transfers, the Wells Fargo Reflect® Card is a great choice. And it offers an extra-long interest-free period on new purchases, too.
Wells Fargo Reflect Card- Apply Now to take advantage of this offer and learn more about product features, terms and conditions.
- 0% intro APR for 21 months from account opening on purchases and qualifying balance transfers. 17.24%, 23.74%, or 28.99% variable APR thereafter; balance transfers made within 120 days qualify for the intro rate, BT fee of 5%, min: $5.
- $0 annual fee.
- Up to $600 of cell phone protection against damage or theft. Subject to a $25 deductible.
- Through My Wells Fargo Deals, you can get access to personalized deals from a variety of merchants. It's an easy way to earn cash back as an account credit when you shop, dine, or enjoy an experience simply by using an eligible Wells Fargo credit card.
$0
0% intro APR on purchases and balance transfers for the first 15 months
19.49% - 28.24% Variable
Earn an additional 1.5% cash back on everything you buy
Good to Excellent
- Solid flat cash-back rate
- You can combine cash-back rewards with Ultimate Rewards points if you have an eligible card
- No annual fee
- Some other cards offer a higher rate of cash back on certain types of purchases
The Chase Freedom Unlimited® is a great choice for credit card beginners and experts alike. With no annual fee and a high earnings rate, it's worth considering as an everyday card — and it's even better when you pair it with an annual-fee Chase card like the Chase Sapphire Reserve®.
Chase Freedom Unlimited- Intro Offer: Earn an additional 1.5% cash back on everything you buy (on up to $20,000 spent in the first year) - worth up to $300 cash back!
- Enjoy 6.5% 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; 4.5% cash back on drugstore purchases and dining at restaurants, including takeout and eligible delivery service, and 3% on all other purchases (on up to $20,000 spent in the first year).
- After your first year or $20,000 spent, enjoy 5% cash back on travel purchased through Chase Travel℠, 3% cash back on drugstore purchases and dining at restaurants, including takeout and eligible delivery service, and unlimited 1.5% cash back on all other purchases.
- No minimum to redeem for cash back. You can choose to receive a statement credit or direct deposit into most U.S. checking and savings accounts. Cash Back rewards do not expire as long as your account is open!
- Enjoy 0% Intro APR for 15 months from account opening on purchases and balance transfers, then a variable APR of 19.49% - 28.24%.
- No annual fee – You won't have to pay an annual fee for all the great features that come with your Freedom Unlimited® card
- Keep tabs on your credit health, Chase Credit Journey helps you monitor your credit with free access to your latest score, alerts, and more.
- Member FDIC
Best for Both Balance Transfers and Purchases: Wells Fargo Reflect® Card
The Wells Fargo Reflect® Card tops our list for its extra-long intro APR offer on both balance transfers and purchases. This card doesn't earn rewards, but does buy you a lot of time to pay down large balances without incurring any interest.
New cardholders receive a 0% intro APR for 21 months from account opening on purchases and qualifying balance transfers made within 120 days (then 17.24%, 23.74%, or 28.99% Variable APR, rates and fees). Balance transfers must occur within 120 days of account opening to qualify for the intro 0% APR rate, and come with a fee of 5%, min: $5.
Although the card doesn't earn Wells Fargo rewards for spending, cardholders get a handful of good benefits, including cellphone protection and roadside dispatch.
Cellphone protection is particularly compelling because no-annual-fee cards typically don't offer this benefit. When you use the Wells Fargo Reflect® Card to pay your monthly cellphone bill, you'll receive up to $600 in coverage for eligible cellphone damage or theft, after a $25 deductible, with a maximum of two claims per 12-month period.
Read more about this card in our Wells Fargo Reflect review.
Best for Flexible Rewards: Chase Freedom Unlimited®
The Chase Freedom Unlimited® is a great pick if you're looking for an intro APR on balance transfers and purchases with the opportunity to earn generous rewards for your day-to-day spending.
New cardholders receive a 0% intro APR on purchases and balance transfers for the first 15 months (then a 19.49% - 28.24% Variable APR).
The card has an intro fee of either $5 or 3% of the amount of each transfer (whichever is greater) on transfers made within 60 days of account opening, then $5 or 5% of the amount of each transfer (whichever is greater). This card has no annual fee, but you will pay foreign transaction fees on international purchases.
While the Chase Freedom Unlimited® is marketed as a cash-back credit card, it actually earns those rewards in the form of Chase Ultimate Rewards® points: 1 point per 1% cash back.
You can use these points as cash, or you can redeem them for travel booked through Chase Travel℠, gift cards, merchandise, and more.
If you have more than one Chase Ultimate Rewards-earning credit card, you can also transfer your points on a card with elevated redemption rates, such as the Chase Sapphire Reserve® or the Chase Sapphire Preferred® Card, for additional value.
This card starts you out with a welcome bonus offer of additional 1.5% cash back on everything you buy (on up to $20,000 spent in the first year). You'll also earn 5% back (5 points per dollar) on travel booked through Chase, 5% back (5 points per dollar) on Lyft rides through March 2025, 3% back (3 points per dollar) on dining (including takeout) and drugstores, and 1.5% back (1 point per dollar) on all other eligible purchases.
If you also have an annual-fee Chase card that earns Chase Ultimate Rewards points, such as the Chase Sapphire Preferred® Card or the Chase Sapphire Reserve®, you can combine your rewards and unlock more redemption options, including transferring points to Chase's airline and hotel partners.
Learn more about this card in our Chase Freedom Unlimited review.
Best for Long 0% Intro APR: Citi Simplicity® Card
Consumers with a lot of high-interest credit card debt could save more with a card that offers a 0% intro APR for as long as possible. The Citi Simplicity® Card extends one of the best offers in this category.
There's no annual fee, yet you get a 0% intro APR on balance transfers for 21 months (transfers must be completed within four months of account opening) and on purchases for 12 months. After that, your rate goes up to 18.24% - 28.99% Variable APR based on your creditworthiness.
You can pay down a ton of debt by responsibly taking advantage of this card's full 21 months with a 0% intro APR on balance transfers. But you'll pay a 3% balance transfer fee (minimum of $5) for the privilege. You'll also need to complete any transfers within the first four months after you open the card in order to qualify for the introductory APR.
The Citi Simplicity® Card also offers automatic account alerts, 24/7 customer service, and the ability to choose your payment due date.
Learn more about this card in our Citi Simplicity Card review.
Best for Families: Blue Cash Everyday® Card from American Express
Amex offers a handful of cards with a 0% intro APR on balance transfers. One of the best is the no-annual-fee Blue Cash Everyday® Card from American Express, which comes with useful bonus categories and monthly statement credits toward Home Chef and The Disney Bundle, which includes Disney+, Hulu, and ESPN+.
New cardholders receive a 0% intro APR on purchases and balance transfers for 15 months from account opening, followed by 18.24% - 29.24% Variable APR. To qualify for the introductory rate, balance transfers must be completed within the first 60 days of account opening. You'll also pay a balance transfer fee.
There's also a welcome bonus offer of a $200 statement credit after you spend $2,000 in purchases on your new card in the first six months of card membership.
With the Blue Cash Everyday® Card from American Express you'll earn cash back in these categories (cash back is received in the form of Reward Dollars that can be redeemed as a statement credit):
- 3% cash back at U.S. supermarkets (up to $6,000 per year, then 1%)
- 3% cash back on U.S. gas stations (up to $6,000 per year in purchases, then 1%)
- 3% cash back on U.S. online retail purchases (up to $6,000 per year, then 1%)
- 1% cash back on all purchases
In addition to the cashback rewards, the Blue Cash Everyday® Card from American Express gets you perks like car rental insurance, purchase protection, access to the Global Assist Hotline, and the Amex Offers** program.
Learn more about this card in our Blue Cash Everyday Amex Card review.
Best for Custom Cash Back: Bank of America® Customized Cash Rewards Credit Card
The Bank of America® Customized Cash Rewards Credit Card offers a long interest-free period on both balance transfers and purchases, and it's a solid choice if you want to earn a high rate of cashback in the category you choose.
New cardholders receive a 0% intro APR for 15 billing cycles on purchases and on any balance transfers made within 60 days of account opening APR, followed by a 19.24% - 29.24% Variable APR. You'll pay a balance transfer fee of 3% for 60 days from account opening, then 4% per transaction.
And there's a decent welcome offer: a $200 online cash rewards bonus after making at least $1,000 in purchases in the first 90 days of account opening.
The card earns 3% cash back in a category of your choice (gas/EV charging, online shopping, dining, travel, drug stores, or home improvement/furnishings); 2% back at grocery stores and wholesale clubs; and 1% back on all other purchases. The 3% and 2% rates apply to the first $2,500 in combined purchases per quarter (then 1% cash back).
Read a deeper explanation of this card's benefits in our Bank of America Customized Cash review.
Best for Building Credit: Chase Slate Edge℠
The Chase Slate Edge℠ doesn't earn cardholders rewards on purchases, or offer a welcome bonus. But that's not the point of the card. This card is geared toward folks looking to improve their financial situation and increase their credit score.
With the Chase Slate Edge℠, you'll get a great 0% intro APR on purchases and balance transfers for 18 months from account opening (then a 20.49% - 29.24% Variable APR). So if you're looking for 0% APR on both balance transfers and purchases, this card is definitely worth considering.
Moreover, you can receive an automatic, one-time review of your credit for the chance of a higher limit. But you'll first need to consistently pay on time and spend at least $500 in the first six months of opening the card.
On each account anniversary, you'll be considered for a 2% APR reduction, as long as you've paid your card on time and spent at least $1,000 on purchases in the previous anniversary year. The reduction is capped, though — it will only be reduced until your APR reaches the Prime Rate plus 9.74% (Prime Rate is 7.50% as of 12/19/2024).
Learn more about this card in our Chase Slate Edge review.
Balance Transfer Credit Card Basics Explained
The average credit card interest rate is over 20%, and can be significantly higher depending on your credit score and the card you're using. The last thing you want to do is find yourself in the quicksand of credit card interest.
Before you decide to use a 0% intro APR credit card, be sure you have the means and a plan to pay off your balance in full before the introductory APR period ends. Otherwise, you'll have to pay interest on your remaining balance.
If you don't think you'll be able to pay off your debt in full by the time the introductory APR offer expires, a balance transfer credit card may not be worth it.
A balance transfer credit card allows people with existing debt to move their outstanding balance over from another card to avoid interest fees. You can avoid interest on a balance transfer card thanks to an intro 0% APR offer, which lasts anywhere from nine to 21 months.
After this introductory period is over, your APR will reset to the standard variable rate, so you must pay off your credit card debt in full before the intro APR period ends to avoid paying hefty interest charges.
What's the catch? One disadvantage is that balance transfer credit cards typically charge an upfront fee of 3% or 5% of your balance, or a flat fee of $300 to $500 for every $10,000 in high-interest debt you transfer.
If you don't need to transfer a balance but need to make a large purchase that you'll need time to pay off, see our list of the best zero interest credit cards.
Credit Card Balance Transfers: Pros and Cons
The good thing about balance transfer credit cards is that you can get more time to pay off an existing balance without incurring sky-high interest fees.
Balance transfers also allow you to consolidate credit card debt into one card, which makes it easier to manage your payments without anything slipping through the cracks.
And, as mentioned above, opening a balance transfer card can improve your credit score by lowering your credit utilization ratio, provided you don't use up the line of credit on your new card.
On the downside, most balance transfer cards come with a balance transfer fee — usually 3% to 5% of the amount you're transferring.
The other huge potential drawback is that if you don't pay off your total balance before the promotional APR period ends, you'll end up paying high interest rates. So you'll want to make sure it's feasible to pay down your balance before the intro APR offer ends.
Balance Transfer Credit Card Customer Reviews
Our credit card experts reviewed Reddit and other popular online forums to see what current cardholders had to say about balance transfer credit cards.
Factor In Your Balance Transfer Fee
Balance transfer fees typically vary between 3% to 5%, and different cards charge different fees. In some cases, you may even receive a lower transfer fee rate early on when you first open the card.
Cardholders say that balance transfer fees are significantly more affordable than the high interest rate accrued from credit card debt, and well worth paying if you have the option of doing so.
If you have a choice between several different credit cards, opt for the one with the lowest balance transfer fee to save yourself some money.
Approval Typically Requires Good to Excellent Credit
Most balance transfer credit card applications require good to excellent credit for approval.
If you have a lower credit score, you may need to focus on a card like the Chase Slate Edge℠ for the time being, and use it responsibly to boost your credit in order to qualify for better products in future.
Military-Affiliated Individuals: Look Into NFCU
If you qualify for Navy Federal Credit Union membership, look at an NFCU credit card such as the Navy Federal Credit Union Platinum Credit Card or the Navy Federal Credit Union GO REWARDS® Credit Card, which offer 0% intro APR or 0.99% intro APR deals from time to time (then a 10.99% - 18.00% Variable and 14.24% - 18.00% Variable APR, respectively).
While these cards typically offer shorter interest-free periods and less benefits than those featured in our best credit cards guide, they do not charge balance transfer fees.
If you are confident you can pay off your balance in a few months, transferring your debt to an NFCU card can save you some interest.
Balance Transfer Credit Card Frequently Asked Questions
Balance transfer cards allow you to pay lower interest rates on existing credit card debt, which can save you a significant amount of money in a short amount of time. With a balance transfer credit card, you'll pay a 3% to 5% fee per transaction to transfer existing debt from an existing card.
To complete a balance transfer, you'll first have to apply and get approved for a balance transfer credit card. Once you have a card with an introductory APR offer on balance transfers, you'll need to initiate the transfer through the bank that issues your new balance transfer credit card. You can usually complete this process online, or by calling the number on the back of your 0% intro APR credit card.
A balance transfer generally takes five to seven days, but the actual time can vary by issuer. Your bank may ask you to allow up to 21 days for a balance transfer to go through, but the transfer should usually be completed sooner.
Balance transfer credit cards usually require at least a good credit score to qualify. If you have bad credit — typically defined as a FICO score below 670 — you probably won't be approved for a balance transfer card. A bank may be less inclined to approve you for a balance transfer card if your credit score and credit report indicate that you haven't consistently paid off past debts.
Balance transfers can affect your credit both positively and negatively. Opening a balance transfer credit card can help your credit score by increasing your total available credit, which in turn improves your credit utilization rate. Paying down your debt will also be benefit your credit score. However, opening a new credit card triggers a hard inquiry on your credit report, which can decrease your credit score in the short term. You'll also pay a 3% to 5% balance transfer fee, which adds to your existing debt.
Why You Should Trust Us: How We Chose the Balance Transfer Credit Cards
Business Insider selected the best balance transfer cards by looking at all the credit cards with balance transfer offers that are currently available to new applicants.
From there, we narrowed our list to balance transfer cards offering 0% introductory offers. We arrived at our final picks by evaluating the terms of each introductory APR offer and other card benefits.
We prioritized cards that charge lower balance transfer fees as well as cards with the longest 0% intro APR periods on balance transfers.
We also factored in other card benefits, such as cash back or travel rewards, annual fees, and waived late fees.
Here's Business Insider's methodology on how we rate credit cards.
