A balance transfer APR is the interest rate an issuer charges on debts moved to a credit card from another loan or credit card. Many balance transfer offers include an introductory 0% APR that lasts for a specified number of months, usually 6 to 21 months. Once an introductory balance transfer APR expires, any remaining balance accrues interest at the card’s regular balance transfer APR. This interest accrues daily, and is calculated by multiplying the day’s ending balance by the balance transfer APR and then dividing that number by 365.
The balance transfer APR is one of a number of different credit card APRs. A credit card will also include separate APRs for purchases and cash advances. In many cases, there’s also a penalty APR for late payments.
When comparing balance transfer credit cards, it’s important to look at more than just the introductory balance transfer APR. Applicants should also consider the card’s regular APR, along with its transfer fee and annual fee. It’s important to consider how long it will take to repay the transferred debt, too.
What is the balance transfer APR on popular credit cards?
0% balance transfer APR for 18 months: Citi Simplicity. 3% (min $5) transfer fee. 14.74% - 24.74% (V) regular APR.
0% balance transfer APR for 14 months: Discover it Cash Back. 3% intro balance transfer fee, up to 5% fee on future balance transfers (see terms)*. 11.99% - 22.99% (V) regular APR.
0% balance transfer APR for 12 billing cycles for any balance transfers made in the first 60 days: Bank of America Cash Rewards. 3% (min $10) transfer fee. 13.99% - 23.99% Variable regular APR.
0% balance transfer APR for 6 months: Aspire Federal Credit Union Platinum Mastercard. 2% (min $5) transfer fee. 8.15% - 18% (V) regular APR.
3.25% (V) balance transfer APR for 36 months: SunTrust Prime Rewards. $0 transfer fee. 11.24% - 21.24% (V) regular APR.
In most cases, you will need a credit score of 700 or better to qualify for a credit card with a low balance transfer APR. Issuers will also review your income, employment status, payment history, debt level, housing information and more.
WalletHub Answers is a free service that helps consumers access financial information. Information on WalletHub Answers is provided “as is” and should not be considered financial, legal or investment advice. WalletHub is not a financial advisor, law firm, “lawyer referral service,” or a substitute for a financial advisor, attorney, or law firm. You may want to hire a professional before making any decision. WalletHub does not endorse any particular contributors and cannot guarantee the quality or reliability of any information posted. The helpfulness of a financial advisor's answer is not indicative of future advisor performance.
WalletHub members have a wealth of knowledge to share, and we encourage everyone to do so while respecting our content guidelines
. Please keep in mind that editorial and user-generated content on this page is not reviewed or otherwise endorsed by any financial institution. In addition, it is not a financial institution’s responsibility to ensure all posts and questions are answered.