The right 0% balance transfer credit card can help you reduce the cost of existing debt and repay amounts owed much faster. A balance transfer entails using a new credit card to satisfy an existing debt obligation, usually from another credit card but not always. And this results in you owing the new card’s issuer instead of your original lender. When comparing balance transfer credit card offers (some of which are from WalletHub advertising partners), make sure to evaluate each option’s total cost. That means considering each card’s balance transfer fee and regular APR in addition to the length of its 0% intro period. WalletHub’s balance transfer calculator can help with that.You should alsocheck your latest credit score for free on WalletHubearly in the process. Balance transfer credit cards with 0% intro rates are usually available only to people with good or excellent credit. Finally, if you’d like a recommendation, you can check out WalletHub’s editors’ picks for the best balance transfer credit cards, which can be found at the bottom of the page.…show moreshow less
Earn 50,000 bonus miles after you spend $3,000 on purchases in the first 90 days — that's enough to redeem for a $500 travel statement credit
Earn 2X miles on all purchases
Redeem for travel or cash back statement credits, gift cards and merchandise. Redemption values vary
Get 5% miles back to use toward your next redemption, every time you redeem
Miles don't expire as long as your account is open, active and in good standing
No foreign transaction fees on anything you buy while in another country
0% introductory APR for 12 months on Balance Transfers made within 45 days of account opening. After that, a variable APR will apply, 16.74%, 20.74% or 23.74%, based on your creditworthiness. Please note, there is a fee for balance transfers
What are the best 0% balance transfer credit card offers right now?
By: John Kiernan, Credit Card Editor
The best balance transfer credit card is whichever offer will save you the most money and help you reach debt freedom the fastest. So the answer depends on how much you owe and how much you can afford to pay each month, in addition to each card’s relevant terms. Those are the annual and balance-transfer fees, the length of the 0% intro-rate period and the regular APR. Much also depends on your credit standing, as 0% balance transfer credit cards are typically available only to people with good or excellent credit.
With that in mind, WalletHub’s editors compared hundreds of offers based on their overall balance-transfer appeal. You can find their picks for the year’s best 0% balance transfer credit cards listed below. If you aren’t sure which card is for you, you can check your credit score for free on WalletHub.
What is a balance transfer, and how can I go about doing one?
By: John Kiernan, Credit Card Editor A balance transfer, at its core, is a means of lowering the cost of your debt. In theory, you can transfer the remaining balance on any loan or line of credit to a balance transfer credit card and thereby pay it down while incurring interest at a lower rate. While you can transfer balances to most credit cards, certain cards are branded as being “balance transfer credit cards” because of their low balance transfer rates or lack of balance transfer fees.
There are essentially two ways in which you can approach a credit card balance transfer. First, you can transfer your debt to a credit card you already have but do not revolve a monthly balance on. Alternatively, you can open a new credit card with the express intent of transferring a balance to it. There are advantages and disadvantages to both courses of action. By transferring your debt to a currently held credit card, the process will be quicker, but you probably won’t get the best balance transfer deal. If you open a new card you’ll be able to compare balance transfer credit card offers from a lot of different issuers but will have to wait for your application to be processed.
While you’re nailing down the logistics of your credit card balance transfer, it’s worth it to call the credit card company to which you are indebted and say that you plan on doing a balance transfer, unless you are given a significant interest rate reduction. Your rate won’t be reduced to 0%, but even a slight APR reduction will help you save during the time it takes for your 0% transfer to be approved and processed.
What kind of balances can I transfer to a credit card?
By: John Kiernan, Credit Card Editor Issuers used to be pretty liberal about this, allowing consumers to transfer balances from credit cards, store cards and even certain types of loans. Over the years, however, more and more credit card companies have started only approving balances transferred from Visa, Mastercard, American Express and Discover credit cards. This makes things simpler from an operational standpoint and allows issuers to limit risk, since they have a good sense of the source of the balance being transferred.
Does it matter which credit card company issues my balance transfer card or which card network it’s on?
By: John Kiernan, Credit Card Editor In short, not really. The credit card company you get your balance transfer credit card from only matters if there is a particular issuer that allows you to earn rewards on the amount you transfer or transfer debt other than that which originates from a credit card. Some people might also bring up differences in customer service at this point, but besides submitting your application and making monthly payments, you’re not going to have much to do with your credit card company. Better terms would therefore trump better customer service in most cases.
When it comes to your balance transfer card’s network (i.e. Visa, Mastercard, Discover or American Express), there’s absolutely no difference from one to the next. Your card’s network simply dictates the number of merchants locations at which you can make purchases, and you should never make purchases with a balance transfer credit card, given that your revolving transferred balance removes your grace period for payments, and interest begins accruing on your charges as soon as you make them.
How long does a balance transfer take?
By: John Kiernan, Credit Card Editor While each issuer has its own policy, balance transfers usually take around 15-25 days from the time you submit a balance transfer credit card application. In the meantime, it is very important that you continue to make payments toward the balance being transferred and that you send these payments to your original creditor. Once the credit card transfer is finalized, you will see a credit listed on your original account (as if a payment was made) and a debit indicated on your balance transfer credit card account. Remember that as soon as your balance gets transferred, interest will begin accumulating, unless you have a 0% transfer card.
What are the most important balance transfer credit card features to consider?
By: John Kiernan, Personal Finance Editor How worthwhile a particular balance transfer card will be depends on four factors: the balance transfer fee, the introductory transfer APR, the length of the introductory period, and the regular interest rate that will apply once the intro terms expire. Before comparing balance transfer credit card offers, we recommend using a credit card payoff calculator to determine approximately how long it will take you to pay off your balance. If you determine that you will be able to become debt free within the zero percent balance transfer introductory periods commonly being offered, then all you have to focus on is the balance transfer fee. The regular interest rate will be inconsequential.
If, on the other hand, that isn’t possible, the regular rate comes into play and the card with the longest introductory period isn’t necessarily the best balance transfer credit card for you. Instead, you should use a credit card debt calculator to figure out which offer allows you to minimize the combined cost of the balance transfer fee, interest incurred during both the intro period (if it isn’t a 0 percent transfer card) and after the regular rate kick in. It’s important that you not disregard a balance transfer credit card’s regular APR, thinking that even if a balance remains at the conclusion of the intro period, you can simply transfer it to another balance transfer card. Many consumers made this mistake in the lead-up to the Great Recession and incurred costly interest charges when the balance transfer credit card market dried up. Low interest balance transfer credit cards aren’t always available, after all, and while you could be lucky, you shouldn’t count on it.
Is there such thing as a free balance transfer?
By: John Kiernan, Credit Card Editor Not anymore. Free balance transfer credit cards (i.e. cards with 0% balance transfer APRs and no balance transfer fees) were once offered because credit card companies were allowed to revoke the 0% APR and institute an interest rate above 20% after a customer missed a payment by even a single day or went over limit by a few dollars. Banks could therefore afford to offer free balance transfers because the revenues gained from the many consumers who slipped up far outweighed the losses incurred as a result of those people who somehow managed flawless use. Now, with the passage of laws preventing "gotcha" practices, banks tend to offer either no balance transfer fee credit cards or 0% balance transfers, but not both. And if you somehow do manage to find a 0 APR no balance transfer fee offer, the 0% intro term isn’t likely to be competitive.
When are 0% balance transfer offers available?
By: John Kiernan, Credit Card Editor The existence of zero interest balance transfer cards depends both on the economy and the timing of your request. In times of fiscal well-being, 0 balance transfer credit cards are typically prevalent because credit card companies can afford to offer such attractive terms in order to lure new customers. On the other hand, during tough times, such offers may be few and far between. For example, during the worst of the Great Recession, it was nearly impossible to find 0% balance transfer credit cards, as most issuers did not want to add indebted customers to their portfolios.
Additionally, in order to get the advertised introductory rates, credit card companies require that you apply for a balance transfer either at the same time you submit a credit card application or within 30-60 days of doing so. We therefore recommend that you have the amount you want transferred as well as the respective account number handy when you fill out an application for a new balance transfer credit card.
Should I use a balance transfer credit card to make purchases?
By: John Kiernan, Credit Card Editor The answer to this question is simple: You can make purchases with a balance transfer credit card for as long as it has a 0% interest rate on purchases. If your card does not offer 0% on purchases or this introductory rate has ended, making purchases with it could end up being very expensive. You see, whenever you carry debt on a credit card, there is no grace period for new charges, which means finance charges start getting assessed as soon as you swipe your card. Obviously, a 0% purchase interest rate would protect you from this, but remember that any purchases made with your balance transfer card that are not paid off in full by the time the 0% intro rate ends will begin accruing interest at that time.
I chose the Chase Slate because I had let my card balance get too high and there was no way I was going to be able to pay just my balance. I decided to do some research and found that Chase Slate is the best for balance transfers. The percentage of the fee to transfer was way less than what I was going to have to pay in monthly late fees.
I chose Capital One QuickSilver One Rewards. The company themselves are extremely helpful and care about their customers. I first decided to go with them, because they helped my mom out a lot when she was behind on her bills. They were not threatening, instead they went and did everything they could to make the situation easier for her. Using the card is easy, the setup was very quick. I wish I would have gotten this card earlier, so I could saved even more money.…read more
I think younger credit users need to see the advantages of moving their balances to other cards and not sticking to their set payment plan, slowly paying off their debts. A balance transfer usually comes with no cost, such as the Chase Slate card, and will give you 0% for upwards of 18mo to get your finances under control. 18mo doesn't sound like a lot of time, but that's a year and a half of not paying interest, but if you kept paying on that one card at 20%apr, you would be throwing money down the drain. Generally a bank will pretty much do the entire transfer for you, making it even easier for you. If you are stuck with high monthly payments, please consider transferring your balance to a card you do not wish to use to take advantage of the 0% introductory rates and fees.…read more
Sometimes it is very difficult to pay the pending amount of a credit card on the due date and the non-payment of this due amount may hurt your credit score and result in higher interest which increases month by month. One of the best solutions to avoid these problems is to use the balance transfer feature. Using this feature we can save some extra money which can accrue a higher interest rate. There is no/less paperwork involved and if we already hold a credit card account - there is no need to furnish any documents at all. It is an easy and quick process helping in clearing the debt as early as possible. I like this feature a lot.…read more
When I use balance transfer facility of my credit cards few times now i am bit worried to use because, when i used last time i used ICICI bank for the balance transfer. i had sufficient balances for the other purchases. but, found interest charges for the whole balance transfer amount citing that we should not use the card when the balance transfer facility was used in the card. Later i paid my balance and bit hesitant to use card now a days for balance transfer.…read more
I am not here to ask a question but to praise my balance transfer card which is ,perhaps, beyond any other bundled package coming in this range of balance transfer products. As against an APR count of 12.99% to 22 and odd percent on regular usage you get a APR holiday for nine months with 0% APR. You get a bonus reward of $100 and you earn 1.5 % rewards. There is no annual fee and you can swing right into this offering with just a 'good' rating. I think this is the best way to juggle around your balances. This card is titled as Capital One® Quicksilver® Cash Rewards Credit Card. I loved it all the way and it has saved me loads of money by now.…read more
I choose the Chase Freedom card to switch my balance to. I did so because of the 0% interest it offered. That was the main factor, but a few other factors that were important were their customer service and rewards program. The transfer was so and effortless. There was no hassle on my end. They make it very easy to do.
When I decided to go for a balance transfer card after some research decided to go for Citi Thank You card. I was using one card for the cash back rewards but a few months later I received a great interest rate for the Citi Thank You card. I decided to transfer my balance to this card and was relieved to see my credit amount coming down on my initial card. I am really thankful to the City Thank You Card.…read more
We had large balances on several credit cards and the introductory 0% time period was running out, so we utilized the Chase Freedom card in order to give us some more time to try to get a handle on the debt, however, looking back, I deeply regret ever becoming involved with credit cards. We chose the Chase Freedom card because they had sent us an introductory offer in the mail and we thought, how can we go wrong with 0% interest? We ended up chasing these offers one after the other as our incomes declined and there was fewer ability to pay off the debt. There are really very, very few advantages to using these cards but the 0% balance transfers can be a very useful tool. Use it carefully, use the time to pay off as much as you can, because once that time is up, these credit companies will be more than happy to charge high interest and they are not your pal so get in, then get out as fast as you can.…read more
Capital One® Quicksilver® Cash Rewards Credit Card was the first of two credit cards that I've had. I would have kept it if other interests were not in my way. As somebody stuck with a lot of debts, from student to cars, this was a great introduction car. The terms were very easy, and I could easily follow and know the limits as well as I could. I was able to quickly see my balances, and if I ever had a problem with transfers going through (which happened once or twice through 2 years of use) there was always an associate who was glad to help me.…read more
I had a large balance of a thousand dollars on my capital one credit card. The apr was 15.99 which isn't very good. So I looked into transferring to another card. The card that I transferred to was a bank of america cash back card with a 0% interest rate for the first 12 months. It is a life saver, plus I earn money back on the everyday things that I spend money on.
5 years ago, I got my first US Bank credit card - which had a very low limit. But over the year, I kept paying on time and eventually received their platinum card which has a $5000 limit. I usually transfer my smaller balances from my other credit cards and pay off the US Bank balance on the following month. This way, I end getting an additional month to pay my credit cards balances without incurring interest. The banks probably do not like this, but I play the credit game and have almost perfect credit now.…read more
I chose this card for balance transfer because of the low fees and great rate. Not having the balance incur interest for 15 month is a relief as the extra amount that would be used toward interest is going to the balance. I have a plan to get the balance paid within 15 months and this definitely helps!
Tired of my previous Discover card, it's high interest rate, and the fact that it wasn't accepted everywhere, I decided to apply for a Capital One Quicksilver card. After getting approved and transferring my balance, I was able to enjoy a lower interest rate, and a 0% transfer intro APR. Not did this result in a lower total payoff for the credit card debt, since the interest incurred was much lower, but it also helped to open the doors to other Capital One opportunities and cards that I will most likely take advantage of in the future.
I would definitely recommend the Capital One Quicksilver card for any individual wanting to find a good balance transfer card without having to worry about extremely high fees.…read more
I realized I needed a balance transfer and found a spot on deal with the Citi Thank You card. I was using one card for the cash back rewards but a few months later I received a great interest rate for the Citi Thank You card. I decided to give it a go and I'm very pleased with how that turned out. I'm getting my cash back rewards on the original card and got a great interest rate on the balance transfer with Citi. I'm grateful cards like this do exist for those of us who need them. The balance on my main card dwindled over the months and I was soon back in the black.…read more
I got a Discover card for balance transfers when I had some issues with credit card debt. It was the best deal available because I was able to get no fees on transfers. This allowed me to essentially discharge hundreds of dollars of interest owed on the other credit cards while working to repair my credit.
I used a Citibank Visa with 0% interest for 12 months on balance transfers to start paying down my debt. It allowed me to pay off one card by transferring the balance to the Citibank card that was easier to pay down. I made sure my payment amount was the same as it would have been even if I didn't have 0% interest, and the balance lowered in huge chunks every month. I kept the other card at a 0 balance to improve my credit score credit to balance ratio. Even after the 12 months, the interest rate was very low and in only about a year and half I had the Citibank card paid off as well.…read more
The best card for balance transfers is Discover. I had a variety of options for balancing transfers. One was a 0% with a fee and the others was a very low 4.9% with no fee over a long period of time. These options were very favorable and better than what other cards were offering me.
The best thing I did to start paying down my debts, including the high balance I was carrying on my Amazon Visa card, was to set up a direct deposit into a separate checking account used only for one purpose. I put 10% of my paycheck into the account before I even touched the money, thanks to the direct deposit. From there I set up an auto payment schedule from the checking account, to pay my credit card bill on time every month. This two part system has pretty much automated my monthly payments, so I've been able to pay down a pretty significant chunk of my debts this way!…read more
I use the Chase Freedom card as my main card, and when it comes down to balance transfer cards, I think this is the best way you can go. I have excellent credit, and when I have to pay for something with a large sum of money, I am able to make multiple transactions with this card. The best part is that there is a $100 rewards bonus, and the bonuses are always coming in. I don't even have to use a lot of money, and the rewards start piling up.…read more
We work hard to show you up-to-date product terms, however, this information does not originate from us and thus, we do not guarantee its accuracy. Before submitting an application, always verify all terms and conditions with the offering institution. Please let us know if you notice any differences.
Ad Disclosure: Certain offers that appear on this site originate from paying advertisers, and this will be noted on an offer’s details page using the designation "Sponsored", where applicable. Advertising may impact how and where products appear on this site (including, for example, the order in which they appear). At WalletHub we try to present a wide array of offers, but our offers do not represent all financial services companies or products.
Get unlimited free credit scores & reportsSign up for free credit monitoringget your free credit score & report