Best Balance Transfer Credit Cards

Balance transfers don’t hurt your credit score directly, but transferring a balance can indirectly cause credit score damage. When you apply for a balance transfer credit card, for example, it will generate a hard inquiry on your credit report, causing a slight dip in your credit score.

If you transfer a balance to an existing credit card account, however, there is no hard inquiry and no credit score damage. A balance transfer could still result in high credit utilization, though, and allow you to rack up more debt than you can afford to repay. Both of those things can hurt your credit score.

So, the act of transferring a balance itself won’t affect your credit, but it will indirectly alter several key components of your credit profile, from utilization to the age of your accounts. These changes might lower your score a bit in the short term. But over time, interest savings and the ability to pay off your debt faster should make transferring a balance a net positive for your credit score.

You can use WalletHub’s free credit score simulator tool to get a sense of how a balance transfer might affect your credit score.

How Balance Transfers Can Help or Hurt Your Credit Score

• Credit Inquiries Hurt: If you apply for a new balance transfer card, the resulting hard inquiry will likely cause a slight dip in your credit score for up to 12 months.
• Lower Account Age Hurts: Adding a new balance transfer card will reduce the overall age of your accounts, which can have a slight negative impact on your score.
• Increased Utilization Hurts: Keep an eye on how the transfer affects your account’s credit utilization. Making a transfer will usually add 3%-5% to your debt due to balance transfer fees. If your utilization is over 30% of your credit limit, that’s not good for your score.
• Missed Payments Hurt: If you don’t continue to make payments to your original creditor while the balance transfer is being processed, your credit score will suffer. Balance transfers can take up to three weeks, or be completed in just a few days, after you make a request or apply for a card.
• Reduced Utilization Helps: If you leave your old credit card(s) open, adding a new card will reduce your utilization ratio across all accounts, assuming no additional spending. The utilization on the card you transferred the balance from will drop, and it will increase on the card you transferred the debt to.
• Low Interest Helps: Balance transfer cards often have 0% introductory APRs. This gives you the chance to pay off your balance faster, since the full amount of your payments will go to the principal rather than interest. This is good for your score long-term.
• Less Debt Helps: A balance transfer can help you reduce your debt load. That’s important because how much debt you owe is a key ingredient in your credit score. The less, the better, since people with little-to-no debt are in a more stable position financially.

Bottom Line

Balance transfers won’t hurt your credit by themselves. But they affect other elements of your credit that could bring your score down a little temporarily. Still, the benefits will outweigh the negatives in the long run, as long as you plan to repay most, if not all, of your balance during your card’s low introductory APR period.

Where people get into trouble is trying to use a balance transfer to support unsustainable spending habits, thinking 0% balance transfer credit card offers are always available. They’re not, and learning that the hard way is a very expensive mistake. So make sure to use a balance transfer calculator to make a payment plan.

A balance transfer is a good idea if you need months to pay off high-interest debt and you are able to qualify for a 0% balance transfer credit card deal. Most balance transfer cards require a 700+ credit score, and most also have high regular APRs, making it important to repay what you owe before the 0% period ends. You generally need good credit or better to get a 0% balance transfer credit card. Most balance transfer cards have very high regular APRs, making it important to repay what you owe before the 0% period ends.

You’ll also want to make sure the new card’s balance transfer fee is as low as possible. The average fee is just under 3%. But, from time to time, there are credit cards that have both 0% APR on balance transfers and no balance transfer fee.

You can use WalletHub’s balance transfer calculator to compare the cost of repaying what you owe with your current card versus taking advantage of the best balance transfer offers. You can also check your latest credit score for free on WalletHub, the only site with free daily updates.

No, balance transfers do not increase your credit limit. You cannot transfer a balance that exceeds your account’s credit limit, and issuers will either reject such a balance transfer request or accept only a partial transfer.

Many credit cards offer introductory 0% APR periods on balance transfers to new cardholders, and you can often request the transfer on the application itself. Unfortunately, if you request a balance transfer as you’re applying for a new card, you won’t know your exact credit limit until after your application is approved. However, some issuers may periodically extend balance transfer offers to existing cardholders. These offers usually disclose your balance transfer credit limit.

It’s important to note that most balance transfer offers include a balance transfer fee. The fees are usually 3% to 5% of the amount transferred, so make sure you have enough available credit to cover the cost of both the balance transfer and the transfer fee.

The best Bank of America balance transfer offer is 0% for 18 billing cycles for any balance transfers made in the first 60 days after getting the BankAmericard® credit card and paying a balance transfer fee of 3% (min $10). The card’s regular APR is 15.24% - 25.24% Variable. The BankAmericard credit card has a$0 annual fee.

Bank of America balance transfers work with several types of debt, including balances from credit cards, auto loans, student loans, mortgages, and more. You just can’t transfer debt between BofA products.

Best Bank of America Balance Transfer Offers

The BankAmericard credit card has an intro APR of 0% for 18 billing cycles for any balance transfers made in the first 60 days. The card’s regular APR is 15.24% - 25.24% Variable. There is also a 3% (min $10) balance transfer fee.

The Bank of America Customized Cash Rewards credit card has an intro APR of 0% for 15 billing cycles for any balance transfers made in the first 60 days. The card’s regular APR is 16.24% - 26.24% Variable. There is also a 3% (min $10) balance transfer fee.

The Bank of America Unlimited Cash Rewards credit card has an intro APR of 0% for 15 billing cycles for any balance transfers made in the first 60 days. The card’s regular APR is 16.24% - 26.24% Variable. There is also a 3% (min $10) balance transfer fee.

The BankAmericard® Credit Card for Students has an intro APR of 0% for 18 months. The card’s regular APR is 15.24% - 25.24% (V). There is also a 3% (min $10) balance transfer fee.

Balance transfers with Bank of America take at least 14 days to complete. Initiate your transfer as soon as possible because the intro APR period starts as soon as you open your account. When the intro period ends, any remaining balance will accrue interest at the card’s regular APR. 

Keep in mind that you will need good or excellent credit to qualify for most of these cards, and you need to be a student to get the BankAmericard® Credit Card for Students.

One of the best Chase balance transfer cards is Chase Slate Edge℠ because it offers an intro APR of 0% for 18 months on both balance transfers and purchases. The card’s regular APR is 16.49% - 25.24% (V). There is also a balance transfer fee: Either $5 or 3% of the amount of each transfer, whichever is greater in the first 60 days (5%, min $5 after). However, there are a few other good Chase balance transfer cards to choose from.

Best Chase Balance Transfer Cards

Keep in mind that there are plenty of good balance transfer alternatives from other credit card companies, too. You can check out our editors' latest picks for the best balance transfer credit cards on the market and see which one suits your needs better.

The best balance transfer credit card is not one-size-fits-all. The answer depends on how much you owe, how quickly you’ll be able to repay it and what your credit score is. Those factors will tell you which cards are attainable and help you figure out how much each will save you. But we can certainly point you in the right direction.

WalletHub’s editors compared hundreds of credit cards based on their balance-transfer appeal. In the end, five cards in particular stood out. None of them charge annual fees. Most of them require at least good credit for approval. And you can get the rest of the particulars below.

Here are the best balance transfer credit cards:

To learn more about the cream of the transfer crop, check out WalletHub’s full review of the year’s best balance transfer credit cards. And if you’re not sure whether you can qualify for one of the top transfer cards, check your latest credit score for free on WalletHub.

One of the best debt consolidation credit cards is the Wells Fargo Reflect® Card. This credit card offers an intro APR of 0% for up to 21 months from account opening on qualifying balance transfers. Usually, the best credit cards for debt consolidation have 0% introductory APRs, $0 annual fees, low balance transfer fees, and high enough credit limits to accommodate balance transfers from numerous accounts.

When comparing credit cards for debt consolidation, your goal should be to find an offer that will reduce the total cost of your debt and shorten your timeline to debt freedom.

Best Debt Consolidation Credit Cards

In general, the best debt consolidation credit cards are those with the best combination of 0% APRs, low fees, and high credit limits. You can run the numbers on your options with our balance transfer calculator.

Bear in mind that a lot depends on your credit standing. Usually, there aren’t too many debt consolidation credit cards for people with less-than-good credit.