Balance Transfer Credit Cards
WalletHub makes it easy to find the best balance transfer credit card for you.
The best balance transfer credit card is the Chase Slate® card because it has an intro APR of 0% for 15 months on balance transfers and purchases, plus a balance transfer fee that’s $0 for the first 60 days. Chase Slate also has a $0 annual fee.
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- INTRO OFFER: Discover will match ALL the cash back you've earned at the end of your first year, automatically. There's no signing up. And no limit to how much is matched.
- Earn 5% cash back at different places each quarter like gas stations, grocery stores, restaurants, Amazon.com and more up to the quarterly maximum, each time you activate. Plus, earn unlimited 1% cash back on all other purchases - automatically.
- Redeem cash back any amount, any time. Rewards never expire.
- 100% U.S. based customer service.
- Get your free Credit Scorecard with your FICO® Credit Score, number of recent inquiries and more.
- Receive FREE Social Security number alerts-Discover will monitor thousands of risky websites when you sign up.
- No annual fee.
- See More Details & Reviews About TheDiscover it® Balance Transfer
- The ONLY card with No Late Fees, No Penalty Rate, and No Annual Fee… EVER
- 0% Intro APR on balance transfers for 21 months from date of first transfer. All transfers must be completed in first 4 months. After that, the variable APR will be 15.99% - 25.99%, based on your creditworthiness
- 0% Intro APR on purchases for 12 months from date of account opening. After that, the variable APR will be 15.99% - 25.99%, based on your creditworthiness
- If you transfer a balance with this offer, after your 0% Intro purchase APR expires, both new purchases and unpaid purchase balances will automatically accrue interest until all balances, including your transferred balance, are paid in full
- There is a balance transfer fee of either $5 or 5% of the amount of each transfer, whichever is greater
- The same great rate for all balances, after the introductory period
- Save time when you call with fast, personal help, 24 hours a day – just say “representative”
- Enjoy the convenience of setting up your own bill payment schedule on any available due date throughout the month
- See More Details & Reviews About TheCiti Simplicity® Card - No Late Fees Ever
Rates & Fees | Terms Apply
- $200 statement credit after you spend $1,000 in purchases on your new Card within the first 3 months.
- 6% cash back at U.S. supermarkets (on up to $6,000 per year in purchases, then 1%) - that means spending $60 a week at U.S. supermarkets could earn over $180 back per year.
- 3% cash back at U.S. gas stations. 1% cash back on other purchases.
- Cash back is received in the form of Reward Dollars that can be easily redeemed for statement credits, gift cards, and merchandise.
- Terms Apply.
- Over 1.5 million more places in the U.S. started accepting American Express® Cards in 2017.
- $95 annual fee.
- See More Details & Reviews About TheBlue Cash Preferred® Card from American Express
Rates & Fees | Terms Apply
- $150 statement credit after you spend $1,000 in purchases on your new Card within the first 3 months.
- 3% cash back at U.S. supermarkets (on up to $6,000 per year in purchases, then 1%).
- 2% cash back at U.S. gas stations and at select U.S. department stores, 1% back on other purchases.
- Cash back is received in the form of Reward Dollars that can be easily redeemed for statement credits, gift cards, and merchandise.
- Terms Apply.
- Low intro APR: 0% for 15 months on purchases and balance transfers, then a variable rate, currently 14.99% to 25.99%.
- Over 1.5 million more places in the U.S. started accepting American Express® Cards in 2017.
- No annual fee.
- See More Details & Reviews About TheBlue Cash Everyday® Card from American Express
- Earn a $150 Bonus after you spend $500 on purchases in your first 3 months from account opening
- Earn 5% cash back on up to $1,500 in combined purchases in bonus categories each quarter you activate
- Enjoy new 5% categories each quarter
- Unlimited 1% cash back on all other purchases - it's automatic
- Cash Back rewards do not expire as long as your account is open and there is no minimum to redeem for cash back.
- 0% Intro APR for 15 months from account opening on purchases and balance transfers, then a variable APR of 16.99-25.74%. Balance transfer fee is 5% of the amount transferred, $5 minimum
- Free credit score, updated weekly with Credit Journey℠
- No annual fee
- See More Details & Reviews About TheChase Freedom®
- NEW OFFER: 0% Introductory APR for 18 billing cycles for purchases and for any balance transfers made in the first 60 days, then, 14.99% - 24.99% Variable APR. 3% fee (min $10) applies to balance transfers
- No annual fee
- No penalty APR. Paying late won't automatically raise your interest rate (APR). Other account pricing and terms apply.
- Access your FICO® Score for free within Online Banking or your Mobile Banking app
- See More Details & Reviews About TheBankAmericard® credit card
- Enjoy 60,000 bonus miles after spending $5,000 on purchases in the first 90 days
- Earn unlimited 2X miles on every purchase
- Book travel your way—no airline, seat or hotel restrictions—and redeem your miles for travel statement credits
- 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
- International Chip and PIN for use at self-service chip terminals around the world
- See More Details & Reviews About TheBarclaycard Arrival® Plus World Elite Mastercard®
- Earn 2% cash back on purchases: 1% when you buy plus 1% as you pay
- No categories to track, no caps on cash back, no annual fee*
- Balance Transfers do not earn cash back
- 0% Intro APR on Balance Transfers for 18 months. After that, the variable APR will be 15.49% - 25.49% based on your creditworthiness*
- Click 'Apply Now' to see the applicable balance transfer fee and how making a balance transfer impacts interest on purchases
- See More Details & Reviews About TheCiti® Double Cash Card – 18 month BT offer
- Unlimited 1.5% cash back on every purchase - it's automatic
- Earn a $150 Bonus after you spend $500 on purchases in your first 3 months from account opening
- No minimum to redeem for cash back
- Cash Back rewards do not expire as long as your account is open
- 0% Intro APR for 15 months from account opening on purchases and balance transfers, then a variable APR of 16.99-25.74%. Balance transfer fee is 5% of the amount transferred, $5 minimum
- Free credit score, updated weekly with Credit Journey℠
- No annual fee
- See More Details & Reviews About TheChase Freedom Unlimited®
- INTRO OFFER: Discover will match ALL the cash back you've earned at the end of your first year, automatically. There's no signing up. And no limit to how much is matched.
- Earn 5% cash back at different places each quarter like gas stations, grocery stores, restaurants, Amazon.com and more up to the quarterly maximum, each time you activate.
- Plus, earn unlimited 1% cash back on all other purchases - automatically.
- Redeem cash back any amount, any time. Rewards never expire.
- Use your rewards at Amazon.com checkout.
- Receive FREE Social Security number alerts-Discover will monitor thousands of risky websites when you sign up.
- No annual fee.
- See More Details & Reviews About TheDiscover it® Cash Back
WalletHub's Best 0% Balance Transfer Credit Cards
The best balance transfer credit cards have 0% APRs for 15-21 months, balance transfer fees between 0% and 3%, and $0 annual fees. The average balance transfer credit card has a 0% APR for 12 months, a 2.83% transfer fee and an 18.42% regular APR. That context should make finding the right balance transfer card for your needs much easier, by giving you a good basis for comparison.Still, the best balance transfer credit card is not one-size-fits-all. Which you should get depends on how much you owe, how quickly you’ll be able to repay that balance, and what your credit score is. But we can certainly point you in the right direction.
WalletHub’s editors compared hundreds of credit cards based on balance-transfer appeal. You can find their favorites below.
2018's Best Balance Transfer Credit Cards:
- Discover it® Balance Transfer - Rewards on purchases
- Wells Fargo Platinum Visa® Card - Cellphone insurance
- Citi Simplicity® Card - No Late Fees Ever - Long interest-free period
- Chase Slate® - No transfer fee
- SunTrust Prime Rewards Credit Card - Low rate for a long time
- Santander Bank Sphere Credit Card - Excellent credit
Questions & Answers
Comparing balance transfer credit cards can be tough. But you’ve got the knowledgeable WalletHub community on your side. We encourage everyone to share their knowledge 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 the financial institution’s responsibility to ensure all posts and questions are answered....show moreshow less
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Are there any completely free balance transfer credit cards? Reply
No balance transfer is guaranteed to be free, but some credit cards do offer the potential for a free balance transfer from time to time. More specifically, it’s not unheard of for a credit card to offer a 0% intro APR on transfers without charging a balance transfer fee or an annual fee. So if you get such a card and repay what you owe by the time regular rates take effect, you’ll have yourself a free transfer. But if you have a balance remaining at that point, or you miss a monthly minimum payment along the way, you’ll end up paying interest.
Free balance transfer credit cards are not common, though. Chase Slate® is a notable example. But there used to be far more options. Now, banks tend to offer either no balance transfer fee credit cards or 0% balance transfers, but not both.
How do balance transfer cards work? Reply
A balance transfer is a way to reduce the cost of existing debt and repay it sooner than you would otherwise. In theory, you can transfer the balance remaining on any loan or line of credit to most any credit card. But certain offers are classified as “balance transfer credit cards” because they have relatively low APRs and fees for this type of transaction.
You will always have the option of requesting a balance transfer when you apply for a new credit card. And you should be able to submit such a request with an existing account, as long as you aren’t already carrying a balance from month to month. Just bear in mind that certain account terms, such as 0% intro APRs and $0 transfer fees, may only be available for a limited time after account opening.
When you’re comparing balance transfer offers, it’s worth calling your current credit card’s issuer to see what it can offer. Say that you plan on doing a balance transfer, unless you are given a significantly reduced interest rate. Your rate won’t be reduced to 0%, but even a slight APR reduction will help you save while your application for a 0% transfer is processed.
For more information, check out WalletHub’s balance transfer guide.
What does 0% APR mean? Reply
A 0% APR means that you pay no interest on new purchases and/or balance transfers for a certain period of time. The best 0% APR credit cards give 15-18 months without interest. But the average 0% APR intro period is about 10.5 months for cards offering 0% purchases. And it’s around 12 months for the average card with 0% on transfers.
A 0% APR does not mean you are excused from monthly payments, nor does it mean interest is completely out of the equation. You still have to make monthly minimum payments to keep your 0% APR. And if you don’t pay off your balance by the end of the 0% intro period, you’ll have to pay interest on whatever balance remains. The penalty is even worse with many retailers’ 0% financing offers. If you don’t pay off your full balance in time, interest will retroactively apply to your entire original balance – as if the 0% APR was never there.
There are a few other things you should keep in mind when thinking about 0% APRs, too.
Here’s what a 0% APR means for you:
- You pay no interest on your purchases and/or balance transfers for 2 to 21 months, depending on the card.
- 0% APRs make debt cheaper to pay off, which helps you get out of debt faster.
- A 0% APR does not free you from the responsibility of making monthly payments. You must pay at least your monthly minimum to avoid being classified as late. Late payments damage your credit score.
- Zero percent credit cards tend to have fairly high regular APRs. So you should strive to bring your balance to zero by the end of the 0% APR period, when regular rates take effect.
Are credit card balance transfers a good idea? Reply
A credit card balance transfer is a good idea if you have good or excellent credit and make an affordable payment plan prior to applying. You generally need good credit or better to get a 0% balance transfer credit card. And most balance transfer cards have very high regular APRs, making it important to repay what you owe before the 0% period ends.
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.
What types of balances can you transfer to a credit card? Reply
All major credit card companies allow you to transfer a balance from another issuer’s credit card but not one of their own. Some issuers also allow you transfer other types of debt, such as a balance from an auto loan, student loan, payday loan, mortgage, etc.
You can check out WalletHub’s Balance Transfer Study to see each major issuer’s policies. But we’ll highlight Chase here because it offers the best balance transfer credit card on the market, in Chase Slate®.
- Chase – Credit card debt only
- Barclaycard – All consumer debt
No matter what type of balance you transfer, make sure to use a balance transfer calculator to plan your payments and confirm you’re getting the best deal.
Featured Credit Cards
Ask the Experts
To help you get as much as possible out of your balance transfer and get out of debt sooner, we posed the following questions to a panel of experts. Just click on an expert’s name below to see his or her comments.
- What’s the best way to find the right balance transfer credit card?
- Why do you generally need good or excellent credit to get a 0% balance transfer credit card?
- What’s the biggest mistake people make with balance transfers?
- Why aren’t there more 0% balance transfer credit cards with $0 transfer fees?
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Laura Gonzalez
Associate Professor of Finance at California State University, Long Beach
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Patrick A. Cozza
Executive in Residence, Wealth Management at Silberman College of Business, Fairleigh Dickinson University
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Laura Dendinger
Professor at Wayne State College
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Al Kamienski
Professor of Finance at North Park University
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Kyle J. Putnam
Assistant Professor of Finance at Linfield College
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Oliver Schlake
Clinical Professor, Distinguished Fellow, Academy for Innovation and Entrepreneurship (AIE), Senior Executive Education Fellow, Department of Management & Organization, Robert H. Smith School of Business, University of Maryland
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