Balance Transfer Credit Cards

To do a balance transfer, apply for a credit card with a low balance transfer APR and low fees, noting the amount you want to transfer on the application, along with information about your current creditor. If your balance transfer credit card application is approved, that new card’s issuer will pay your original creditor for the amount transferred. You will then owe that amount, plus a balance transfer fee of 0% - 3%, to the balance transfer card’s issuer. If you repay the full amount of your balance transfer before the new card’s high regular APR takes effect, you could save a lot of money on finance charges and get out of debt sooner.

Keep in mind that balance transfers can take a while to process, as long as six weeks in some cases. So it’s important to keep making payments to your original creditor until the transfer goes through. Otherwise, you risk late fees and credit score damage.

How to do a balance transfer:

1. Check your credit score. Balance transfer credit cards with 0% APRs usually require good credit or better for approval. Knowing your score will make it easier to compare relevant credit card offers.
2. Find the best balance transfer card for you. Compare cards based on their balance transfer APRs, balance transfer fees, and annual fees. Also, consider how much you can afford to pay each month. Using a balance transfer calculator can help.
3. Apply for your balance transfer card. Fill out the application with your personal and financial information, including the section of the application for requesting a balance transfer. Provide the account number and the amount you want to transfer to make the request. It’s best to ask for a balance transfer when you apply because promotional 0% APR periods start as soon as the account opens.
4. Keep making payments. Keep up payments to your original creditor until the balance transfer goes through, or you could be marked as past-due. You will be credited for any payments made during this period after the transfer gets processed.
5. Receive a decision: The issuer may allow you to transfer the full amount that you request or offer to transfer part of the balance instead. Or, your balance transfer request could be denied, depending on your creditworthiness and available funds. It may take a few weeks to get a decision.
6. Pay the rest of the balance. Try to pay off a transferred balance before your new credit card’s low introductory APR expires. A high regular rate will apply to any balance remaining at that time. If you still have a balance on your original account, continue repaying that as well.

It’s also good to note that you can transfer multiple balances to the same credit card. But that can lead to paying a lot in balance transfer fees and interest, if you’re not careful.

Now that you’ve learned how to do a balance transfer, you’re on your way to saving money on interest and getting out of debt. For more tips and info, check out WalletHub’s in-depth balance transfer guide.

Balance transfers usually take 15 to 25 days from when you submit a balance transfer credit card application. But depending on the issuer, it could take as few as 3 days or as many as 42. To make a balance transfer take as little time as possible, apply online so the issuer can review your application sooner.

How Long a Balance Transfer Takes by Credit Card Company:

                                                                                                                         
While you wait for your balance transfer approval, it is important to keep making payments toward the balance being transferred. You should send these to your original creditor. If you don’t, your balance could be reported as past-due. This might damage your credit standing and put the transfer at risk.

Once the credit card transfer is finalized, you will see a credit listed on your original account. It will look like a payment was made. And your old balance will be listed on your new balance transfer credit card account. Remember, unless you have a 0% transfer card, interest will start to accrue as soon as your balance gets transferred.

For more information, check out WalletHub’s guide on how balance transfers work.

One of the best balance transfer credit cards for fair credit is the Ollo Platinum Mastercard because it offers an intro APR of Not Offered on balance transfers and has a $0 annual fee. The balance transfer fee is 4% (minimum $5). The Ollo Platinum Card also gives Not Offered on purchases. Plus, you don’t need to be eligible for a certain credit union to qualify for this balance transfer credit card for fair credit.

If you have fair credit, or average credit, you probably have a credit score between 640 and 699. So you -probably won’t qualify for any of the best balance transfer cards on the market. Those are reserved for people with good credit. With fair credit, you’re more likely to end up with a high interest rate, high transfer fee and low credit limit. But if a balance transfer is a priority, there are a few cards to choose from.

Here are the best balance transfer cards for fair credit:

• Ollo Platinum Mastercard: $0 annual fee. Not Offered on balance transfers (4% fee) and Not Offered on purchases. regular APR.
• Aspire Federal Credit Union Platinum Mastercard: $0 annual fee. 0% for 12 months on balance transfers (2% fee) and 0% for 6 months on purchases. regular APR.
• UNITY Visa Secured Credit Card: $39 annual fee. Introductory 9.95% APR for 6 months on balance transfers (3% fee). 17.99% fixed APR. $250 minimum deposit.

Aspire Federal Credit Union membership is open to anyone who joins the American Consumer Council ($8 for a year membership, $15 for lifetime). Employees and family members from a host of partner organizations throughout the northeastern U.S. are also eligible for free membership. Call Aspire customer service at 1 (732) 388-0477 to check if an employer or group is included.

Secured credit cards are not good balance transfer cards for people with fair credit because they don’t let you transfer more than the amount of your refundable security deposit. If you have the money for the deposit, you can just pay off your debt directly and save yourself the 3% to 5% transfer fee.

The best USAA credit cards for balance transfers are the USAA Military Affiliate Card and Marine Corps Association Credit Card. Both offer 0% introductory interest rates, a low balance transfer fee (3%) and cash back rewards.

When you transfer a balance to a credit card, you are shifting your existing debt from one credit account to a new credit card, presumably at a lower interest rate. Some credit cards from other issuers offer an introductory 0% interest rate for a specified timeframe, around 6-18 months, when you open an account.

USAA’s minimum amount for balance transfers on all of its credit cards is $10.00, with a maximum limit of 95% of your available credit limit. USAA does not allow you to transfer balances between USAA credit cards. All of the best USAA credit cards for balance transfers also require at least “good” credit, which means a credit score of 700+.

Here are the best USAA credit cards for balance transfers:

• USAA Military Affiliate Cards – 0% for 12 months; 3% transfer fee ($200 max); 12.4% - 27.4% (V) regular APR; $0 annual fee.
• Marine Corps Association Credit Card – 0% for 12 months; 3% transfer fee ($200 max); 12.4% - 27.4% (V) regular APR; $0 annual fee.
• Veterans of Foreign Wars Rewards Card – 0% for 12 months; 3% transfer fee ($200 max); 12.4% - 27.4% (V) regular APR; $0 annual fee.
• Together We Served Card – 0% for 12 months; 3% transfer fee ($200 max); 12.4% - 27.4% (V) regular APR; $0 annual fee.
• U.S. Naval Institute Credit Card – 0% for 12 months; 3% transfer fee ($200 max); 12.4% - 27.4% (V) regular APR; $0 annual fee.

All of these cards offers 2,500 bonus points after your first purchase, plus 2 points per $1 spent on gas and grocery purchases, and 1 point per $1 on all other purchases. USAA Bank will make a contribution to the organization associated with your card when you open an account, make eligible purchases and keep the account active. Each of these cards require at least good credit for approval.

The best debt consolidation credit cards usually 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:

• Discover it® Balance Transfer
• Chase Slate®
• The Amex EveryDay® Credit Card from American Express
• BankAmericard® Credit Card for Students
• Citi Simplicity® Card - No Late Fees Ever
• U.S. Bank Visa® Platinum Card
• Wells Fargo Platinum card

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.

The best high limit balance transfer credit card is Chase Freedom Unlimited because it has a $3,000+ credit limit, a 0% APR on balance transfers for 15 months, and a $0 annual fee. However, it does charge a 5% balance transfer fee.

There are plenty of other cards with high credit limits in general, like Chase Sapphire Reserve ($10,000 minimum) and Capital One Venture ($5,000 minimum). But you also have to consider their balance transfer terms. Cards with high limits tend to be travel rewards cards, with lots of miles but little financing appeal. They’re geared toward paying for airfare and hotels—things that can add up quickly. These high limit cards tend to not have any kind of 0% introductory APR on balance transfers.

So you want to find a happy medium – a balance transfer credit card with a high limit, a low APR and low fees.

Here are some high limit balance transfer credit cards: 

• Chase Freedom Unlimited Credit Card: $3,000 minimum limit.
                            
  The APR on balance transfers is 0% for the first 15 months, with a 5% ($5 min) transfer fee. After that, the APR is 16.74% - 25.49% (V). The transfer cannot exceed your credit limit or $15,000, whichever is lower. Excellent credit required. No annual fee.
• Capital One Quicksilver: $1,000 minimum limit                    
                             
  There’s 15 months of no interest on balance transfers, with a 3% fee. After that, it’s 14.74% - 24.74% (V). Good credit required. This card has no annual fee.
• Chase Slate Credit Card: $500 minimum limit.
                       
  Balance transfers completed in the first 60 days get a 0% APR for the first 15 months. Afterward, it’s 16.74% - 25.49% (V). There’s no transfer fee. Your balance transfer can’t exceed your credit limit or $15,000, whichever is lower. Good credit is required.
• Citi Double Cash: $500 minimum limit.
                               
  Balance transfers completed in the first 4 months get 0% for the first 18 months. After that, it’s 15.24% - 25.24% (V). The transfer fee is 3% or $5, whichever is higher. There’s no annual fee and good credit is required.
• Capital One Venture Rewards Credit Card: $5,000 minimum limit.
                                    
  The balance transfer APR is 14.74%-24.74%. There’s no transfer fee and you can use your whole credit limit. Good credit is required. The Venture card has no annual fee the first year, but it’s $95 each year after.
• Chase Sapphire Reserve Credit Card: $10,000 minimum limit.
                
  The balance transfer APR is 17.74%-24.74%. There’s a 5% ($5 min) transfer fee. Plus, you’ll have to pay a $450 annual fee. Excellent credit is required.

As you can see, high limit balance transfer credit cards don’t necessarily equal the best balance transfer offers. And saving on finance charges by switching to a card with a 0% introductory period is the whole point of a balance transfer. So if you’re having a hard time finding a good card that lets you transfer your balance in full, you might want to consider a partial balance transfer instead.

You should also note that not all credit cards allow your full credit limit to be used for a balance transfer. And if you do use your entire credit limit, you’ve maxed out your credit card. That’s not good for your credit score.

Yes and yes!

Many banks will allow you to link another outside bank account through an "ACH" or "EFT". I have my bank accounts at Bank of America, and through their site I was able to link an outside bank account. I would call their technical support team and tell them your intention, they will happily help you link the accounts. The link should be active in 3-5 business days and transfers will occur 1-3 business days after each request.

If you are writing a check, you can make the check payable to yourself and endorse the check for deposit. While this is often a faster method of transfer now that mobile banking allows check deposits, it can be a pain and has more room for error. I would steer you towards electric transfers once you have that link set up. 

There are no credit cards with 0% APRs on balance transfers for 24 months. But the Citi Simplicity Card gives the next best thing, 0% interest for 21 months on balance transfers. There are a handful of credit cards with 0% APRs on balance transfers for 15-18 months, including U.S. Bank Visa Platinum, Wells Fargo Platinum, and the Discover it Balance Transfer card.

Though there aren’t any 0% balance transfers for 24 months right now, there have been in the past. In 2017, the Santander Bank Sphere Card offered a 0% balance transfer APR for 24 months to customers who applied at one of their branches in the Northeastern U.S.

Longest 0% Balance Transfer Credit Cards:

• U.S. Bank Visa Platinum Card: 0% for 18 months. 3% (min $5) transfer fee. 0% for 18 months on purchases. $0 annual fee.
• Citi Simplicity Card: 0% for 21 months*. 5% (min $5) transfer fee. 0% for 12 months* on purchases. $0* annual fee.
• Discover it Balance Transfer Card: 0% for 18 months. 3% intro balance transfer fee, up to 5% fee on future balance transfers (see terms)* transfer fee. 0% for 6 months on purchases. $0 annual fee.
• Wells Fargo Visa Platinum Card: 0% for 18 months on qualifying balance transfers. Transfer fee of 3% for 120 days, then 5%. 0% for 18 months on purchases. $0 annual fee.
• Santander Bank Sphere Credit Card: 0% for 18 months. 4% (min $10) transfer fee. 0% for 18 months on purchases. None annual fee.
• BankAmericard Credit Card: 0% for 18 billing cycles for any balance transfers made in the first 60 days. 3% (min $10) transfer fee. 0% for 18 billing cycles on purchases. $0 annual fee.
• Chase Slate: 0% for 15 months. $0 balance transfer fee for the first 60 days. 0% for 15 months on purchases. $0 annual fee.

You’ll need good or excellent credit if you want a 0% balance transfer card. And if you get a card with a long 0% period, you shouldn’t expect it to have rewards. Cards like these are focused on financing. So it’s best to have a 0% card for your transfers and a rewards card for any new purchases.

Bank of America balance transfer offers allow you to shift several types of debt. Options include auto loans, student loans, mortgages, small business loans and payday loans. You just can’t transfer debt between BofA products.

Balance transfers 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.

Today’s Bank of America balance transfer offers:

• BankAmericard® credit card
• BankAmericard® Credit Card for Students
• Bank of America® Cash Rewards Credit Card for Students
• AAA Credit Card
• World Wildlife Fund Credit Card

So, there are two very good Bank of America balance transfer deals: the BankAmericard Credit Card and the BankAmericard Credit Card for Students. Keep in mind, however, that you will need excellent credit to qualify for the BankAmericard Credit Card, and you need to be a student to get the limited-credit version.

No, you cannot pay a credit card with another credit card. It’s not possible to just enter another credit card number when you go to pay your credit card bill. When you use a credit card, you’re essentially borrowing money from the issuer for the length of your billing cycle, if not longer. And you generally can’t pay back a loan with more borrowed money.

If you’re unable to pay your credit card bill in full and are paying a high interest rate, you may want to consider a balance transfer. This allows you to transfer your credit card balance to a different card with better financing terms (perhaps an introductory period with a 0% APR for a set number of months). That way, you can pay off your credit card bill over time without worrying about as much interest being applied. This does amount to paying your credit card bill with a credit card, but it’s more of a one-off way to save money on interest than a viable recurring option.

While it’s not possible to regularly use one credit card to directly pay another credit card’s bill, there is an indirect method that could work. You could take out a cash advance at an ATM, then deposit the withdrawn cash into your checking account, and then pay your credit card bill with the money. However, considering the high fees and interest rates that accompany cash advances, not to mention the low limits on such transactions, that’s unlikely to work very well. It would be a very expensive way to pay one credit card bill, let alone recurring bills over time.

The best way to pay your credit card bills is to set up automatic deposits from a checking or savings account. As long as you have enough money in your bank account, you won’t miss any payments. If you have a rewards credit card, you can also redeem your earnings for a statement credit to pay your bill.