Best Balance Transfer Credit Cards

The best balance transfer credit card for fair credit is the First Tech Choice Rewards World Mastercard® because it offers an intro APR of 0% for 12 billing cycles on balance transfers made within 90 days of account opening. This card also has a $0 balance transfer fee and a $0 annual fee.

The First Tech Choice Rewards's regular APR is 12.75% - 18.00% (V), and applicants need to join First Tech Federal Credit Union to qualify for an account. But anyone can join, and you can get approved for the card with fair credit or better.

Best Balance Transfer Cards for Fair Credit

If you have fair credit or average credit, 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. 

Still, if a balance transfer is a priority, there are a few cards to choose from. Secured credit cards, however, 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 2.53% (average) balance transfer fee.

The best business credit card for balance transfers is the U.S. Bank Business Platinum Card because it has an introductory balance transfer APR of 0% for 18 billing cycles and a $0 annual fee. There is a 3% (min $5) balance transfer fee and a regular APR of 16.74% - 25.74% (V). Applicants need at least good credit for approval.  

A business credit card balance transfer allows you to move business debt from one loan or credit card to another credit card. Good balance transfer cards offer an introductory interest rate lower than the regular APR, sometimes as low as 0%. You'll pay interest at the regular APR on any balance remaining after an introductory APR expires. In most cases, you'll also be charged a 3%-5% transfer fee on each balance transferred.

Best Business Credit Cards for Balance Transfers in 2023

There aren't too many business credit card balance transfer offers with 0% interest rates to choose from. But you could also use a personal credit card for a business balance transfer. Just make sure to only put business expenses on the card, or else your bookkeeping will get tricky.

The best personal card for this purpose is the Wells Fargo Reflect® Card because it offers an introductory APR of 0% for up to 21 months from account opening on qualifying balance transfers, with a 3% intro for 120 days, then up to 5% (min $5) balance transfer fee and a $0 annual fee. The Wells Fargo Reflect® Card has a regular APR of 17.74% - 29.74% Variable.

There are cards that do not charge a transfer fee, but they tend not to offer an introductory balance transfer APR.

The best Bank of America balance transfer offer is 0% for 21 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%. The card's regular APR is 15.49% - 25.49% 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 21 billing cycles for any balance transfers made in the first 60 days. The card's regular APR is 15.49% - 25.49% Variable. There is also a 3% balance transfer fee.

The Bank of America Customized Cash Rewards 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 17.49% - 27.49% Variable. There is also a 3% balance transfer fee.

The Bank of America Unlimited Cash Rewards 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 17.49% - 27.49% Variable. There is also a 3% balance transfer fee.

The BankAmericard® credit card for Students has an intro APR of 0% for 21 billing cycles for any balance transfers made in the first 60 days. The card's regular APR is 15.49% - 25.49% Variable. There is also a 3% 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 excellent credit to qualify for most of these cards, and you need to be a student with at least fair credit or excellent credit 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 Slate Edge card's regular APR is 19.49% - 28.24% (V), depending on your overall creditworthiness.

This card also has 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). There are a few other good Chase balance transfer cards to choose from, too.

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 to see which one suits your needs the most.

No, balance transfers do not hurt your credit score directly, though transferring a balance can indirectly lead to 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.

Yes, it is worth it to transfer a balance if you can get a lower interest rate in the process, as that will save you money and help you pay off the debt sooner. For example, transferring a balance with a high APR to a 0% balance transfer credit card could save you a lot of money even if the card has a balance transfer fee.

A lot depends on the card you're able to qualify for, how much you owe, and how much you can afford to pay per month. Fortunately, you can use a balance transfer calculator to put it all together and see how much money a balance transfer could save you. You can also consult the list below to confirm whether each item is true in your situation.

It's Worth Transferring a Balance If:

• You are transferring the balance to a credit card with a lower interest rate.
• You would pay less in combined interest and fees than you are paying currently.
• You need more time to pay off your balance.
• You have good or excellent credit (typically needed to qualify for a 0% APR balance transfer credit card).
• You plan on paying off the balance before the end of the 0% or low APR introductory period.

If you do decide a balance transfer is worth it for you, there are many great balance transfer credit cards that offer 0% introductory rates and even some that offer no balance transfer fees as well. Check out WalletHub's editors' picks for the best balance transfer credit cards to find the right one for you.

You need a credit score of 700 and greater on the 850-point FICO credit scoring scale to have a good chance at being approved for a good balance transfer credit card. Most 0% balance transfer credit cards require at least “good credit” for approval. There are exceptions, though. If you're a student, there is no minimum credit score needed for a balance transfer credit card. Some student credit cards offer great balance transfer deals and don't require applicants to have any prior credit history. Other than that, however, the selection will be limited.

Credit card companies generally don't want to take on a customer's debt until they have proved themselves reliable to repay amounts owed. Good credit seems to be the proven threshold for major credit card companies. You'll find cards with 0% balance transfer APR periods from all of the 10 biggest credit card companies right now. For example, the Chase Slate card requires “good” credit or better for approval and offers 0% for 15 months on balance transfers, with a $0 balance transfer fee. That makes the balance transfer free for 15 months, since there's no annual fee either.

It's much harder to get approved for a balance transfer card with below-average credit. People with limited or no credit history could be in luck, however, if they happen to be in school. Some student credit cards offer 0% APR periods on balance transfers.

People with “fair” credit—640 to 699—who meet certain criteria, such as being in the military, could potentially qualify for a balance transfer deal as well. USAA offers several credit cards with 0% APR balance transfers to people with fair credit. But the cards are only open to applicants who are USAA members, meaning people who've been in the military or who have eligible military family members. For example, the Wounded Warriors USAA Rewards card only requires fair credit and USAA membership, and offers 0% for 12 months on balance transfers.

Aside from that, some credit unions also offer balance transfer credit cards for fair credit. Credit unions are membership-based nonprofit organizations, and usually have specific requirements for becoming a member. If you qualify for TDECU membership, the TDECU Classic Mastercard offers 0% for 12 months on balance transfers with a $0 balance transfer fee, which is a good deal. So, consider looking for credit unions in your area that offer balance transfer cards if you have below-average credit.

People with bad credit scores, or scores under 640, won't have much luck finding a balance transfer credit card that will be of much help. Unsecured cards for bad credit do exist, but you'll usually pay a steep price in fees for even having these cards, and they typically don't allow balance transfers. If you have bad credit, you should start rebuilding your credit with a secured credit card. Use the card responsibly and steadily make on-time payments, and over time, you'll have a score that will qualify you for a better credit card.

Yes, 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. 

What you should know before making a balance transfer:

• 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 balance transfer fee is 2.53%. But, from time to time, there are credit cards that have both 0% APR on balance transfers and no balance transfer fees.
• You should use a 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. 

If you'd like to know where you stand before applying for a balance transfer card, check your latest credit score for free on WalletHub. 

The pros of balance transfers include saving money on interest, consolidating debt, and possible improvement in credit score in the long run. The cons of balance transfers include balance transfer fees, high regular APRs, and above-average score requirements. Generally, when you transfer a balance, you're shifting high-interest debt to a credit card with a lower interest rate.

Pros and Cons of Balance Transfers 

Balance Transfer Pros

Save money on interest.
Many credit cards offer a 0% APR on balance transfers, and the average introductory rate lasts for 13 months. The best cards might even offer an intro APR for 21 months. Currently, the average regular APR among new credit card offers is 20.16%.  

So, if you transfer your balance from a high-interest credit card to a card with a low introductory APR on balance transfers, you will have the opportunity to save on interest charges. To make the most of your balance transfer card, make sure to pay down as much of your balance as you can during the intro period. Keep in mind that the remaining balance will be subject to the card's regular APR. 

Consolidate debt.
If your credit limit allows it, you may be able to combine multiple credit card balances by transferring them to a balance transfer card. This way, you'll need to make just one credit card payment every month. This strategy can make it easier to manage your payments.

Possible credit-score improvement in the long run.
A balance transfer card can help you decrease your credit utilization ratio, which will improve your credit score in time. When you open a new card for the purpose of transferring a balance, you will increase the amount of credit you have available every time you make a payment, which can lower your credit utilization ratio. For the credit utilization to go down, make sure to not incur any more debt in the meantime. 

Better features and perks.
If your current credit card offers limited benefits and a high interest rate, transferring your balance to a new card might be a better idea. Many balance transfer cards also offer rewards and no annual fees. Some credit cards offer intro APRs on new purchases as well. If you are a frequent traveler, you may also get a balance transfer card with travel benefits and no foreign transaction fees. 

Balance Transfer Cons

Balance transfer fees.
When you're transferring a balance to a credit card with a low introductory APR on balance transfers, you will most likely be charged a fee. Transfer fees on credit card offers currently average 2.53% of the amount transferred. No balance transfer fee credit cards are rare and usually require excellent credit for approval. 

High regular APR.
Balance transfer cards usually come with high regular APRs. So, before transferring a balance, make sure to choose a card with an intro APR that gives you enough time to pay down your balance before the intro rate expires. Otherwise, your remaining balance will be subject to a high regular APR. It's also worth using a balance transfer calculator to plan out the necessary payments and estimate your savings.

Above-average score requirements.
Most credit cards with balance transfer offers require good to excellent credit for approval. This is also the case for credit cards with a low regular APR. So, if you have fair credit or lower, it will be hard to find a worthwhile balance transfer card. Students are a noteworthy exception as they can get approved for credit cards with great balance transfer deals even with limited credit.

The risk of building more debt.
A new credit card will result in a higher total credit limit, and if you don't use your credit card responsibly, this may lead to building more debt. So, you have to be disciplined enough not to make purchases on your old credit card. If you're having trouble managing your spending, it might be better to close your old credit card account after transferring your balance. However, doing so may impact your credit score.

Possible drop in credit score for a short period of time.
When you apply for a new credit card, this will result in a hard inquiry which may temporarily drop your credit score by a few points. You can get an idea of how much a hard inquiry will affect your credit score by using WalletHub's free credit score simulator.

Ultimately, if you consider all the pros and cons and decide a balance transfer is right for you, the next step is choosing a balance transfer card. There are many cards on the market, but some are better than others. It's important to do your research and choose the card that best suits your financial needs. 

Best Balance Transfer Credit Cards in 2023

Alternatives to Balance Transfer Credit Cards

If you're not convinced that getting a balance transfer card is the right call, there are other ways to pay down your debt. For instance, using a debt consolidation loan might be a better fit if you qualify for a competitive interest rate and a large enough loan. Factors such as your credit score, income, and existing debt play a significant role in determining your interest rate and loan amount. 

Balance transfers are worth it if they save you money by getting you a lower interest rate, preferably 0% for a certain number of months. A balance transfer is most likely to be worthwhile if you have good credit or better, you qualify for one of the best balance transfer credit cards, and you use the savings to get out of debt faster. Transferring a balance should not be an excuse to overspend.

If you'd like to estimate how much you could save with a balance transfer, you can use WalletHub's free balance transfer calculator.

When Balance Transfers Are Worth It

1. When they save you money

   You should always aim to transfer a balance to a credit card that has a significantly lower APR than your current credit card or loan. There are credit cards with 0% introductory APRs for a certain number of months, which are generally available to people with good or excellent credit. It's also ideal to get a card with a low balance transfer fee, though an especially long 0% period can offset a higher fee.

2. When they won't tempt you to spend more

   If the balance you're transferring is from another credit account, the transfer frees up the credit line on that account, allowing you to spend more. If you're not careful, you could end up increasing your debt to unmanageable levels.

3. When other debt payoff options aren't better

   There are a number of other ways to pay off debt, like taking out a personal debt consolidation loan or tapping into your home equity. You should explore multiple options and their costs before deciding on one.

4. When you have a solid payoff plan

   Before you make a balance transfer, you should have a plan for how much money you will put aside each month to pay it off. Ideally, you should pay off the full balance or as close to it as possible during the card's introductory APR period, if it has one.

In many cases, a balance transfer will be worth it, but there are also some situations where it won't be. You can learn more about the pros and cons of balance transfers on WalletHub.