Balance Transfer Credit Cards

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% on balance transfers for 21 months. The second longest 0% balance transfer period is 20 months, from the U.S. Bank Visa Platinum Card, which has 0% for 20 months on both transfers and purchases. And then there are a handful of credit cards with 0% APRs on balance transfers for 15-18 months, including the Wells Fargo Platinum and Discover it Balance Transfer cards.

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% on balance transfers for 20 months. 3% balance transfer fee ($5 minimum). No annual fee. Excellent credit required.
• Citi Simplicity Card: 0% on balance transfers for 21 months. 5% balance transfer fee ($5 minimum). 0% on purchases for 12 months. No annual fee. No late fees. Good credit needed.
• Discover it Balance Transfer Card: 0% on balance transfers for 18 months. 3% balance transfer fee. 0% on purchases for 6 months. Has rewards on purchases. No annual fee. Good credit needed.
• Wells Fargo Visa Platinum Card: 0% on balance transfers for 18 months. 3% balance transfer fee for 18 months. 0% on purchases for 18 months. No annual fee. Good credit needed.
• Santander Bank Sphere Credit Card: 0% on balance transfers for 18 months. 4% balance transfer fee ($10 minimum). 0% on purchases for 18 months. Has rewards on purchases. No annual fee. Excellent credit needed.
• BankAmericard: 0% on balance transfers for 15 billing cycles. 3% balance transfer fee ($10 minimum). 0% on purchases for 15 billing cycles. No annual fee. Excellent credit needed.
• Chase Slate: 0% on balance transfers for 15 months. $0 balance transfer fee for the first 60 days. 0% on purchases for 15 months. No annual fee. Good credit needed.

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.

The best Bank of America balance transfer offer is the BankAmericard Credit Card, which has 0% balance transfer APR for the first 15 months and sometimes offers a special $0 transfer fee for the first 60 days your account is open. The same Bank of America balance transfer offer also is available to students with limited credit or better.

Several other Bank of America credit cards offer 0% balance transfer APRs for 12 months. But they also charge 3% balance transfer fees. While Bank of America Travel Rewards and Premier Rewards credit cards do allow balance transfers, there’s no intro APR and they charge a 3% transfer fee. Needless to say, they didn’t make the list.

Bank of America allows you to transfer 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, so initiate your transfer as soon as possible because the APR period starts as soon as you open your account. The standard APR range for Bank of America credit cards is 16.74%-24.74%. So that’s what you’ll pay on any balance left over after a 0% intro rate.

Here are the best Bank of America balance transfer offers:

• BankAmericard Credit Card: 0% APR for 15 months. $0 transfer fee for 60 days (not always available). Excellent credit required.
• BankAmericard for Students: 0% APR for 15 months. $0 transfer fee for 60 days (not always available). Limited or fair credit accepted.
• Bank of America Cash Rewards: 0% APR for 12 months when completed in first 60 days. 3% transfer fee ($10 min). Excellent credit required.
• World Wildlife Fund Cash Rewards Visa:  0% APR for 12 months when completed in first 60 days. 3% transfer fee ($10 min). Good credit required.
• Allegiant World Mastercard: 0% APR for 12 months when completed in first 60 days. 3% transfer fee ($10 min). Good credit required.

So, there are two very good Bank of America balance transfer deals: the BankAmericard Credit Card and the BankAmericard Credit Card for Students. But if neither suits your needs, consider Chase Slate and Amex EveryDay. Chase Slate gives people with good credit 15 months (while Amex 12 months) 0% APR and a $0 transfer fee.

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.

You can request to do a Navy Federal balance transfer when you apply for any NFCU credit card. You can make a transfer request through your online account if you already have a Navy Federal card. The Navy Federal balance transfer fee is $0 (for all cards). And the NFCU balance transfer APR could be as low as 0% (intro) or as high as 18% (V), depending on the card.

The best Navy Federal balance transfer credit card is the NFCU Platinum Card because it offers 0% for 12 months on balance transfers and has a $0 annual fee in addition to its $0 transfer fee. There are no other 0% balance transfer credit cards from Navy Federal. But all NFCU cards have fairly low regular APRs.

Navy Federal Balance Transfers:

• Best balance transfer card: The Navy Federal Platinum Card offers 0% for 12 months on balance transfers. No other NFCU cards have 0% rates, but regular APRs range from 7.74% - 18% (V).
• Ways to request: You can ask for a balance transfer on the application for a new NFCU card. You can request one for an existing card online or through the mobile app.
• How to request online: Sign in to your account. Click the “Transfers” tab. Click “Make a Credit Card Balance Transfer” at the bottom right. Fill in the required information. Submit your request.
• How to request in-app: In the Navy Federal Credit Union mobile app, go to “Account Management,” then “Balance Transfer.” Input the required information and submit your request.
• Information required: You need the account number for the balance you’re transferring, plus the name and address of that account’s issuer, along with the amount you want to transfer.
• Fees: No balance transfer fees on any Navy Federal credit card.
• Timeline: It should take about two weeks for your Navy Federal balance transfer to be completed.

If you do a Navy Federal balance transfer, be sure to continue making monthly payment to your old issuer if the due date comes up before your balance transfer is completed. Otherwise, you risk being marked as late. Any additional payments you make to your old issuer will be credited to your NFCU card once the transfer processes.

The Discover balance transfer fee is 3% of the balance transferred. And that goes for all Discover cards that allow balance transfers. Fortunately, Discover’s balance transfer fee is on the low end of the 3% - 5% range that credit card companies usually charge. And unlike many issuers, Discover doesn’t have a set minimum for the fee (e.g. at least $5). 

There are benefits and potential pitfalls that come with moving debt to a new credit card, so it’s important to familiarize yourself with Discover’s policies as well as those of its competitors.

Here’s how the Discover balance transfer fee compares:

• Discover balance transfer fee: 3%
• American Express balance transfer fee: 0%-3%
• Capital One balance transfer fee: 0%-3%
• Chase balance transfer fee: 0%-5%
• Bank of America balance transfer fee: 3%

Other Discover balance transfer policies:

• Discover’s balance transfer fee is added to the amount you transfer, becoming part of the balance you owe Discover.
• Discover often requires cardholders to transfer a balance by a certain date to be eligible for a 0% APR. Check your Discover card’s terms and conditions for details.
• Transferring a balance to a Discover credit card can take up to two weeks. 
• Discover balance transfers do not earn rewards.
• Discover accepts balance transfers from other issuers’ credit cards and loans. Discover does not allow balance transfers from other Discover accounts. 
• If you are transferring balances from multiple accounts to a Discover card, they will be treated as separate transfers, triggering separate 3% fees.
• The best Discover credit card for balance transfers is the Discover it – 18 Month 0% Transfer offer. Discover it Cashback Match and Discover it Chrome are good options, too, offering 0% APR for 14 months.

If there are any payments due on the account(s) you’re transferring a balance from, make sure to pay your current creditor(s)  on time to avoid any late fees. You’ll be credited that amount after the transfer. In addition, you can only transfer up to your credit limit. So make sure you account for fees. Balance transfers exceeding your available credit will be processed up to your allowed credit limit in the order requested.