If you’re carrying high-interest debt you’d like to pay off quickly, and you’ve got a good to exceptional credit score, a balance transfer credit card with a 0% intro APR is one of the best tools in your arsenal for getting out of debt.
With a balance transfer card, you’re able to move debt from one card to another and take advantage of an intro period where no interest accrues and 100% of your payments go toward the principal of your debt — however, you’ll still need to make at least the minimum payment each month. After the intro period ends, interest will accrue on any remaining balance at the regular APR.
The steps involved in doing a balance transfer will vary slightly depending on whether you’re opening a new credit card or taking advantage of an offer on an existing card. In both cases, you can typically request the transfer online. When opening a new balance transfer card, take the following steps:
When you open a new balance transfer card, you might not get a high enough credit limit to transfer all of your debt, or your issuer might cap how much you can transfer. In that case, you might wish to apply for another card and do a second transfer with the remaining amount, or you might wish to leave the remainder on your old card and continue to pay it off while you start whittling away at the debt on your 0% APR credit card.
If you want to do a balance transfer with an existing credit card, you can log into your account online and check if you have any balance transfer offers. The issuer might promote such an offer when you log in, or you might need to navigate to a specific area of your account.
For example, Discover displays a “balance transfers” link under the “card services” tab. If you have one or more offers available, you’ll have to select the offer you prefer and enter information about the account you want to transfer debt from, as well as the amount you wish to transfer.
For consumers who don’t want to make their balance transfer request online, you can also call your issuer and make the request over the phone. Finally, you might sometimes receive balance transfer offers in the mail.
But no matter how you receive your offer and submit your request, make sure you understand what the intro APR is (not all intro APR offers are for a 0% APR), when the intro period will end and what the balance transfer fee is.
Most credit cards charge a balance transfer fee, which typically ranges from 3% to 5% of the amount transferred. So, for example, a 3% balance transfer fee applied when transferring a $4,000 balance would be $120, meaning you’ll have $4,120 to pay off.
There are credit cards with no balance transfer fee, but they’re rare and typically have shorter intro periods — and those cards might require you to meet certain eligibility requirements, such as joining a credit union.
However, a balance transfer might still save you money despite a balance transfer fee, depending on how high your current interest rate is and how long it’ll take you to pay off the debt.
It’s possible to find balance transfer credit cards with 0% intro APR periods up to 21 months long — in other words, with almost two years of no interest. However, be prepared to pay a balance transfer fee in exchange for such a long intro APR period.
If you’re looking for a credit card with no balance transfer fee, be aware that such cards are likely to have shorter intro periods, such as a 0% intro APR for 12 months.
This will depend on the issuer of your balance transfer credit card. Some issuers limit how much you can transfer to your new card, while others allow more flexibility.
Here are balance transfer policies from some major issuers:
| Issuer | Transfer Restrictions |
|---|---|
| American Express | If you're able to do a balance transfer to an Amex card, it will be capped at the lesser of $5,000 or 75% of your credit limit. Terms apply. See americanexpress.com for more details. |
| Bank of America | You'll be allowed to transfer close to your credit limit, but Bank of America leaves a small buffer to account for any fees. |
| Barclays | Transfers to a new Barclays credit card with a balance transfer offer are capped at 90% of your credit limit. If you have an offer on an existing card you'll be able to transfer up to your credit limit minus the balance transfer fee amount. |
| Capital One | You can transfer up to your credit limit minus the amount of the balance transfer fee. |
| Chase | Transfers are capped at the lesser of $15,000 or 95% of your credit limit (the balance transfer fee counts toward the cap). |
| Citibank | You can transfer as much as your available line of credit minus the balance transfer fee amount. |
| Discover | Cardholders are allowed to transfer up to about 95% of their credit limit (to leave room for the balance transfer fee). |
Just be aware that you might not always have a balance transfer offer on your existing cards, and if you’re considering opening a new card, check whether the issuer currently offers balance transfer deals or not.
Carrying a balance on a high-interest credit card can add up. For instance, consider the following examples with a $4,000 balance on a 20% APR card, and approximately how much interest you’d pay in each scenario:
| Balance Amount | Credit Card APR | Monthly Payment | Months Needed to Pay Off | Interest Paid |
|---|---|---|---|---|
| $4,000 | 20% | $100 | 65 | $2,492 |
| $4,000 | 20% | $300 | 15 | $482 |
| $4,000 | 20% | $500 | 9 | $256 |
However, if you made payments of $229 a month on a balance transfer card offering 0% interest for 18 months with a 3% balance transfer fee, you’d avoid interest charges entirely ($4,120/18 = $229).
If you’re transferring a balance to a credit card you already have open, the balance transfer probably won’t affect your credit score — at least not at first. You’re just moving debt around, not opening any new accounts. However, if you end up paying down your balance faster due to a 0% intro APR offer, that could in time improve your credit score by reducing your credit utilization ratio (how much you owe versus your available credit).
On the other hand, if you open up a new balance transfer credit card, your credit score might dip by 5 to 10 points at first because you’re generating a hard inquiry with the application. But in time, the impact of that hard inquiry will fade and your credit score will rebound as you pay down your debt — plus, your score is likely to improve even further, since the new card offers you a new line of credit and thus lowers your overall utilization.
All that to say, balance transfers can improve your credit score in the long run, if used responsibly.
Based on our research of cards available through LendingTree, as well as top cards offered by major issuers, here’s a selection of some of the best balance transfer cards with long introductory APRs.
How LendingTree Rates Credit Cards?
Our experts rate credit cards based on several factors including card benefits, bonus offers and independent research. Credit card issuers do not influence or have a say in our card ratings. Read our credit card methodology here.Intro balance transfer APR: 0% intro APR for 21 months from account opening on qualifying balance transfers
Followed by 17.49%, 23.99%, or 29.24% Variable APR on balance transfers
The Wells Fargo Reflect® Card offers a 0% intro APR for 21 months from account opening on qualifying balance transfers, after which a 17.49%, 23.99%, or 29.24% Variable APR applies. The balance transfer fee is reasonable at 5%, min: $5.
In addition, the card offers a 0% intro APR for 21 months from account opening , after which a 17.49%, 23.99%, or 29.24% Variable APR applies.
However, if traveling abroad, beware of the card’s 3% foreign transaction fee. Still, the card’s annual fee is $0.
Who’s this card best for?
Anyone who needs a long time to pay off transferred debt (or new purchases) should give the Wells Fargo Reflect® Card serious consideration. This card currently offers one of the longest 0% intro APR periods on both balance transfers and purchases. And while it doesn’t earn rewards or a sign-up bonus, if your main focus is on avoiding interest charges and getting out of debt, you shouldn’t be worried too much about those things anyway.
The Wells Fargo Reflect® Card does come with cellphone protection, so for that reason, it may be worth keeping around after you pay your balance off in full and using it to pay your monthly cellphone bill.
How LendingTree Rates Credit Cards?
Our experts rate credit cards based on several factors including card benefits, bonus offers and independent research. Credit card issuers do not influence or have a say in our card ratings. Read our credit card methodology here.Intro balance transfer APR: 0% intro APR for 21 months on Balance Transfers
Followed by 18.49% - 29.24% (variable) APR on balance transfers
The Citi Simplicity® Card offers an exceptional intro APR of 0% intro apr for 21 months on balance transfers, after which a 18.49% - 29.24% (variable) APR applies. Note that a there is an intro balance transfer fee of 3% of each transfer (minimum $5) completed within the first 4 months of account opening. After that, your fee will be 5% of each transfer (minimum $5) The fee is high, but you do get almost two years of no interest.
There’s also an intro APR on purchases, but it is lackluster: 0% intro apr for 12 months on purchases (after, a 18.49% - 29.24% (variable) APR applies). You’re better off using this as a balance transfer card.
The annual fee is $0, but there is a foreign transaction fee: 3%. If traveling abroad, leave this card at home.
Who’s this card best for?
If you need a long time to pay off debt from another credit card — and you’re willing to pay a balance transfer fee that’s slightly on the high side in exchange for a lengthy 0% intro APR period — the Citi Simplicity® Card just might be right for you. A 5% balance transfer fee means, for example, you’d pay $200 to transfer a $4,000 balance. But with almost two years of no interest, this card is a powerful tool for getting out of debt.
How LendingTree Rates Credit Cards?
Our experts rate credit cards based on several factors including card benefits, bonus offers and independent research. Credit card issuers do not influence or have a say in our card ratings. Read our credit card methodology here.Intro balance transfer APR: 0% intro APR for 21 months on Balance Transfers
Followed by 17.49% - 28.24% (variable) APR on balance transfers
Similar to the Citi Simplicity® Card, the Citi® Diamond Preferred® Card offers a long balance transfer intro APR period: 0% intro apr for 21 months on balance transfers, after which a 17.49% - 28.24% (variable) APR applies.
Note that a high balance transfer fee applies with this offer; 5% of each balance transfer; $5 minimum.
There’s also an intro APR on purchases, but it pales in comparison to the lengthy balance transfer intro offer: 0% intro apr for 12 months on purchases, after which a 17.49% - 28.24% (variable) APR applies.
You’ll pay a $0 annual fee to carry the card, but watch out for the 3% foreign transaction fee.
Who’s this card best for?
With the Citi® Diamond Preferred® Card, cardholders get nearly two years of no interest to pay off debt moved from another card. It’s a relatively no-frills card and doesn’t offer a rewards program or sign-up bonus.
How LendingTree Rates Credit Cards?
Our experts rate credit cards based on several factors including card benefits, bonus offers and independent research. Credit card issuers do not influence or have a say in our card ratings. Read our credit card methodology here.Intro balance transfer APR: 0% Intro APR for 18 months
Followed by 17.24% - 28.24% Variable APR on balance transfers
The Discover it® Balance Transfer offers a very solid 0% Intro APR for 18 months on balance transfers, after which a 17.24% - 28.24% Variable APR applies. The balance transfer fee is a reasonable 3% intro balance transfer fee, up to 5% fee on future balance transfers (see terms)*.
On purchases, you’ll only get a 0% Intro APR for 6 months — after, a 17.24% - 28.24% Variable APR applies. Since many competing cards offer a year or more of 0% intro APR on purchases, six months is subpar.
The Discover it® Balance Transfer also comes with something many balance transfer cards don’t — a rewards program. We don’t recommend making purchases on your card until you’ve paid off the transferred balance, but once you’re out of debt, a rewards program gives a card ongoing value.
Earn 5% cash back on everyday purchases at different places you shop each quarter like grocery stores, restaurants, gas stations, and more, up to the quarterly maximum when you activate. Plus, earn unlimited 1% cash back on all other purchases—automatically. Though there’s a $1,500 spending cap per quarter at the elevated earning rate. And if you hit the spending cap each quarter, that’s $75 in cash back at the 5% rate. Note that you’ll need to activate the new category each quarter, otherwise you’ll earn just 1% on all purchases.
The annual fee is $0. And don’t worry about a foreign transaction fee, because there is none (though Discover cards are not as widely accepted in some countries as those on Visa and Mastercard payment networks).
Finally, though we don’t recommend making new purchases until you pay off your balance transfer, we should note this card offers a unique sign-up bonus: Unlimited Cashback Match for all new cardmembers – only from Discover. Discover will automatically match all the cash back you’ve earned at the end of your first year! There’s no minimum spending or maximum rewards. You could turn $150 cash back into $300.
Who’s this card best for?
If you’re looking for a credit card with a solid balance transfer offer that’s worth keeping around even after you’ve paid off your debt, consider the Discover it® Balance Transfer. Unlike many other balance transfer cards, it offers a generous cash back program. You will have to remember to activate categories every quarter, but Discover typically sends out reminders. As long as your spending aligns with the rotating categories, this card can net you a good amount of cash back. Past examples of quarterly categories have included spending on dining, groceries and more.
How LendingTree Rates Credit Cards?
Our experts rate credit cards based on several factors including card benefits, bonus offers and independent research. Credit card issuers do not influence or have a say in our card ratings. Read our credit card methodology here.Intro balance transfer APR: 0.99% introductory APR for 12 months for balance transfers requested within 60 days of account opening
Followed by 11.49% to 18.00% (variable) APR on balance transfers
The Navy Federal Platinum Credit Card offers a shorter intro APR than other cards here: 0.99% introductory APR for 12 months for balance transfers requested within 60 days of account opening; after, a 11.49% to 18.00% (variable) APR applies. But it stands out with its $0 balance transfer fee — cards with no balance transfer fee are rare.
There’s no intro APR on purchases; those start out at the regular 11.49% to 18.00% (variable) APR.
The Navy Federal Platinum Credit Card comes with a $0 annual fee and a $0 foreign transaction fee.
Who’s this card best for?
As long as you can pay off all or most of your balance transfer balance in a year, the Navy Federal Platinum Credit Card is an exceptional choice with its $0 balance transfer fee. However, you must be a Navy Federal Credit Union (NFCU) member to apply for the card. NFCU membership is open to service members in all branches of the United States military (including veterans, retirees and annuitants), family members and civilian employees at the U.S. Department of Defense. Plus, this card offers a chance for an exceptionally low regular APR, and comes with cellphone protection too, so it’s worth keeping after you pay off your balance transfer.
When deciding whether or not to do a balance transfer, consider the following questions:
If your credit is good enough that you’re likely to be approved for a balance transfer card, and you’re able to budget enough each month that you’ll pay off your debt before the 0% intro APR ends, doing a balance transfer could be a good way to get out of debt faster than you would otherwise. Be aware that you can’t transfer debt between cards from the same issuer — so whether you’re planning to use an offer on an existing card or apply for a new one, it should be from a different credit card company than the card your balance is currently on.
While five to seven days is a good general expectation for how long balance transfers take, know that it will depend on your credit card issuer and your specific situation. For example, Discover notes that transfers to an existing Discover credit card typically process within four days. But if you’re opening a new Discover credit card, your new card will have to be open for 14 days before your balance transfer request can even begin processing.
To make sure you get the most value out of your balance transfer, take the following steps:
When it comes to credit cards, your APR is another term for your interest rate. If a credit card offers a 0% intro APR on balance transfers, that means for a certain period of time, you can transfer debt to it and accrue no interest.
You’ll have to make at least the minimum monthly payment even though no interest is accruing, however. And once the intro APR ends, you’ll start accruing interest at the regular APR on any balance that remains.
Yes, you can do more than once balance transfer to the same card, as long as you have the available credit. Note that if your card charges a balance transfer fee, you’ll have to pay a fee for each transfer.
Many balance transfer credit cards charge a 3% to 5% balance transfer fee. There are cards with no balance transfer fee — though they are uncommon, and you might have to qualify for credit union membership to get them. Also note they typically come with shorter 0% intro APR periods, so you should be prepared to pay down your balance quickly.
The information related to the Wells Fargo Reflect® Card, Citi Simplicity® Card, Citi® Diamond Preferred® Card, Discover it® Balance Transfer and Navy Federal Platinum Credit Card has been collected by LendingTree and has not been reviewed or provided by the issuer of this card prior to publication. Terms apply.
The content above is not provided by any issuer. Any opinions expressed are those of LendingTree alone and have not been reviewed, approved, or otherwise endorsed by any issuer. The offers and/or promotions mentioned above may have changed, expired, or are no longer available. Check the issuer's website for more details.
