What Is a Balance Transfer Credit Card?
When you’re struggling to pay off a large amount of credit card debt, it seems that even with large monthly payments, your balance declines ever so slowly due to the interest that’s accumulating on it. A balance transfer credit card may be the right tool to help you gain traction and overcome the debt, while also saving you hundreds or even thousands of dollars in interest.
A balance transfer credit card is a card that lets you move high-interest debt from one credit card to another. The best balance transfer credit cards offer 0% intro APRs on balance transfers for a year or longer — allowing you to focus on paying down your debt without accumulating interest.
How does a balance transfer work?
When you move a credit card balance to a card that has a 0% APR, your entire monthly payment goes towards paying down the principal balance rather than the balance plus interest. This essentially removes a hurdle that’s in the way of eliminating the debt.
You may have to pay a balance transfer fee, usually 3% to 5% of the transferred amount. You’ll also need to make at least the minimum monthly payment to avoid triggering a penalty APR and losing your intro offer altogether.
Further, it’s very important to pay off your transferred balance in full before the interest-free promotional period ends. Otherwise, you’ll be subject to interest charges on the remaining balance — which could defeat the purpose of transferring your balance in the first place.
Notably, you can’t transfer debt between cards from the same issuer: For example, you can’t transfer a balance from one Chase card to another Chase card. 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.
How long of a 0% APR can I get?
It’s possible to find a balance transfer card with a 0% intro APR for 12, 15, 18 or 21 months. However, we should note that the cards with the longest interest-free periods on balance transfers typically require good to excellent credit and charge balance transfer fees. For example, the Citi Simplicity® Card offers an intro APR of 0% intro APR for 21 months on Balance Transfers (then a 18.24% - 28.99% (Variable) APR) and requires good / excellent credit. In addition, 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)
That said, if you have bad or average credit, you may still be able to find a card that offers a low intro APR on balance transfers for six to 12 months. For example, the Discover it® Secured Credit Card accepts applicants with limited / poor credit and offers a 10.99% Intro APR for 6 months on balance transfers (then a 27.24% Variable APR). Meanwhile, the Navy Federal Platinum Credit Card accepts applicants with fair / good / excellent credit and offers a 0.99% introductory APR for 12 months for balance transfers requested within 60 days of account opening (then an 10.99% to 18.00% (variable) APR.
What is a balance transfer fee?
A balance transfer fee is the fee you pay to transfer a balance from one credit card to another. This is typically 3% or 5% of the amount of each transfer (with a minimum fee of either $5 or $10).
The balance transfer fee will be added to your balance at the time of your transfer and can be paid over time. Note, however, that the fee will reduce the amount you’re allowed to transfer. So if you’re approved to transfer $6,000 to a card with a 3% balance transfer fee, you’ll be charged a balance transfer fee of $180. This fee will lower the amount you’re able to transfer to $5,820.
There are cards available that don’t charge balance transfer fees. But while this may sound appealing, know that they often come with a few trade offs — like shorter intro APRs and membership requirements.
How much can I transfer?
The amount you’re allowed to transfer will depends on the issuer’s balance transfer policy and the credit limit they offer you.
Some banks allow you to transfer up to your credit limit, minus any balance transfer fees. Others may cap your transfer amount at a percentage of your credit limit. And some, like American Express, have a set limit that you can’t go over.
Here are balance transfer policies from some major issuers:
Issuer | Transfer Restrictions |
---|---|
American Express balance transfer | If you’re eligible to do a balance transfer, your balance transfer will be less than your credit limit (with a maximum of $7,500) and subject to other factors determined by American Express. |
Bank of America balance transfer | Your transfer amount cannot exceed your total credit available. Expect a buffer to account for fees. |
Barclays balance transfer | You have the option to transfer funds up to your credit limit, but you should leave room for applicable fees and interest charges. |
Capital One balance transfer | The total amount of your transfer, including applicable fees, cannot exceed the amount for which you are eligible. See your balance transfer offer for details. |
Chase balance transfer | Transfers are capped at a maximum of $15,000 in a 30-day period. The amount you can transfer will depend on your total credit limit. |
Citi balance transfer | You can transfer as much as your available line of credit, minus the balance transfer fee amount. |
Discover balance transfer | Cardholders are allowed to transfer any amount up to their credit line available for transfers, less balance transfer fees. |
Wells Fargo balance transfer | Cardholders can transfer the amount up to their credit limit, minus balance transfer fees. |
What is a good balance transfer card?
Balance transfer cards can save you a considerable amount of money, since you’re able to pay toward the principal without the balance ballooning because of interest.
When choosing a good balance transfer credit card, it’s usually less important to focus on the card’s perks and rewards. Instead, you’ll want to pay attention to the length of the interest-free period, the amount of time you have to make the transfer, the balance transfer fee and the interest rate once the regular APR kicks in.
Here are some of the best balance transfer cards currently available — mainly due to their long intro APR periods and the amount of savings you can receive:
Citi Simplicity® Card
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.


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 18.24% - 28.99% (variable) APR on balance transfers
- Very long intro APR for balance transfers
- $0 annual fee
- Long intro APR on purchases
- Reasonable balance transfer fee
- Longer-than-typical transfer window
- No late fees or penalty APR
- No rewards program
- High regular APR
Estimated savings: $1,180 (based on LendingTree’s credit card methodology)
Offering one of the longest balance transfer intro APR periods of our top cards, the Citi Simplicity® Card gives you close to two years to pay off your debt without incurring interest charges. Plus, 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)
- No Late Fees, No Penalty Rate, and No Annual Fee... Ever
- 0% Intro APR on balance transfers for 21 months and on purchases for 12 months from date of account opening. After that the variable APR will be 18.24% - 28.99%, based on your creditworthiness. Balance transfers must be completed within 4 months of account opening.
- 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).
- Stay protected with Citi® Quick Lock
Citi Double Cash® Card
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.


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 on Balance Transfers
Followed by 17.24%, 23.74%, or 28.99% Variable APR on balance transfers
- $0 annual fee
- Long intro APR on balance transfers
- Great flat-rate rewards
- Ability to use your cash back as ThankYou® points and transfer to partners
- No intro APR period for purchases
- You don’t earn 2% rewards immediately
- 3% foreign transaction fees
Estimated savings: $1,162 (based on LendingTree’s credit card methodology)
The Citi Double Cash® Card comes in a close second for the balance transfer card with the best overall value. Like the Discover it® Balance Transfer, the Citi Double Cash® Card has a $0 annual fee and a long intro APR on balance transfers. It also comes with a simple cash back program that can make it easy to rack up rewards once you pay off your transferred balance.
- Earn $200 cash back after you spend $1,500 on purchases in the first 6 months of account opening. This bonus offer will be fulfilled as 20,000 ThankYou® Points, which can be redeemed for $200 cash back.
- Earn 2% on every purchase with unlimited 1% cash back when you buy, plus an additional 1% as you pay for those purchases. To earn cash back, pay at least the minimum due on time. Plus, earn 5% total cash back on hotel, car rentals and attractions booked with Citi Travel.
- Balance Transfer Only Offer: 0% intro APR on Balance Transfers for 18 months. After that, the variable APR will be 18.24% - 28.24%, based on your creditworthiness.
- Balance Transfers do not earn cash back. Intro APR does not apply to purchases.
- If you transfer a balance, interest will be charged on your purchases unless you pay your entire balance (including balance transfers) by the due date each month.
- 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).
U.S. Bank Business Platinum Card*
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.


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: N/A
Followed by 17.24% - 27.99% (variable) APR on balance transfers
- Long intro APR on balance transfers
- Equally long intro on new purchases
- $0 annual fee
- No rewards program
- Foreign transaction fee: 3% of each foreign transaction
Estimated savings: $1,163 (based on LendingTree’s credit card methodology)
Our pick for the best balance transfer business credit card is the U.S. Bank Business Platinum Card. It gives you a year and a half to pay down your balance — the longest intro period you can get from a business credit card.
- 0% Intro APR on purchases 18 billing cycles. After that, a variable APR currently 16.99% - 25.99%.
- Expense management tool VISA Spend Clarity is free to access and sync expenses, set employee card controls, generate reports, and more.
- Great Offer from U.S. Bank, a 2022 World's Most Ethical Company® - Ethisphere Institute, February 2022.
- Terms and conditions apply.
Pros and cons of balance transfers
- Save money on interest
- Consolidate multiple payments into one
- Pay off your debt faster since your balance isn’t accumulating interest
- Ability to capitalize on perks after your debt is paid off
- May lead to better credit score in the long run by paying down your debt
- May charge a balance transfer fee
- Late or missed payments may trigger a penalty APR
- A high APR may kick in once the intro period ends
- Longer intro APR periods may require good to excellent credit
- Your credit score may drop temporarily
How to do a balance transfer
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:
- Fill in the information required for the credit card application. You’ll have to supply information like your name, Social Security number, address and income.
- During the application process, you’ll have the opportunity to request a balance transfer. You’ll need to enter information about the account you want to transfer debt from along with the amount you want to transfer.
- Wait for the balance transfer to process. This may take a week or longer. Once the balance transfer is approved, the issuer of your new card will pay off your old card, and the balance (plus any balance transfer fee assessed) will appear on your new card. If a payment is due on your old card before the balance transfer processes, you’ll still need to make the payment.
- Begin paying off the balance on your new credit card. You’ll be required to make at least the minimum payment due each month. Still, you should budget for more than the minimum amount due, so you can be certain to pay off the entire balance before the 0% APR period ends.
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 may cap how much you can transfer. In that case, you may want to apply for another card and do a second transfer for the remaining amount. Or you can leave the remaining amount on your old card and continue to pay it off while you start whittling away at the debt on your 0% APR credit card.
How to do a balance transfer with an existing credit card
If you want to do a balance transfer with an existing credit card, you can log in to 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.
As an alternative, you can call your issuer and make the request over the phone or complete a balance transfer offer that you received in the mail.
How long does a balance transfer take?
A balance transfer generally takes five to seven days to process, but the exact timeline depends 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.
How much can I save with a balance transfer?
Carrying a balance on a high-interest credit card can add up. According to LendingTree’s findings, the average credit card APR is currently 24.66% — which can cause interest to accrue quickly and make paying off debt even harder. Another LendingTree study shows that as of the fourth quarter of 2023, Americans had an average of $6,864 in credit card debt.
Consider the following examples with a $6,000 balance on a 20% APR card, and approximately how much interest you’d pay in each scenario:
Will a balance transfer affect my credit score?
Yes, a balance transfer — and your payment of it — affects your credit score. The impact can be slightly negative in the short term, but highly positive in the long term if you make your payments on time and don’t take on any new debt.
When you open a new credit card, you can expect your credit score to drop slightly (about five to 10 points), since it’ll generate a hard pull on your credit and lower the average length of your credit history. At the same time, adding a new card could lower your credit utilization ratio — which is a good thing. As you pay down your balance transfer and reduce your debt, you should notice a rise in your credit score over time.
Now if you’re simply transferring a balance from one credit card to an existing one, you won’t notice any initial change in your credit score. But as you pay down the debt, and improve your credit utilization, your credit score will likely rise if you haven’t taken on any major debts in the meantime.
Other ways to ensure your credit score moves in the right direction:
- Make payments early or on-time to avoid late payments
- Pay more than the minimum amount due each month
- Request a credit line increase
- Don’t close old credit cards, as this decreases your available credit and lowers your length of credit history
Is a balance transfer a good idea?
When deciding whether or not to do a balance transfer, consider the following questions:
- Do you have a balance transfer offer on an existing credit card?
- If not, are you willing to apply for a new credit card?
- Do you have good-to-exceptional credit (a 670 to 850 FICO Score)?
- How much can you afford to pay each month toward your debt?
- Can you pay it off before the promotional period ends?
- Are you willing to pay a balance transfer fee of 3% to 5%?
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% APR period ends, doing a balance transfer could be a good way to get out of debt faster than you would otherwise.
On-time payments are essential as a single late payment can trigger a penalty APR. This is an interest rate that you pay as a penalty for being late or missing a payment, and it’s generally higher than the regular APR (you can find your specific card’s penalty APR in its terms and conditions). Once this takes effect, it may be impossible to go back to a 0% APR.
It’s also important to have a plan for your next steps if you’re unable to pay off your balance by the end of the intro period. If it’s a small amount that you can pay off within a few months, then the amount of interest you’ll pay will be small and likely not be worth initiating a transfer. But if you still have a significant amount of debt and are able to open another balance transfer card, this may be the best option.
Tips for a successful balance transfer
To make sure you get the most value out of your balance transfer, take the following steps:
- Calculate how much you’ll pay if your card charges a balance transfer fee.
- Know when your 0% intro APR will end and what the regular APR will be.
- Request your transfer promptly — there will likely be a limited time to take advantage of the intro APR.
- Budget a monthly payment that will cover the full balance within the intro period.
- Avoid using your card for new purchases until your transfer is paid off.
Frequently asked questions about balance transfers
No, balance transfers aren’t bad when you use them strategically. When you’re able to move a credit card balance to a card with 0% APR and pay it off before the intro period ends, you can save yourself hundreds or thousands of dollars. A balance transfer may be a bad idea, however, if it tempts you to spend more and stay in debt.
Yes, you can do multiple balance transfers to the same credit card as long as you have enough available credit. Note, if your card charges a balance transfer fee, you’ll have to pay a fee for each balance transfer.
Yes, you can get a credit card to pay off debt if you’re approved by the issuer. Some people use balance transfer cards to pay off high interest debt as a strategy for becoming debt free. Do remember that your credit score will be a significant determining factor in whether or not you are approved for a card.
Many balance transfer credit cards charge a 3% to 5% balance transfer fee. There are cards with no balance transfer fee — though they’re less common and may require credit union membership to be obtained. They also typically come with shorter 0% intro APR periods, so you should be prepared to pay down your balance quickly.
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, it means that 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. Once the intro APR ends, though, you’ll start accruing interest at the regular APR on any balance that remains.
Any credit card that offers an introductory balance transfer APR can be considered a balance transfer credit card. The best balance transfer credit cards are typically ones with longer 0% balance transfer APR periods, usually lasting 15 to 21 months.
The information related to the Navy Federal Platinum Credit Card, Discover it® Balance Transfer and U.S. Bank Business Platinum Card has been independently 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.