Pay off your credit card debt faster with one of the best balance transfer credit cards in 2024
Published 2:39 PM EDT, Wed July 3, 2024
A balance transfer credit card can be an excellent tool for saving money on interest charges and taking control of your credit card debt. But before applying, consider how long the promotional period is and whether there is a balance transfer fee.
The best balance transfer cards come with no annual fee and are typically reserved for those with good credit or better. You also shouldn’t expect them to come with premium rewards and perks. Instead, they should give you the ability to pay off a balance interest-free.
Our team of experts reviewed dozens of balance transfer credit cards, considering various factors including fees, benefits and the length of the 0% introductory period. Using a data-based approach, we narrowed down the list to the top nine credit cards that scored highly based on our weightings. Read our full methodology below.
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Wells Fargo Reflect? Card: Best balance transfer credit card
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Bank of America? Travel Rewards credit card: *Best welcome bonus and long intro APR
The information for the Bank of America? Travel Rewards credit card has been collected independently by CNN Underscored. The card details on this page have not been reviewed or provided by the card issuer.
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Chase Slate Edge?: *Best for building credit
The information for the Chase Slate Edge? has been collected independently by CNN Underscored. The card details on this page have not been reviewed or provided by the card issuer.
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Capital One VentureOne Rewards Credit Card: Best for flexible travel rewards
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U.S. Bank Visa? Platinum Card: *Best no-frills card with cell phone protection
The information for the U.S. Bank Visa? Platinum Card has been collected independently by CNN Underscored. The card details on this page have not been reviewed or provided by the card issuer.
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BankAmericard? credit card: *Best with an extra-long intro APR and overdraft protection
The information for the BankAmericard? credit card has been collected independently by CNN Underscored. The card details on this page have not been reviewed or provided by the card issuer.
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Citi Simplicity? Card: *Best with no late fees
The information for the Citi Simplicity? Card has been collected independently by CNN Underscored. The card details on this page have not been reviewed or provided by the card issuer.
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Citi Double Cash? Card: *Best for earning Citi points
The information for the Citi Double Cash? Card has been collected independently by CNN Underscored. The card details on this page have not been reviewed or provided by the card issuer.
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Bank of America? Travel Rewards credit card for Students: *Best for students
The information for the Bank of America? Travel Rewards credit card for Students has been collected independently by CNN Underscored. The card details on this page have not been reviewed or provided by the card issuer.
Wells Fargo Reflect? Card
The CNN Underscored Money editorial team has developed a star rating so you can see the best card for specific categories. While we believe this card excels in this category, its overall star rating may differ.
Bank of America® Travel Rewards credit card
*The information for the Bank of America® Travel Rewards credit card has been collected independently by CNN Underscored. The card details on this page have not been reviewed or provided by the card issuer.
The CNN Underscored Money editorial team has developed a star rating so you can see the best card for specific categories. While we believe this card excels in this category, its overall star rating may differ.
Chase Slate Edge?
*The information for the Chase Slate Edge? has been collected independently by CNN Underscored. The card details on this page have not been reviewed or provided by the card issuer.
The CNN Underscored Money editorial team has developed a star rating so you can see the best card for specific categories. While we believe this card excels in this category, its overall star rating may differ.
Capital One VentureOne Rewards Credit Card
The CNN Underscored Money editorial team has developed a star rating so you can see the best card for specific categories. While we believe this card excels in this category, its overall star rating may differ.
U.S. Bank Visa? Platinum Card
*The information for the U.S. Bank Visa? Platinum Card has been collected independently by CNN Underscored. The card details on this page have not been reviewed or provided by the card issuer.
The CNN Underscored Money editorial team has developed a star rating so you can see the best card for specific categories. While we believe this card excels in this category, its overall star rating may differ.
BankAmericard® credit card
*The information for the BankAmericard® credit card has been collected independently by CNN Underscored. The card details on this page have not been reviewed or provided by the card issuer.
The CNN Underscored Money editorial team has developed a star rating so you can see the best card for specific categories. While we believe this card excels in this category, its overall star rating may differ.
Citi Simplicity? Card
*The information for the Citi Simplicity? Card has been collected independently by CNN Underscored. The card details on this page have not been reviewed or provided by the card issuer.
The CNN Underscored Money editorial team has developed a star rating so you can see the best card for specific categories. While we believe this card excels in this category, its overall star rating may differ.
Citi Double Cash? Card
*The information for the Citi Double Cash? Card has been collected independently by CNN Underscored. The card details on this page have not been reviewed or provided by the card issuer.
The CNN Underscored Money editorial team has developed a star rating so you can see the best card for specific categories. While we believe this card excels in this category, its overall star rating may differ.
Bank of America® Travel Rewards credit card for Students
*The information for the Bank of America® Travel Rewards credit card for Students has been collected independently by CNN Underscored. The card details on this page have not been reviewed or provided by the card issuer.
The CNN Underscored Money editorial team has developed a star rating so you can see the best card for specific categories. While we believe this card excels in this category, its overall star rating may differ.
Our picks at a glance
| ? | Annual fee | Intro APR/duration | Best for |
|---|---|---|---|
Wells Fargo Reflect? Card
| $0
| 0% intro APR for 21 months from account opening on purchases and qualifying balance transfers (17.74%, 24.24%, or 29.49% variable APR thereafter). Balance transfers made within 120 days from account opening qualify for the introductory rate, and a balance transfer of 5%, (minimum $5) applies.
| Balance transfers
|
Bank of America® Travel Rewards credit card
*
The information for the Bank of America® Travel Rewards credit card has been collected independently by CNN Underscored. The card details on this page have not been reviewed or provided by the card issuer.
| $0
| 0% introductory APR for 15 billing cycles for purchases, and for any balance transfers made in the first 60 days (after the intro APR offer ends, an 19.24% - 29.24% variable APR will apply)
| Welcome bonus and long intro APR
|
Chase Slate Edge?
*
The information for the Chase Slate Edge? has been collected independently by CNN Underscored. The card details on this page have not been reviewed or provided by the card issuer.
| $0
| 0% intro APR for 18 months from account opening on purchases and balance transfers. A variable APR of 20.49% - 29.24% on balance transfers and purchases after the introductory period ends
| Building credit
|
Capital One VentureOne Rewards Credit Card
| $0
| 0% intro APR for 15 months on purchases and balance transfers (then a 19.99% - 29.99% variable APR)
| Flexible travel rewards
|
U.S. Bank Visa? Platinum Card
*
The information for the U.S. Bank Visa? Platinum Card has been collected independently by CNN Underscored. The card details on this page have not been reviewed or provided by the card issuer.
| $0
| 0% intro APR on purchases and balance transfers for 21 billing cycles, followed by a variable APR of 18.74% - 29.74%. A balance transfer fee of either 3% or $5 applies, whichever is greater
| No-frills with cell phone protection
|
BankAmericard® credit card
*
The information for the BankAmericard® credit card has been collected independently by CNN Underscored. The card details on this page have not been reviewed or provided by the card issuer.
| $0
| 0% intro APR for 18 billing cycles for purchases, and for any balance transfers made in the first 60 days of opening your account; after the intro APR offer ends, a variable APR that's currently 16.24% - 26.24% will apply
| Extra-long intro APR and overdraft protection
|
Citi Simplicity? Card
*
The information for the Citi Simplicity? Card has been collected independently by CNN Underscored. The card details on this page have not been reviewed or provided by the card issuer.
| $0
| 0% intro APR for 21 months on balance transfers from the date of the first transfer and 0% Intro APR for 12 months on purchases from the date of account opening. After that the variable APR will be 19.24% - 29.99%, based on your creditworthiness. Balance transfers must be completed within four months of account opening
| No late fees
|
Citi Double Cash? Card
*
The information for the Citi Double Cash? Card has been collected independently by CNN Underscored. The card details on this page have not been reviewed or provided by the card issuer.
| $0
| 0% intro APR for 18 months on balance transfers intro APR for 18 months on balance transfers (followed by a 19.24% - 29.24% Variable variable APR)
| Earning Citi points
|
Bank of America® Travel Rewards credit card for Students
*
The information for the Bank of America® Travel Rewards credit card for Students has been collected independently by CNN Underscored. The card details on this page have not been reviewed or provided by the card issuer.
| $0
| 0% introductory APR for 15 billing cycles on purchases and balance transfers made within 60 days of opening the account. After that, a standard APR of 19.24% - 29.24% variable on purchases and balance transfers will apply. A 3% fee applies to all balance transfers for 60 days from account opening, then 4%
| Students
|
Is a balance transfer credit card right for you?
A balance transfer credit card may be right for you if:
- You need to pay off high-interest debt. A balance transfer card can save you money by offering a low or 0% introductory annual percentage rate (APR) on transferred balances.
- You have a clear debt payoff plan. Commit to making on-time payments on the new balance transfer card and pay off the debt within the promotional period to avoid paying interest.
- You have a good credit score. You’re less likely to be approved for the best balance transfer offers if you have subpar credit scores.
- You’ll still save after paying the balance transfer fee. Factor in the balance transfer fee when assessing potential savings. These fees usually run from 3% to 5% of the transferred amount.
- You’ll avoid taking on new debt. Have a plan in place to ensure you won’t accumulate new debt on the old card after transferring the balance.
What are balance transfer credit cards?
Balance transfer credit cards are cards that offer low or 0% introductory annual percentage rates (APRs). They are primarily for those looking to pay off high-interest debt, because the main benefit is savings on interest charges. By transferring a high-interest balance to a balance transfer card, you can make payments that will go toward reducing the principal balance rather than paying for interest charges.
The regular APR will apply after the promotional period, so be sure to have a clear debt repayment plan.
Understanding balance transfer fees
Credit cards generally charge a fee for each balance transfer you complete. That fee will often be 3% or 5% of the transferred balance. For example, if you transferred a $3,000 balance to a card with a 3% balance transfer fee, you would owe an additional $90.
That fee will likely pay for itself and then some. For example, say you can put $250 per month toward your $3,000 balance. With a 20% APR, you’d need 14 months to pay the card off, and you’d accrue $375 in interest. With a 0% APR, you’d pay off the $3,000 in 12 months and only have to cover the balance transfer fee.
How balance transfers work
To make a balance transfer, you’ll move existing balance(s) from one or multiple cards to a new card, following these steps:
- Select your balance transfer credit card. You can sometimes transfer a balance to a card you already have, but you’ll likely save more by opening a new card with a 0% APR offer. Consider the terms of offers from existing issuers, including fees and interest rates, as they may or may not be as favorable as opening a new balance transfer credit card.
- Transfer existing balances. This usually requires the cardholder to provide the account numbers and amounts to transfer from the old cards to the new one. The balance transfer fee, typically 3% to 5% of the transferred amount, is added to your new card’s balance.
- Use the promotional APR window. During the promotional period, you won’t accrue interest charges, allowing you to pay down the principal amount more easily. Make sure you don’t miss a payment, as this could cause you to lose the introductory APR.
- Pay the regular APR after the promotional period. The card’s regular APR will apply to any balances still due once the introductory period ends. This rate will be higher, so ideally you will pay off your debt in full before the end of the promotional period.
Benefits of a balance transfer credit card
The benefits of the best balance transfer credit cards include:
- 0% interest rate: These cards offer a 0% APR (or low APR) promotional period on balance transfers, allowing cardholders to save on interest charges.
- Principal paydown: Payments made during the promotional period go toward the principal balance, not interest. Card holders can pay off debt more quickly because they’re not constantly battling compounding interest.
- Debt consolidation: Transferring eligible debt to a single balance transfer credit card will simplify your finances, making it easier to manage your debt while lowering overall costs.
Limitations of balance transfer credit cards
The limitations of balance transfer credit cards include:
- Balance transfer fees: These cards usually come with balance transfer fees, usually 3% to 5% of the transferred amount, which will add to your debt.
- Potentially high regular APR: The introductory 0% APR period on the best balance transfer cards lasts 15 to 21 months, after which a higher regular APR applies. That could be costly if you don’t clear your debt within the introductory period.
- Credit score requirements: You’re more likely to get approved for a balance transfer card if you have good or excellent credit.
- Limited rewards: Balance transfer cards often have fewer rewards and benefits than other credit cards. You’re not likely to see a balance transfer card listed as one of the top travel rewards credit cards.
How to choose the best balance transfer credit card for you
First, understand that your credit score will significantly affect your eligibility for a balance transfer credit card. The higher your score, the more likely you are to get approved, and the better terms you’ll likely get.
Next, consider the duration of each card’s low or no-interest introductory period. Whatever the duration, ensure you can pay off the transferred balance before the end of the promotional period. You’ll face a higher interest rate once the promotional period expires.
Also, determine whether you also want a promotional APR on purchases. If you’re exploring balance transfer cards to eliminate existing debt, prioritize the promotional period for balance transfers over the purchase APR.
Finally, evaluate rewards programs, taking into account your financial goals and spending habits. Do you want to earn cash back, points or miles? Are you looking for a card with travel or purchase protections? Some balance transfer cards offer perks beyond the zero-interest promotional periods, so these aspects are worth consideration.
How to apply for a balance transfer credit card
Applying for a balance transfer credit card can be done online, over the phone or, in some cases, in-branch. In any case, you will provide personal and financial information.
Regardless of how you apply, approval decisions are sometimes made instantaneously, or you may have to wait longer for a decision. Some issuers also offer credit card preapproval, which can help you understand your position before you officially apply.
Alternatives to balance transfer credit cards
Balance transfer credit cards are a useful tool for some, but other solutions can be a better fit for others, including consumers who don’t qualify for balance transfer cards.
Someone with inconsistent income may struggle to pay off transferred debt within a balance transfer card’s promotional period. Borrowers who don’t have the discipline to avoid accumulating debt on a new credit card should also look elsewhere, as this could worsen their financial situation.
Here are alternatives to balance transfer credit cards to consider:
- Debt consolidation loans: These combine multiple debts into a single, lower-interest loan, which can simplify debt repayment and reduce overall interest costs.
- Debt payoff plans: Two debt payoff strategies are the avalanche and snowball methods. With the avalanche method, you prioritize paying off the highest-interest debts first to minimize overall interest costs. In contrast, the snowball method involves tackling the smallest debts first to build momentum and enthusiasm for paying off your debt.
- Debt management plans: If you need professional assistance paying off your debt, consider using a nonprofit credit counseling agency to create a debt management plan. These counselors can help negotiate lower interest rates with creditors, consolidate payments and provide guidance on budgeting.
- Home equity loans or home equity lines of credit (HELOCs): Homeowners may be able to access their home’s equity through a lower-interest line of credit or loan to pay off high-interest debt. Make sure you understand the risks associated with using your home as collateral.
- Bankruptcy: Filing for bankruptcy may make sense in cases where the debt is extreme and overwhelming. Consult with a bankruptcy attorney, as it’s a complex process that will negatively impact your credit long-term.
Methodology
Our money and data analytics teams evaluated credit cards that come with balance transfer offers. From there, we narrowed down our list of the best credit cards for balance transfers by giving them a star rating out of five, based on the following factors and our editorial judgment:
Pricing and fees (45%)
When you’re working to pay off credit card debt, cards with lower costs will help you save as much as possible. Cards with lower APRs and lower annual, balance transfer and foreign transaction fees received a boost.
0% intro period length (40%)
Many cards offer a 0% introductory period on balance transfers, but the length of those periods can vary. Longer intro periods mean more time to pay off your transferred balance with no interest.
Benefits (15%)
Cards that offered benefits such as purchase protection and travel insurance received a boost.
What didn’t make the cut
While the cards listed below offer certain advantages, they didn't make it on our list of the best balance transfer credit card offers. Here’s why:
- Capital One Quicksilver Cash Rewards Credit Card: This card is a decent choice with a 0% intro APR for 15 months on purchases and balance transfers (then a 19.99% - 29.99% Variable APR) and no foreign transaction fees. However, the Capital One VentureOne outshines it with more versatile rewards and redemption options.
- Capital One SavorOne Cash Rewards Credit Card: Similar to the Capital One Quicksilver Cash Rewards Credit Card, the Capital One SavorOne Cash Rewards Credit Card offers a 0% intro APR on purchases and balance transfers for 15 months; 19.99% - 29.99% variable APR after that; 3% fee on the amounts transferred within the first 15 months and doesn't charge foreign transaction fees. But for those seeking flexible rewards, the Capital One VentureOne is a better option.
- Bank of America® Customized Cash Rewards credit card * The information for the Bank of America® Customized Cash Rewards credit card has been collected independently by CNN Underscored. The card details on this page have not been reviewed or provided by the card issuer. : We appreciate the card's customization options and 0% introductory APR for 15 billing cycles on purchases and any balance transfers made in the first 60 days (then an 19.24% - 29.24% variable APR). But the Bank of America Travel Rewards has a higher welcome offer and no foreign transaction fees, making it a more attractive choice.
Frequently asked questions (FAQs)
A balance transfer can have mixed effects on your credit score at first. When you apply for and open a balance transfer card, your score might take a slight hit due to the hard inquiry made by the card issuer. If you close your old credit card account after transferring the balance, that can also harm your credit scores. On the other hand, if you make consistent, on-time payments on the new card and methodically pay down your debt, it may lower your credit utilization ratio and raise your credit scores over time (all else being equal).
Yes, you can pay off one credit card with another through a balance transfer. Typically, balance transfer cards offer promotional low or 0% APRs on the amount transferred, so doing this is a way to save on interest if you use the card responsibly.
After a balance transfer, the balance on your old credit card will be reduced by the amount you transferred to your new card. Unless you request otherwise, your old card will remain open. If you decide to keep your old card open, continue to make payments, as needed, to avoid interest charges and unexpected fees. Keeping the old account open can help your credit, especially if it’s an account you’ve had for a long time. But if it carries high fees, closing it may make more sense.
No, you typically cannot do a balance transfer with the same bank. For example, you can’t move the balance from one Chase card to another Chase card. While this option might benefit you as a consumer, it doesn’t make sense for a bank to allow it, as they’d be losing out on the interest payments over the long run.
Yes, you can do a partial balance transfer from one credit card to another, assuming the cards aren’t from the same issuer. A partial balance transfer involves leaving some of your balance on the original card and can make sense if the credit limit on your new balance transfer card is lower than the balance you’re carrying on the old card.
All information about Bank of America® Customized Cash Rewards credit card, Bank of America® Travel Rewards credit card, Bank of America® Travel Rewards credit card for Students, BankAmericard® credit card, Chase Slate Edge?, Citi Double Cash? Card, Citi Simplicity? Card and U.S. Bank Visa? Platinum Card has been collected independently by CNN Underscored.
Editorial Disclaimer: Opinions expressed here are the author's alone, not those of any bank, credit card issuer, airlines, hotel chain, or other commercial entity and have not been reviewed, approved or otherwise endorsed by any of such entities.
This content is for educational purposes only and is not intended and should not be understood to constitute financial, investment, insurance or legal advice. All individuals are encouraged to seek advice from a qualified financial professional before making any financial, insurance or investment decisions.
Note: While the offers mentioned above are accurate at the time of publication, they're subject to change at any time and may have changed or may no longer be available.
