Each bank offers cards with unique features, perks, and balance transfer offer periods of varying lengths and scopes. There are also balance transfer fees and conditions in the fine print to be aware of before signing up.
Fortunately, balance transfer offers can be worth the trouble — even after accounting for these fees. When you can avoid credit card interest on credit card debt for up to 21 months, you can save thousands of dollars in interest.
To help you search for the right credit cards with no balance transfer fee, we compiled a list of the top balance transfer cards available.
Earn 3% cash back on up to $6,000/year spent at U.S. supermarkets (then 1%), 3% cash back on up to $6,000/year at U.S. gas stations (then 1%), 3% cash back on up to $6,000/year on U.S. online retail purchases (then 1%), and 1% cash back on all other eligible purchases. Cash back is received in the form of Reward Dollars that can be redeemed as a statement credit or at Amazon.com checkout.
Balance Transfer Info & More
For a no-annual-fee option, the reward rate on this card is pretty solid, but for heavy spenders, other cards may offer more value.
Enjoy 6.5% cash back on travel purchased through Chase Travel℠, 4.5% cash back on drugstore purchases and dining at restaurants, including takeout and eligible delivery services, and 3% on all other purchases (on up to $20,000 spent in the first year). After your first year or $20,000 spent, enjoy 5% cash back on travel purchased through Chase Travel℠, 3% cash back on drugstore purchases and dining at restaurants, including takeout and eligible delivery service, and 1.5% cash back on all other purchases.
Earn unlimited 3% cash back on dining, entertainment, popular streaming services and at grocery stores (excluding superstores like Walmart® and Target®), plus 1% back on all other purchases. Earn 8% cash back on Capital One Entertainment purchases when you book through the Capital One Entertainment portal. Earn 5% back on hotels and rental cars booked through Capital One Travel.
Balance Transfer Info & More
The cash-back categories and welcome bonus are pretty solid, especially for a card without an annual fee.
This card doesn’t earn any rewards.
Balance Transfer Info & More
This card’s main appeal is its long 0% APR offer, but it doesn’t give much past that point.
Earn 6% cash back on up to $6,000 spent at U.S. supermarkets each year (then 1% back), 6% cash back on select U.S. streaming services, 3% cash back at U.S. gas stations and on transit, and 1% cash back on other eligible purchases. Cash back is received in the form of Reward Dollars that can be redeemed as a statement credit or at Amazon.com checkout.
Balance Transfer Info & More
Although this card has an annual fee, most families will be able to easily get enough value out of the everyday categories to make it worth it.
Earn 1.5% cash back on all purchases and 5% back on hotels and rental cars booked through the Capital One Travel platform.
Balance Transfer Info & More
This is a solid, straightforward cash-back card for people who don’t want to pay an annual fee or activate categories, but other cards may earn more.
Earn unlimited 1.25X miles on all purchases and 5X miles on hotels and rental cars booked through Capital One Travel.
Balance Transfer Info & More
If you don’t travel a lot, this may be a good option, but unless you’re 100% set on getting a travel card without an annual fee, you’ll likely find more value elsewhere.
Simply put, a balance transfer is where you move the balance remaining on one credit card to another. People often do this when their current credit card’s interest rate is hindering their ability to pay off their debt, so they transfer their balance to a card with a 0% balance transfer offer. Doing so gives them more time to pay off their debt before the new card’s interest sets in.
Consider this example:
John has a balance of $4,000 on a credit card with a 19% APR and wants to pay it off in 18 months.
If he keeps his debt on the 19% interest card, he’ll have to pay roughly $258 per month and will accrue an additional $628 in interest, for a total of $4,628 paid ($4,000 + $628 = $4,628).
If John transferred the balance to a balance transfer card with 0% interest for 18 months and a 5% balance transfer fee, he’ll pay $200 upfront for making the transfer (5% of $4,000 = $200), making his new debt $4,200 ($4,000 + $200 = $4,200). John won’t need to pay any interest so all of his payments will go toward that $4,200 debt.
If he pays the same $258 per month he was paying before, he’ll finish paying off his debt in 17 months with no interest charges, saving $428 overall ($4,200 vs. $4,628).
Most balance transfer credit cards, although they have a long 0% APR period, also charge upfront balance transfer fees, usually between 3% and 5% of the balance transferred.
Although the example above shows the potential savings with a balance transfer card, it’s not always the right solution for paying off debt. If you plan on paying off your debt in a short time, a balance transfer fee could end up costing you more than your initial interest rate would have.
For example, in the scenario above:
As we have now established, if you have debt on a credit card with a high interest rate, it may make sense to move that balance to a credit card with a low balance transfer interest rate.
Here are the steps to follow to do a balance transfer:
Before deciding to transfer your credit card balance to another card, find out what your current interest rate is and calculate what your interest payments will be if you were to keep paying off your balance with your current credit card. This will help you to decide if a balance transfer card is worth it.
Compare credit cards to find a card that offers a balance transfer promotional period, ideally one with 0% APR on balance transfers for several months. Check the terms and conditions to see if there are minimum requirements or hidden fees associated. Some cards require you to make the balance transfer within the first few weeks of having the card. Some cards also prohibit balance transfers between two of their cards, so it’s often best to find a card from a different issuer.
Once you have been approved for the balance transfer credit card, you can request the balance transfer. You’ll be asked to give the account number and the balance amount on the card that you want to transfer the debt from. Sometimes this can be initiated from your account online or through the mobile app, but you may need to call the issuer’s customer service number.
Balance transfers can take several weeks or even a month to be fully transferred. Therefore, it’s important to keep making payments to your old card until the transfer is complete. This way you can avoid any late fees or a negative impact on your credit score while you wait.
Now that the balance transfer is complete, calculate how much you need to pay each month to be able to pay off your balance before the end of your promotional APR period. Make sure to keep up with payments. If you make a late payment, this can be grounds for the card issuer to end your promotional APR early.
If your old card doesn’t charge an annual fee, it’s usually best to keep the account open. Closing a credit card account could damage your credit score. Read more about why closing a credit card may hurt your credit.
There are many reasons to pick up a balance transfer credit card, and these factors can vary from person to person. Consider the following reasons you may want to pick a card with an intro APR for balance transfers over other options.
There are many factors to think about when deciding on a balance transfer credit card. Consider the following elements when making your choice:
Depending on your credit score, you may or may not qualify for some of the best balance transfer credit cards. Learn how to check your credit score if you don’t already know it offhand.
How much time do you need, realistically, to pay off your debt? Does a balance transfer card make sense to meet your goals?
Look at the intro APR offer, minimum and maximum transfer limits, balance transfer fees, regular APR, annual fees, and other costs you may potentially incur.
Most of the time, you cannot transfer a balance from one card to another from the same issuing bank, so it’s usually best to get one from a different issuer. Applying for credit cards can temporarily ding your credit score, so avoid applying for more than you need.
Sometimes, the only real value a balance transfer credit card can offer is a long intro APR period, especially on cards designed specifically for balance transfers, such as the Wells Fargo Reflect. Other times, cards like the Blue Cash Preferred Card from American Express offer value past when the introductory period ends. Although the latter has a shorter 0% APR period, it also holds greater long-term value, with generous rewards on everyday purchases. Consider whether you want a card with long-term value or if you’re only looking for one to pay off your debt.
Although a card with a 0% APR on balance transfers that also offers rewards may seem like a no-brainer, it’s not the best idea for everyone. Rewards credit cards also tend to have valuable sign-up bonuses that require you to spend a certain amount in a set time to earn a reward. Even though that sounds like a great thing, it can easily lead you further and further into debt, especially if you’re already having a hard time paying off your existing balance. In this case, it may be smarter to either get a card without an alluring sign-up offer or to pass on earning the bonus if the card you choose has one.
To find the best balance transfer cards, we looked at factors such as introductory interest rates, the length of intro APR offers, balance transfer fees, transaction fees, and rewards (cards with gas rewards, grocery rewards, etc.) We also looked at credit limit minimums, creditor rules, fine print, third-party cardholder perks like travel insurance, credit card balance requirements, and other factors. Ultimately, we chose cards that can offer you the most value.
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For rates and fees of the Blue Cash Everyday® Card from American Express, please visit this page.
For rates and fees of the Blue Cash Preferred® Card from American Express, please visit this page.
Currently, the Wells Fargo Reflect card has one of the longest intro APR offers in the industry.
A balance transfer takes place when you move debt from one or more credit cards to a new balance transfer credit card, usually to save money on interest and fees.
Balance transfers will not hurt your credit score, but applying for a new credit card results in a hard inquiry that temporarily dings your credit score. Performing a balance transfer with an existing credit card will have no impact.
Balance transfers can be a good idea if you have a goal in mind and you are disciplined enough to focus on becoming debt-free. To get the most out of a balance transfer, you should strive to pay off as much of your credit card balance as you can as quickly as you can. In the meantime, stop using credit cards so you don’t rack up any more credit card debt.
It is possible to get a balance transfer credit card with bad credit, but it isn’t always recommended. Balance transfer cards can help you to save money and stop the cycle of debt with their 0% introductory APR and potentially lower interest rates.
If you have a plan on how to pay off your balance, a balance transfer card may be helpful. However, if you aren’t serious about repayment, you’re simply moving your debt from one place to another.
Balance transfer cards can give you extra time to pay off your debt before interest sets in, but the introductory period doesn’t last forever. When the offer ends, you’ll start accruing interest on your remaining balance, at your card’s ongoing APR.
Typically, balance transfers take about 2 weeks to fully complete. Here’s the average time you can expect to wait, based on the credit card issuer:
If you’ve been waiting for longer than a few weeks, your transfer is likely delayed for some reason. In that case, it’s best to contact the credit card company to find out what’s keeping the transfer from going through.
No, you can choose how much of your balance you would like to transfer, whether all of it or only part of it.
“Request held” means that the issuer will hold your transfer request until they can confirm that you have enough credit available to you on your new card. If you try to transfer more than your credit limit allows, the issuer will deny your request.
Balance transfer fees are typically 3% to 5% of the amount transferred, which works out to between $30 and $50 on a $1,000 balance.
If your balance transfer offer is about to end and you still have debt, you have a few options.
Holly D. Johnson is an award-winning personal finance writer who covers topics like insurance, investing, credit and family finance. As a leading voice in the travel and loyalty space, Johnson has traveled with her family to more than 50 countries over the last decade.
The author has also written extensively on the power of household budgeting, and she even co-authored a book on the topic. Zero Down Your Debt: Reclaim Your Income and Build a Life You’ll Love was originally published in 2017, and it teaches families how to use zero-sum budgeting to reach their financial goals. She is also the co-owner and founder of the family finance and travel website, ClubThrifty.com.
Johnson’s 10+ years of writing have focused on helping families make important financial decisions at each stage of their lives. The author also applies the financial principles she teaches to her own life, and she is currently on track to retire in her late 40’s with her partner. She currently lives in Central Indiana with her husband and children, and she is a regular contributor for Bankrate, CNN, Forbes, U.S. News and World Report Travel and many other notable publications.
* Opinions expressed here are those of LA Times Compare and have not been reviewed or approved by any advertiser or entities included within this content. See our editorial policy for more details.
All products or services are presented in this content without warranty. The information, including card details such as rates and fees, is accurate at the time of publication. Please visit each bank's website directly for the most current information.
