The 10 Best Balance Transfer Credit Cards of October 2022

Balance transfer credit cards give borrowers a second chance at paying down their debts without the threat of predatory interest.

You usually need a good or excellent credit score to apply for the best balance transfer credit cards — those with 0% intro APR and low balance transfer fees. If your credit score is strong enough, you may even be able to find a balance transfer card with rewards and other perks.

But where do you find balance transfers, and how do you know if they’re a good deal? To help, we’ve compiled a list of the 10 best balance transfer credit cards currently offered.

The Best Balance Transfer Credit Cards

• BankAmericard Credit Card: Best Balance Transfer Credit Card
• Bank of America Customized Cash Rewards Credit Card: Best Cash Back Rewards
• Wells Fargo Reflect Card: Best for Long 0% Intro APR
• Citi Double Cash Card: Best Incentive to Pay
• Citi Simplicity Card: Best for No late Fees
• Capital One Quicksilver Cash Rewards Credit Card: Best Travel Rewards
• Chase Freedom Unlimited: Best Bonus Program
• Wells Fargo Active Cash Card: Best Flat-Rate Rewards
• Chase Slate Edge: Best for Potential APR Reduction
• Citi Diamond Preferred Card: Best for Flexible Payment Date

What Is a Balance Transfer Credit Card?

A balance transfer credit card allows you to move outstanding debt from a high-interest account — usually another credit card —  onto the new, lower-interest card. While you’ll typically pay a fee for every balance transfer, it could be worth it if the interest rate on the balance transfer card is lower than your current credit card.

The best balance transfer cards offer a 0% introductory APR for a set number of months (12 to 21 is ideal). This means you can transfer the debt over for a one-time fee and then have a year or more to pay down that debt without racking up any more interest. If the interest rate on the old credit card is high, this could be well worth the cost — and might be your chance to pay off the debt entirely.

What Is a 0% Balance Transfer?

A 0% balance transfer refers to the introductory APR for a new balance transfer card. These cards charge 0% interest for a set number of months, called the introductory period, during which you can focus on paying off the outstanding balance that you’ve just transferred over from another card.

Not every credit card offers a 0% introductory APR for balance transfers. Some may charge no fees for balance transfers, but they’ll immediately start charging you interest. Others may charge a balance transfer fee and immediate interest. If you have a good or excellent credit score, you should be able to avoid such cards. But if you have bad credit, your options may be limited.

How Does a Balance Transfer Work?

Once you are approved for a balance transfer credit card, you will need to indicate which balances you plan to transfer. Have the account numbers handy for every balance you want to shift to your new card — and the amount you’d like to transfer, though it usually makes sense to move the full balance from a high-interest card to the new, lower-interest credit card, if you’re able.

If you get the green light, the new credit card issuer will pay off your outstanding balance on your old credit card, then transfer that debt to the new card. This process can take several weeks, so it’s important to keep up with your regularly scheduled payments on the old card for the time being, though you should stop using it before applying for the new card, if possible.

Most 0% balance transfer credit cards charge a fee for the service — usually between 3% and 5% per transfer. Don’t let the fee deter you: If you’re drowning in high-interest debt with another card, the one-time fee is likely to be significantly smaller than what you’ll pay over time if you keep your debt on the existing card.

Pros and Cons of a Balance Transfer

Balance transfer cards can be advantageous for consolidating and eliminating debt, but they’re not for everyone. Let’s weigh the pros and cons of balance transfers:

Pros

No interest: If you qualify for a 0% balance transfer, you won’t have to pay interest for a set number of months.

One monthly payment: If you consolidate multiple credit cards on a single balance transfer card, you’ll simplify your monthly payments.

Debt freedom: With no interest, you have an opportunity to eliminate your credit card debt entirely.

Better rewards: The best balance transfer credit cards may offer better cash back rewards and perks than your current card.

Cons

Balance transfer fees: Credit card issuers typically charge 3% to 5% per balance transfer.

Balance transfer APR: After the 0% intro APR period, any unpaid balance will be subject to the new card’s regular purchase APR.

Better options out there: While these cards offer a debt solution, other rewards credit cards usually offer better perks for responsible spending.

Credit requirements: The 0% balance transfer cards are often only available to good and excellent credit borrowers.

What to Look For in a Balance Transfer Card

At a minimum, the best balance transfer credit cards need to simplify your debt situation, empower you to pay off your debt and save you money in the long run. But what does that look like on paper?

These are the hallmarks of the very best balance transfer credit cards:

0% Intro APR

The No. 1 reason to open a balance transfer credit card is the 0% intro APR. If a credit card does not offer 0% intro APR for a set number of months, it is less likely to be worth the balance transfer fee. And remember, not all 0% intro APR promotions are created equal: Some may only last a handful of months while others can last nearly two years. On our list of the best balance transfer credit cards, you can find some options with a 0% intro APR period as long as 21 months.

Balance Transfer Fee

While the 0% intro APR may be tempting, you should brace yourself for balance transfer fees on every balance you port over to the new card. These typically range from 3% to 5% and have some kind of minimum fee (often $5 or $10 per transfer). If you are transferring a huge amount of debt, this can add up; for example, transferring $10,000 at a 5% fee would cost $500. If you’ve got a lot of debt to move, prioritize a card with a lower balance transfer fee. (Note that, just because you want to move $10,000 doesn’t mean you’ll be approved for that much; balance transfer card issuers may limit how much debt you can port over.)

Some credit cards may boast no balance transfer fees, but they typically don’t offer a 0% intro APR, meaning you’ll immediately start paying interest. Thus, while it may seem counterintuitive, the best balance transfer credit cards typically charge some kind of balance transfer fee.

Annual Fee

If you’re transferring debt over to a new credit card, chances are you’ve been burned by credit card fees in the past — late fees, foreign transaction fees and annual fees alike. As you work to get out of debt, your goal should be to reduce your fees. After all, any money spent on annual fees is money that you can’t use to pay down your debt during your 0% intro APR period. The best balance transfer credit cards do not charge annual fees.

Rewards and Perks

The primary goals of a balance transfer card are getting rid of predatory credit card interest and then paying off the outstanding debt, but it’s good to think about the long term. Once you’ve paid off the outstanding balance, is the balance transfer credit card one that you’d want to continue to use? While the card may not have all the perks of the best travel credit cards and best cash back credit cards, it may offer at least some benefits. If your credit score is in decent shape, look for a balance transfer card that offers perks like:

• Points or cash back that you can redeem as gift cards, travel credits or statement credits
• Streaming discounts, extended warranties on purchases and/or cell phone protection
• Travel perks like free checked bags or trip insurance

Credit Score Requirement

Not everyone can qualify for a 0% balance transfer credit card. Usually, credit card issuers require good to excellent credit scores (670 and higher). While there are balance transfer cards available to people with lower credit scores, they likely won’t have a 0% intro APR promotion. You’ll need to consider carefully if the new card’s lower APR makes the one-time balance transfer fee worth the cost.

Credit Card Issuer

Typically, you can’t transfer debt from a high-interest card to a balance transfer card issued by the same bank. For example, if you have a high-interest Citi credit card, you shouldn’t look at Citi balance transfer credit cards as the solution. Some banks and credit unions may be open to letting you do balance transfers internally, but you should always get a clear answer before applying for a balance transfer credit card.

Local banks and credit unions may offer great deals on balance transfer credit cards. For example, Oregon-based First Tech Federal Credit Union offers a balance transfer card with a 12-month 0% intro APR and no balance transfer fee. Unfortunately, the card requires credit credit union membership.

Alternatives to a Balance Transfer

If you can’t qualify for a 0% balance transfer credit card, you may want to avoid balance transfers entirely. Usually, this strategy is only effective if you qualify for the 0% intro APR.

So what should you do if you can’t get a 0% balance transfer card? Here are some other options:

Make Bigger Payments on Your Current Card

It’s not the best advice, but sometimes you’ve just got to keep on keepin’ on. Though the high interest rate of your current credit card may make progress slow, you can start making larger monthly payments on the card to see some progress. Making the minimum payment each month helps you avoid late fees, but it’s just digging you a deeper hole in terms of credit card debt. Whatever you do, stop spending with this credit card. Adding more to your outstanding balance can only hurt your situation.

Ask for a Lower Rate

If you’ve put in the work to improve your credit score, the card issuer may be amenable to lowering your rate, especially if you threaten to transfer the debt elsewhere. (They want to keep making money off you, after all.) The credit card issuer is under no obligation to lower your interest rate, but it never hurts to ask. They may reduce your variable APR or transfer your outstanding balance to a different, lower-interest card under their umbrella.

Take Out a Personal Loan

Balance transfer cards fight debt with more debt — but a better kind of debt. As it turns out, a balance transfer card is just one way to do that. Depending on your credit score, you may also qualify for a personal loan at a lower interest rate than your current credit card. If so, you can take out the loan (usually funded within a few days if approved) and then pay off the credit card debt with the money. Going forward, you’ll be paying off the personal loan instead of the credit card. Some banks and credit unions even have debt consolidation loans, a type of personal loan designed for this very purpose.

Frequently Asked Questions (FAQs) About Balance Transfer Cards

When you’re facing a high interest rate on a credit card with a balance, a balance transfer card may seem like the ticket. Still, you’ve got questions and we’ve found the answers.

Contributor Timothy Moore is a writer and editor in Cincinnati who covers banks, loans, insurance, travel and automotive topics for The Penny Hoarder.

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