We’ve all been there: you’ve been making monthly payments to your credit card, but your balance never seems to budge. That’s the power of credit card interest working against you. But what if you could pause that interest and actually start chipping away at the debt? That’s where a balance transfer credit card can help out. Let’s break down the 8 best balance transfer credit cards on the market and explore how you can use them to your advantage.
Explore MoneyLion’s marketplace of credit cards that help you transfer a balance, hit pause on interest, and pay down your debt easy.
8 Balance transfer credit cards
We’ve broken the best balance transfer credit cards based on what the card is most valuable for:
- Best for a long 0% intro period: Wells Fargo Reflect
- Best for everyday spending: Chase Freedom Unlimited
- Best for intro rewards: Bank of America Unlimited Cash Rewards
- Best for low fees: Citi Simplicity Credit Card
- Best for fair credit: Citi Double Cash Credit Card
- Best for a low ongoing APR: Chase Slate Edge Credit Card
- Best for high rewards and a long intro period: Discover it Cash Back Credit Card
- Best for cash back: Capital One Savor Cash Rewards
1. Best for a long 0% intro period: Wells Fargo Reflect Visa Card
The Wells Fargo Reflect® Card is likely your best bet if you’re looking for a balance transfer credit card that pauses your credit card interest for as long as possible.
This card offers a 0% intro annual percentage rate or APR for 21 months on balance transfers, giving you just under 2 interest-free years to chip away at your balance. The best part? This 21-month 0% intro period applies to both balance transfers and purchases. So you won’t need to worry about any daily purchases collecting interest (at least not for 21 months).
Just be sure to transfer your balance within 120 days of opening your account to qualify for this rate.
| Credit score needed: 690-850 (good to excellent) | Purchases intro APR: 0% for 21 months |
| Intro bonus: None | Cash advance fee: $10 or 5%, whichever is higher |
| Annual fee: None | Balance transfer fee: $5 or 5%, whichever is higher |
| Regular APR: 17.24% to 28.99% | Foreign transaction fee: 3% |
2. Best for everyday spending: Chase Freedom Unlimited Credit Card
Looking for a balance transfer credit card that doubles as a great daily swiper? The Chase Freedom Unlimited® Credit Card is a great option.
This card offers a 0% intro APR on both balance transfers and payments for 15 months, which is impressive by itself. On top of that, you’ll enjoy 3% cash back on dining and drugstores, plus 1.5% cash back on all other purchases. You’ll also get tons of included protections like auto rental insurance, travel and emergency assistance, trip interruption insurance, and more, all with no annual fee.
| Credit score needed: 690-850 (good to excellent) | Purchases intro APR: 0% for 15 months |
| Intro bonus: Earn $200 when you spend $500 in the first 3 months of opening your account. | Cash advance fee: $10 or 5%, whichever is higher |
| Annual fee: None | Balance transfer fee: $5 or 3% of the transfer (whichever is higher) for the first 60 days. After that, $5 or 5% of the transfer. |
| Regular APR: 18.99% to 28.49% | Foreign transaction fee: 3% |
3. Best for intro rewards: Bank of America Unlimited Cash Rewards
If you want a balance transfer card that also offers great intro rewards, then you’ll want to check out the Bank of America® Unlimited Cash Rewards. This card offers a 0% intro APR for 15 months for balance transfers and purchases. Plus, earn unlimited 2% cash back on all purchases in the first year, then 1.5%.
It’s usually best to avoid spending with a balance transfer credit card, at least until you’ve paid off your balance. But if you plan on making purchases, then this card can help maximize your cash back rewards.
| Credit score needed: 690-850 (good to excellent) | Purchases intro APR: 0% for 15 months |
| Intro bonus: Earn $200 when you spend $1,000 within 90 days of opening your account. Plus, unlimited 2% cash back on all purchases for the first year. | Cash advance fee: 4% for direct deposit and check cash advances, 5% for everything else |
| Annual fee: None | Balance transfer fee: 3% of each transfer for 60 days, then 4% |
| Regular APR: 18.24% to 28.24% | Foreign transaction fee: 3% |
4. Best for low fees: Citi Simplicity Credit Card
High fees can eat away at the value of a balance transfer credit card, which is what makes the Citi Simplicity® Credit Card so attractive.
This card offers a 0% intro APR on balance transfers for 21 months and 12 months on new purchases. It’s also got no annual fee, no late fees, no penalty APR, and an intro balance transfer fee of 3% for the first 4 months after opening your account.
| Credit score needed: 690-850 (good to excellent) | Purchases intro APR: 0% for 12 months |
| Intro bonus: None | Cash advance fee: $10 or 5%, whichever is higher |
| Annual fee: None | Balance transfer fee: $5 or 3% of the transfer (whichever is higher) for the first 4 months. After that, $5 or 5% of the transfer. |
| Regular APR: 18.24% to 28.99% | Foreign transaction fee: 3% |
5. Best for fair credit: Citi Double Cash Credit Card
Most balance transfer credit cards require good or better credit for approval, but not the Citi Double® Cash Card.
This card is usually attainable with a fair credit score and offers a 0% intro APR on balance transfers for 18 months. Plus, as the card’s name implies, you’ll earn 2% cash back on all new purchases: 1% when you swipe and 1% when you pay it back.
| Credit score needed: 630-850 (fair to excellent) | Purchases intro APR: 0% for 18 months |
| Intro bonus: Earn $200 when you spend $1,500 in 6 months of opening your account. | Cash advance fee: $10 or 5%, whichever is higher |
| Annual fee: None | Balance transfer fee: $5 or 3% of the transfer (whichever is higher) for the first 4 months. After that, $5 or 5% of the transfer |
| Regular APR: 18.24% to 28.24% | Foreign transaction fee: 3% |
6. Best for a low ongoing APR: Chase Slate Edge Credit Card
The Chase Slate Edge® Credit Card offers an intro APR of 0% for 18 months after opening your account. But it’s got another unique selling point: it’ll lower your APR by 2% if you make on-time payments and spend at least $1,000 with your card in the first year.
This APR-reduction perk makes the Chase Slate Edge a great option for people who want to keep the low-interest vibes going even after the intro period ends.
| Credit score needed: 690-850 (good to excellent) | Purchases intro APR: 0% for 18 months |
| Intro bonus: None | Cash advance fee: $10 or 5%, whichever is higher |
| Annual fee: None | Balance transfer fee: $5 or 3% of the transfer (whichever is higher) for the first 60 days. After that, $5 or 5% of the transfer |
| Regular APR: 18.99% to 28.99% | Foreign transaction fee: 3% |
7. Best for high rewards and a long intro period: Discover it Cash Back Credit Card
The Discover it® Cash Back Credit Card offers the best of both worlds: a generous rewards program and a lengthy low-interest balance transfer period.
This card offers a 0% intro APR for 18 months on balance transfers and 6 months on new purchases. You’ll also earn an impressive 5% cash back in rotating categories on up to $1,500 in spending each quarter, plus 1% on all other purchases. You just have to activate your 5X spending category once every 3 months.
| Credit score needed: 690-850 (good to excellent) | Purchases intro APR: 0% for 6 months |
| Intro bonus: Discover matches the cash back you earn in your first year (no limit) | Cash advance fee: $10 or 5%, whichever is higher |
| Annual fee: None | Balance transfer fee: 3% for the intro period, then 5% |
| Regular APR: 18.24% to 27.24% | Foreign transaction fee: None |
8. Best for cash back: Capital One Savor Cash Rewards
Looking for a quality balance transfer card that also puts cash back in your pocket? The Capital One® Savor Cash Rewards might be the card for you.
This card offers 0% intro APR for 15 months on both balance transfer and purchases. If you use it to make purchases, then you can also earn unlimited 3% cash back on groceries, dining, entertainment, and streaming. Plus, 1% cash back on all other purchases.
Capital One also offers a handful of other perks like travel accident insurance, a 24/7 concierge service, and more, all with no annual fee.
| Credit score needed: 690-850 (good to excellent) | Purchases intro APR: 0% for 15 months |
| Intro bonus: Earn $200 when you spend $500 within 3 months of opening your account | Cash advance fee: $5 for 5%, whichever is higher |
| Annual fee: None | Balance transfer fee: 3% for the first 15 months, then 4% |
| Regular APR: 19.24% to 29.24% | Foreign transaction fee: None |
How to choose the best balance transfer credit card: Key terms to know
The terms & conditions on a credit card can be long, boring, and loaded with confusing terms. Here’s a quick refresher on the key terms that you need to know to help you choose the best balance transfer card:
👉 Intro APR period: A promotional period offered by credit card companies where a lower interest rate (usually 0%) is applied to balance transfers, new purchases, or both. APR stands for Annual Percentage Rate and is the yearly interest rate plus any fees you pay when you borrow money.
👉 Balance transfer fee: A one-time fee that you usually have to pay to transfer a balance from one card to another. This fee is usually 3% to 5% of the transferred amount, so it’s important to make sure that you’ll save more in interest than you’ll pay to transfer your balance.
👉 Regular APR: The interest rate that you’ll pay once the promotional intro period ends.
👉 Annual fee: A fee that some credit cards charge to own the card. Some cards charge annual fees as high as $100-$200, while others don’t charge one at all. It’s important to double-check your card’s fees before signing up to make sure that the card’s value outweighs its cost.
👉 Credit requirements: The criteria that a credit card company requires to extend approval. Common credit requirements include your credit score, income, and past credit history. If your credit is still in the rebuilding phase, look for cards that are designed for fair or poor credit. Or, check out MoneyLion’s Credit Builder Plus membership designed to help build credit.
👉 Transfer window: The time period after opening a card when you can transfer your balance and qualify for the intro APR. Miss this window, and you could end up paying the regular rate instead, so it’s important to act quickly after opening your balance transfer card.
👉 Card issuer restrictions: Some issuers limit how many cards you can open with them in a certain time frame or won’t approve you if you already have a card from the same family. These rules vary depending on the credit card company.
How to use a balance transfer credit card
Ready to get started with a zero-interest balance transfer card? Amazing! Here’s how to use one:
- Find a card that fits your goals: Research all of the different credit cards for balance transfers and find the one that fits your financial goals, whether that’s a long 0% intro APR period, low fees, or great rewards. Make sure you meet the credit score requirements before applying to avoid unnecessary hits to your credit.
- Apply and get approved: Once you’ve found the right card, submit your application and wait for approval. If approved, you’ll receive your credit limit, which determines how much money you’ll be able to transfer.
- Transfer your existing balance: You can usually initiate your balance transfer online, but you may need to call the credit card provider. Be sure to act quickly and take advantage while you’re still within the 0% intro APR promotional window (typically the first 60–120 days after opening an account).
- Establish a payoff plan: Divide your total transferred balance by the number of months in the intro period to create a monthly payment goal. This will help you pay off the balance in full before interest starts back up.
- Stick to your plan and avoid new purchases: It’s generally best to avoid using your card for new purchases so you can focus on paying down your balance. Stick to your payment plan, make on-time payments, and monitor your credit score as it could improve as your balance decreases.
Balance Transfer Credit Card: Press Pause on Interest
Opening a balance transfer credit card can feel a bit risky. After all, a credit card is what got you into debt in the first place. Is opening another one really a good idea? Yes, as long as the balance can be paid off before accruing interest and you do not accumulate additional debt.
A balance transfer credit card lets you press pause on your interest, giving you some much-needed breathing room and helping you actually chip away at your debt.
FAQs
What are the best balance transfer credit cards?
The best credit card to transfer a balance usually offers a long 0% intro APR period along with other perks like low balance transfer fees, no annual fee, or a strong rewards program.
Are balance transfers worth it?
Yes, if you’re carrying high-interest debt and can pay it down during the 0% intro period, then a balance transfer credit card is worth considering. Just be sure that the amount you’ll save in interest outweighs any transfer fees.
When should I not do a balance transfer?
You should avoid a balance transfer if the transfer fee is higher than the amount you expect to save in interest. For example, you wouldn’t want to pay a $500 balance transfer fee, just to save $300 in interest while you pay down your balance.
Do balance transfers hurt credit score?
A balance transfer can sometimes cause a slight dip in your score if there’s a hard inquiry on your credit. However, your score should recover – and could improve – over the long run if you make on-time payments and lower your credit utilization by paying down your outstanding balance.
