If you do not pay off your credit card debt in full each month, interest will be levied at the credit card’s annual percentage rate or APR. You may be in debt, but knowing the best balance transfer credit cards will help you make wise decisions.
Interest charges can not only cost you a lot of money each month, but they can also wipe out whatever benefits you’ve earned with your card.
However, if you have credit card debt, there are options for getting out of it. Transferring the balance to a credit card with an introductory 0% APR period is one of the best options.
That means your credit card debt will not collect interest for a set period of time – often nine to 21 months, depending on the card. However, you must still pay the monthly minimum.
Credit cards with 0% introductory APR on balance transfers are specifically designed to assist you in eliminating existing credit card debt.
You can transfer the balance of one card to another and pay it off while no interest is being charged.
It’s worth noting that the top balance transfer credit cards have a balance transfer fee. It typically varies from 3% to 5% of the transferred debt, and while paying a fee is unpleasant, it is usually less expensive than continuing to pay high interest rates on another credit card.
Make sure you have a payment plan in place before transferring a balance. If you do not pay off the debt before the end of the promotional period, interest will be charged at the usual variable rate of the card.
Best Balance Transfers Credit Cards for August 2023
Check out our best selections for balance transfer credit cards.
BankAmericard® Credit Card
The BankAmericard® credit card boasts one of the most generous introductory APRs on both debt transfers and purchases.
To take advantage of the balance transfer offer, you must transfer your balance within 60 days of account establishment and pay a balance transfer charge of 3% of the transaction amount.
Wells Fargo Reflect® Card
The Wells Fargo Reflect® Card offers a 0% introductory APR on qualified balance transfers for 21 months from account activation (18.24%, 24.74%, or 29.99% variable APR thereafter).
To take advantage of this offer, you must transfer your balances to this card within 120 days of creating your account. However, it has one of the highest balance transfer fees at 5% ($5 minimum).
Wells Fargo Active Cash® Card
While the Wells Fargo Active Cash® Card does not have the longest balance transfer promotion on this list, it will be handy beyond the introductory APR offer.
Most balance transfer credit cards do not contain a welcome bonus or rewards program.
Transferring balances will not help you qualify for the welcome bonus, and you will not receive rewards for them.
However, if any of your credit limit remains available for purchases, you may be able to get the welcome bonus.
Citi® Double Cash Card
The Citi Double Cash rewards card has one of the longest balance transfer periods available on a rewards card. It’s also one of the best cash-back credit cards with no annual fee.
It provides 18 months to pay off a transferred sum at a 0% introductory rate (then variable 19.24% to 29.24%). Balance transfers must be made within four months of the account being opened.
Eighteen months is only three months short of the longest promotional term offered by other balance transfer cards, many of which offer no benefits and have limited value once a balance is paid off.
Citi® Diamond Preferred® Card
The Citi Diamond Preferred has one of the market’s longest balance transfer promotional periods, but it also has a higher-than-average balance transfer charge.
The normal balance transfer cost is 3%, whereas Diamond Preferred charges 5% ($5 minimum).
The majority of the other cards on this list have a 3% fee. Consider one of those first, unless you need extra time to pay off a balance.
It is worth noting, however, that even a 5% fee is usually less expensive than paying recurring interest charges on a credit card with a high APR.
U.S. Bank Visa® Platinum Card
The U.S. Bank Visa Platinum Card has one of the market’s longest introductory APR durations.
While a few cards offer slightly longer introductory APR terms, they sometimes charge greater balance transfer fees or otherwise complicate the transaction.
When it comes to conducting an inexpensive and convenient balance transfer, this is the best option.
Bank of America® Unlimited Cash Rewards Credit Card
The Bank of America® Unlimited Cash Rewards credit card* is one of the few rewards cards that offers a competitive balance transfer offer as well as a welcome bonus, although transferred balances will not help you access it.
The Unlimited Cash Rewards card features the regular 3% balance transfer fee and provides new cardholders with a good 15 billing cycles of 0% introductory APR to pay off transferred debt before the standard APR of 18.24% to 28.24% (variable) kicks in.
Balance transfers must be made within the first 60 days after opening the account.
While it may not have the most profitable rewards program, it does offer a reasonable period of time to pay off a balance, has no spending limits on the rewards rate, and offers a generous welcome bonus.
Bank of America® Customized Cash Rewards Credit Card
The Bank of America® Customized Cash Rewards credit card isn’t the first item that comes to mind when you think of debt transfers, but it does offer a competitive introductory balance transfer APR.
To qualify, you must make any transfers within 60 days of account establishment and pay a balance transfer charge of 3% of the amount of each transaction.
However, if you’re searching for a rewards card that allows you to pay off a transferred sum over time, you could do worse.
Chase Slate Edge℠
The Chase Slate EdgeSM includes an introductory APR that applies to balance transfers, and you’ll have a unique opportunity to reduce your regular APR over time.
Every anniversary year in which you spend at least $1,000 on your card and complete all of your payments on time, you will be automatically eligible for a 2% APR decrease.
This can be repeated until your APR equals the Prime Rate plus 9.74%.
If you believe you will need to keep your balance open for longer than the introductory APR period, the Chase Slate Edge is a solid option. More information may be found in our complete Chase Slate Edge review.
Citi Simplicity® Card
The Citi Simplicity Card* features one of the longest balance transfer periods available.
For the first four months, there is a 3% ($5 minimum) balance transfer fee, which subsequently increases to 5% ($5 minimum). There are no late fees or penalty APRs with this debt transfer card.
If you think you might skip a payment, Simplicity might save you up to $41, and you won’t lose the promotional APR.
You also have four months from the date you open the account to make a credit card balance transfer with the introductory APR.
Bank of America® Travel Rewards Credit Card
Consider the Bank of America® Travel Rewards credit card* if you need a travel credit card but also need to pay off some credit card debt.
It has no annual fee and gives you more time to pay off a transferred balance than some of the other reward-centric credit cards on this list.
While its intro APR on purchases may be best utilized to finance a planned trip, it might also be used for a balance transfer.
To qualify, you must make any transfers within 60 days of creating your account. Once you’ve paid off the bill, you’ll have an excellent travel credit card to use when traveling.
Pros and Cons of 0% Balance Transfer Credit Cards
There are numerous benefits to using a balance transfer card, but some negatives may cause you to consider other solutions.
When considering a balance transfer credit card, consider the following advantages and disadvantages.
- Save money: You can save money on interest payments by temporarily suspending interest on transferred debt.
- Improve credit utilization ratio: Debt reduction can increase your credit utilization ratio over time, which suggests you’re using less of your available credit and potentially enhancing your credit score.
- Reduce monthly payments: The interest-free period on your transferred debt may result in a lower monthly payment during the intro APR.
- Consolidate debts: If you have many cards with big balances, merging the debt onto one card can simplify your debt payment process.
- To qualify, you must have a good or exceptional credit score.
- After the introductory APR period expires, interest rates may rise.
- Limits on the amount of credit card debt that can be transferred
- Rewards and bonuses are less appealing on other credit cards.
According to a new Bankrate survey, more people than ever before are carrying credit card debt. Whatever the reason, the cards listed above are really helpful cards that you should consider using.
Frequently Asked Questions
Have credit card companies stopped offering balance transfers?
During the height of the Covid-19 outbreak, many banks and credit unions suspended or paused their balance transfer programs, as is customary during times of economic hardship.
Is there a best time of year to get a new credit card?
According to the increased percentage of new accounts opened, the ideal time of year to apply for a credit card is October through December.
Which credit cards accept balance transfers?
Bank of America® Customized Cash Rewards credit card, and Wells Fargo Reflect® Card.