Credit card interest rates are typically in the double digits, so carrying a balance on your credit card is likely costing you a lot. But one way to get that debt under control is to choose the right card.
Considering Americans carry an average balance of $5,313, there's a lot of room to save money with a balance transfer credit card. These cards offer no interest on balance transfers for a set period of time — at least six months and up to 21 months. During the introductory 0% APR period, you can pay off debt without paying costly interest charges.
We analyzed 101 popular balance transfer cards using an average American's annual spending budget and credit card debt and dug into each card's perks and drawbacks to find the best of the best based on your consumer habits. We factored in each card's transfer fee, the length of the 0% interest period and any interest you'd pay once the intro period ends. But the more you pay each month, the faster you'll pay off the balance you've transferred, and ideally, you could pay off the debt in full before the higher interest rates kick in.
Below, CNBC Select rounds up some of the best balance transfer credit cards and summarizes what you need to know about using a balance transfer card.
Best balance transfer credit cards
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Intro 0% APR for 21 months
Wells Fargo Reflect® Card
Rewards
None
Welcome bonus
None
Annual fee
$0
Intro APR
0% intro APR for 21 months from account opening on purchases and qualifying balance transfers. 17.99% - 29.99% variable APR thereafter.
Regular APR
17.99% - 29.99% variable APR on purchases and balance transfers
Balance transfer fee
Balance transfers fee of 5%, min $5.
Foreign transaction fee
3%
Credit needed
Excellent/Good
See rates and fees and our methodology, terms apply.
Pros
- No annual fee
- Long introductory APR period 21 months on purchases and qualifying balance transfers
- Access to Visa Signature Concierge
- Get up to $600 cell phone protection (subject to a $25 deductible)
- Access to My Wells Fargo Deals to earn cash back in the form of an account credit when shopping, dining
Cons
- No rewards
- No welcome bonus
- 3% fee charged on foreign transactions
Citi® Diamond Preferred® Card
Rewards
None
Welcome bonus
None
Annual fee
$0
Intro APR
0% for 21 months on balance transfers; 0% for 12 months on purchases
Regular APR
17.99% - 28.74% variable
Balance transfer fee
5% of each balance transfer; $5 minimum. Balance transfers must be completed within 4 months of account opening.
Foreign transaction fee
3%
Credit needed
Excellent/Good
See our methodology, terms apply.
Pros
- No annual fee
- Balances can be transferred within 4 months from account opening
- One of the longest intro periods for balance transfers
Cons
- 3% foreign transaction fee
Citi Simplicity® Card
Rewards
None
Welcome bonus
None
Annual fee
$0
Intro APR
0% for 21 months on balance transfers; 0% for 12 months on purchases
Regular APR
18.99% - 29.74% variable
Balance transfer fee
Introductory fee of 3% ($5 minimum) for transfers completed within the first 4 months of account opening, then up to 5% ($5 minimum).
Foreign transaction fee
3%
Credit needed
Excellent/Good
See our methodology, terms apply.
Pros
- No annual fee
- Balances can be transferred within 4 months from account opening
- One of the longest intro periods for balance transfers
Cons
- 3% foreign transaction fee
- No rewards program
BankAmericard® credit card
Rewards
This card doesn't offer cash back, miles or points.
Welcome bonus
No current offer
Annual fee
$0
Intro APR
0% Introductory APR for 21 billing cycles for purchases, and for any balance transfers made in the first 60 days.
Regular APR
15.49% to 25.49% variable APR on purchases and balance transfers
Balance transfer fee
3% of the amount of each transaction
Foreign transaction fee
3%
Credit needed
Excellent/Good
See our methodology, terms apply.
Pros
- No annual fee
- One of the longest intro periods
Cons
- 3% foreign transaction fee
- No rewards program
- Transfer timeline: Balances must be transferred within 60 days from account opening
- Estimated total fees and interest on debt repayment: $404
Intro 0% APR for 18 months
Citi® Double Cash Card
Rewards
2% cash back: 1% on all eligible purchases and an additional 1% after you pay your credit card bill
Welcome bonus
None
Annual fee
$0
Intro APR
0% for the first 18 months on balance transfers; N/A for purchases
Regular APR
18.99% - 28.99% variable
Balance transfer fee
For balance transfers completed within 4 months of account opening, an intro balance transfer fee of 3% of each transfer ($5 minimum) applies; after that, a balance transfer fee of 5% of each transfer ($5 minimum) applies
Foreign transaction fee
3%
Credit needed
Good/Excellent
See rates and fees. See our methodology, terms apply.
Pros
- 2% cash back on all eligible purchases
- Simple cash-back program that doesn't require activation or spending caps
- One of the longest intro periods for balance transfers at 18 months
Cons
- 3% fee charged on purchases made outside the U.S.
- Estimated rewards earned after 1 year: $443
- Estimated rewards earned after 5 years: $2,213
Discover it® Balance Transfer
Rewards
Earn 5% cash back on everyday purchases at different places each quarter like Amazon.com, grocery stores, restaurants, and gas stations, up to the quarterly maximum when you activate. Plus, earn unlimited 1% cash back on all other purchases - automatically.
Welcome bonus
Discover will automatically match all the cash back you've earned at the end of your first year.
Annual fee
$0
Intro APR
0% for 18 months on balance transfers; 0% for 6 months on purchases
Regular APR
16.74% - 27.74% Variable
Balance transfer fee
3% intro balance transfer fee, up to 5% fee on future balance transfers (see terms)*
Foreign transaction fee
None
Credit needed
Good/Excellent
*See rates and fees and our methodology, terms apply.
Pros
- Cash-back program
Cons
- Bonus categories must be activated each quarter
- Cash-back program limits 5% cash-back earnings to $1,500 a quarter
- Fee charged on balance transfers
- Transfer timeline: Balances must be transferred by a specific date, refer to your cardmember agreement for the exact date
Chase Slate Edge℠
Rewards
None
Welcome bonus
None
Annual fee
$0
Intro APR
0% for 18 months from account opening on purchases and balance transfers
Regular APR
19.74% - 28.49% variable
Balance transfer fee
Intro fee of either $5 or 3% of the amount of each transfer, whichever is greater, on transfers made within 60 days of account opening. After that, either $5 or 5% of the amount of each transfer, whichever is greater.
Foreign transaction fee
3%
Credit needed
Excellent/Good
See our methodology, terms apply.
Pros
- No annual fee
- Get an automatic, one-time review for a higher credit limit when you pay on time, and spend $500 in your first six months.
- Lower your interest rate by 2% each year: Automatically be considered for an APR reduction when you pay on time, and spend at least $1,000 on your card by your next account anniversary
Cons
- 3% foreign transaction fee
- No rewards program
U.S. Bank Visa® Platinum Card
Rewards
None
Welcome bonus
None
Annual fee
$0
Intro APR
0% for the first 18 billing cycles on balance transfers and purchases
Regular APR
19.49% - 29.49% (Variable)
Balance transfer fee
Either 3% of the amount of each transfer or $5 minimum, whichever is greater
Foreign transaction fee
2% to 3%
Credit needed
Excellent/Good
See rates and fees and our methodology, terms apply.
Pros
- No annual fee
- Cell phone protection plan
Cons
- No rewards program
- 2% to 3% foreign transaction fee
- Balances must be transferred within 60 days from account opening
Intro 0% APR for 15 months
Chase Freedom Unlimited®
Rewards
Enjoy 5% cash back on travel purchased through Chase Ultimate Rewards®, our premier rewards program that lets you redeem rewards for cash back, travel, gift cards and more; 3% cash back on drugstore purchases and dining at restaurants, including takeout and eligible delivery service, and 1.5% on all other purchases
Welcome bonus
Earn an extra 1.5% on everything you buy (on up to $20,000 spent in the first year) - worth up to $300 cash back. That's 6.5% on travel purchased through Chase Ultimate Rewards®, 4.5% on dining and drugstores, and 3% on all other purchases.
Annual fee
$0
Intro APR
0% for the first 15 months from account opening on purchases and balance transfers
Regular APR
19.74% - 28.49% variable
Balance transfer fee
Intro fee of either $5 or 3% of the amount of each transfer, whichever is greater, on transfers made within 60 days of account opening. After that, either $5 or 5% of the amount of each transfer, whichever is greater.
Foreign transaction fee
3% of each transaction in U.S. dollars
Credit needed
Excellent/Good
See our methodology, terms apply.
Pros
- No annual fee
- Rewards can be transferred to a Chase Ultimate Rewards card
- Generous welcome bonus
Cons
- 3% fee charged on foreign transactions
Chase Freedom Flex℠
Rewards
5% cash back on up to $1,500 in combined purchases in bonus categories each quarter you activate (then 1%), 5% cash back on travel booked through the Chase Ultimate Rewards®, 3% on drugstore purchases and on dining (including takeout and eligible delivery services), 1% cash back on all other purchases
Welcome bonus
$200 cash back after you spend $500 on purchases in your first three months from account opening
Annual fee
$0
Intro APR
0% for the first 15 months from account opening on purchases and balance transfers
Regular APR
19.74% - 28.49% variable
Balance transfer fee
Intro fee of either $5 or 3% of the amount of each transfer, whichever is greater, on transfers made within 60 days of account opening. After that, either $5 or 5% of the amount of each transfer, whichever is greater.
Foreign transaction fee
3%
Credit needed
Excellent/Good
See our methodology, terms apply. Information about the Chase Freedom Flex℠ has been collected independently by Select and has not been reviewed or provided by the issuer of the card prior to publication.
Pros
- No annual fee
- Generous welcome bonus
- Opportunity to earn up to 5% cash back in select categories upon activation
- Rewards can be transferred to a Chase Ultimate Rewards card
Cons
- Bonus categories must be activated each quarter
- 3% fee charged on foreign transactions
Wells Fargo Active Cash® Card
Rewards
Unlimited 2% cash rewards on purchases
Welcome bonus
Earn a $200 cash rewards bonus after spending $500 in purchases in the first 3 months
Annual fee
$0
Intro APR
0% intro APR for 15 months from account opening on purchases and qualifying balance transfers; balance transfers made within 120 days qualify for the intro rate
Regular APR
19.99%, 24.99%, or 29.99% variable APR on purchases and balance transfers
Balance transfer fee
Introductory fee of 3% for 120 days from account opening, then up to 5% ($5 minimum)
Foreign transaction fee
3%
Credit needed
Excellent/Good
See rates and fees and our methodology, terms apply.
Pros
- Unlimited cash rewards
- $200 cash rewards welcome bonus
- No annual fee
- Introductory APR period for first 15 months
- Access to Visa Signature Concierge
- Get up to $600 cell phone protection (subject to a $25 deductible)
Cons
- 3% fee charged on foreign transactions
How to use a balance transfer card
Before you take advantage of a balance transfer offer, there are some things you should keep in mind:
- Transfers can't be made between cards from the same bank. For example, if you have a Chase card, you can't transfer debt to another Chase card.
- You may incur a fee. Most of these cards charge a balance transfer fee. It's usually 3% to 5% of the amount you transfer. For example, transferring $5,000 with a 3% fee will cost you $150. This fee will post on the balance transfer card, rather than the original card.
- Most transfers need to be completed within 120 days from account opening. If you wait too long to make a transfer, you may miss out on the 0% APR period.
- There are limits on how much debt you can transfer. Card issuers typically limit the amount you can transfer to a percentage of your total credit limit or a specific dollar amount. And issuers also factor in the total cost of the balance transfer, which includes any balance transfer fees.
- Many balance transfer cards require good or excellent credit. If you have less than stellar credit, it can be difficult to qualify for a balance transfer card.
Balance transfer credit card FAQs
Select researched and found the most commonly asked questions about balance transfer credit cards from consumers.
Do balance transfers hurt your credit?
Applying for a new credit card will typically 'ding' your credit score (although the drop is usually small and temporary), but the balance transfer itself doesn't hurt your credit. However, if the balance transfer card has a low credit limit and you transfer over a high amount of debt, your credit utilization ratio will go up, which could hurt your credit score. You typically want to keep your credit utilization ratio under 30%.
Is it worth getting a balance transfer?
Balance transfers are good options for consolidating credit card debt. However, be sure to calculate how much it will cost to transfer the balance versus how much in interest fees you'll accrue by simply paying down the balance on your current credit card.
How do you qualify for a balance transfer?
Balance transfer credit cards are typically for consumers with good to excellent credit scores. If you're approved for a balance transfer offer, be sure to take advantage of it quickly as they are limited-time offers.
Find the best credit card for you by reviewing offers in our credit card marketplace or get personalized offers via CardMatch™.
Bottom line
Using a balance transfer credit card to consolidate and pay off credit card debt is a great strategy to save on interest charges. However, it also needs to be met by cutting back on credit card spending as doing this multiple times over isn't recommended.
Before you apply for a balance transfer credit card you may want to check your credit score using a credit monitoring service like Chase Credit Journey or CreditWise to make sure it's up to par.
Lastly, and more importantly, you'll want to have a budget set in place. Without a sturdy budget, you may find yourself digging deeper into credit card debt.
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Our methodology
To determine which credit cards offer the best balance transfer deals, Select analyzed 101 of the most popular credit cards that offer no interest on balance transfers issued by the biggest banks, financial companies and credit unions that allow anyone to join.
We compared each card on a range of features, including: annual fee, balance transfer fee, rewards program, introductory and standard APR, welcome bonuses and foreign transaction fees, as well as factors such as required credit and customer reviews when available.
For the cards that offered a rewards program, we also estimated how much cash back you might earn over a five-year period. Select teamed up with location intelligence firm Esri. The company's data development team provided the most up-to-date and comprehensive consumer spending data based on the 2019 Consumer Expenditure Surveys from the Bureau of Labor Statistics. You can read more about their methodology here.
Esri's data team created a sample annual budget of approximately $22,126 in retail spending. The budget includes six main categories: groceries ($5,174), gas ($2,218), dining out ($3,675), travel ($2,244), utilities ($4,862) and general purchases ($3,953). General purchases include items such as housekeeping supplies, clothing, personal care products, prescription drugs and vitamins, and other vehicle expenses.
Select used this budget to estimate how much the average consumer would save over the course of a year, two years and five years, assuming they would attempt to maximize their rewards potential by earning all welcome bonuses offered and using the card for all applicable purchases. All rewards total estimations are net of the annual fee.
It's important to note the value of a point or mile varies from card to card and based on how you redeem them. When we calculated the estimated returns, we assumed that cardholders are redeeming points/miles for a typical maximum value of 1 cent per point or mile. (Extreme optimizers might be able to achieve more value.)
When choosing the best balance transfer card, we focused on the card that provides consumers with the cheapest way to pay off their debt rather than the number of rewards they could potentially earn. When you're in credit card debt, your primary focus should be repayment. Earning rewards should be seen as a bonus, and you don't want to spend beyond your means in order to earn points.
The five-year rewards total and the interest rate and fees estimates are derived from a budget similar to the average American's spending and debt. You may earn a higher or lower return depending on your spending habits.
For rates and fees of the Discover it® Balance Transfer, click here.