Pay off your credit card debt faster with one of the best balance transfer credit cards in June 2024 (2024)

A balance transfer credit card can be an excellent tool for saving money on interest charges and taking control of your credit card debt. But before applying, consider how long the promotional period is and whether there is a balance transfer fee. And be aware that the best balance transfer cards come with no annual fee and are typically reserved for those with good credit.
Lorem ipsum
In this comprehensive guide to the best balance transfer credit cards, we’ll explain why balance transfer credit cards are useful and walk you through the key factors to consider so you can choose the right card for you.

Is a balance transfer credit card right for you?

A balance transfer credit card may be right for you if:

• You need to pay off high-interest debt. A balance transfer card can save you money by offering a low or 0% introductory APR on transferred balances.
• You have a clear debt payoff plan. Commit to making on-time payments on the new balance transfer card and pay off the debt within the promotional period to avoid paying interest.
• You have a good credit score. You’re less likely to be approved for the best balance transfer offers if you have subpar credit scores.
• You’ll still save after paying the balance transfer fee. Factor in the balance transfer fee when assessing potential savings. These fees usually run from 3% to 5% of the transferred amount.
• You’ll avoid taking on new debt. Have a plan in place to ensure you won’t accumulate new debt on the old card after transferring the balance.

What are balance transfer credit cards?

Balance transfer credit cards are cards that offer low or 0% introductory annual percentage rates (APRs). They are primarily for those looking to pay off high-interest debt, because the main benefit is savings on interest charges. By transferring a high-interest balance to a balance transfer card, you can make payments that will go toward reducing the principal balance rather than paying for interest charges.

The regular APR will apply after the promotional period, so be sure to have a clear debt repayment plan.

Understanding balance transfer fees

Credit cards generally charge a fee for each balance transfer you complete. That fee will often be 3% or 5% of the transferred balance. For example, if you transferred a $3,000 balance to a card with a 3% balance transfer fee, you would owe an additional $90.

That fee will likely pay for itself and then some. For example, say you can put $250 per month toward your $3,000 balance. With a 20% APR, you’d need 14 months to pay the card off, and you’d accrue $375 in interest. With a 0% APR, you’d pay off the $3,000 in 12 months and only have to cover the balance transfer fee.

How balance transfers work

To make a balance transfer, you’ll move existing balance(s) from one or multiple cards to a new card.

Here’s a step-by-step overview of how balance transfers work:

1. Open a new balance transfer credit card. While you can transfer a balance to a card without a promotional APR, you’ll save more money by opening a new card with a 0% APR offer. You first need to apply and be approved for a balance transfer credit card. Occasionally, you may receive balance transfer offers from your existing credit card issuers. These offers might come via online promotions or balance transfer checks. Consider the terms of such offers, including fees and interest rates, as they may or may not be as favorable as opening a new balance transfer credit card.
2. Transfer existing balances. This usually requires the cardholder to provide the account numbers and amounts to transfer from the old cards to the new one. The balance transfer fee, typically 3% to 5% of the transferred amount, is added to your new card’s balance.
3. Use the 0% APR window. During the 0% APR period, you won’t accrue interest charges, allowing you to pay down the principal amount owed more easily. Make sure you don’t miss a payment, as this could cause you to lose the introductory APR.
4. Pay the regular APR after the promotional period. The card’s regular APR will apply to any balances still due once the introductory period ends. This rate will be higher than the 0% APR, so ideally you will pay off your debt in full before the end of the promotional period.

Benefits of a balance transfer credit card

Balance transfer credit cards offer several benefits that can help cardholders manage and reduce credit card debt.

The benefits of a balance transfer credit card include:

• 0% interest rate: These cards offer a 0% APR (or low APR) promotional period on balance transfers, allowing cardholders to save on interest charges. By reducing the overall cost of the debt, these offers make it easier for cardholders to pay down their balances.
• Principal paydown: Payments made during the promotional period go toward the principal balance, not interest. Cardholders can pay off debt more quickly because they’re not constantly battling compounding interest.
• Debt consolidation: Transferring eligible debt to a single balance transfer credit card will simplify your finances, making it easier to manage your debt while lowering overall costs.

Limitations of balance transfer credit cards

The limitations of balance transfer credit cards include:

• Balance transfer fees: These cards usually come with balance transfer fees, usually 3% to 5% of the transferred amount, which will add to your debt.
• Potentially high regular APR: The introductory 0% APR period on the best balance transfer cards lasts 15 to 21 months, after which a higher regular APR applies. That could be costly if you don’t clear your debt within the introductory period.
• Credit score requirements: You’re more likely to get approved for a balance transfer card if you have good or excellent credit.
• Limited rewards: Balance transfer cards often have fewer rewards and benefits than other credit cards. You’re not likely to see a balance transfer card listed as one of the top travel rewards credit cards.

How to choose the best balance transfer credit card for you

First, understand that your credit score will significantly affect your eligibility for a balance transfer credit card. The higher your score, the more likely you are to get approved, and the better terms you’ll likely get.

Next, consider the duration of each card’s low or no-interest introductory period. Whatever the duration, ensure you can pay off the transferred balance before the end of the promotional period by creating a solid plan. You’ll face a higher interest rate once the promotional period expires.

Also, determine whether you also want a promotional APR on purchases. If you’re exploring balance transfer cards to eliminate existing debt, prioritize the promotional period for balance transfers over the purchase APR.

Finally, evaluate rewards programs, taking into account your financial goals and spending habits. Do you want to earn cash back, points or miles? Are you looking for a card with travel or purchase protections? Some balance transfer cards offer perks beyond the zero-interest promotional periods, so these aspects are worth consideration.

How to apply for a balance transfer credit card

Applying for a balance transfer credit card can be done online, over the phone or, in some cases, in-branch. In any case, you will provide personal and financial information.

Regardless of how you apply, approval decisions are sometimes made instantaneously, or you may have to wait longer for a decision. Some issuers also offer credit card preapproval, which can help you understand your position before you officially apply.

Alternatives to balance transfer credit cards

While balance transfer credit cards are a useful tool for some, there may be better solutions for others, including consumers who don’t qualify for balance transfer credit cards.

For example, it may be difficult for someone with inconsistent income to pay off any transferred debt within a balance transfer card’s promotional period. Also consider whether you have the discipline to avoid accumulating new debt on a new credit card, as this could worsen your financial situation. Lastly, if you have debt from personal loans, medical bills or other sources besides credit cards, debt consolidation loans or debt management plans may make more sense.

Here are alternatives to balance transfer credit cards to consider:

• Debt consolidation loans: These combine multiple debts into a single, lower-interest loan, which can simplify your debt repayment and reduce your overall interest costs.
• Debt payoff plans: Creating a structured plan for paying down your debt can help ensure your success. Two debt payoff strategies are the avalanche and snowball methods. With the avalanche method, you prioritize paying off the highest interest debts first to minimize overall interest costs. In contrast, the snowball method involves tackling the smallest debts first to build momentum and enthusiasm for paying off your debt.
• Debt management plans: If you need professional assistance paying off your debt, consider using a nonprofit credit counseling agency to create a debt management plan. These counselors can help negotiate lower interest rates with creditors, consolidate payments and provide guidance on budgeting.
• Home equity loans or lines of credit: Homeowners may be able to access their home’s equity through a lower-interest line of credit or loan to pay off high-interest debt. However, make sure you understand the risks associated with using your home as collateral.
• Bankruptcy: Filing for bankruptcy may make sense in cases where the debt is extreme and overwhelming. Consult with a bankruptcy attorney, as it’s a complex process that will negatively impact your credit long-term.

Methodology

Our money and data analytics teams evaluated credit cards that come with balance transfer offers. From there, we narrowed down our list of the best credit cards for balance transfers by giving them a star rating out of five, based on the following factors and our editorial judgment:

Pricing and fees (45%)

When you’re working to pay off credit card debt, cards with lower costs will help you save as much as possible. Cards with lower APRs and lower annual, balance transfer and foreign transaction fees received a boost.

0% intro period length (40%)

Many cards offer a 0% introductory period on balance transfers, but the length of those periods can vary. Longer intro periods mean more time to pay off your transferred balance with no interest.

Benefits (15%)

Cards that offered benefits such as purchase protection and travel insurance received a boost.

What didn’t make the cut

While the cards listed below offer certain advantages, they didn’t make it on our list of the best balance transfer credit card offers. Here’s why:

• State Farm Good Neighbor Visa® Card*The information for the State Farm Good Neighbor Visa® Card has been collected independently by CNN Underscored. The card details on this page have not been reviewed or provided by the card issuer. : While it boasts a 0% introductory APR for the first 18 billing cycles on purchases and balance transfers (then a 19.24% - 29.24% variable APR), its appeal is somewhat niche. The card’s benefits cater primarily to those who are already State Farm customers.
• Capital One Quicksilver Cash Rewards Credit Card*The information for the Capital One Quicksilver Cash Rewards Credit Card has been collected independently by CNN Underscored. The card details on this page have not been reviewed or provided by the card issuer. : (terms apply, see rates and fees) This card is a decent choice with a 0% intro APR for 15 months on purchases and balance transfers (then a 19.99% - 29.99% Variable APR) and no foreign transaction fees. However, the Capital One VentureOne Rewards Credit Card*The information for the Capital One VentureOne Rewards Credit Card has been collected independently by CNN Underscored. The card details on this page have not been reviewed or provided by the card issuer. outshines it with more versatile rewards and redemption options.
• Capital One SavorOne Cash Rewards for Good Credit*The information for the Capital One SavorOne Cash Rewards for Good Credit has been collected independently by CNN Underscored. The card details on this page have not been reviewed or provided by the card issuer. : (terms apply, see rates and fees) Similar to the Capital One Quicksilver Cash Rewards Credit Card*The information for the Capital One Quicksilver Cash Rewards Credit Card has been collected independently by CNN Underscored. The card details on this page have not been reviewed or provided by the card issuer. , the SavorOne offers a 0% intro APR for on purchases and balance transfers (then a 29.99% (Variable) APR) and doesn’t charge foreign transaction fees. But for those seeking flexible rewards, the Capital One VentureOne Rewards Credit Card*The information for the Capital One VentureOne Rewards Credit Card has been collected independently by CNN Underscored. The card details on this page have not been reviewed or provided by the card issuer. is a better option.
• Bank of America® Customized Cash Rewards credit card*The information for the Bank of America® Customized Cash Rewards credit card has been collected independently by CNN Underscored. The card details on this page have not been reviewed or provided by the card issuer. : We appreciate the card’s customization options and 0% intro APR for the first 15 billing cycles for purchases and for any balance transfers made within the first 60 days of opening the account (then an 19.24% - 29.24% Variable APR on purchases and balance transfers APR). But the Bank of America® Travel Rewards credit card has a higher welcome offer and no foreign transaction fees, making it a more attractive choice.
• Chase Freedom Flex℠*The information for the Chase Freedom Flex℠ has been collected independently by CNN Underscored. The card details on this page have not been reviewed or provided by the card issuer. : While it comes with a 0% intro APR for 15 months from account opening on purchases and balance transfers (then a 20.49% - 29.24% Variable APR) and rotating bonus categories, the similar Discover it® Balance Transfer*The information for the Discover it® Balance Transfer has been collected independently by CNN Underscored. The card details on this page have not been reviewed or provided by the card issuer. has an edge because of its first-year cash back match and no foreign transaction fees.

Frequently asked questions (FAQs)

To view rates and fees for The Capital One VentureOne Rewards Credit Card*The information for the Capital One VentureOne Rewards Credit Card has been collected independently by CNN Underscored. The card details on this page have not been reviewed or provided by the card issuer. please visit this page.

To view rates and fees for The Capital One Quicksilver Cash Rewards Credit Card*The information for the Capital One Quicksilver Cash Rewards Credit Card has been collected independently by CNN Underscored. The card details on this page have not been reviewed or provided by the card issuer. please visit this page.

To view rates and fees for The Capital One SavorOne Cash Rewards for Good Credit*The information for the Capital One SavorOne Cash Rewards for Good Credit has been collected independently by CNN Underscored. The card details on this page have not been reviewed or provided by the card issuer. please visit this page.

*The information for the following card(s) has been collected independently by CNN Underscored Money: Bank of America® Travel Rewards credit card*The information for the Bank of America® Travel Rewards credit card has been collected independently by CNN Underscored. The card details on this page have not been reviewed or provided by the card issuer. , Chase Slate Edge℠*The information for the Chase Slate Edge℠ has been collected independently by CNN Underscored. The card details on this page have not been reviewed or provided by the card issuer. , Capital One VentureOne Rewards Credit Card*The information for the Capital One VentureOne Rewards Credit Card has been collected independently by CNN Underscored. The card details on this page have not been reviewed or provided by the card issuer. , U.S. Bank Visa® Platinum Card*The information for the U.S. Bank Visa® Platinum Card has been collected independently by CNN Underscored. The card details on this page have not been reviewed or provided by the card issuer. , BankAmericard® credit card*The information for the BankAmericard® credit card has been collected independently by CNN Underscored. The card details on this page have not been reviewed or provided by the card issuer. , Citi Simplicity® Card*The information for the Citi Simplicity® Card has been collected independently by CNN Underscored. The card details on this page have not been reviewed or provided by the card issuer. , Discover it® Balance Transfer*The information for the Discover it® Balance Transfer has been collected independently by CNN Underscored. The card details on this page have not been reviewed or provided by the card issuer. , Bank of America® Customized Cash Rewards credit card*The information for the Bank of America® Customized Cash Rewards credit card has been collected independently by CNN Underscored. The card details on this page have not been reviewed or provided by the card issuer. , and Chase Freedom Flex℠*The information for the Chase Freedom Flex℠ has been collected independently by CNN Underscored. The card details on this page have not been reviewed or provided by the card issuer. . The card details on this page have not been reviewed or provided by the card issuer.