The Best Balance Transfer Credit Cards With 0% APR : Save on Your Credit Card Balance

Think of it as a superhero for your finances, swooping in to save the day. Essentially, a balance transfer credit card lets you move your existing credit card debt to a new card, often with a lower interest rate or even a promotional 0% APR for a limited time. This means more of your hard-earned cash goes toward paying off the principal rather than just keeping up with those pesky interest payments.

But hold your horses—before you dive in headfirst, there are a few things to consider. It’s not all sunshine and rainbows; there are fees, terms, and a few tricks to keep in mind. So, grab a cup of coffee and let’s break down everything you need to know about balance transfer credit cards. Your wallet will thank you later! 

Evaluate MoneyGeek’s top credit cards for 0% balance transfers.

If you’re drowning in credit card debt and want to transfer a credit card balance, checking out MoneyGeek’s top picks for 0% balance transfers is a smart move. These cards usually allow you to transfer debt from one credit card to another without racking up interest for a while. Just keep in mind the balance transfer limit and how much you want to transfer; some cards might not let you transfer the full transfer amount. Plus, you might have to pay a balance transfer fee of around 3%, but even that can be worth it if you’re looking to save money on interest. If you find the best credit card for this, you can really save on interest over time. Just remember, applying for a new card could result in an inquiry on your credit report, depending on the credit card you choose. But hey, sometimes you gotta take that leap to get out of debt!

When you’re evaluating your options, consider how long the 0% intro period lasts. Some cards offer it for a year or more, while others may be shorter. If you can chip away at that debt from one credit card during that time, you can really make a difference. But be cautious with your spending; you don’t want to rack up new charges on that same card while you’re making purchases and qualifying balance transfers. A card with a lower interest rate for future purchases can also be a lifesaver after your balance transfer period ends. So, before you jump in and apply for a new card, make sure to read the fine print and see if you’re eligible for a balance transfer. It can be a game changer if you play your cards right!

How much money could you save with a 0% balance transfer?

If you’re drowning in high-interest credit card debt, a balance transfer offer could be your lifesaver. Imagine being able to transfer a balance from a high-interest credit card to a card with a 0% interest rate! You’d save a boatload of cash on money on interest that would’ve otherwise gone down the drain. Just think about the amount you transfer and the amount of each transfer—if you’re approved for a balance transfer, you could potentially pay off the balance faster. But watch out for that pesky balance transfer fee of 3% that some credit card companies charge, or it could eat into your savings. You’ll want to check your credit utilization as well—keeping it low is key. Using a balance transfer calculator helps you find the best deal. If you’re able to transfer your balance and keep those monthly payments manageable, you might just breeze through that high-interest credit card debt.

Before you dive into that balance transfer request, make sure you qualify for a balance transfer based on your credit score. If you’ve got good or excellent credit, you might snag some sweet balance transfer credit card offers. Just remember, applying for a new credit card can impact your credit utilization ratio, but if you’re transferring from one card to another, it might balance out. Just make sure you don’t hurt your credit in the process. Once you complete a balance transfer, monitor your available credit and stick to a budget. You’ll be amazed at how much you can save when you take advantage of a 0% offer!

A balance transfer card is basically a credit card that offers a sweet deal of 0 percent intro APR, and it could help you save a bunch of cash if you’ve got a hefty balance to pay down.

According to MoneyGeek’s latest info, the average credit card balance hit $6,501 in the third quarter of 2023. With the right balance transfer card, you could save yourself a ton while tackling that credit card debt.

Here’s how much you could save transferring $6,501 to a balance transfer card with an 18-month 0 percent intro APR offer — even with a 5 percent balance transfer fee — versus keeping it on a 20 percent APR credit card.

Your transfer limit is generally the same as or lower than your credit limit. So, if your credit limit is $5,000, most places will let you transfer that much. But keep in mind, your actual transfer amount will depend on your credit limit, what debts you’re looking to transfer, and the rules from the issuer you’re dealing with.

Expert advice on choosing a 0% balance transfer card

A balance transfer card is an effective tool to help you pay off debt, but you’ll want to consider key details before putting in an application. To help guide you in choosing a balance transfer credit card that fits your financial situation, consider

Check out how a MoneyGeek pro picked her balance transfer card!

When Seychelle Thomas from MoneyGeek picked a balance transfer card to tackle her debt, she really focused on one key thing: how long the 0% intro APR lasted on her transfer.

The only other advantages of the Diamond Preferred were the FICO score access and Citi Entertainment, but I didn’t find them valuable because I had other cards that offered similar features.

— Seychelle Thomas, Writer, Credit Cards

Estimate your balance transfer savings

If you’re trying to find out how much you’ll have to pay on your balance transfer card, check out this tool to help you calculate your total savings 

Alternatives to balance transfer credit cards

So, you’re looking for some alternatives to balance transfer credit cards? Well, if you’ve got a credit card account with a decent limit, you might want to check if you can transfer some of that debt. A balance transfer may involve a balance transfer fee of 3 percent on the amount of each transfer, but if you’re moving a hefty chunk of change, it could be worth it. Just make sure you’re not getting hit with a high interest rate on that card with a balance transfer option.

Also, keep an eye out for those cards that offer a card with a 0 percent intro APR. You can actually take advantage of a 0 APR period to really pay off credit card debt without racking up interest. If you have another credit card that’s burning a hole in your pocket, you may be able to transfer that debt over to help get your finances in check. It’s all about finding the best balance transfer card for your needs! 

Balance transfer cards can be a solid option for tackling debt, but they’re not the ultimate fix for everyone. If your credit isn’t great, you’re gearing up for a big purchase, or if you struggle with making payments on time, you might want to check out a debt consolidation loan instead.

MoneyGeek is all about what folks are chatting about when it comes to credit cards, especially using balance transfers for debt. We’ve noticed that while a lot of people are all in on balance transfers for paying down debt, some others would rather tap into an emergency fund instead.

• Consumers now seem more torn about using a 0 percent intro APR card to handle debt. For example, a Reddit user had $9,000 in credit card debt that they could pay off with emergency savings. However, they asked the community whether a balance transfer card would be a better idea since they were worried about potential emergencies. Both solutions quickly gained traction in the thread: one user suggested a balance transfer card, but another recommended using an emergency fund.

  “If you can avoid using the 0 percent [intro] APR as an opportunity to take on more debt, it’s probably a good idea,” one user commented in favor of balance transfer cards. “[T]aking the balance transfer offer would probably save you money unless you pay off your current card in less than three months.”

  However, another user pointed out that savings accounts don’t accumulate interest as fast as credit cards, so paying off the debt with an emergency fund may be the better option.

  Both options are valid and have advantages and drawbacks if you’re in a similar dilemma. A balance transfer card could protect your savings, but a financial emergency could derail your payment plan. Paying off the balance with your savings immediately gets you out of debt, but any unexpected expenses could risk you getting into credit card debt again.

  Finding a credit card debt payoff plan that works for you is the best approach if you catch your card balance snowballing before it’s unmanageable. An issuer’s credit card hardship program may help pay off debt if you qualify, but some of these repayment plans may still allow interest to accrue. 

  *The quotes and citations included on this page have been verified by our editorial team and are accurate as of the posting date. Outlinked content may contain views and opinions that do not reflect the views and opinions of MoneyGeek.

Our data: Are balance transfer cards becoming harder to get?

With the economy getting tougher, thanks to inflation and the Fed hiking rates in 2023, it looks like credit card issuers are getting pickier about who they let in.

MoneyGeek’s data shows that in the first half of 2024, fewer people were getting approved for balance transfer cards, no matter what their credit score was. Approval rates actually started off strong in January at 66 percent, but then they just kept dropping. For MoneyGeek users who went for a balance transfer card, approvals took a hit, dropping 12 percent from January to July 2024.

Although your approval odds for a card depend on your credit profile, these trends suggest that getting a balance transfer card may be harder now than it once was.

Here’s the balance transfer credit card approval rates for the top 5 balance transfer cards in the last six months:

How to maximize your 0% balance transfer savings

A balance transfer can already help you save hundreds in interest, but there are a few ways to maximize the interest-free period.

• Initiate your balance transfer immediately

  Most cards require you to transfer your debt within a set period of time to qualify for a 0 percent intro APR offer. The sooner you transfer the balance, the sooner interest stops accruing on that debt.

  Keep up with your payments

  Your payment history is the biggest thing that impacts your credit score. So, until you hear back from your old card issuer saying you owe nothing, make sure you keep making those payments.

  Create a payoff strategy

  The key to a successful balance transfer is paying off as much of your transferred balance as you can within the intro APR period. Creating a payoff plan gives you a clear timeline to work with, and sticking to it could save you a ton in interest charges.

  Once transferred, don’t miss a payment

  Missing a payment on your balance transfer card could void your intro offer, so nailing down a payment plan and sticking to it is crucial to maximizing the offer.

In the news: Federal Reserve finally drops interest rates

After a bunch of worrying months with interest rates going up and staying the same, the Federal Reserve has finally decided to lower rates by half a point. The folks at the Fed think they might drop it by a whole point in 2025. This is awesome news for anyone borrowing money, especially if you’ve got credit card debt!

But hey, that doesn’t mean folks juggling debt are in the clear just yet. Sure, your interest rates might drop a bit soon, but it’s not going to make a huge difference. So keep at it and don’t ease up on tackling that debt! Grabbing a new credit card could actually be a smart move to help beat inflation. A lot of these cards offer killer perks in the first year, like welcome bonuses, 0% intro APR deals, special offers, and temporary reward boosts.

If you want a break from interest, a balance transfer card can pause your interest and help you have less cumbersome payments. Most intro APR offers last between 12 and 21 months, which means that by the time your interest starts, there’s a chance the rates will be lower.

For balance transfer cards, you’ll want to look for cards that will help you fight inflation long-term. This means it’s best to look for cards with few fees and provide long-term advantages, like rewards in a high-spend category after you finish paying off your balance transfer.

Ask the experts: What is the biggest mistake people make with balance transfers?

As a credit counselor, there are two big mistakes I see people make with balance transfers. First, they transfer the balance and then only make the minimum payment. As a result, when the promotional rate ends they are stuck with a high interest rate again and they often cycle from one balance transfer to the next, paying a fee each time and often not making any real progress on paying down the balance. Secondly, much like when taking out a debt consolidation loan, people often transfer the balance and then either continue to accrue debt on the previous account or put new charges on the balance transfer account, resulting in more debt and a high interest rate paid on those new charges.

Stephanie Zito

Contributor, Personal Finance

Often people transfer card balances to take advantage of a 0 percent intro APR offer, but then they’re surprised by the much higher APR they’re hit with at the end of the introductory period. You must understand the rules of each individual card when you’re making a balance transfer and know that 0 percent doesn’t mean $0. Be sure to check for transfer fees or limits, and always understand what is going to happen if you don’t pay off the transfer within the bank’s designated time frame.

Erica Sandberg

Contributor, Credit Cards

Balance transfer cards can save people who have expensive, overwhelming debt so much money on interest fees. But you have to consider your overall financial picture and commit to paying the transferred balance off and not adding new debt. By far the biggest mistake people make is running up a balance on the old card again. Then, if they don’t pay the transferred balance off before the intro rate reverts to the regular rate, they’re really in trouble. To make balance transfer credit cards work in your favor, you absolutely have to be committed to the process.

Common questions about balance transfer credit cards

• To complete a balance transfer, you’d need to complete the following: 

  1. Apply for a balance transfer credit card and get approved
  2. Initiate a transfer to your new balance transfer card through your online account with your new issuer
  3. Wait for verification that the transfer is complete
  4. Set your payment plan in motion

  Keep in mind that there can be a few difference in limits and policies depending on the card’s issuers:

  • How to do a balance transfer with Chase
  • How to do a Discover balance transfer
  • How to do a balance transfer with American Express
  • How to do a balance transfer with Citi
  • How to do a balance transfer with Wells Fargo
  • How to do a balance transfer with Capital One
  • How to do a balance transfer with Bank of America

  Read more: Should I cancel my balance transfer?

• Yes, but transferring balances multiple times can quickly deplete your available credit and increase your overall debt-to-credit ratio since you’re only moving the debt and not paying it off. That makes it harder for you to get approved for future credit and can cause your interest rates to rise as well. If you are in a position where you need to transfer your credit card balance more than once, then you should consider alternative options before doing so.

How we assess the best balance transfer credit cards

When evaluating the best balance transfer and low-interest cards, we consider a mix of factors, including how cards score in our proprietary card rating system and whether cards offer features that fit the priorities of a diverse group of cardholders. 

This includes users who need to carry a balance long term, need as much time as possible to chip away at debt or are looking for maximum long-term value via rewards.

Here’s a quick look at how our rating methodology breaks down for balance transfer cards: 

• Intro APR and offer length for balance transfers 45%
• Balance transfer, annual and other fees 22%
• Intro APR and offer length for new purchases 18%
• Ongoing APR 15% 

We analyzed over 100 of the most popular balance transfer and low-interest cards and scored each based on its introductory APR, intro APR period length, ongoing APR, balance transfer fee, perks and more to determine whether it belonged in this month’s roundup

What’s a balance transfer credit card and how does it work?

A balance transfer credit card is a type of credit card that allows you to move your existing credit card debt from one card to another, usually to take advantage of a lower interest rate. Many of these cards offer an introductory APR of 0%, meaning you won’t pay any interest for a certain period of time on the transferred amount. This can help you save big bucks while you pay down your credit card balance faster!

How do I find the best balance transfer credit cards?

Finding the best balance transfer credit cards is all about comparing the balance transfer offers from different credit card companies. You’ll want to look for a card that has a long APR period of 0% and low balance transfer fees (ideally around 3%). Check out reviews and make sure the card fits your financial situation. Websites like NerdWallet or Credit Karma can help you find the best options!

Are there any fees involved with balance transfers?

Yes, most balance transfer credit cards come with a balance transfer fee of around 3% to 5% of the amount you’re transferring. So if you’re transferring $5,000, you might pay a fee of $150 to $250. But if you’re moving from a high-interest card, this fee can be worth it in the long run!

Can I transfer a balance from multiple cards?

You can! Most balance transfer cards allow you to transfer balances from multiple credit card accounts, as long as you stay within your credit limit. Just keep in mind that the total amount of all transfers plus any balance transfer fee should not exceed your new card’s limit.

What’s the catch with an introductory APR?

The main catch is that the 0% introductory APR period doesn’t last forever—typically it’s between 12 to 18 months. After that, the interest rate can jump to a higher, variable rate. So, be sure to pay off your credit card balance