Balance Transfer Cards

A balance transfer credit card lets you move high-interest debt to a new card offering 0% APR for an introductory period — typically 12–21 months. Used correctly, it can save hundreds or thousands of dollars in interest. Here's how to use one effectively.

How Balance Transfers Work

You apply for a new card with a 0% introductory APR balance transfer offer. Once approved, you request a transfer of your existing balance(s) from other cards to the new card. The new card pays off your old balance(s), and you owe the new card instead — at 0% interest for the promotional period.

The transfer typically costs 3–5% of the transferred amount (the balance transfer fee). On a $5,000 transfer at 3%, that's $150 upfront — usually worth it to avoid months of interest at 20%+ APR.

The Critical Rule: Pay It Off Before the Promo Ends

At the end of the 0% period, the remaining balance becomes subject to the card's regular APR — often 20–29%. If you transferred $5,000 and still have $3,000 remaining when the promo ends, you're back to paying high-interest debt. Calculate your required monthly payment upfront: balance ÷ months in promo period = minimum payment needed to clear the balance.

Top Balance Transfer Cards

Citi Double Cash: 0% APR for 18 months on balance transfers (3% fee, minimum $5). 2% cash back after promotional period ends. Requires good credit (670+).

Wells Fargo Reflect: 0% APR for up to 21 months (15 base + 3-month extension for on-time payments). 5% balance transfer fee. One of the longest 0% windows available.

Chase Freedom Unlimited: 0% for 15 months, then competitive ongoing cash back. 3% transfer fee.

Discover it Balance Transfer: 0% for 18 months, 3% fee, plus rewards earning. Good option if you want the card long-term.

What Credit Score You Need

Most balance transfer cards with long 0% periods require good-to-excellent credit (670–700+ FICO). If your score is below 650, you may be declined or offered a shorter promotional period. Improve your score first if possible.

Common Mistakes

• Continuing to use the old card: After transferring, don't run up new balances on the old card
• Missing a payment: One late payment can void the 0% rate immediately under "penalty APR" clauses
• Doing a partial transfer: If you can't transfer everything, transfer the highest-rate balance first
• Not closing the old card: Or closing too soon and losing available credit

Use our Balance Transfer Savings Calculator to see your exact net savings before applying.