Best Balance Transfer Credit Cards for 2023

You should avoid getting another credit card if you already have a lot of debt. Still, a balance transfer card is different from other credit cards. A balance transfer card lets you move debt from an old card with high interest to a new card with a low or 0% APR for a certain amount of time, usually between 12 and 20 months. This gives you time to pay down or pay off the transferred balance of your existing credit card debt while collecting little or no interest.

Getting control of your debt is the first step toward being financially stable. A balance transfer credit card gives customers a way to catch up on payments and pay down credit card debt that is relatively inexpensive. It can also help you combine your debt into a single charge, giving someone having trouble making credit card payments a new financial goal. Here are some of the best cards for transferring a balance. We change this list from time to time.

Best Balance Transfer Credit Card Overall

US BANK
US BANK
  • Introductory APR: 20 months of 0% APR for balance transfers and purchases
  • Standard APR: 13.99% to 23.99% variable APR
  • Penalty APR: None
  • Introductory balance transfer fee: N/A
  • Standard balance transfer fee: 3% or $5, whichever is greater
  • How long do you have to make transfers? 60 days
  • Credit requirement: 680 to 850
  • Annual fee: $0

With an initial APR of 0% for 20 months and a charge of only 3%, the U.S. Bank Visa Platinum is one of the most cost-effective options available.

Longest Balance Transfer Period

Citi Credit Card
Citi Credit Card
  • Introductory APR: 18 months of 0% APR for balance transfers and 12 months for purchases
  • Standard APR: 14.74% to 24.74% variable APR
  • Penalty APR: None
  • Introductory balance transfer fee: N/A
  • Standard balance transfer fee: 3% or $5, whichever is greater
  • How long do you have to make transfers? 120 days
  • Credit requirement: 680 to 850
  • Annual fee: $0

Unlike Citi Diamond Preferred, which has a standard APR that is 1% lower, the Simplicity card has neither late fees nor penalty APRs. If you’re worried about not making a payment, Simplicity can save you $40 and the loss of the 0% APR promotion.

With a 3-percent transfer fee and an introductory APR term of 18 months, Simplicity is the same as the U.S. Bank Visa Platinum. The most significant benefit of the Citi card is that you have 120 days to transfer a credit card balance, while U.S. Bank only gives you 60 days.

Longest Balance Transfer Period (runner-up)

Wells Fargo
Wells Fargo
  • Introductory APR: 18 months from account opening of 0% APR for qualifying balance transfers and purchases
  • Standard APR: 16.49–24.49% variable APR
  • Penalty APR: None
  • Introductory balance transfer fee: 3% or $5 for the first 120 days from account opening
  • Standard balance transfer fee: Up to 5% or $5, whichever is greater
  • How long do you have to make transfers? 120 days
  • Credit requirement: 680 to 850
  • Annual fee: $0

For qualified balance transfers, the Wells Fargo Platinum has a 0% APR for 18 months (16.49–24.49 percent variable APR after that). The Citi Simplicity has a lower balance transfer fee than the Wells Fargo Platinum after the first 120 days of having the card. You’ll usually transfer a balance at the beginning of the period to get the 0% APR. So, the higher standard balance transfer fee matters less.

best card for an extended payoff period

SunTrust
SunTrust
  • Introductory APR: 3.25% for 3 years on balance transfers
  • Standard APR: 11.24-21.24% variable APR
  • Penalty APR: 11.24-21.24% variable APR
  • Introductory balance transfer fee: $0
  • Standard balance transfer fee: 3% or $10, whichever is greater
  • How long do you have to make transfers? 60 days
  • Credit requirement: Good to Excellent (680 to 850)
  • Annual fee: $0

All credit cards that let you move money between accounts work similarly. But the SunTrust Mastercard Prime Rewards credit card is different. People who get new SunTrust credit cards don’t get a 0% APR for the first year. Instead, they get a low APR of 3.25 percent for three years. The standard APR for a credit card is usually between 12 and 25%.

That APR of 3.25 percent is the same as a transfer fee of 3.25 percent. It’s spread out over a year. The effective rate should be less than 3.25 percent because your balance will decrease as you pay it off.

The SunTrust Mastercard Prime Rewards is the best choice if you need more time to pay off your debt. The chart at the top shows how this card compares to the U.S. Bank Visa Platinum.

Another card worth considering

The Discover It Student
Discover
  • Introductory APR: 14 months of 0% APR for balance transfers and purchases
  • Standard APR: 11.99% to 22.99%
  • Penalty APR: None
  • Introductory balance transfer fee: 3% for the first three months
  • Standard balance transfer fee: 5%
  • How long do you have to make balance transfers?
  • Credit requirement: 680 to 850
  • Annual fee: $0

Another card worth considering

HSBC
HSBC
  • Introductory APR: 18 months of 0% APR for balance transfers and purchases
  • Standard APR: 13.99–23.99% variable APR
  • Penalty APR: None
  • Introductory balance transfer fee: None
  • Standard balance transfer fee: 4% or $10, whichever is greater
  • How long do you have to make transfers? 60 days
  • Credit requirement: 680 to 850
  • Annual fee: $0

In the table below, we’ve broken down the key features of each card to help you determine the best balance transfer credit card for your needs.

best balance transfer credit cards compared

best card overall for balance transfers Longest balance transfer period Longest balance transfer period (runner-up) best card for an extended payoff period Another card worth considering Another card worth considering
U.S. Bank Visa Platinum Citi Simplicity Wells Fargo Platinum SunTrust Mastercard Prime Rewards Discover it Cash Back HSBC Gold Mastercard
Balance transfer annual percentage rate (APR) 0% 0% 0% 3.25% 0% 0%
Intro-balance transfer APR period (months) 20 18 18 36 14 18
How long do you have to make transfers (months)? 2 4 4 2 3 2
Standard APR 14.49%–24.49% variable 14.74%–24.74% variable 16.49%–24.49% variable 12.74%–22.74% variable 11.99%–22.99% variable 13.99%–23.99% variable
Balance transfer fee 3% 3% 3% for 120 days from account opening, then up to 5% ($5 minimum) 0% 5% 4%
Annual fee $0 $0 $0 $0 $0 $0

To choose the best balance transfer credit card, consider how much money you have and how quickly you can pay it off. If you want to get or keep good credit, you should always pay off your balance transfer credit card debt on time. Long-term, this can make or break your chances of getting or keeping good credit, so be sure to do it.

For example, if you have a $6,000 balance on a high-interest credit card and can pay $309 monthly, the 20-month 0% APR period on the U.S. Bank Visa Platinum would be perfect for paying off your debt. The transfer would cost you $180 on your new card instead of $1,221 on your old card, which has a standard APR of 22%. Look at the list below.

Sample balance transfers, compared

U.S. Bank Visa Platinum Citi Simplicity SunTrust Mastercard Prime Rewards
Starting balance $6,000 $6,000 $6,000
Balance transfer APR 0% 0% 3.25%
Monthly payment to pay off the balance during a low APR period $309 $343 $175
Months 20 18 36
Total fees and interest paid $180 $180 $305
Monthly payment with standard card (22% APR) $361 $394 $229
Total fees and interest paid $1,221 $1,099 $2,249
Amount saved with a balance transfer card $1,041 $919 $1,944

But if you can only pay $150 a month, you’ll need a card with a more extended period of no interest. For example, if you use the SunTrust Prime Rewards card to pay for things, you can get 36 months with an APR of 3.25 percent and no fees. Interest would have cost you $372 over three years. That’s much less than a new card with 0% interest for the first 18 or 20 months but then interest rates of 20% or more. Look at the list below.

Sample balance transfer, compared (part 2)

U.S. Bank Visa Platinum Citi Simplicity SunTrust Mastercard Prime Rewards
Starting balance $6,000 $6,000 $6,000
Balance transfer APR 0% 0% 3.25%
Monthly Payment $150 $150 $150
Special APR payment periods 48 50 43
Total fees and interest paid $1,178 $1,483 $372
Standard payment periods (22% APR) 73 73 73
Total fees and interest paid $4,913 $4,913 $4,913
Amount saved using balance transfer card vs. standard card $3,735 $3,431 $4,541

Using a balance transfer credit card correctly requires some math, but paying attention to the numbers can save you hundreds or even thousands of dollars in the long run. Even though some banks recently cut or eliminated their introductory low-APR periods, many good balance transfer options remain. This is because the economy used to be more stable. Before you apply for a new credit card, you should carefully look into each card and company. Even if you have good credit, you might be unable to move forward with your plans if you have a lot of credit card debt.

The best balance transfer credit card has a few things you should keep in mind:

  1. If you get a new credit card, you might get a sign-on bonus or cashback when you use it. These things mostly distract you from your main goal: paying off your debt.
  2. Many balance transfer cards have annual fees, but I don’t think they’re worth it for you to use.
  3. You can’t move balances between cards from the same company, so you can’t move a balance from one Chase card to another Chase card.
  4. There are a lot of things that affect how much you can transfer. For example, your credit utilization ratio, the amount of money you owe, how much you pay each month, and whether you already have good or excellent credit. Each credit card and credit card company is different, and the card issuer decides each factor after they look at your credit.

Glossary of terms

Introductory APR: The interest rate that will be charged on your balance transfer amount and any purchases you make during the first few months of owning a credit card (usually 12 to 20 months)

Standard APR: The interest rate will be charged on balances and purchases after the introductory period.

Introductory balance transfer fee: the fee for transferring money from one credit card to another during the first few months of owning it (usually 12 to 20 months).

Standard balance transfer fee: It’s the fee charged on a balance after the introductory period.

What are the best balance transfer credit cards right now?

The U.S. Bank Visa Platinum Card is our current pick for the best balance transfer credit card. If you’re looking for a credit card with the longest balance transfer period, the best credit card is Citi Simplicity, but Wells Fargo Platinum is the runner-up.

How do balance transfer credit cards work?

It’s not right to call balance transfer cards “credit cards.” They are more like ways to get out of debt. They should not be used to buy things but to pay off credit card debt.

Take the money you owe on one credit card and move it to another. Most of the time, this is done to save money by moving debt from an account with a high interest rate to an account with a low or no interest rate.

You can transfer money from one account to another with many credit cards. Still, the ones made for this purpose have one thing in common: an introductory period of 0% APR on balances transferred to that account. Usually, you can only do this for the first 60–120 days you have the card. The first APR period lasts between 12 and 21 months in most cases. This gives you a long time to pay off your balance without paying any interest on the money.

Some credit cards don’t charge fees for transferring balances. Most balance transfer cards charge a fee of between 3% and 5% for the service. The cost goes up the longer the 0% APR period is, and vice versa. Because of this, the best cards with no balance transfer fees have shorter introductory APR periods. Balance transfers on the best cards that charge you to move your balance cost between 3 and 5 percent.

If I still have a balance after the introductory APR period, can I transfer my debt to a new balance transfer card?

There is a way to say it. If you transfer your balance two or three times, you may need to do this a few more times to pay off your debt. It doesn’t work unless you have a clear idea of how you got into debt and a plan for getting out of debt.

Because there are so many variables, it’s important to note that multiple balance transfers aren’t a surefire way to get out of debt, even if you transfer all of your debt to a second balance transfer card. Here are a few examples:

  • You might not get a credit card.
  • You might not be able to transfer money from one account to another.
  • Your transfer request might not be approved.

Credit card deals could also change, making it hard to plan. Choosing a card that lets you pay off the balance in one cycle is essential.

What’s the maximum balance I can transfer to a new credit card?

The card company limits how much you can transfer each time. Some cards will give you the amount based on how long you’ve had the account and your credit.

When it comes to setting your credit limit, the same is true. The card company will look at your credit score, how much of your available credit you are using, how much money you make, and how much your housing costs are. Remember that your credit limit may be lower than you thought. If this is the case, the amount you owe will be less. To be able to raise your limit, you usually need to change something about your finances, like having more money or a lower housing payment or paying your bills on time for a long time, which isn’t a good idea if you want to take advantage of a 0% APR period on a balance transfer.

What is an introductory APR? And what is an introductory balance transfer fee?

The introductory APR is the APR that will be applied to your balance (including balance transfers and purchases in most cases) for the first 12 to 20 months that you have the card, depending on the card. This APR will be less than the APR used to calculate your balance afterward. After the introductory period, the standard APR is used to pay off your credit. The penalty APR will be added if you pay your bill for up to six months. This usually happens if you pay your account for only one month in a row, but it depends on your card and your card issuer.

The Introductory Balance Transfer fee is charged between 30 and 120 days after having a credit card. This fee is charged when you move money from your balance to another account. Transfers made after the introductory period are charged the Standard Balance Transfer fee. Be aware that some cards don’t let you transfer balances for a certain amount of time.

How long will it take to complete a balance transfer?

After you get your new card and the cardholder agreement, it could take ten days to six weeks to move your balance to the new card. Also, it’s essential to know that some card issuers, like Citi, allow balance transfers at their own will, so they might be unable to honor your request. As a safety measure, you should keep paying the minimum balance on your old card until you know the transfer worked. You won’t have to pay any fees or fines this way.

What do I do if I have sub-par credit?

The problem is that most of the cards on this list require good to excellent credit scores, like above 660 or so. If your credit score is lower than that and you haven’t been able to get one of the cards above, there are other ways to get rid of your debt. A debt consolidation loan could help you eliminate all your debt at a lower rate. You can call your current card company to get a lower APR.

Can I use a balance transfer credit card to buy things?

While a balance transfer credit card certainly works like a normal credit card, it’s generally not a good idea to use it to make new purchases. If you currently have credit card debt, your primary goal should be to get out of debt and avoid paying interest. When you purchase something and add new charges to your balance transfer account, you move in the wrong direction, especially if you can only make the minimum payment.

A debit card or cash is better for any new purchases while you pay off your debt, thus leaving your balance transfer account only for debt repayment. This will also help you track your progress more clearly. And keep in mind that some balance transfer credit cards still charge interest on new purchases until you pay off the entire balance (the new purchases plus whatever balance you transferred), which will only compound your debt problem.

How I Picked the Best Balance Transfer Credit Cards

The length of the introductory 0% APR period and the fee for transferring a balance were the two main things I looked at when making my recommendations above. Most of the cost of paying off a balance with a balance transfer card comes from these two factors.

For example, the average credit card debt for a household in the United States is about $6,200. I used a hypothetical balance of $6,000 to determine which cards make sense in certain situations based on how much you can pay back each month.

List of cards researched

  • Amex EveryDay® Credit Card
  • Chase Slate
  • Citi Simplicity
  • Citi Double Cash Card
  • US Bank Visa Platinum Card
  • Discover it Balance Transfer
  • Amex EveryDay® Preferred Credit Card
  • BankAmericard Credit Card for Students
  • Citi Rewards Plus Card
  • Chase Freedom
  • Chase Freedom Unlimited
  • Bank Americard
  • Wells Fargo Platinum Card
  • Simmons Visa
  • SunTrust Prime Rewards
  • Indigo Mastercard
  • Milestone Mastercard
  • Applied Bank Secured Visa Gold Preferred
  • Surge Mastercard
  • OpenSky Secured Visa
  • Green Dot Primor Secured
  • Fit Mastercard
  • Reflex Mastercard

More Personal Finance and Credit Cards Advice


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