The Best Balance Transfer Cards
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Credit card debt is very common. Once you get into credit card debt, it can be hard to get out of it because of high-interest charges. If you have a lot of debt, it may be worthwhile for you to open a new balance transfer card so you can transfer your debt balance and pay your debt off faster.
Most balance transfer cards offer a 0% introductory APR when you open a new credit card. This makes paying off debt easier without worrying about additional fees.
There are so many card offers, and finding the right card for you can be overwhelming. If you’re looking for a balance transfer card, look no further. Here are the best balance transfer cards.
Jump To
Overview of the best balance transfer cards
Card Issuer | Best for |
Bank of America® Customized Cash Rewards credit card | Cash back rewards |
Chase Freedom Unlimited® | Travel rewards |
Citi Simplicity® Card | Lengthy-time frame for balance transfer offer + a lot of debt |
Discover it® Chrome | Cash back rewards |
U.S. Bank Visa® Platinum Card | Lengthy 0% intro period |
Raise Your Credit 80 points*
- 5 star service trusted by over 450,000 members
- Have processed over $11,000,000 in bill payments for members
- No deposit, no credit check, no interest
- New member promotions available
*Potential increase based on StellarFi member data. StellarFi numbers observed an average of 80 points VantageScore® 3.0 increase during a member’s lifetime. Score increase based on members with an incoming score range of 300-499 pts, who made regular on-time payments, with regular on-time payments. Results may vary.
Best balance transfer cards
Bank of America® Customized Cash Rewards credit card
Bank of America® Customized Cash Rewards credit card
Card Name
Bank of America® Customized Cash Rewards credit card
APR
19.24% to 29.24%
Annual Fee
$0
Special Offer Terms
Online $200 cash rewards bonus after making at least $1,000 in purchases in the first 90 days of your account opening
Intro Offer
- $200 Online Bonus after making at least $1,000 in purchases in the first 90 days of account opening
- Earn 3% cash back in the category of your choice — with newly expanded options
Rewards Rate
- 3% cash back in the category of your choice: gas, online shopping, dining, travel, drug stores, or home improvement/furnishings Learn more cash back categories
- 2% cash back at grocery stores and wholesale clubs
- 1% cash back on all other purchases
- You'll earn 3% and 2% cash back on the first $2,500 in combined choice category/grocery store/wholesale club purchases each quarter, then earn 1%
- There's no annual fee and your cash rewards don't expire. Each month, as you plan for future purchases, to change your 3% choice category you must go to Online Banking or use the Mobile Banking app. You can change it once each calendar month, or make no change and it stays the same.
Why We Like It
- No annual fee
- Up to 3% cash back
- 0% APR for first 18 months
Chase Freedom Unlimited®
Chase Freedom Unlimited®
Card Name
Chase Freedom Unlimited®
APR
20.49% - 29.24%
Recommended Credit Score
Excellent, Good
Annual Fee
$0
Special Offer
Earn an extra 1.5% on everything you buy (on up to $20,000 spent in the first year)
Special Offer Terms
— worth up to $300 cash back. That's 6.5% on travel purchased through Chase Travel℠, 4.5% on dining and drugstores, and 3% on all other purchases.
Rewards Rate
Enjoy 5% cash back on travel purchased through Chase Travel℠, 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
Terms
Why We Like It
- Higher cash back on travel purchased through Chase Ultimate Rewards®.
- No minimum to redeem for cash back.
- No annual fee.
- Monitor your credit for free access using Chase Credit Journey.
Citi Simplicity® Card
Citi Simplicity® Card
Card Name
Citi Simplicity® Card
APR
19.24% - 29.99%
Recommended Credit Score
Excellent, Good
Annual Fee
$0
Special Offer
0% Intro APR for 21 months on balance transfers from date of first transfer and 0% Intro APR for 12 months on purchases from date of account opening.
Special Offer Terms
After that the variable APR will be 19.24% - 29.99%, based on your creditworthiness. Balance transfers must be completed within 4 months of account opening.
Rewards Rate
N/A
Terms
Why We Like It
- No late fees and no penalty rate.
- No annual fee.
Discover it® Chrome
Discover it® Chrome
Card Name
Discover it® Chrome
APR
18.24% - 27.24%
Annual Fee
$0
Intro Offer
0% Intro APR for 15 months on purchases and balance transfers and 3% IntroBalance Transfer Fee until November 10, 2023.
Rewards Rate
2% cash back at gas stations and restaurants on up to $1,000 in combined purchases each quarter. Plus, earn unlimited 1% cash back on all other purchases – automatically. Unlimited Cashback Match.
Why We Like It
- No annual fee
- Free FICO Score
- Cash back never expires. Redeem your rewards in any amount, at any time
U.S. Bank Visa® Platinum Card
U.S. Bank Visa® Platinum Card
Card Name
U.S. Bank Visa® Platinum Card
APR
18.74% - 29.74%
Annual Fee
$0
Intro Offer
0% intro APR* on purchases and balance transfers for 18 billing cycles.
Why We Like It
- No annual fee
- Fixed monthly payment plans with no interest
- NortonLifeLock tools
Raise Your Credit 80 points*
- 5 star service trusted by over 450,000 members
- Have processed over $11,000,000 in bill payments for members
- No deposit, no credit check, no interest
- New member promotions available
*Potential increase based on StellarFi member data. StellarFi numbers observed an average of 80 points VantageScore® 3.0 increase during a member’s lifetime. Score increase based on members with an incoming score range of 300-499 pts, who made regular on-time payments, with regular on-time payments. Results may vary.
Summary of the best balance transfer cards
Here’s a quick look at the important details of each card on this list. This summary can make it easier for you to choose the right student card for your needs:
Card Issuer | APR | Balance Transfer Fees | Balance Transfer Period for intro APR |
Bank of America® Customized Cash Rewards credit card | 17.74% to 27.74% | 3% per transferred balance with a minimum fee of $10 | 60 days |
Chase Freedom Unlimited® | 20.49% - 29.24% | During the first 60 days: $5 or 3% of the amount of each transfer, whichever is greater, After that, $5 or 5% of the amount of each transfer, whichever is greater | 15 months |
Citi Simplicity® Card | 19.24% - 29.99% | Intro balance transfer fee of 3% of each transfer ($5 min) completed within 4 months of account opening. After that, 5% of each transfer ($5 min) | 21 months |
Discover it® Chrome | 0% for 15 months; then 16.74% to 27.74% | 3% of the amount of the transfer until March 10, 2023, After that date, the balance transfer fee will be 5% of the amount of each transfer | By August 10, 2023 |
U.S. Bank Visa® Platinum Card | 19.49% - 29.49% | $5 or 3% of the amount of the transfer, whichever is greater | 18 months |
FAQs
How does a balance transfer card work?
A balance transfer works by transferring the debt from one credit card to a new one. The goal is to transfer debt from a high-interest card to one with lower interest or no interest at all. This can make it possible for you to pay off your debt faster because more of your payments will go towards the principal. It’s a good option if you feel stuck with credit card debt on a high-interest credit card.
What fees are associated with a balance transfer?
Most balance transfer cards charge balance transfer fees. Typically, this is a minimum of $5 per transfer. Usually, card issuers will charge 3% to 5% of the total balance transfer amount. The fee is then added to your balance on your new balance transfer card.
Will I save money with a balance transfer?
In many cases, you can save money by doing a balance transfer. This is especially true if you have a lot of debt on other cards. Leaving the debt on those cards will mean you’ll continue to pay high-interest rates. If you get a balance transfer card with a 0% intro APR offer and pay off all the debt within the promo timeline, you can save money. Do consider balance transfer fees when calculating whether you can save money.
Why you should use balance transfer cards?
You should use a balance transfer card if you feel stuck in credit card debt. If you have one or more cards with high-interest rates, and are struggling to pay off your debt, this may be a good option for you. Do be aware of timelines for introductory APR rates and timelines for when you’ll need to initiate the balance transfer. You’ll also want to be mindful of balance transfer fees, so you know how much extra you’ll need to pay.
Raise Your Credit 80 points*
- 5 star service trusted by over 450,000 members
- Have processed over $11,000,000 in bill payments for members
- No deposit, no credit check, no interest
- New member promotions available
*Potential increase based on StellarFi member data. StellarFi numbers observed an average of 80 points VantageScore® 3.0 increase during a member’s lifetime. Score increase based on members with an incoming score range of 300-499 pts, who made regular on-time payments, with regular on-time payments. Results may vary.
The bottom line
Balance transfer cards offer a fantastic opportunity to quickly pay down credit card debt. If you’re unsure how to get ahead because you have a credit card with high-interest rates and a high credit card balance, look for balance transfer cards with introductory 0% APR offers. This way, you can get ahead of your debt faster.
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JoyWallet has partnered with CardRatings for our coverage of credit card products. JoyWallet and CardRatings may receive a commission from card issuers.
Writer
Natasha has been a freelance writer since 2015. She specializes in credit card and credit card rewards content. When not busy writing, she's either dreaming up her next credit card rewards redemption or traveling the globe. Her goal is to encourage more people to experience the world around them while making smart financial choices.
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