What balance transfer cards do and who offers them
A balance transfer card is a credit card designed to let you move debt from one or more existing cards to a new card, usually with a lower interest rate for a set period. The card issuer pays off your old balances, and you owe that amount to them instead — typically at 0% APR for 6 to 21 months, depending on the card and the offer running at the time you open it.
Major card issuers offer balance transfer cards: Chase, American Express, Citi, Bank of America, Capital One, and Discover all have products in this category. Credit unions sometimes offer them too, though with less variety. The cards themselves are standard Visa, Mastercard, or American Express products — the balance transfer is a feature, not a separate account.
Balance transfer cards are most useful if you carry debt on a high-interest card (typically 18% to 25% APR) and can pay down the transferred balance during the 0% period. If you cannot pay it off before the promotional rate ends, the remaining balance reverts to the card's regular APR, which is usually 15% to 25%.
Key Takeaways
- Balance transfer cards charge a one-time fee (usually 3% to 5% of the amount transferred) to move your debt, so the math only works if the interest you save exceeds that fee.
- The 0% APR period applies only to transferred balances, not to new purchases you make on the card, which accrue interest when ready at the regular rate.
- You need a credit score of roughly 670 or higher to be considered for most balance transfer cards, though some issuers accept scores as low as 600.
- The promotional period typically lasts 6 to 21 months; after it ends, any remaining balance is charged the card's standard APR, which can be 15% to 25%.
- You must complete the balance transfer within a set window (usually 60 days from account opening) to receive the promotional rate on that transfer.
How to compare balance transfer cards by their terms
The three numbers that matter most are the length of the 0% period, the transfer fee, and the regular APR that kicks in afterward. A card with a 21-month 0% period and a 3% fee is not automatically better than one with a 12-month period and no fee — it depends on how much you owe and how fast you can pay it down.
Use this rough calculation: multiply your balance by the transfer fee percentage to find the upfront cost. Then compare that to the interest you would pay on your current card over the same number of months. If the fee is $300 and you would otherwise pay $800 in interest, the balance transfer card saves you money. If the fee is $300 and you would only pay $200 in interest, it does not.
Also check whether the card charges interest on new purchases when ready or offers a separate 0% period for those. Most cards charge regular APR on new purchases from day one, even if your transferred balance is at 0%. A few cards offer a promotional period for purchases as well, but these are less common and usually come with shorter 0% windows on the transfer itself.
Cards with longer 0% balance transfer periods
Chase Slate Edge, Citi Simplicity, and American Express EveryDay Preferred are among the cards currently offering 0% APR periods of 18 months or longer on balance transfers. Chase Slate Edge offers 0% for 21 months on transfers made within 60 days of opening the account, with a 3% transfer fee. Citi Simplicity offers 0% for 21 months with a 3% fee. American Express EveryDay Preferred offers 0% for 15 months with a 3% fee.
These longer windows give you more time to pay down the transferred balance before interest kicks in. The trade-off is that these cards often carry annual fees ($95 to $150) or require a higher credit score to open. Check the current offer when you visit each issuer's website, because promotional periods change frequently and the terms available to you depend on your credit profile.
Discover it Balance Transfer is another option, offering 0% for 18 months with a 3% fee and no annual fee. Capital One Quicksilver also runs balance transfer promotions periodically, though the terms vary. Always verify the current offer on the issuer's site before you explore, because what is advertised online is what you are may be able to access for based on your credit score and history.
Cards with no balance transfer fee
A handful of cards waive the balance transfer fee entirely, though these offers are less common and usually come with shorter 0% periods. Citi Simplicity sometimes runs a promotion with 0% APR for 6 months and no transfer fee, but this offer is not always available. When it is, it appeals to people who want to move debt quickly without paying an upfront cost, even if the 0% window is shorter.
The no-fee offer is worth considering if you can pay off the entire balance within the promotional period. If you transfer $5,000 at 0% for 6 months with no fee, you need to pay roughly $833 per month to clear it before interest begins. If you cannot commit to that pace, a card with a longer 0% period and a 3% fee may actually cost you less in the long run.
Check the issuer's website directly for current no-fee offers, because these promotions come and go and are not always advertised prominently. You can also call the issuer's customer service line and ask whether they are running a no-fee balance transfer promotion at the moment.
What happens after the 0% period ends
When the promotional APR expires, any remaining balance on the card is charged the regular APR, which varies by card and by your creditworthiness. Most balance transfer cards have a regular APR between 15% and 25%. If you still owe $2,000 when the 0% period ends and the regular APR is 20%, you will owe roughly $33 in interest that month alone, plus interest on interest in the months that follow.
This is why the math of a balance transfer only works if you have a realistic plan to pay down the balance during the promotional window. If you transfer $10,000 and the 0% period is 18 months, you need to pay roughly $556 per month to clear it completely. If your budget does not allow that, the balance transfer may not be the right move.
Some people use a strategy called "balance transfer stacking," where they open a second balance transfer card near the end of the first card's 0% period and transfer the remaining balance to the new card. This can extend your 0% window, but it requires opening multiple new accounts (which temporarily lowers your credit score) and paying another transfer fee. It only makes sense if the fee is lower than the interest you would otherwise pay.
Credit score requirements and how to check yours
Most balance transfer cards require a credit score of at least 670 to 700, though some issuers consider scores as low as 600. Your credit score is calculated from your payment history (35%), amounts owed (30%), length of credit history (15%), credit mix (10%), and new inquiries (10%). A balance transfer inquiry counts as a new inquiry and will temporarily lower your score by a few points.
You can check your credit score for free through your bank's website, through a service like Credit Karma or AnnualCreditReport.com, or by calling the issuer directly and asking. Many issuers also let you check your approval odds before you formally explore, which does not trigger a hard inquiry. This is called a "soft pull" and does not affect your score.
If your score is below 670, you may still be considered for a card with a lower credit tier, but the 0% period will likely be shorter (6 to 12 months instead of 18 to 21) and the transfer fee may be higher (5% instead of 3%). Capital One and Discover sometimes offer balance transfer cards to people with fair credit, though the terms are less generous.
How to complete a balance transfer and what to watch for
Once your new card arrives, log into your online account or call the issuer's balance transfer line. You will provide the account number of the card you want to pay off, the amount you want to transfer, and the payee's name and address. The issuer will send a check or electronic payment directly to your old card issuer, paying off that balance in your name.
The transfer usually takes 5 to 14 business days to post. During this time, you still owe your old card issuer, so keep making minimum payments on the old card until the transfer shows as complete. Once the transfer posts to your new card, stop using the old card and focus on paying down the new card's balance during the 0% period.
Watch for these common mistakes: transferring more than you can realistically pay off in the promotional window, using the new card for new purchases (which accrue interest when ready), missing a payment (which can end the 0% offer early on some cards), or forgetting to complete the transfer within the 60-day window (which means you lose the promotional rate). Read the card's terms carefully before you explore, and set a calendar reminder for when the 0% period ends so you can plan your next move.
Frequently Asked Questions
Can I transfer balances from multiple cards to one balance transfer card?
Yes. You can transfer balances from two, three, or more cards to a single balance transfer card, as long as the total does not exceed your credit limit. Each transfer counts toward the same 0% promotional period, so all transferred balances will revert to the regular APR on the same date. Make sure you can afford to pay down the combined total before that date arrives.
Does a balance transfer hurt my credit score?
Opening a new card triggers a hard inquiry, which lowers your score by a few points temporarily. Transferring a balance also changes your credit utilization (the percentage of your available credit you are using), which can lower your score in the short term. However, paying down the transferred balance during the 0% period will improve your score over time, especially if you keep the old cards open and unused.
What if I cannot pay off the balance before the 0% period ends?
The remaining balance will be charged the card's regular APR, which is typically 15% to 25%. You can continue making payments at that rate, or you can open another balance transfer card and move the remaining balance there if you still may have access to. The second transfer will incur another fee, so calculate whether it saves you money compared to paying interest on the original card.
Can I use a balance transfer card for new purchases?
Yes, but new purchases are charged the regular APR when ready, not the 0% promotional rate. The 0% period applies only to transferred balances. If you use the card for new purchases, you will be paying interest on those purchases while your transferred balance sits at 0%, which defeats the purpose of the card. Use it only to pay down the transferred balance.
How long does it take to be approved for a balance transfer card?
Most issuers make a decision within minutes to a few hours of your process. If approved, the card typically arrives within 7 to 10 business days. You then have 60 days from the account opening date to complete your balance transfer and lock in the 0% rate. If you wait longer than 60 days, new transfers may not may have access to for the promotional APR.