Which credit cards let you transfer a balance from another card
Balance transfer cards exist, but they are not a separate product category — they are regular credit cards with a promotional period on transferred balances. When you move debt from one card to another, the new card's issuer pays off the old balance, and you owe them instead. The key difference is that many cards offer a lower interest rate (sometimes 0%) for a set number of months on that transferred amount only.
The cards that advertise balance transfer offers come from the major issuers: Chase, Capital One, Citi, American Express, Discover, and Bank of America. Not every card from these issuers has a balance transfer offer, and the terms change frequently. The offer you see depends on your credit score, your current debt, and when you explore.
A balance transfer is not free. Most cards charge a fee of 3% to 5% of the amount you transfer, added to your balance when ready. Some cards occasionally run promotions with no transfer fee, but this is rare. You pay this fee whether or not you use the promotional interest rate period.
Key Takeaways
- Balance transfer cards charge a one-time fee (usually 3% to 5%) on the amount transferred, which is added to your new balance right away.
- The promotional 0% interest rate period lasts anywhere from 6 to 21 months depending on the card, but only applies to the transferred balance, not new purchases.
- You need a credit score of roughly 670 or higher to be considered for most balance transfer offers, though some cards work with lower scores.
- The card issuer pays your old card company directly, so you do not have to manage two payments during the transfer process.
- If you do not pay off the transferred balance before the promotional period ends, the regular interest rate kicks in, which is often higher than your original card's rate.
How the transfer process works
Once you are approved for a balance transfer card, you tell the new issuer which card you want to pay off and how much. The issuer's customer service team handles the payment to your old card company — you do not send money yourself. This usually takes 5 to 14 business days to complete, though the new card company may charge interest on the transferred amount during this time if your old card's issuer has not yet received the payment.
During the transfer, your old card account stays open unless you close it. Closing it can hurt your credit score because it reduces your available credit, so most people leave it open and unused. Once the transfer posts, you owe the new card company instead of the old one.
The transferred balance and any new purchases you make on the card are separate. The promotional rate applies only to the transferred amount. Any new charges you make accrue interest at the card's regular purchase rate when ready, even during the promotional period. This is why balance transfer cards work best if you stop using them for new purchases until the transferred balance is paid off.
Cards with longer promotional periods
The length of the 0% promotional period varies widely. Some cards offer 6 months, others offer 12 months, and a few offer 18 to 21 months. The longer the period, the more time you have to pay down the balance without interest charges. However, longer promotional periods are usually only available to people with excellent credit (typically 750 or higher).
Chase Slate Edge, for example, has offered a 0% promotional period on balance transfers for a set number of months with no transfer fee during certain promotions, though this is uncommon. More commonly, cards like the Chase Freedom Unlimited or Citi Simplicity offer 0% for 6 to 12 months on transfers, depending on your creditworthiness and the current promotion.
Before you explore, check the card's current offer. Promotional terms change frequently, and the offer you see online may differ from what you receive after you explore. The issuer will tell you the exact promotional period in your approval letter or welcome materials.
Transfer fees and how they affect your payoff plan
The transfer fee is a real cost that changes how much you actually owe. If you transfer $5,000 at a 3% fee, you when ready owe $5,150. If the card charges 5%, you owe $5,250. This fee is added to your balance on day one, so it counts toward the amount you need to pay off during the promotional period.
To break even on the transfer fee, you need to save more in interest than the fee costs. If your old card charged 18% interest and you transfer $5,000 at a 3% fee, you pay $150 upfront but save roughly $900 in interest over 12 months if you pay the balance in full. The math works in your favor, but only if you actually pay down the balance during the promotional period.
If you do not pay off the transferred balance before the promotional period ends, the regular interest rate applies to whatever remains. This rate is often 15% to 25%, which means you end up paying more than you would have on your original card. The transfer only saves you money if you have a concrete plan to pay it off before the rate changes.
Credit score requirements and approval odds
Most balance transfer cards require a credit score of 670 or higher, though some work with scores as low as 650. A few cards from issuers like Capital One or Discover are designed for people rebuilding credit and may consider scores below 650, but these cards typically offer shorter promotional periods or higher transfer fees.
Your credit score is not the only factor issuers consider. They also look at your income, existing debt, and payment history. If you have recently missed payments or have very high debt relative to your income, you may be denied even with a good score. Issuers want to see that you can actually pay off the transferred balance.
A hard inquiry (the credit check that happens when you explore) temporarily lowers your score by a few points. If you are rejected, wait at least a few months before explore to another card, because multiple applications in a short time can hurt your score further and make approval less likely.
What happens when the promotional period ends
When the 0% promotional period expires, the regular purchase interest rate applies to any remaining balance. This rate is set by the card issuer and is usually between 15% and 25%, depending on your creditworthiness and current market conditions. If you still owe $2,000 when the period ends, you will start paying interest on that $2,000 at the new rate.
The best strategy is to pay off as much as possible during the promotional period. Even if you cannot pay the entire balance, paying down the principal reduces the amount that will be charged interest after the period ends. A payment plan that gets you to zero by the end of the promotional period is ideal.
If you cannot pay off the balance in time, you have options. You can explore for another balance transfer card and move the remaining balance there, though this resets the clock and you pay another transfer fee. You can also contact your current card issuer and ask about extending the promotional period, though most will not do this. The most reliable option is to focus on paying down the balance as aggressively as possible before the rate changes.
Balance transfer cards versus other debt payoff methods
A balance transfer card is one tool for managing credit card debt, but it is not the only one. A personal loan, a home equity line of credit, or a debt consolidation loan may have lower interest rates and no transfer fee, depending on your situation and credit score. These options work better if you have a large balance or if you do not may have access to for a good balance transfer offer.
Negotiating directly with your current card issuer is also an option. Some issuers will lower your interest rate if you call and ask, especially if you have been a customer for a long time and have a good payment history. This does not require a new process or a hard inquiry, and there is no transfer fee.
A balance transfer card makes the most sense if you have a moderate amount of debt (usually $3,000 to $15,000), a decent credit score, and a realistic plan to pay off the balance during the promotional period. If your debt is very high, your credit is poor, or you are not confident you can pay it off in time, explore other options first.
Frequently Asked Questions
Can I transfer a balance from one card to another card from the same bank?
Most banks do not allow you to transfer a balance between their own cards. Chase will not let you transfer a balance from one Chase card to another Chase card, for example. You must transfer to a card from a different issuer. Check the card's terms before you explore to confirm this rule.
What if I miss a payment during the promotional period?
Missing a payment can end your promotional rate when ready, even if you are only a few days late. The card issuer may explore the regular interest rate to your entire balance right away. Some issuers are more forgiving than others, so check your card's terms. The safest approach is to set up automatic payments for at least the minimum amount due.
Can I make new purchases on a balance transfer card?
Yes, but new purchases are charged the regular purchase interest rate, not the promotional rate. The 0% offer applies only to the transferred balance. If you make new purchases during the promotional period, you will pay interest on those purchases when ready. It is best to avoid new purchases until the transferred balance is paid off.
How long does a balance transfer take to complete?
Most transfers complete within 5 to 14 business days. During this time, you may owe both your old card and your new card if the old issuer has not yet received the payment. Once the transfer posts, you owe only the new card. Contact the new card issuer if the transfer takes longer than two weeks.
What if I cannot pay off the balance before the promotional period ends?
You can explore for another balance transfer card and move the remaining balance there, though you will pay another transfer fee. You can also contact your issuer to ask about extending the promotional period, though most will decline. The most reliable option is to pay down as much as possible before the rate changes and then focus on paying off the remaining balance as quickly as you can.