What makes a balance transfer card worth using
A balance transfer card is useful when the introductory interest rate is low enough and lasts long enough to pay down what you owe before regular rates kick in. The cards that work best for this have an introductory APR of 0% for at least 12 months, a reasonable transfer fee (usually 3% to 5% of the amount you move), and no annual fee. You are looking for a card where the math actually saves you money — not just a lower rate than your current card, but low enough that you can clear the balance during the promotional period.
The catch is that balance transfer cards almost always require good credit to open. Most issuers want a credit score of 670 or higher, and the best offers go to people with scores above 740. If your score is lower, you may still find cards that accept you, but the introductory period will be shorter or the transfer fee higher. Knowing your own score before you start looking saves time.
Key Takeaways
- The best balance transfer cards offer 0% APR for 12 to 21 months with no annual fee, so you pay only the transfer fee to move your debt.
- Most balance transfer cards require a credit score of 670 or higher, and better offers go to scores above 740.
- The transfer fee is usually 3% to 5% of the amount you move, charged upfront, so factor that into whether the card saves you money.
- You need a plan to pay off the balance before the introductory period ends, or you will owe the regular APR on whatever remains.
- Some cards offer 0% on purchases too during the promotional period, which can help if you need to avoid new debt while paying down the transfer.
Cards with the longest 0% introductory periods
The longest promotional windows currently available are 18 to 21 months of 0% APR on balance transfers. Citi Simplicity Card and Chase Slate Edge Card both offer 21 months with no annual fee. The Citi card charges a 3% transfer fee (minimum $5), and the Chase card charges 3% as well. Both require good credit, typically a score of 670 or higher.
The Amex EveryDay Preferred Card offers 0% for 15 months on balance transfers, with a 3% fee and no annual fee. American Express cards are less widely accepted than Visa or Mastercard, so check whether your current creditor will accept an Amex transfer before you open the account.
If your credit score is above 740, you may also see offers for 0% periods of 18 to 20 months from cards like the U.S. Bank Visa Platinum or Discover it Balance Transfer. These cards have no annual fee and transfer fees between 3% and 5%. The exact offer you see depends on your credit profile and the issuer's current promotions, which change frequently.
Lower-fee options if you are transferring a large balance
When you are moving a large amount, even a 1% difference in transfer fee adds up. The Citi Simplicity Card and Chase Slate Edge Card both charge 3%, which is among the lowest available. Some cards charge 5%, which means on a $10,000 transfer you pay $500 instead of $300 — a real difference.
A few cards offer an introductory period with no transfer fee at all, but these are rare and usually come with a shorter 0% window or higher credit score requirements. Check the current offers from your bank or credit union, as they sometimes have cards with reduced fees for existing customers.
Before you open a new card, calculate the total cost: transfer fee plus any interest you would pay on your current card during the promotional period. If the new card's fee is $300 but you would pay $400 in interest on your old card over the same timeframe, the transfer saves you money. If the fee is $300 and you would pay $150 in interest, the transfer costs you more than staying put.
Cards that combine 0% on transfers and purchases
Some balance transfer cards also offer 0% APR on new purchases for part or all of the promotional period. This matters if you need to avoid adding new debt while you pay down the transfer. The Chase Slate Edge Card offers 0% on both transfers and purchases for the first 15 months, then 0% on transfers alone for 6 more months. The Citi Simplicity Card offers 0% on transfers for 21 months but charges regular APR on purchases from day one.
The Amex EveryDay Preferred Card offers 0% on both transfers and purchases for 15 months. If you carry a balance and also need to make new purchases, a card with dual 0% periods can prevent you from accumulating more debt while you work through what you already owe.
Read the terms carefully, because the purchase 0% period sometimes ends before the transfer period does. You do not want to discover halfway through that new purchases are now charging interest while your transfer balance is still interest-free.
What to do if your credit score is below 670
Balance transfer cards with the best terms require good credit, but options exist for lower scores. Discover it Balance Transfer accepts people with fair credit (typically scores around 620 to 669), though the introductory period may be shorter and the transfer fee higher than what someone with excellent credit would receive. The card has no annual fee.
Some credit unions offer balance transfer cards to members with lower credit scores, often with better terms than national issuers. If you belong to a credit union, ask what balance transfer options are available to you before you explore elsewhere.
If no balance transfer card will take you right now, you have other paths: a personal loan from a bank or credit union (which you use to pay off the credit card), a debt consolidation loan, or negotiating a lower rate directly with your current card issuer. A balance transfer is not the only way to reduce what you owe.
How to move your balance and avoid common mistakes
Once you have opened the new card, contact the issuer and ask for the balance transfer process. You will provide the account number and balance from your old card, and the new card's issuer will send the payment directly to that creditor. You do not move the money yourself. The transfer usually takes 5 to 14 business days to post.
Do not close your old card when ready after the transfer completes. Closing an old account can lower your credit score by reducing your available credit and shortening your credit history. Leave it open with a zero balance. You can close it after the promotional period ends if you want.
Set a payment plan before the transfer posts. Calculate how much you need to pay each month to clear the balance before the 0% period ends. If you have 21 months and owe $5,000, you need to pay roughly $238 per month. Write this down and set a calendar reminder. If you do not pay off the full balance by the time the promotional period ends, the remaining balance will be charged the regular APR, which can be 15% to 25%.
Do not make new purchases on the balance transfer card during the promotional period unless the card also offers 0% on purchases. New purchases usually start accruing interest when ready, even if your transferred balance does not. Keep the card for the transfer only, and use a different card or cash for new spending.
Comparing balance transfer cards side by side
| Card | 0% APR Period (Transfers) | Transfer Fee | Annual Fee | 0% on Purchases |
|---|---|---|---|---|
| Chase Slate Edge | 21 months | 3% | None | 15 months |
| Citi Simplicity | 21 months | 3% | None | No |
| Amex EveryDay Preferred | 15 months | 3% | None | 15 months |
| Discover it Balance Transfer | 18 months | 3% | None | No |
| U.S. Bank Visa Platinum | 18 months | 3% | None | No |
The table above shows cards currently available, but offers change frequently and vary based on your credit score and history. The terms you see when you explore may differ from what is listed here. Always read the full terms and conditions before opening an account.
Frequently Asked Questions
Can I do a balance transfer if I have multiple credit cards?
Yes. You can transfer balances from more than one card to a single balance transfer card. Each transfer counts toward the card's credit limit, so make sure the new card has enough available credit for all the transfers you want to make. You will pay the transfer fee on each balance you move.
What happens if I do not pay off the balance before the 0% period ends?
Any remaining balance will start accruing interest at the card's regular APR, which is usually 15% to 25%. This is why having a payment plan before you transfer is important. If you cannot pay it off in time, you may be able to transfer the remaining balance to another 0% card, though this depends on your credit score and the new issuer's policies.
Does opening a balance transfer card hurt my credit score?
Opening a new card causes a small, temporary drop in your score because the issuer runs a hard inquiry and you have a new account with no history. The impact is usually 5 to 10 points and recovers within a few months. Over time, the new card can help your score by lowering your overall credit utilization if you keep the old card open with a zero balance.
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. You can usually only transfer from a card issued by a different bank. Check with the issuer before you explore if you want to transfer from another card you already have with them.
What if the balance transfer is declined?
The issuer may decline a transfer if your credit limit is too low, if the old card is in default, or if there are other issues with the account. Contact the new card's customer service to ask why the transfer did not go through. You may be able to transfer a smaller amount, or you may need to wait and try again later.