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Best Balance Transfer Credit Cards
The burden of debt is a heavy one to bear. It’s difficult to live a normal life when you’re constantly worrying about how you’ll pay off your credit card debt or afford anything other than the basic necessities.
Luckily, a respite is within your reach. With the right balance transfer credit card in your hand, you can turn things around and get the fresh start you need to become financially healthy again.
Top Credit Cards for Balance Transfer in November 2024
Capital One Quicksilver Cash Rewards Credit Card
Fortunly's Rating: Our editorial team determines the rating based on a set of evaluation criteria developed for each product and service category.
Capital One Quicksilver Cash Rewards Credit Card
- New member offer: Earn a one-time $200 reward once you spend $500 on purchases within the first three months of opening the account
- Unlimited 1.5% cash back on every purchase
- Intro APR: 0% for 15 months
HSBC Gold Mastercard Credit Card
Fortunly's Rating: Our editorial team determines the rating based on a set of evaluation criteria developed for each product and service category.
HSBC Gold Mastercard Credit Card
- Introductory APR: This card features one of the longest introductory APR periods we’ve seen. For the first 18 months, your APR will be 0%.
- Late Fee Waiver: HSBC will waive your late payment fee once per year.
- No penalty APR: APR doesn’t rise if you’re late with payments
- Travel benefits: 15% savings for Meet & Greet services, no foreign transaction fees, car rental insurance, and more.
Citi Simplicity Card
Fortunly's Rating: Our editorial team determines the rating based on a set of evaluation criteria developed for each product and service category.
Citi Simplicity Card
- Intro APR: This card offers a whopping 18 months of APR-free purchases and balance transfers
- Purchase protection: Citi offers $0 liability for unauthorized charges on your card.
- Payment due date: You can pick your own payment due date.
- ID theft protection: Citi also offers ID theft protection services to card holders
UNITY Visa Secured Credit Card
Fortunly's Rating: Our editorial team determines the rating based on a set of evaluation criteria developed for each product and service category.
UNITY Visa Secured Credit Card
- Fixed rate: The card has a fixed APR rate of 9.95% in the first six months from opening the account and 17.99% after that.
- Credit score: There are no minimum credit score requirements for this card
- Application process: The application process for the Unity Visa Secured Credit Card is one of the quickest and easiest in the market.
Discover it Balance Transfer Card
Fortunly's Rating: Our editorial team determines the rating based on a set of evaluation criteria developed for each product and service category.
Discover it Balance Transfer Card
- Cashback: The Discover card provides between 1% and 5% cash back rewards, saving you a significant amount of money over time.
- Intro APR: Besides the 0% APR for purchases and balance transfers in the first 14 months, there’s a 3% intro balance transfer fee that eventually goes up to 5%.
Credit Cards for Balance Transfers - Our Top Picks for 2024:
- Capital One Quicksilver Cash Rewards Credit Card - Best for balance transfer with no fee
- HSBC Gold Mastercard Credit Card - Best for balance transfer and travel
- Citi Simplicity Card - Best for a long 0% APR period
- UNITY Visa Secured Credit Card - Best for bad credit
- Discover it Cash Back - Best for rewards
Detailed Reviews of Balance Transfer Credit Cards
Overview
This is one of the better choices on the market if you’re looking for a well-rounded financial product and have a good or excellent credit rating.
With this card, you don’t have to worry about chasing rotating cash back categories where you get cash back on groceries one month and gas the next.
You get the same 1.5% on all your purchases, making this one of the simplest, and most useful cards you can get. You will also have access to a round-the-clock concierge assistant.
Rewards
In addition to the 1.5% cash back on every purchase, you also get a one-time $150 bonus after you spend $500 on purchases within three months of opening the account.
The card offers a fairly long introductory period of 15 months. It can be more than enough time to pay off your debt, but there are a few other offers with a longer introductory APRs.
The cash back rewards are the most useful thing here — you don’t have to bother with sign-ups to get the 1.5%, and there are no rotating categories where one month you end up with cash back on something that’s entirely useless to you.
There’s also no limit to how much you can earn from this.
The Capital One Quicksilver card offers high rewards without minimum redemption, and since you get zero interest balance transfer for 15 months, it can be a great way to save.
APR and Fees
There are no annual fees or foreign transfer fees. It’s very rare for a balance transfer card to have no foreign transfer fees — for the most part, card issuers charge 3% on each foreign transaction.
Luckily, you don’t have to worry about that with Capital One Quicksilver. This product is particularly useful for people who travel a lot.
Imagine taking a family vacation for two weeks. If you spend around $250 per day, you would end up saving over $100 dollars on that vacation alone just because you didn’t have to worry about foreign transaction charges.
The introductory APR is 0% for 15 months, and after that, it increases to a 14.99% - 24.99% variable APR.
Best For
The Capital One Quicksilver card is an all-around good product with a great introductory offer and a no-fuss cash-back reward system that is bound to be useful to anyone. You need a good credit rating to become eligible for this product.
Overview
HSBC’s Gold Mastercard credit card stands out among the majority of cards that are currently on the market because it offers some really great benefits.
In addition to a splendid 0% APR introductory offer that lasts 18 months, you also get some added perks and benefits that you can enjoy if you’re a frequent traveller.
If you’re looking to pay off your debt, get some unique rewards, and avoid a pesky annual fee, this card is a pretty great option.
Rewards
HSBC Gold Mastercard rewards are useful for travelers. You don’t get any cash-back benefits or frequent flier miles, but you do get rental car physical damage and theft coverage, completely waived foreign transaction fees, and a Mastercard Airport Concierge™ with 15% savings on Airport Meet and Greet services.
You also get top-shelf card security and support for Tap & Go contactless payments. It is possibly the best option out there if you have a good credit rating, because most of its benefits are geared towards such consumers.
HSBC also offers access to discounts on selected golf courses, ground passes, and golf lessons. Of course, the card is secured with ID theft-protection technology, and it gives you access to Mastercard Global Service, a 24-hour service where you can report lost or stolen cards.
APR and Fees
The introductory offer lasts for 18 months, which is one of the longer introductory periods in the industry. After it expires, you can expect an APR between 13.99% - 23.99%, depending on your exact credit score.
This card is good for customers with excellent credit since 13.99% is one of the lowest APRs you can get.
HSBC doesn’t have an annual fee, but they do have a balance transfer fee, which is a little pricier than some of the other cards on our list.
You will have to pay either 4% of the total balance or $10 (whichever is higher) to do a balance transfer. Some of the other cards on our list are either free or go up to 3% of the total balance.
There is no foreign transaction fee to worry about here. Another unique selling point is the late fee waiver. Once per year, the company will waive any late fee, giving you some flexibility.
Best For
This is one of the better balance transfer credit cards for customers with excellent credit who want to get several useful travel benefits. Its extensive low-APR period, several shopping benefits, and the absence of foreign transaction fees make this card a very solid choice for any consumer who meets the credit score requirements.
Overview
Citi Simplicity Card offers one of the longest introductory periods where the APR stays at 0% — 18 whole months.
This card is great because it gives you a lot of time to pay off your debts without paying any interest. If time is all you need to get your finances in order, Citi Simplicity Card is the choice for you.
Rewards
In addition to the 18 months of 0% APR, another thing that makes this one of the leading balance transfer credit cards is the fairly long 0% APR for new purchases — 12 months. So, for a year, you won’t have to pay for anything extra on any of your purchases.
Besides this, Citi Simplicity doesn’t offer any other special types of rewards. It’s a very straightforward card for customers who need a little extra time to get their finances in order.
The long introductory period can be used to its full advantage, especially by customers trying to save more. If the card offered rewards instead, it wouldn’t be such a great product for those trying to get out of debt.
APR and Fees
The Citi Simplicity Card has one of the pricier balance transfer fees on our list. The industry standard falls around 3%, but this card has a $5 or 5% transfer fee that you have to consider when transferring money.
This card also has a higher ongoing APR that ranges from 14.74% - 24.74% after the introductory period ends. As with most of these cards, how high the APR goes will depend mostly on your credit rating and credit history.
The best way to use this card is to transfer all your debt to it at once and simply pay it off in installments before the 0% period ends. The card has no annual fee, but it does have foreign transfer fees. If you plan to travel, it’s probably not a great idea to bring this card with you.
Best For
This is a great card for customers who are trying to get out of debt and get a fresh start. The fact that it doesn’t give you any special rewards or cash-back options is a huge pro, not a con. Get this card if your main focus is recuperating your accounts and getting a handle on your overspending.
Overview
This is one of the few cards that can be obtained even by customers with bad credit. This no-nonsense, secured card can help you build your score back up and control your spending urges.
Generally, there aren’t too many balance transfer cards made for poor credit customers, but this is one of the most competitive products on the market.
In addition to its six-month introductory period, the card’s regular APR is also decent after that period expires.
The Unity card reports to TransUnion, Experian, and Equifax credit unions, and if you use it responsibly, you’ll be able to build your credit score slowly and apply for an unsecured card later on.
The application process for the UNITY card is quick and fuss-free, and you get a high credit line.
You can deposit anywhere from $250 to $10,000, where most of the cards this type allow for deposits up to $3,000 or $5,000.
Rewards
This card offers no special rewards, and that is a good thing. It’s an excellent card for customers who have no credit history at all. You can apply for it even with a score as low as 300.
APR and Fees
The APR is very competitive compared to other similar credit cards. You’ll get a 9.95% rate for the first six months, after which the APR will rise to a fixed 17.99%.
There is an annual fee of $39. Compared to other cards of this type, this falls somewhere under the industry standard. If you’re late with your payments, you’ll have to pay a late payment fee that goes up to $10, and there’s also a returned payment fee that can go up to $25.
There is also a foreign transaction fee of 2%, which is better than the industry standard of 3% usually found on these types of cards.
Best For
Customers who are looking to fix their credit score or build it up from scratch.
Overview
This is a great card that offers some pretty sweet rewards in addition to a fairly long introductory period with 0% APR. It gives you an excellent cash back reward, too.
Expect 5% cash back (up to a quarterly maximum each time you activate the card) for rotating product categories.
In addition, you’ll be able to enjoy exceptional customer service and great perks that make you eligible for the Cashback Match rewards program.
Rewards
With 5% cash back for rotating categories each month, you can make full use of this card and save more than you’d be able to with other products.
You’ll also get 1% cash back on all items in the other categories or after you’ve reached the $1,500 category cap.
Balance transfer cards such as this one rarely come with so many rewards, but Discover is an exception.
Its Cashback Match program is one of the best features — at the end of the first year, all the cash back rewards you’ve earned will be matched dollar for dollar.
This means that if you earn $300 at the end of the year, you’ll actually get $600.
APR and Fees
Discover has one of the longest 0% APR periods in the industry. You get 18 months of no interest, and then you move on to a 11.99% - 22.99% variable APR. There’s also a six-month zero-interest period on new purchases made with your card.
Discover has no foreign transaction fees and no yearly fees. It does, however, have a balance transfer fee of 3%, which later rises to 5% after the promotional period.
Best For
This isn’t the best possible choice if your credit rating is lower — in fact, you’ll need a good or excellent score to apply. However, it’s a great choice for consumers who like cash-back rewards and need a longer 0% APR period.
Seven Things to Know About Balance Transfer Credit Cards
You need to know what you’re getting into before getting a balance transfer card. Even cards with zero balance transfer fees can end up costing you a lot if you don’t use them right, and you have to understand that they’re not really get-out-of-jail-free cards.
There are both unexpected benefits and things to be wary of with these types of cards, and you should be fully aware of them before you proceed. To that end, here’s what you need to keep in mind when choosing the right credit card to pay off your debt.
Your debt is still there.
Unless you know a friendly wizard or a generous millionaire, it’s unlikely any of your debts will magically disappear overnight with a balance transfer credit card - you simply have to pay them off. However, these types of cards can go a long way in helping you accomplish this goal.
For starters, they help you pay off your principal instead of your interest quicker than regular cards, which means your debt will effectively be smaller. Having a 0% APR grace period means you also won’t incur any additional costs while repaying your current loan.
While you won’t be able to erase the interest from the debt you’re currently paying off, if you make all your repayments with these cards during their 0% APR grace period, you won’t incur any additional interest.
Balance transfer cards can be used to simplify multiple payments.
Have multiple debts on multiple credit cards? Instead of tracking down all your different bills, you can consolidate everything onto one zero balance transfer card and simplify your life. The right card choide will make things easy because there will be only one debt to keep track of and repay.
This can be especially great if your provider has no fees on balance transfers, like some of the cards from our list. If you’re a disorganized person who keeps accruing late fees, this kind of solution can be a real godsend.
Fees are inevitable.
Every card will have some sort of fees that you have to pay if you want to use it. This is especially true of balance transfer cards, which tend to come with more user fees. You will be able to find some pretty great card providers that don’t charge transfer fees, but you’ll usually sacrifice the length of the promotional 0% interest period.
For some consumers, this can be a great deal. If you don’t need much time to pay off your debt, zero balance transfer offers are a great choice for you. You can transfer all of your debt at no charge, pay it off quickly, and be completely in the clear.
Before you officially sign up for such a card, it’s a good idea to calculate everything in advance and figure out how much you’ll have to pay each month to pay everything off before the 0% interest period ends.
Low-interest promotions expire.
Low-interest periods will end even on the best deals. While you can find cards on the market that offer 18 months of zero interest, you have to count on the fact that interest will skyrocket after the initial period ends. In some cases, it will be even higher than the interest rate you were trying to run away from.
So, should you avoid balance transfer cards? No. But you have to use them the way they’re meant to be used — to get out of debt faster. If you end up adding new purchases to your old and new credit cards or if you stop sticking to a rigorous payment plan, you could end up racking up even more debt.
Our advice is to figure out a solid plan, pay your installments on time each month, and make sure you wipe out all (or at least the majority) of your debt before the promotional period ends.
New purchases might not have the same interest rate.
If you aren’t careful, you could easily add a lot more to your debt than you had anticipated. The good thing about balance transfer credit cards is that they can keep your spending in check if you know all the details. Most credit card companies will give you a lower APR, but only for the initial balance transfer. Interest for newer purchases will be collected at the regular APR.
Some credit card providers will extend a low APR to new purchases as well, but this is a double-edged sword. While it’s tempting to buy new things now that you don’t have to worry about high interest rates, you’ll still be adding to your debt and might not be able to pay things off as fast as you’d wanted to.
The real key here is discipline. You really need to stick to your initial repayment plan: it’s the only way to get your finances back on track.
You shouldn’t keep applying for more balance transfer cards.
Let’s say you’ve found the absolute perfect credit card - one with great terms and an extensive, zero APR period. However, you got a little excited and ended up overspending. Now the zero APR period is about to end, but you still haven’t managed to pay off all of your debt. What can you do now? How about applying for yet another one of those balance transfer cards?
While this might seem like a good idea, you should be careful. It’s entirely possible to apply for another balance transfer card, but this could lower your credit score. If you keep opening low-interest accounts but maintaining high debt levels, banks might end up flagging you as a risky borrower.
You’ll need good credit.
Well, you won’t necessarily need it, but you’ll get much better offers with it.
Before the Great Recession of 2008, balance transfer cards were more commonly issued to bad-credit borrowers, and banks were more willing to approve them. However, after the whole disaster, it became increasingly more difficult to get your card if you have a subpar rating.
This might not be such a bad thing — instead of lending out bad credit that the borrowers could never repay, banks are now more careful. However, don’t worry if you’re struggling with your credit score and want to get a balance transfer card. You can find options on our list, even for poor credit scores.
It’s important to do your research: calculate how big your monthly repayments should be in order to pay off your debt in time. If you’re worried about getting rejected for a balance transfer card, read our next section. It gives you a few tips that can help you get approved.
How We Evaluate Balance Transfer Credit Cards
The idea behind balance transfer is pretty simple. Imagine you had a $60,000 credit card debt. It’s a lot of money, and your low monthly payments and high interest rates paint a gruesome picture in your head — at this rate, you’ll never pay it off. Unless you want to spend the next decade struggling to make ends meet, you need a different solution.
The entire purpose of a debt transfer credit card is to find a bank or a card provider that will give you low interest rates, which you can then use to minimize your debt and get a much-needed fresh start.
The process is easy: you apply for the best offer that you can find (you can even find credit cards with 0 percent transfer fees), and then you move your balance from the old card with a high interest rate, to a new card with a much lower interest rate.
As a result, you’ll apply more of your payments to the principal balance instead of interest charges, meaning you can chip away at your debt much faster.
We’ve tested out dozens of companies and decided to make a list of the ones that are worth your time and can make it easier to settle your debts. We looked for things like interest free credit card transfer deals, APR for balance transfers, and general terms and conditions that the financial institutions provided.
However, we’re going to give you more than just claims. We intend to show you our method first.
Each step is explained in depth, so if you want to make an informed decision and pick a product that can truly help you, we suggest that you read through it before making your choice.
Balance Transfer Fees
What are you going to do with a card that has exorbitant transfer fees? Even if they offer a wide range of other benefits, you’re doing yourself a disservice if you pick a card with more than a 6%-to-7% transfer fee. You can easily find a 0% offer, so there’s really no need to settle for something that’s just going to hurt your balance in the long run.
You want to look for a product that has a balance transfer fee that ranges from 3% to 5% and offers great benefits, or something with a 0% fee. For example, if your credit card balance is $10,000, a 3% fee would cost you $300.
As you can see, this isn’t much at all, especially considering how much you’ll save in the long run. The right credit card choice will never harm your financial health if you use it right.
Interest Rates on Transfer Balances
All of the cards on our list have been specifically designed for balance-transfer purposes. They have lower interest rates than regular cards; even 0% interest rate periods are not uncommon.
The best offers will have a 0% period that’s long enough to give you time to deal with your debts, and start over on a more positive note. We looked for companies with interest-free balance transfer options, and found only the ones that also gave decent repayment conditions to go with it.
Bear in mind that there are different types of debt you can transfer to a credit card. Car loans, pricey appliances, furniture, and other types of monthly payments can be transferred, meaning you can put all of your expenses on one card.
A good credit card offer for balance transfer will minimize the hassle you have to go through each month. Instead of worrying about three different credit cards, you’ll be able to focus on one card and one monthly installment to pay for it.
Length of the Promotional Period
If the 0%-interest-rate promotional period lasts for six months and then bounces to 30%, you haven’t really accomplished much. Debts, especially large ones, can take a long time to repay, and balance transfer cards will give you more breathing room by providing a longer promotional period. Of course, every customer-and their debt-is different.
We’ve done the legwork and found all the relevant info, but it’s on you to calculate how much your monthly installments will cost, and whether you can pay off the debt before the promotional period ends.
Annual Fees
Debt transfer cards commonly have an annual fee. Even though these fees are usually low, we aimed to find balance transfer cards with no fee. If a financial institution does require a yearly payment, it doesn’t automatically mean it’s bad.
But we did try to minimize any kind of cost our customers might be subjected to. Added expenses are bothersome because a lot of people forget about them — until it’s time to pay them.
Quality credit cards are usually very straightforward, and the providers will clearly tell you what kind of expenses you can expect if you opt to purchase their product. It’s entirely possible to find a no fee and no interest card. It’s a matter of finding the right offer to suit your financial abilities.
Starting Offers
In addition to the 0% interest rate, a lot of companies will also offer some additional benefits. You can find credit cards with high balance transfer limits, bonus cash back categories, sign-up bonuses, and various redemption options. These starting offers make each product unique and can turn a good offer into a great one.
We’ve examined every offer in detail and found what makes these products special to help you find the best offers on the market.
Credit Score Requirements
We’ll be honest with you — people with good credit scores will get better offers. It’s more difficult to find products that allow interest free credit card transfers for those with bad credit, but we dug deep and found card providers that won’t swindle you.
Regular APR
A zero-percent interest rate sounds amazing. Your debt is slashed, you have much less to pay off, and once you’re done, you’ll be a whole new person with complete financial solvency. But hold your horses for just a second — a 0 balance transfer and 0 interest credit card won’t stay at 0 forever.
While the leading cards for balance transfers will have a long 0% interest-rate period, the interest will climb back up after a certain time. It could be a year, eighteen months, or even two years, but it will never stay at 0%.
Things to Watch Out For
No company is perfect. While every financial product on our list fully checks out, sometimes you have to read the fine print in order to use them to their full potential. To find the most well-rounded credit card offers for balance transfers, you also have to take your financial needs into consideration.
What might work for one customer might not work for someone else. So be sure to look for the cards which are tailored to your needs.
Pros and Cons
If you’ve got no time to read the whole review, then read a short summary. Each review includes a small pro and con section that will give you a quick overview of the things to keep in mind when choosing your perfect balance transfer card.
FAQ
Do balance transfers affect your credit score?
Balance transfers themselves usually don’t affect a consumer’s credit score. However, applying for credit cards to pay off other credit cards could potentially affect your score if you apply for too many at the same time or apply for them too soon. This can be especially problematic if you’re applying for a credit card balance transfer for business with too many banks at the same time.
About 15% of your credit score is based on the length of time an account has been open. The longer it’s been open, the higher your score will be. Opening several accounts at the same time could knock down your average and hurt your score.
How do you do a balance transfer on a credit card?
It’s easy: you check the balance and the interest rate on your credit card, pick a new card with a better APR, and then simply contact the new credit card company and ask to do a balance transfer. You’ll need to provide the numbers of both accounts. It typically takes a few days to process a transfer.
How much can you balance transfer on a credit card?
It depends on your credit card limit. The leading cards allow you to transfer up to 100% of your credit limit, but you might be capped at 75% of the balance transfer if your credit limit doesn’t allow for more.
What happens if you don’t pay off balance transfer?
If you don’t pay off your balance transfer within the 0% intro period, you might end up paying even more in interest than you initially would have had you just stuck to the old card. Balance transfer cards are really useful and can completely recuperate your financial health, but only if you use them the way they’re intended. If you see them as an excuse to spend more and take a longer time to pay off your debt, you’re likely to end up in an even bigger debt.
Are 0 balance transfers a good idea?
Yes, balance transfers with a card that gives you a 0% APR period can be a great idea. Everything you pay during that period goes towards the principal of your debt instead of the interest. If you manage to pay off your entire debt before the 0% period ends, you’ll be saving a lot of money that you would have otherwise spent on paying off interest.
Should I pay off one credit card or reduce balances on all debt?
It’s generally better to pay off one credit card first and then move on to the next one. However, if you get a balance transfer card, it could be a good idea to transfer all your debt to that card. This only works if you plan to pay it all off before the promotional low APR period ends.
Is there a downside to balance transfers?
Yes — high APRs after the promotional period ends. Even the most generous offers can have a high APR after the promotion ends, especially if your credit score is anything less than excellent. However, if you pay everything off before that, these types of cards can be a great idea.
Should I close credit cards with zero balance?
It depends on several factors. Closing a credit card with zero balance could increase your balance-to-limit ratio because it reduces your available credit, meaning your credit score could get knocked down. However, if you have an excellent credit score, this is unlikely to affect it too much. There’s also the issue of temptation — if an open account invites you to overspend and get into debt again, then it might be in your best interest to close it.