Transferring high-interest credit card debt to a card with a 0% introductory APR offer can provide temporary relief from accruing interest charges. This gives you time to pay down principal balances during the 0% intro period.
Choosing the right balance transfer card requires comparing key factors like intro APR length, balance transfer fees, and regular APR. This article compares the top balance transfer credit cards of 2024 based on expert analysis.
How We Evaluate the Best Balance Transfer Cards
Our rating process examines over 100 popular credit cards and scores each based on:
- Intro APR Offer: The 0% intro APR length and rate. Longer and lower are better.
- Regular APR: The ongoing interest rate after the intro period ends. Lower is better.
- Balance Transfer Fee: Lower fees save more money. The best cards charge 3%.
- Credit Required: Cards available to applicants with fair credit (scores around 640) are weighted favorably.
- Perks: Rewards programs and other benefits add value after the intro offer ends.
Our Picks for the 10 Best Balance Transfer Cards of 2024
| Card | Intro APR | Intro Length | Balance Transfer Fee | Regular APR | Our Rating |
| Wells Fargo Reflect® Card | 0% | 21 months | 3% intro, then up to 5% | 18.24% – 29.99% variable | 4.3/5 |
| Citi® Double Cash Card | 0% | 18 months | 3% intro, then 5% | 16.24% – 26.24% variable | 4.2/5 |
| U.S. Bank Visa® Platinum Card | 0% | 20 billing cycles | 3% intro, then up to 5% | 17.24% – 27.24% variable | 4.0/5 |
| Discover it® Balance Transfer | 0% | 18 months | 3% intro, then up to 5% | 16.49% – 27.49% variable | 4.1/5 |
| Citi Simplicity® Card | 0% | 21 months | 3% intro, then 5% | 17.24% – 27.74% variable | 4.0/5 |
| Chase Freedom FlexSM | 0% | 15 months | 5% | 18.24% – 28.24% variable | 3.8/5 |
| Bank of America® Customized Cash Rewards credit card | 0% | 15 billing cycles | 3% intro, then 4% | 18.24% – 28.24% variable | 3.6/5 |
| Citi® Diamond Preferred® Card | 0% | 21 months | 3% intro, then 5% | 18.99% – 28.99% variable | 3.5/5 |
| Chase Freedom Unlimited® | 0% | 15 months | 5% | 18.24% – 28.24% variable | 3.3/5 |
| Capital One QuicksilverOne Cash Rewards Credit Card | 0% | 15 months | 3% | 29.99% variable | 3.0/5 |
READ ALSO: 10 Best Credit Cards for People with Bad Credit
Below, we’ll compare the key factors that went into rating each of these top balance transfer cards.
Wells Fargo Reflect® Card
Intro APR: 0% for 21 months on balance transfers
Regular APR: 18.24% – 29.99% variable
Balance Transfer Fee: 3% intro, then up to 5%
The generous 21-month 0% intro APR period gives you ample time to pay down debt. Balance transfers must be completed within 120 days to qualify. The regular APR is competitive as well.
Cell phone protection against damage or theft (subject to a $25 deductible) provides value after the intro period ends. There are no foreign transaction fees.
Our only caution is to complete transfers within the 120-day window to secure the low intro balance transfer fee. After that, the fee rises to up to 5%.
Verdict: Excellent balance transfer card with one of the longest 0% intro periods available. Just be sure to transfer balances in the first 4 months.
Citi® Double Cash Card
Intro APR: 0% for 18 months on balance transfers
Regular APR: 16.24% – 26.24% variable
Balance Transfer Fee: 3% intro, then 5%
While not the absolute longest intro period, 18 months gives you a year and a half to pay down transferred debt interest-free. The regular APR is also competitive for an ongoing rate.
You also earn cash back on every purchase with no category restrictions. Earn 1% when you buy, plus 1% when you pay it off. Balance transfers themselves don’t earn cash back, though.
Just note that transfers must be completed within 4 months to get the 3% intro balance transfer fee. After that, it rises to 5%.
Verdict: Strong card for earning rewards after paying off your balance transfer. Just focus on completing transfers within the first 4 months.
U.S. Bank Visa® Platinum Card
Intro APR: 0% for 20 billing cycles on balance transfers
Regular APR: 17.24% – 27.24% variable
Balance Transfer Fee: 3% intro, then up to 5%
A lengthy 20 billing cycle intro period provides ample time to chip away at debt. To get the 3% intro fee, you’ll need to complete transfers within the first 60 days. After that, it rises to up to 5%.
This card has no annual fee or foreign transaction fee. It also offers roadside dispatch assistance. Just keep in mind that rewards are limited to shopping discounts.
Verdict: Solid card if you focus on transfers in the first 2 months. It is best for cardholders who prioritize a low ongoing APR over rewards.
Discover it® Balance Transfer
Intro APR: 0% for 18 months on balance transfers
Regular APR: 16.49% – 27.49% variable
Balance Transfer Fee: 3% intro, then up to 5%
An 18-month 0% intro period gives you over 1.5 years to pay down balances before interest applies. This card also earns 5% cash back in rotating bonus categories each quarter when activated.
To get the 3% intro fee, you’ll need to transfer balances within the first 60 days. After that, it rises to up to 5%. Cashback Match means Discover will match all the cash back earned after the first year.
Verdict: Strong card for balancing debt payoffs with earning rewards. Just transfer balances within the first 2 months.
Citi Simplicity® Card
Intro APR: 0% for 21 months on balance transfers
Regular APR: 17.24% – 27.74% variable
Balance Transfer Fee: 3% intro, then 5%
A 21-month intro period is one of the longest available, giving you ample time to reduce debt. To secure the 3% intro fee, complete transfers within the first 4 months. After that, it rises to 5%.
This card has no late fees or penalty rates. The regular APR is competitive as well. Just keep in mind that there are no rewards offered.
Verdict: Excellent option if you want a long 0% intro period and a low ongoing APR but don’t care about rewards.
Chase Freedom FlexSM
Intro APR: 0% for 15 months on balance transfers
Regular APR: 18.24% – 28.24% variable
Balance Transfer Fee: 5%
While not the longest intro period, 15 months is still decent. All transfers will incur a 5% fee. This card also earns 5% cash back on quarterly rotating categories (upon enrollment) and comes with a solid welcome bonus offer.
Just keep in mind Chase has the 5/24 rule, which means if you’ve opened 5 or more credit cards in the past 24 months, you may not qualify for approval.
Verdict: Better for cardholders looking to balance debt payoff with earning rewards rather than maximizing intro APR length.
Bank of America® Customized Cash Rewards credit card
Intro APR: 0% for 15 billing cycles on balance transfers
Regular APR: 18.24% – 28.24% variable
Balance Transfer Fee: 3% intro, then 4%
Although not the longest intro period, 15 billing cycles gives you over a year of interest-free. To get the 3% intro fee, you’ll need to transfer balances within the first 60 days. After that, it rises to 4%.
This card earns 3% cash back in the category you choose each month from a list of options. It comes with a $200 welcome bonus as well.
Verdict: Provides a balance between the 0% intro offer and earning rewards. Focus on transfers within 60 days to secure the lower fee.
Citi® Diamond Preferred® Card
Intro APR: 0% for 21 months on balance transfers
Regular APR: 18.99% – 28.99% variable
Balance Transfer Fee: 3% intro, then 5%
A lengthy 21-month 0% period allows you ample time to reduce debt. To secure the 3% intro fee, you’ll need to transfer balances within the first 4 months of account opening. After that, it rises to 5%.
The regular APR is competitive, and there’s access to Citi Flex Loans. Keep in mind that there are no rewards offered with this card.
Verdict: Excellent option if your priority is maximizing the 0% intro period over rewards. Just focus on early balance transfers.
Chase Freedom Unlimited®
Intro APR: 0% for 15 months on balance transfers
Regular APR: 18.24% – 28.24% variable
Balance Transfer Fee: 5%
This card offers new cardholders 0% interest for 15 months on balance transfers. All transfers incur a 5% fee.
You can earn unlimited 1.5% cash back on every purchase with no annual fee. It also comes with a $200 welcome bonus after spending $500 within 3 months of account opening.
Just keep in mind that Chase has the 5/24 rule for approvals. Overall, it is better for earning rewards than maximizing the length of the 0% intro period.
Verdict: Provides a balance between a 0% intro offer and earning unlimited rewards. But not the longest intro APR period.
Capital One QuicksilverOne Cash Rewards
Intro APR: 0% for 15 months on balance transfers
Regular APR: 29.99% variable
Balance Transfer Fee: 3%
A 15-month intro period along with the 3% balance transfer fee make this a decent option for transferring debt. However, note that the regular APR is nearly 30%.
This card earns unlimited 1.5% cash back with no annual fee. It can be a good option for those with fair credit since the approval requirements are a bit easier to meet.
Verdict: Decent intro offer and rewards for fair credit applicants, but extremely high regular APR.
Choosing the Best Card for Your Needs
Picking the right balance transfer card involves weighing the length of the 0% intro period, regular APR, fees, and rewards potential. Here are some key questions to help compare the top options:
- How much time do you need to fully pay off debt? Prioritize cards with intro periods that align with your payoff schedule.
- Will you carry a residual balance after the intro period? If so, compare regular APRs across different cards.
- What is your credit score? Cards with excellent intro offers often require very good credit. If your score is fair, you may need to compromise on intro length.
- Do you want to earn rewards after paying off the balance? Consider if you value cash back or if your priority is purely minimizing interest.
- How much debt will you transfer? The total amount will impact how much you save from a lower transfer fee.
Pros of Balance Transfer Cards
- Save on interest: The 0% APR pause allows you to direct full payments to the principal balance.
- Consolidate debt: Transferring multiple balances to one card simplifies the payoff process.
- Lower monthly payments: With no interest accruing each month, minimum payments decrease during the intro period.
- Improve credit utilization ratio: As you pay down debt, your ratio of balances to available credit decreases, benefiting your credit score.
Cons of Balance Transfer Cards
- High credit requirement: The best offers frequently require very good to excellent credit, around 690 and up.
- Risk of residual interest: Remaining balances after the 0% intro period ends accrue interest at the regular APR.
- Balance transfer fees: These upfront fees range from 3% to 5% and add to your total balance cost.
- Limited rewards: Cards with the longest intro periods often don’t offer robust rewards programs.
Alternatives to Balance Transfer Cards
If you don’t qualify for a card with a lengthy 0% intro APR, other options include:
- 0% APR on purchases cards: These cards offer interest-free financing on new purchases but no balance transfer offer.
- Credit union cards: Member-owned credit unions may offer low rate cards with balance transfer offers.
- 401(k) or IRA loan: Borrowing against existing retirement accounts can provide low interest financing options. However, this carries risk as well.
- Debt management plan: Credit counseling companies can negotiate lower interest rates on existing credit card debt. This involves fees, though.
- Debt consolidation loans: Unsecured personal loans or home equity loans condense debt into a fixed monthly payment at lower interest. But minimum income and credit requirements apply.
- Asking for lower APR: You may be able to call issuers and negotiate a lower ongoing APR if you’ve been a long-time customer with positive payment history.
To Recap
A balance transfer credit card can provide temporary relief from interest charges if you have existing credit card balances at high rates. But keep in mind that cards with the best combination of lengthy intro APRs and low fees often require very good to excellent credit.
Read the fine print closely when comparing card offers. Pay close attention to the intro and regular APR lengths, balance transfer fees, credit requirements, and any contingencies that could forfeit the intro rate.
Most importantly, have a payoff plan you can stick to that takes advantage of the 0% interest reprieve. Diligently direct all your payments toward the principal during the intro period so you can reduce debt before regular interest applies. Consistent on-time payments are essential as well to avoid penalties that could cancel promotional financing.
Frequently Asked Questions (FAQs) About Balance Transfer Cards
How do balance transfers work?
A balance transfer involves moving debt from an existing credit card to a new card offering a promotional 0% intro APR. You apply for the new card and submit request forms to transfer balances once approved. The issuer pays off the amounts, transfers them to the new card, and reports the balances.
Can you transfer balances from any credit card?
Balance transfers are allowed between different issuers. For example, you can’t transfer debt from one Chase card to another Chase card. The new card you apply for will need to be from a different bank than your existing account.
How long do balance transfers take to process?
It typically takes 5-7 days for a balance transfer to be completed after you submit the request. But some banks may take up to a few weeks. Keep paying minimums on your existing card until the issuer confirms the balance shows zero.
Should you close old credit card accounts after transferring the balance?
It’s generally recommended that you keep old accounts open, even after transferring all the debt away. This sustains your overall credit limit and length of credit history, both of which benefit your credit scores.
Can balance transfers hurt your credit scores?
In the short run, your credit scores may temporarily decrease a few points after applying for the new card due to the hard inquiry. Your scores can also drop if the balance transfer significantly lowers your combined credit limit and increases your utilization ratio. But over time, as you reduce debt, your scores should recover.
Is there a limit on how much you can transfer?
Most banks limit the amount you can transfer to your new card’s approved credit limit. So even if you’re approved for a $20,000 line, for example, transferring more than that from other cards would exceed the limit.
Are there payment penalties on balance transfer cards?
Many balance transfer cards come with 0% intro APR contingency clauses. This means if you make a late payment, the issuer can revoke the 0% interest rate and charge a high penalty rate on existing balances. It’s critical to never miss payments and to pay on time each month.
Can you do multiple balance transfers over time?
Technically yes, but each successive balance transfer incurs fees, and finance charges accrue during gaps between intro periods. This can increase total interest costs. It’s best to consolidate balances upfront.
In another related article, The Best Credit Cards for Building Credit from Scratch For 2024
