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What Are The Best Balance Transfer Credit Cards of 2018?
If you're a consumer or business carrying a sizable balance on your existing credit cards, the best balance transfer 0% intro APR credit card can be a good tool for reducing your interest and debt burden. In our study, we looked for options that would work best for cardholders looking to move their existing credit card balances. We evaluated cards based on their ability to ease your overall debt burden and reward you for making new purchases.
Best Balance Transfer Credit Cards of 2018
- No Balance Transfer Fee
- Longest 0% Intro APR Offer For Balance Transfers
- Balance Transfer with Rewards
- Best Business Balance Transfer Card
- Compare Balance Transfer Credit Cards
Note: Most banks won't allow you to transfer balances between their own cards. For example, if you have a balance on a card with Chase, you'll need to transfer your balance to a non-Chase card. That is why, for each category, we also suggest an alternative credit card from another bank.
Chase Slate®: No Balance Transfer Fee for 60 Days
We recommend the Chase Slate® to most people looking for a balance transfer credit card. It has two features that, when combined, allow consumers to maximize their savings and efficiently reduce their credit card debt. First, the card provides a 0% introductory annual percentage rate on balance transfers and purchases. The 0% rate lasts 15 billing cycles. On its own, this wouldn't be a big deal—as a matter of fact, there are cards that have longer 0% interest periods. However, this card also waives the balance transfer fee when you transfer a balance during the first 60 days your account is open. To provide perspective, most cards—including other ones on this list—will charge between 3% and 5% for each transfer. Depending on how much debt you have, that fee alone can cost you hundreds of dollars. By skipping the transfer fee, the Chase Slate® allows you to put all your available funds toward your outstanding credit card debt.
The Chase Slate® has limited value after the promotional period ends. It has no rewards program or other bells and whistles that would make it useful for you in the long run. This is a problem that plagues most balance transfer cards. Therefore, if you're looking for a card you can use for years to come on purchases and balance transfers, we recommend you examine the other offers on our list.
Highlights
- Get a 0% introductory APR for the first 15 months.
- Pay a $0 introductory fee for balance transfers within the first 60 days of account opening.
- Track your credit score for free.
Alternative: BankAmericard® Credit Card
From a features perspective, the BankAmericard® Credit Card is almost identical to the Chase Slate®. Cardholders get a 0% APR for 15 months and pay no transfer fees as long as they transfer the balance within 60 days of account opening. There's no rewards program, which means this card isn't ideal for long-term use. The reason we moved the BankAmericard® Credit Card down as an alternative has to do with user satisfaction for both banks. Chase consistently ranked higher in J.D. Power's 2017 U.S. Retail Banking Satisfaction Study. In all regions of the study, Bank of America performed below average—sometimes coming in near the bottom. Therefore, if you have the choice, we recommend going with the Chase Slate®.
Citi® Diamond Preferred® Card: Longest 0% Intro APR Offer For Balance Transfers
If you anticipate it will take you more than 15 months to pay down your credit card debt, we recommend going with the Citi® Diamond Preferred® Card. This card has one of the longest 0% APR periods for balance transfers we've seen. Users get to skip interest payments for 21 months for balances transferred within the first 4 months of the account opening. That is half a year longer than what the Chase Slate® provides. Unfortunately, you will have to contend with a transfer fee. The Citi® Diamond Preferred® Card charges either $5 or 3% of the amount of each transfer, whichever is greater. It makes sense to contend with the fee if you need to take advantage of the longer 0% period. So if it will take you between 16 and 21 months to pay off your credit card debt, we recommend the Citi® Diamond Preferred® Card.
The Citi® Diamond Preferred® Card has a little bit more staying power, thanks to two other features. First, the card comes with Citi® Concierge. By dialing the number on the back of your card, you can get assistance with travel, dining, shopping and entertainment arrangements. You can think of a concierge as a personal assistant. Furthermore, Citi® Diamond Preferred® Card cardholders receive access to Citi® Private Pass®. This is a special website that allows you to book presale tickets to special events and concerts.
The Citi® Diamond Preferred® Card is only marginally more useful in the long term than the Chase Slate®. Like many other balance transfer credit cards, it has no rewards. However, the features we discussed above do help offset this drawback.
Highlights
- Enjoy one of the longest 0% APR periods for balance transfers, 21 months.
- Access the Citi® Concierge.
- Use the Citi® Private Pass®.
Alternative: HSBC Gold Mastercard®
The HSBC Gold Mastercard® is another solid credit card with an extremely long 0% APR period. Cardholders can go interest-free for 18 months from account opening. That applies to both purchases and balance transfers. The transfer fee is on the higher end, though. You'll pay either $10 or 4% of the amount transferred, whichever is greater. Still, if you're taking full advantage of those 18 months of no interest, you'll likely save much more than you pay toward that fee. The HSBC Gold Mastercard® also has a competitive interest rate after the 0% period runs out. The card has a Variable APR of 12.49%, 16.49% or 20.49%. While the latter two are a little bit above average, the 12.49% rate is quite low. Therefore, if you have to carry debt in the future, this is the way to go. As you might have guessed, the HSBC Gold Mastercard® has no rewards. Therefore, if you finish paying off your debt, it might be a good idea to swap this card out for the HSBC Cash Rewards Mastercard®.
- HSBC Gold Mastercard® Rates and Fees
- HSBC Cash Rewards Mastercard® Rates and Fees
Best Balance Transfer Credit Card with Rewards: Discover it® - 18 Month Balance Transfer Offer
The Discover it® - 18 Month Balance Transfer Offer has the right mix of solid balance transfer terms and a great rewards program. As you might have guessed from its name, cardholders get a 0% APR on balance transfers for 18 months. You must also pay a 3% fee with each transfer. These are very good terms by most standards, and only the Citi® Diamond Preferred® Card comes with a longer 0% promotional period. However, the purchase APR is a bit of a drag. You'll get a 0% APR on purchases for just six months. But this is a relatively minor downside for those who are exclusively interested in balance transfers. On the rewards side, this is one of our favorite cash-back credit cards. Users get 5% cash back on up to $1,500 in purchases each time they activate. This rewards rate applies to categories that change every quarter.
A downside to any Discover credit card is its network. These cards are not as widely accepted as Visa or Mastercard. Therefore, you should always keep a Visa or Mastercard debit or credit card just in case a merchant doesn't accept Discover cards.
Highlights
- Enjoy a 0% intro APR for six months on purchases and for 18 months on balance transfers.
- Earn 5% cash back at different places each quarter like gas stations, wholesale clubs, grocery stores, restaurants or Amazon.com, up to the quarterly maximum each time you activate.
- Discover matches all the cash back you've earned at the end of your first year.
- Discover it® - 18 Month Balance Transfer Offer Review
Alternative: Citi® Double Cash Credit Card
The Citi® Double Cash Credit Card is one of the top cash-back credit cards available, but it can be an amazing balance transfer card as well. Cardholders get a 0% introductory APR for 18 months when transfers are completed within four months from the date of account opening. This 0% period rivals many of the other cards on our list. Unfortunately, since this is not primarily a balance transfer card, there is one major downside. The Citi® Double Cash Credit Card is the only card on our list to not have a 0% interest rate on purchases (for any amount of time). This provides less flexibility for people on a tight budget.
On the cash-back end, this card is among the best. Users get 1% cash back whenever they use this card to make a purchase, and then another 1% back when that purchase is paid off. That effectively translates to a 2% cash-back rate with no bonus categories to worry about. You'll simply swipe and earn rewards. This combination of great value and simplicity is what makes the Citi® Double Cash Credit Card one of our favorites.
Best Business Balance Transfer Card: Ink Business Cash℠ Credit Card
The Ink Business Cash℠ Credit Card is both a great balance transfer credit card and rewards card. It's one of the few business cards that offers an introductory 0% APR on balance transfers—a full year. After the introductory period, the card offers a variable APR, and it's very reasonable—especially if you qualify for the minimum rate.
If your small business is carrying a balance on its existing credit card, then you might consider taking advantage of the Ink Business Cash℠ Credit Card to help manage and reduce your interest payments. The 0% introductory APR will mitigate the costs of your existing debt, and if the cash-back rates are better than your current card, the rewards will help you save on additional expenses. Best of all, the Ink Business Cash℠ Credit Card has no annual fee, which makes it a very cost-effective option to consider.
Unlike other balance transfer cards on our list, the Ink Business Cash℠ Credit Card is also a rewards credit card, which makes it an excellent card to keep around in the long term. Businesses will enjoy earning 5% cash back on office-related expenses, up to $25,000 per year; 2% cash back at gas stations and restaurants, up to $25,000 per year; and 1% cash back on all other purchases.
Highlights
- 0% introductory APR for 12 months.
- Earn 5% cash back on the first $25,000 spent in combined purchases at office supply stores and on cellphone, landline, internet and cable services each account anniversary year, plus get 2% cash back on the first $25,000 spent in combined purchases at gas stations and restaurants each account anniversary year.
- Ink Business Cash℠ Credit Card Review
Alternative: Blue Business℠ Plus Credit Card
The Blue Business℠ Plus Credit Card is a another balance transfer business card we highly recommend. The card offers a 0% introductory APR on purchases and balance transfers for 15 months. After that, your APR will be 12.74% - 20.74% Variable, based on your creditworthiness. Before getting this card, however, you should make sure all your vendors accept American Express cards. They are not as widely accepted as Mastercard or Visa. This card shines for businesses that spend less than $50,000 per year. You'll earn 2 points per dollar spent on all purchases below that threshold. Any purchases you make above $50,000 will give you just 1 point per dollar. At 1 cent per point, your rewards rate is a solid 2% for as long as you stay below $50,000 in annual purchases. That matches some of the top rewards cards and is very good for a card with no annual fee.
How Do the Best Cards Compare?
The best way of selecting a balance transfer credit card is to fit it to your specific financial situation. Using our tool below, you can enter your current amount of debt, estimated monthly payments and current interest rate, and our tool will figure out which credit cards will provide you with the best value, ranking them from highest to lowest value. If you would like to know more about some of the top cards, look to our picks below.
Card | APR | Balance Transfer Fee | Intro Balance Transfer Offer | Interest Savings ValuePenguin calculates the value of rewards by estimating the dollar value of any points, miles or bonuses earned using the card less any associated annual fees. The estimates here are ValuePenguin's alone, not those of the card issuer, and have not been reviewed, approved or otherwise endorsed by the credit card issuer. |
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Chase Freedom Unlimited® | |||||||||||||||||||||||||
16.49% - 25.24% Variable | Either $5 or 5% of the amount of each transfer, whichever is greater | 0% Intro APR on Balance Transfers for 15 months | $0.00 | ||||||||||||||||||||||
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Estimated Savings Through 24 Months
*The calculation for interest paid for the Chase Freedom Unlimited® assumes an interest rate of 0.00%
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Capital One® Quicksilver® Cash Rewards Credit Card | |||||||||||||||||||||||||
14.49% - 24.49% (Variable) | See Terms | 0% intro on balance transfers for 9 months | $0.00 | ||||||||||||||||||||||
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Estimated Savings Through 24 Months
*The calculation for interest paid for the Capital One® Quicksilver® Cash Rewards Credit Card assumes an interest rate of 0.00%
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Note: The information in this box was provided by Capital One® and is not part of our independent analysis. |
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TRIO℠ Credit Card | |||||||||||||||||||||||||
14.24% to 23.24% Variable | 4% or $5 whichever is greater. | 0% Intro on Balance Transfers for 12 months. | $0.00 | ||||||||||||||||||||||
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Estimated Savings Through 24 Months
*The calculation for interest paid for the TRIO℠ Credit Card assumes an interest rate of 0.00%
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U.S. Bank Cash 365™ American Express® Card | |||||||||||||||||||||||||
14.74% - 23.74% Variable | 3% or $5 whichever is greater. | 0% Intro on Balance Transfers for 12 months. | $0.00 | ||||||||||||||||||||||
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Estimated Savings Through 24 Months
*The calculation for interest paid for the U.S. Bank Cash 365™ American Express® Card assumes an interest rate of 0.00%
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The Choice Privileges® Visa® Card | |||||||||||||||||||||||||
16.24%, 20.99% or 25.99% Variable | 3% or $5 whichever is greater. | 0% Intro on Balance Transfers for 15 months. | $0.00 | ||||||||||||||||||||||
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Estimated Savings Through 24 Months
*The calculation for interest paid for the The Choice Privileges® Visa® Card assumes an interest rate of 0.00%
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ThankYou® Preferred Credit Card | |||||||||||||||||||||||||
12.99%, 17.99% or 22.99% Variable | 3% or $5 whichever is greater. | 0% Intro on Balance Transfers for 12 months. | $0.00 | ||||||||||||||||||||||
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Estimated Savings Through 24 Months
*The calculation for interest paid for the ThankYou® Preferred Credit Card assumes an interest rate of 0.00%
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Hawaiian Airlines® World Elite Mastercard® | |||||||||||||||||||||||||
16.99%, 20.99% or 25.99% Variable | 3% or $5 whichever is greater. | 0% Intro on Balance Transfers for 15 months. | $0.00 | ||||||||||||||||||||||
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Estimated Savings Through 24 Months
*The calculation for interest paid for the Hawaiian Airlines® World Elite Mastercard® assumes an interest rate of 0.00%
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Discover it® - 18 Month Balance Transfer Offer | |||||||||||||||||||||||||
13.49% - 24.49% Variable | 3% | 0% | $0.00 | ||||||||||||||||||||||
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Estimated Savings Through 24 Months
*The calculation for interest paid for the Discover it® - 18 Month Balance Transfer Offer assumes an interest rate of 0.00%
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Chase Freedom® | |||||||||||||||||||||||||
16.49% - 25.24% Variable | Either $5 or 5% of the amount of each transfer, whichever is greater | 0% Intro APR on Balance Transfers for 15 months | $0.00 | ||||||||||||||||||||||
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Estimated Savings Through 24 Months
*The calculation for interest paid for the Chase Freedom® assumes an interest rate of 0.00%
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Priceline Rewards™ Visa Card | |||||||||||||||||||||||||
14.99%, 19.99% or 24.99% Variable | 3% or $5 whichever is greater. | 0% Intro on Balance Transfers for 15 months. | $0.00 | ||||||||||||||||||||||
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Estimated Savings Through 24 Months
*The calculation for interest paid for the Priceline Rewards™ Visa Card assumes an interest rate of 0.00%
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Holland American Line Rewards Visa Card | |||||||||||||||||||||||||
13.99%, 16.99% or 20.99% Variable | 3% or $5 whichever is greater. | 0% Intro on Balance Transfers for 15 months. | $0.00 | ||||||||||||||||||||||
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Estimated Savings Through 24 Months
*The calculation for interest paid for the Holland American Line Rewards Visa Card assumes an interest rate of 0.00%
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Premier Miles & More® World Mastercard® | |||||||||||||||||||||||||
15.99% or 24.99% Variable | 3% or $5 whichever is greater. | 0% Intro on Balance Transfers for 15 months. | $0.00 | ||||||||||||||||||||||
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Estimated Savings Through 24 Months
*The calculation for interest paid for the Premier Miles & More® World Mastercard® assumes an interest rate of 0.00%
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The Wyndham Rewards® Visa Signature® Card | |||||||||||||||||||||||||
16.24%, 20.99% or 25.99% Variable | 3% or $5 whichever is greater. | 0% Intro on Balance Transfers for 15 months. | $0.00 | ||||||||||||||||||||||
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Estimated Savings Through 24 Months
*The calculation for interest paid for the The Wyndham Rewards® Visa Signature® Card assumes an interest rate of 0.00%
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Carnival World™ MasterCard® | |||||||||||||||||||||||||
13.99%, 16.99% - 20.99% Variable | 3% or $5 whichever is greater. | 0% Intro on Balance Transfers for 15 months. | $0.00 | ||||||||||||||||||||||
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Estimated Savings Through 24 Months
*The calculation for interest paid for the Carnival World™ MasterCard® assumes an interest rate of 0.00%
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Princess Cruises Rewards Visa Card | |||||||||||||||||||||||||
13.99%, 16.99% or 20.99% Variable | 3% or $5 whichever is greater. | 0% Intro on Balance Transfers for 15 months. | $0.00 | ||||||||||||||||||||||
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Estimated Savings Through 24 Months
*The calculation for interest paid for the Princess Cruises Rewards Visa Card assumes an interest rate of 0.00%
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National Geographic Platinum Edition® Visa® | |||||||||||||||||||||||||
15.99% - 22.99% Variable | 5% or $10 whichever is greater. | 0% Intro on Balance Transfers for 6 months. | $0.00 | ||||||||||||||||||||||
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Estimated Savings Through 24 Months
*The calculation for interest paid for the National Geographic Platinum Edition® Visa® assumes an interest rate of 0.00%
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RCI® Elite Rewards® MasterCard® | |||||||||||||||||||||||||
13.99% or 24.99% Variable | 3% or $5 whichever is greater. | 0% Intro on Balance Transfers for 12 months. | $0.00 | ||||||||||||||||||||||
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Estimated Savings Through 24 Months
*The calculation for interest paid for the RCI® Elite Rewards® MasterCard® assumes an interest rate of 0.00%
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Miles & More® World Elite Mastercard® | |||||||||||||||||||||||||
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16.99% or 25.99% Variable | 3% or $5 whichever is greater. | 0% Intro on Balance Transfers for 15 months. | $0.00 | |||||||||||||||||||||
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Estimated Savings Through 24 Months
*The calculation for interest paid for the Miles & More® World Elite Mastercard® assumes an interest rate of 0.00%
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Truly Simple Credit Card | |||||||||||||||||||||||||
12.74% - 23.74% Variable | 4% or $10 whichever is greater. | 0% Intro on Balance Transfers for 15 months. | $0.00 | ||||||||||||||||||||||
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Estimated Savings Through 24 Months
*The calculation for interest paid for the Truly Simple Credit Card assumes an interest rate of 0.00%
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KeyBank Latitude Credit Card | |||||||||||||||||||||||||
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10.74% - 20.74% Variable | 4% or $10 whichever is greater. | 0% Intro on Balance Transfers for 15 months. | $0.00 | |||||||||||||||||||||
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Estimated Savings Through 24 Months
*The calculation for interest paid for the KeyBank Latitude Credit Card assumes an interest rate of 0.00%
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Wells Fargo Platinum Visa® Card | |||||||||||||||||||||||||
16.65%-26.49% (Variable) | 3% Intro for 15 months, then 5% | 0% for 15 months | $0.00 | ||||||||||||||||||||||
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Estimated Savings Through 24 Months
*The calculation for interest paid for the Wells Fargo Platinum Visa® Card assumes an interest rate of 0.00%
Card Details
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BB&T Bright® Card | |||||||||||||||||||||||||
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11.9% to 20.9% Variable | 3% or $10 whichever is greater. | 0% Intro on Balance Transfers for 15 months. | $0.00 | |||||||||||||||||||||
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Estimated Savings Through 24 Months
*The calculation for interest paid for the BB&T Bright® Card assumes an interest rate of 0.00%
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Barclaycard Ring™ Mastercard® | |||||||||||||||||||||||||
10.49% Variable | None | N/A | $0.00 | ||||||||||||||||||||||
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Estimated Savings Through 24 Months
*The calculation for interest paid for the Barclaycard Ring™ Mastercard® assumes an interest rate of 0.00%
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BankAmericard® Better Balance Rewards | |||||||||||||||||||||||||
11.99% - 21.99% Variable | 3% or $10 whichever is greater. | 0% Intro on Balance Transfers for 12 months. | $0.00 | ||||||||||||||||||||||
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Estimated Savings Through 24 Months
*The calculation for interest paid for the BankAmericard® Better Balance Rewards assumes an interest rate of 0.00%
Card Details
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US Bank Visa® Platinum Card | |||||||||||||||||||||||||
10.74% - 22.74% Variable | 3% or $5 whichever is greater. | 0% Intro on Balance Transfers for 15 months. | $0.00 | ||||||||||||||||||||||
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Estimated Savings Through 24 Months
*The calculation for interest paid for the US Bank Visa® Platinum Card assumes an interest rate of 0.00%
Card Details
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Citi Simplicity® Card - No Late Fees Ever | |||||||||||||||||||||||||
15.24% - 25.24% Variable | 3% or $5 whichever is greater. | 0% Intro on Balance Transfers for 18 months. | $0.00 | ||||||||||||||||||||||
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Estimated Savings Through 24 Months
*The calculation for interest paid for the Citi Simplicity® Card - No Late Fees Ever assumes an interest rate of 0.00%
Card Details
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Citi® Diamond Preferred® Card | |||||||||||||||||||||||||
14.24% to 24.24% Variable | 3% or $5 whichever is greater. | 0% Intro on Balance Transfers for 21 months. | $0.00 | ||||||||||||||||||||||
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Estimated Savings Through 24 Months
*The calculation for interest paid for the Citi® Diamond Preferred® Card assumes an interest rate of 0.00%
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Chase Slate® | |||||||||||||||||||||||||
16.49% - 25.24% Variable | Either $5 or 5% of the amount of each transfer, whichever is greater. | 0% Intro APR on Balance Transfers for 15 months | $0.00 | ||||||||||||||||||||||
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Estimated Savings Through 24 Months
*The calculation for interest paid for the Chase Slate® assumes an interest rate of 0.00%
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PCB Platinum | |||||||||||||||||||||||||
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13.49% to 24.49% Variable | 2% or $2 whichever is greater. | 0% Intro on Balance Transfers for 12 months. | $0.00 | |||||||||||||||||||||
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Estimated Savings Through 24 Months
*The calculation for interest paid for the PCB Platinum assumes an interest rate of 0.00%
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Mastercard® Black Card™ | |||||||||||||||||||||||||
16.49% Variable | See Terms | 0% introductory APR for the first fifteen billing cycles on balance transfers made in the first 45 days | $0.00 | ||||||||||||||||||||||
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Estimated Savings Through 24 Months
*The calculation for interest paid for the Mastercard® Black Card™ assumes an interest rate of 0.00%
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How to Choose the Best Balance Transfer Credit Card
A balance transfer credit card can be a useful tool for paying down credit card debt. To find the card that will save you the most money, determine which type of card you want, prioritize the key features and calculate how long it will take to pay off your debt. Most balance transfer credit cards require good to excellent credit. If your FICO score is below 680, you likely won't get approved for these cards except for those with other hidden fees.
Find the Right Balance Transfer Card Type
There are two types of balance transfer credit cards: the basic type and those that also offer a rewards program. Here are the key differences.
Basic Balance Transfer Credit Cards
The primary feature of basic balance transfer credit cards is the 0% APR offer. The 0% period typically lasts between 15 months and 18 months, and it's generally longer than those found on balance transfer cards with rewards. Basic balance transfer cards also often waive balance transfer fees or won't charge them at all, unlike those that also come with rewards. The permanent APR after the 0% period ends is typically lower than those on balance transfer cards with rewards. The major downside of basic balance transfer cards is they are largely useless as a primary card after you eliminate your outstanding balance. Basic balance transfer cards are best if you:
- Have a lot of existing credit card debt.
- Anticipate having remaining debt after the 0% interest period ends.
- Tend to carry a balance month to month.
Balance Transfer Credit Cards With Rewards
Many rewards credit cards also offer 0% interest on balance transfers. The advantage of these cards is that you'll continue to save money by earning points or cash back after you pay off your debt during the 0% period. The downside is that these cards typically don't offer a 0% APR for longer than 12 months, which may not be enough time to pay off your balance. It's important to note that some of these cards may come with an annual fee, but the cards we recommend do not. Balance-transfer cards with rewards are best if you: * Can pay off your existing debt in 12 months or less. * Want a useful card after paying off your debt.
Avoid 'Deferred Interest' Credit Cards
Deferred interest cards should not be considered balance transfer or low-interest credit cards. These cards retroactively charge interest if you don't pay off a balance within the promotional period. Conversely, balance transfer cards begin to charge interest only after the promotional period ends. Deferred interest is commonly found on store credit cards. Read the fine print of any credit card offering a low or 0% interest period to determine how interest is charged.
Compare Key Features
Here are the three key features of balance transfer cards. These will help you compare multiple cards to find the best deal for you.
Promotional 0% APR: Balance-transfer cards provide no interest for a promotional period, typically between 12 months and 24 months. Note how long the promotional 0% rate applies to balance transfers. For instance, the rate may only apply to balances that are transferred within 45 days of the card opening. This information can be found in the Pricing and Terms section of the card agreement or website. Some balance transfer cards come with 0% interest on transfers and new purchases. But if your goal is to pay off debt, you should avoid making new purchases while paying off your existing debt.
Standard APR After Promotional Period: If you won't pay off your entire balance before the introductory APR period ends, then you should consider how much your APR may increase since you will end up paying interest on the remaining balance. Many issuers provide an APR range, depending on your creditworthiness. If you have excellent credit (a FICO score above 740), you'll likely receive the lowest APR in the range.
Transfer Fees: Most credit cards charge 3% to 5% of the balance for each transfer. But some cards will waive the fee altogether.
Consider Your Budget
Take the time to estimate how long it will take to pay off your debt—and whether you can do it within the 0% APR period. Why? Say you sign up for a rewards card with a 0% balance transfer APR for 12 months, but you think you'll carry a balance for 18 months. The result: You will lose money even despite earning rewards. That's why it's important to have a plan for paying off your debt within your budget. Use our pay-down calculator below to estimate how long it will take to eliminate your debt. Enter your total debt, monthly payments and APR.
balance
pay off in months
interest (APR)
payment
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Visualizing Your Remaining Balance
The below graph can help you see exactly how quickly your total outstanding balance will go down overtime with the payment structure you selected.
Other Factors to Consider
Here are three other factors to consider when weighing balance transfer offers.
You generally can't transfer debt to a card with the same issuer. Issuers use balance transfer offers to get new customers. Many issuers don't allow current customers to transfer from one of its cards to another card it issues—or its affiliates issue. That means you need to should shop around at other issuers for a balance transfer.
You can only transfer credit card debt up to your available credit limit (or less). You typically can only transfer an amount up to that limit, sometimes less, depending on the issuer. That means if your credit limit is $2,500 on the balance transfer card, then that's the max amount, including fees, you can transfer—even if you have $4,000 in debt. The problem is that you won't know the credit limit until after you apply and you're approved for the card. If the balance (or balances) you want to transfer exceed the credit line, the issuer may transfer only a portion of the balance. Others may simply deny your application. The bottom line: If you have a lot of credit card debt, you may need multiple balance transfer cards to accommodate the amount.
You don't earn rewards on transferred balances. Rewards credit cards entice cardholders to make purchases by providing points, miles or cash back for those transactions. But you can't earn rewards for balance transfers on most rewards cards. There are some exceptions, but the transfer fee on these cards often exceeds what you'd earn in rewards. Similarly, a transferred balance typically does not count toward a sign-up bonus.
How Do Balance Transfers Save You Money?
By taking advantage of a balance transfer card with a 0% APR, you can put more money toward reducing debt instead of paying interest. This can mean substantial savings over time and a step closer to financial stability. Here's an example. Let's take the average total credit card debt, which is $9,036 for U.S. households. Assuming your APR is 15% and monthly payment is $400, you would end up forking over $1,283 in interest charges before the balance is paid off more than two years later. If you transfer the balance to a card with a 0% APR for 12 months and no transfer fee, you'd end up paying only $241 in interest, a savings of more than $1,000. Even if you have to pay a 3% transfer fee, you'd still save money on interest. Of course, your monthly payment in the balance transfer scenario is much higher, $753. We created a tool to help you see how balance transfer credit cards can save you based on your unique financial situation. Enter your debt and APR for up to five cards, and you'll see how they compare next to a balance transfer card.
balance
payment
interest (APR)
payoff time
Card 1
Please enter the details of the card you are transferring balances to:
promo length (months)
transfer fee
APR after promo
Visualizing Your Savings
Another added benefit of a balance transfer credit card is the fact that it speeds up how quickly you pay down your debt. The following graph can help you visualize this. Use the drop down menu to choose between graphing your remaining balance, savings, or interest paid.
Comments and Questions
* See the online credit card application for details about terms and conditions. Reasonable efforts are made to maintain accurate information. However all credit card information is presented without warranty. When you click on the "Apply Now" button, you can review the credit card terms and conditions on the issuer's website.
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How We Calculate Rewards: ValuePenguin calculates the value of rewards by estimating the dollar value of any points, miles or bonuses earned using the card less any associated annual fees. These estimates here are ValuePenguin's alone, not those of the card issuer, and have not been reviewed, approved or otherwise endorsed by the credit card issuer.