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The best balance transfer credit cards can be a lifesaver if you’re struggling with high interest debt and can’t seem to pay it off. That’s because many of these products offer 0% APR for 15 months or longer, letting you avoid interest during that time and pay down debt faster.
Also note that many of the top balance transfer cards don’t charge an annual fee, and that many even offer rewards programs. If you are tired of dealing with debt and think a balance transfer card could help, check out our list of the top balance transfer cards available in 2018.
Why choose between a balance transfer and rewards? The Discover it® Balance Transfer offers both, with 18 months of 0% APR on balance transfers (after that ongoing APR is 13.99% – 24.99% variable) and high-rate rewards. Use this card to pay off your balance interest-free.
5% cash back at different places each quarter like gas stations, grocery stores, restaurants, Amazon.com, or wholesale clubs up to the quarterly maximum each time you activate. 1% unlimited cash back on all other purchases - automatically.
Current OfferGet a dollar-for-dollar match of all the cash back you’ve earned at the end of your first year, automatically.
INTRO OFFER: Discover will match ALL the cash back you've earned at the end of your first year, automatically. There's no signing up. And no limit to how much is matched.
Earn 5% cash back at different places each quarter like gas stations, grocery stores, restaurants, Amazon.com, or wholesale clubs up to the quarterly maximum each time you activate. Plus, earn unlimited 1% cash back on all other purchases - automatically.
Redeem cash back any amount, any time. Rewards never expire.
100% U.S. based customer service.
Get your free Credit Scorecard with your FICO® Credit Score, number of recent inquiries and more.
Receive FREE Social Security number alerts-Discover will monitor thousands of risky websites when you sign up.
Rewards Details: 5% cash back at different places each quarter like gas stations, grocery stores, restaurants, Amazon.com, or wholesale clubs up to the quarterly maximum each time you activate. 1% unlimited cash back on all other purchases - automatically.
The Discover it® Balance Transfer card is perfect for anyone looking for a long window of introductory 0% interest on transferred balances and then the ongoing APR of 13.99% – 24.99% Variable APR. With this card, you’ll get a year-and-a-half to pay off any transferred balances without getting hit with interest. On top of that, there’s no annual fee to complicate things.
When it comes to the Discover it® Balance Transfer card, the name really says it all. With this card, you’ll have over a year to pay off a transferred balance without dealing with interest. However, you will need to pay it off within that window or else you could end up incurring interest.
Why you'll love it
Who doesn’t love 18 months of 0% interest for balance transfers (after that ongoing APR is 13.99% – 24.99% variable)? The Discover it® Balance Transfer card offers this in addition to a substantial rewards program. You could earn 5% cash back up to the quarterly maximum each time you activate at gas pumps, grocery stores, and more. In addition to that, you could earn 1% unlimited cash back automatically on all other purchases.
The Blue Cash Preferred® Card from American Express is the perfect blend of everyday rewards and great intro APR. You could earn 6% cash back at U.S. supermarkets (on up to $6,000 per year in purchases, then 1%). And that’s not even covering the 3% cash back at U.S. gas stations and select U.S. department stores. All while enjoying a year-long window of interest-free bliss on balance transfers.
While the Blue Cash Preferred® Card from American Express may not have the longest introductory APR, it makes up for that with high-rate rewards. Use a budget, and you could save money on interest on both your balance transfers and your cash-back earning purchases.
The Capital One® Quicksilver® Card has the lowest signup bonus requirements. If you’re looking to pay down your debt and earn some fast rewards, then this is the card for you. If your purchases for the first three months add up to $500, you’ll earn a $150 cash back bonus.
Transfers from existing Capital One® accounts are not allowed. So, if you have balances on other Capital One® cards (includes branded cards, such as Kohl’s, Sony, GM, BuyPower Card, Union Plus, and Teamster Privilege), you won’t be able to do a balance transfer to this card.
Why you'll love it
The Capital One® Quicksilver® Card serves as a low-interest card, balance transfer card, and rewards card all in one! Plus, the signup bonus is the easiest to obtain of any card on this list.
The Barclaycard Ring® Mastercard®, a recent addition to our list, is a solid option for anyone looking to transfer a large balance. What it lacks in a rewards program, it makes up for with a 0% intro APR for 15 months on balance transfers made within 45 days of account opening. After that, a variable 13.99% APR will apply.
The Barclaycard Ring® Mastercard® doesn’t include a rewards program. If you already have cash back or another rewards card, this doesn’t matter as much; simply use your rewards card for new purchases. If you don’t have a large balance or multiple balances to transfer, we recommend the Discover it® Balance Transfer for the longer intro APR period and 5% cash back in rotating categories.
Why you'll love it
The Barclaycard Ring® Mastercard® may not have many bells and whistles, but its unique combination of features make it a powerful debt elimination tool. This card offers a pathway to financial freedom with minimal upfront costs.
Balance transfer cards can help you pay down debt if you are able to qualify for a lower interest rate than you’re paying now. Most even offer 0% APR for 15 months or longer, making them a no-brainer if you have high interest debt you want to consolidate and pay off quickly. Here’s a basic rundown of the steps required for a balance transfer to work:
Determine your level of debt and how high the interest
Shop around for balance transfer credit cards, preferably with a 0% intro APR period
When you select a card with agreeable terms, transfer that outstanding debt
Pay off that transferred debt, taking advantage of your balance transfer credit card’s interest-free window
Are Balance Transfer Cards a Good Idea?
Balance transfer credit cards can be a handy tool for dealing with debt before it takes over your life. However, we would be remiss if we didn’t also point out the importance of responsible card use. In general, you should never charge something to a credit card you can’t afford. Sometimes, this is easier said than done. Sometimes, you do need to pull the trigger on a big purchase you might not have the cash for. In these situations, a good balance transfer credit card with 0% intro APR can help you tackle that balance before interest takes effect.
What Is a Balance Transfer Card Anyway?
The term “zero balance transfer credit card” refers to a balance transfer card with 0% introductory APR. You generally want to stick with cards that offer these windows of 0% interest as they allow you time to pay off the transferred balance without incurring interest. The Chase Slate® (currently unavailable) card is a good example of a 0% balance transfer credit card and, as we’ve covered, it grants the cardholder a 15-month window of interest-free bliss.
What is a Balance Transfer Fee?
A balance transfer fee is usually a percentage you need to pay when you transfer a balance. This percentage is applied to the transferred credit card balance although some cards will also require a flat rate. For example, the Chase Freedom® card has a balance transfer fee of either $5 or 5% of the amount of each transfer (whichever is greater).
How Do You Transfer a Balance?
Once you’ve done your research and been approved, gather account information for each card, call the customer service center for your balance transfer credit card and request a transfer. They’ll your other credit card company and handle the logistics.
How Long Do Balance Transfers Usually Take?
This can vary, but the general estimate is a week or more. In the case of dealing with a creditor who needs to be paid by check, this can take even longer.
Can I Transfer Anotehr Person’s Debt to My Balance Transfer Card?
This is doable, but also risky. If you have a strong enough credit score to be able to accept someone else’s balance, it could help relieve them of debt. But keep in mind that you’d be taking on additional fees and interest until you pay off the new balance. And if the person whose debt you’ve taken on doesn’t pay you back, creditors will hold you responsible.
Your overall credit history will be affected as well if you miss payments. So, if you are willing to take on someone else’s debt, make sure you either trust that person or you’re on solid enough financial ground to be able to handle it.
Do I Cancel My Old Cards After a Balance Transfer?
No. In fact, it’s recommended that those who get a balance transfer card keep their old credit cards after the balance has been transferred — mainly to hold on to credit longevity. Maintaining credit longevity helps your overall credit score, and you could get dinged for canceling your older cards. You could also eliminate any future rewards benefits that these cards provide.
However, the main goal of getting a balance transfer card is to alleviate debt. So, if you got overextended with your old cards, you may want to remove the temptation by cutting ties. Especially if your spending doesn’t justify the annual fees.
Is a Balance Transfer Worth It?
If you’re carrying a large amount of debt on a high-interest credit card, or have multiple debts that you want to pay with a single bill without consolidating debt, it may well be worth it. Transferring a balance to a 0% intro card may even save you money! For instance, on a high-interest 18% APR credit card, paying $350 a month for 15 months on a $5,000 balance would cost you $664 in interest. To calculate your interest and potential savings, check out our debt payoff calculator.
Do Balance Transfers Affect Your Credit?
Yes. When you open a new credit card, you’ll probably see a short-term minimal drop in your score for a new hard inquiry on your credit report. Where a balance transfer credit card can help your score is credit utilization, which accounts for about one-third of your credit score. The more you can reduce your credit utilization rate, the better the outcome for your credit score.
What is a Low Interest Credit Card?
There’s a lot of overlap between the best balance transfer credit cards and the best low-interest credit cards, but, in general, it comes down to whether or not the introductory 0% APR is also extended to purchases. Typically, balance transfer credit cards are going to extend their best introductory rates to transfers specifically for up to 18 months. They may offer super-low or 0% introductory APR on purchases, but usually for a shortened period of time, such as six to 12 months. The best low-interest credit cards extend introductory 0% APR to both transfers and purchases, giving you a year or more in some cases, to enjoy interest-free payments. This makes them a great option for large purchases, such as a new refrigerator, not just transfers.
The Bottom Line
Balance transfers are a great way to enjoy a nice, long window of introductory 0% APR. With the right balance transfer credit card and an understanding of what is a balance transfer, you could save on interest! The best cards will offer extremely low or 0% interest rates, no balance transfer fees, and an extra-long period to pay off debt.
Research More Balance Transfer Cards
We designed our directory to highlight only the most important features. Those are the ones that would best help the cardholder get out from under credit card debt. There are other key factors we consider, as well, including rates, introductory APR, and more.
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Common Filters Great Signup Bonus Great Ongoing Rewards Balance Transfer Fee 3% or lower Intro Balance Transfer APR 0% 12+ Months Only Fair Credit Score Needed
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