Best Balance Transfer Credit Cards of October 2023

Balance transfer credit cards are cards that can receive balance transfers -- a feature not offered by all credit cards. It's best for those with good credit who want a lower interest rate or to consolidate debt.

These types of credit card transfers offer a low introductory APR. The best balance transfer credit cards even start with an intro 0% APR. Pay off what you owe before the intro period ends, and you can avoid interest fees entirely.

If you're short on time, here's a quick run-down of our top three balance transfer cards right now:

• Top pick for the best balance transfer card: Discover it® Balance Transfer (see rates and fees). In addition to a solid intro APR offer, the competitive go-to rate and purchase rewards make this card worth keeping after the intro offer ends.
• Best balance transfer card with cash back: Citi® Double Cash Card – 18 month BT offer (see rates and fees). This card is ideal for balance transfers, offering an exceptionally long intro term and a promotional balance transfer fee to help cardholders save money. You can also earn unlimited cashback on purchases.
• Best balance transfer card with a long 0% intro APR: Wells Fargo Reflect® Card (see rates and fees). We like this card because of its long 0% intro APR for 21 months. Not ready to make a balance transfer? You have 120 days from account opening to qualify for the intro rate.

Comparing balance transfer offers

The three main points you should look at when comparing balance transfer cards are:

• The intro APR offer: This tells you how long you'll enjoy the 0% APR on your transferred balance. If you know you'll need a long time to pay off your balance, look for the longest introductory term you can find.
• The go-to or standard APR: Once your introductory rate expires, your remaining balance will start accruing interest at the standard APR. This factor becomes important if you think you won't be able to pay off your entire transferred balance before the intro offer ends.
• The balance transfer fee: Not only do you have to consider the transfer fee in terms of the fee itself -- lower fees are always better -- but the balance transfer fee will also reduce the total amount you can transfer.

One thing you don't need to consider are the rewards. You won't earn rewards on transferred balances, and balance transfers won't count toward any kind of welcome or sign-up bonus requirements.

Check out the table below to quickly compare some of our favorite balance transfer cards:

Wells Fargo Reflect® Card

When you're staring at a lot of high-interest credit card debt, you might be thinking you need as long as you can get to pay it off. That's where a card like this shines. It has one of the longest intro APR terms we've seen, giving you 21 months at an introductory 0% APR. The go-to 18.24%, 24.74%, 29.99% variable APR applies at the end of the intro period (see rates and fees).

What's more, that same long term applies to both balance transfers and new purchases. Chances are good if you're dealing with existing high-interest debt, you may also need a break on new purchases. This card lets you save on both types of balances (as long as your limit holds out).

• This best balance transfer credit card is great for: Folks who have a mix of new purchase and balance transfer debt who want to save on interest for both. This card has the same competitively long intro term for both types of balances.
• When to consider an alternative: Wells Fargo Reflect® Card has a balance transfer fee of 5%; min: $5. If you're transferring a large amount, consider looking for a card with a lower or promotional balance transfer fee. Even something like 2% can wind up getting very expensive if you're transferring $5,000 or more.

Apply for a Wells Fargo Reflect® Card on the Wells Fargo website.

Discover it® Balance Transfer

Our top pick overall for balance transfer credit cards. It checks a lot of boxes for a good card more generally, too. First, you get 18 months 0% intro APR on balance transfers before the go-to rate of 17.24% - 28.24% Variable APR applies. That's not the longest term out there, but it's certainly competitive. And it's even better when paired with the lower promotional balance transfer fee.

However, that's not all this card offers. You also get long-term, keeper-card potential out of this credit card thanks to the cash back rewards you can earn on purchases when you activate your rotating categories. Plus, you get Discover's customer service, which consistently wins awards for its quality.

• This best balance transfer credit card is great for: If you want a balance transfer card now, but a rewards card later, this could be the right fit. You get a competitive intro APR offer on balance transfers, plus you earn cash back rewards on eligible new purchases.
• When to consider an alternative: While the balance transfer offer on this card is great, the one for new purchases isn't as good: 0% Intro APR for 6 months (after which the go-to rate we mentioned above applies). If you're looking to save on interest on future purchases, check out some of our other picks.

Apply for Discover it® Balance Transfer on Discover's website.

Citi® Double Cash Card – 18 month BT offer

First and foremost, this card is a solid pick for balance transfers thanks to its long intro 0% APR offer. The promotional balance transfer fee also helps it stand out from the card crowd (as well as save you some money on your transfer). Added to that, you get up to four months to actually transfer your balances and still qualify for the intro APR, which is way longer than most other issuers offer.

After you're done paying off your balance transfer, however, you don't have to cancel this card. Unlike some other picks on the list, this card has staying power thanks to its cash back rewards. While it's not as straightforward as some rewards cards -- you earn 1% when you make a purchase, then another 1% when you pay off your balance -- it'll still be a decent flat-rate card once you're done with the balance transfer.

• This best balance transfer credit card is great for: This is a solid option for folks who want a competitive intro APR offer on balance transfers that includes a promotional balance transfer fee. It even has some long-term potential thanks to the cash back rewards you can earn on purchases.
• When to consider an alternative: There is no intro APR on new purchases, so avoid this card if you're going to be using it for purchases on top of any transferred balances. Those purchases will accrue interest. Check out some alternatives with intro APRs on both types of balances if this is important to you.

Apply for Citi® Double Cash Card – 18 month BT offer on Citi's website.

Citi Simplicity® Card

This is a card that owns what it is: It's a balance transfer credit card, and it doesn't try to do anything else. For instance, it's hard to beat the length of the intro APR offer on this card, since it has a remarkable 21 months for balance transfers.

Top that off with a lower promotional balance transfer fee, and you get a one-two punch that can definitely save you money on high interest credit card debt. You even get something with that card that many other cards lack: time to transfer. You have four months after opening the card to transfer your balances, which is twice as long as what some cards offer.

• This best balance transfer credit card is great for: Anyone whose sole need is to reduce the interest they're paying on existing card debt. You get a relatively low transfer fee, a good amount of time to make the transfer, and a long time to pay off your balance before the go-to rate kicks in.
• When to consider an alternative: This card doesn't have as generous an intro offer on new purchases as it does for transfers, so if you need a deal on a future purchase, look for a different intro APR card.

Apply for the Citi Simplicity® Card on Citi's website.

U.S. Bank Visa® Platinum Card

Sometimes you just want a credit card that does what you need -- and nothing else. This may be that card. It's a good pick for people who simply want to save on high-interest credit card debt thanks to a long intro 0% APR offer on balance transfers and new purchases.

For your existing debt, there's the long 0% intro rate for balance transfers, plus a lower go-to balance transfer fee than a lot of other cards. (Some cards only offer 3% as a promotional rate.) Cardholders also get to save on new purchases with the same intro APR offer, which is ideal if you still need to use your card while paying down your transfer balance.

• This best balance transfer credit card is great for: Folks who need a nice long intro APR on balance transfers, but who may also need to use their card while they pay down the transfer balance. The intro APR on this card applies to both transfers and new purchases, giving you added flexibility.
• When to consider an alternative: If you want to earn rewards on your purchases, either while paying down your transfer or after it's finished, this isn't the card for you. Look at some other options with both an intro offer and rewards.

Apply for the U.S. Bank Visa® Platinum Card on U.S. Bank's website.

Bank of America® Customized Cash Rewards credit card

The best balance transfer cards aren't usually good at much else. This card walks the line between balance transfer and rewards card. It offers a really solid intro APR offer for balance transfers, as well as a low go-to balance transfer fee.

The same intro offer also applies to new purchases, which makes the card usable even while you're working on your balance transfer bonus. Plus, cardholders can earn up to 3% cash back on eligible purchases, which means you'll get some great functionality out of this card long after your intro offers have expired and your balance transfer is paid off.

• This best balance transfer credit card is great for: If you're looking for a good balance transfer offer but want a card you can keep for a long time, this might be a good fit. The customizable cash back rewards make a good addition to most wallets, so this card has staying power.
• When to consider an alternative: This card's balance transfer offer is solid, but it's hardly the best on the market. Look at some other options if you need a longer intro APR term. Some cards offer up to 21 months.

Apply for Bank of America® Customized Cash Rewards credit card on Bank of America's website.

Wells Fargo Active Cash® Card

Some cards are really good at one thing. This card is fairly good at a lot of things. It's a decent balance transfer card, offering more than a year of 0% intro APR on transfers as well as a promotional balance transfer fee (see rates and fees). The same intro offer also applies to new purchases, which makes it a pretty solid option for saving on interest there, too. The go-to 20.24%, 25.24%, or 29.99% variable APR applies at the end of the intro period.

When it comes to rewards, this card winds up on many lists as a good option for non-category spending. Its flat-rate rewards apply to purchases regardless of category type. And the proverbial cherry on top of it all is the welcome bonus, which is great for a no annual fee card.

• This best balance transfer credit card is great for: Folks who need at least a year to pay off a balance transfer, but who don't need a card that's only good for transfers. With this pick, you also get a new purchase APR offer, great rewards, and a good welcome bonus.
• When to consider an alternative: Since this card offers a bit of everything, it's not as good as a dedicated balance transfer card. If you need the longest intro APR period possible, look for other options.

Apply for the Wells Fargo Active Cash® Card on Wells Fargo's website.

Chase Freedom Flex℠

It's hard to beat this card when it comes to versatility. The balance transfer offer is good enough to be worthwhile, especially with its promotional balance transfer fee. New purchases also get the same intro APR offer, so you can still use your new card without accruing interest even after you're transferred your balances.

And you'll probably want to make purchases when you see the rewards you can earn. In addition to high-rate rotating category bonuses, you can get bonus rewards on dining, drugstore purchases, and even Chase travel purchases. Add on the welcome bonus, and you're looking at a card that's useful to a huge range of people.

• This best balance transfer credit card is great for: This card is worth considering for people in the market for a balance transfer card they can use for other things, too. The intro APR offers on balance transfers and new purchases are solid, and the purchase rewards are extremely competitive.
• When to consider an alternative: Offering so much in one card means compromise, so this card's intro APR offer isn't the absolute best on the market. Look at our other options if you need the longest intro APR term you can get.

Apply for Chase Freedom Flex℠ on Chase's website.

It's important to consider the benefits and drawbacks of doing a balance transfer with a balance transfer credit card. While the best balance transfer credit cards can save you hundreds in interest, they can also end up costing you.

A balance transfer credit card is a good idea if:

• You want a lower interest rate. The biggest perk of 0% APR balance transfer credit cards is how much money they can save you. If you have credit card debt that you'll be paying off over six months or longer, then a balance transfer could lead to big savings.
• You want to consolidate debt. When you have debt spread out across multiple credit cards, it can be difficult to manage. The best balance transfer cards allow you to consolidate debt so you only need to make one payment per month.
• You're trying to boost your credit score. Credit card debt often results in a high credit utilization ratio, a factor that has a big impact on your credit score. Since opening a balance transfer card adds to your total credit, it will lower your credit utilization. That balance transfer could save you money and raise your credit score.

A balance transfer credit card is not a good idea if:

• You don't have a plan to pay off your debt. A balance transfer only helps if you take advantage of the opportunity by paying off as much debt as possible before the intro APR period ends, and you don't overspend now that your debt isn't costing you any interest. Otherwise, you could reach the end of the intro period with the same amount of debt or more. Use our balance transfer calculator to see how much you could save with a balance transfer.
• You have subpar credit. To qualify for the top balance transfer credit cards, you'll typically need good credit. If your credit is bad or average, it's a good idea to focus on building your credit. That way you don't need to settle for a subpar balance transfer card.
• You could pay off existing credit card debt within a few months. When you're this close to paying off your debt, it's usually better to stick with your current credit card. A balance transfer fee could wipe out anything you'd save on interest. Even if it's a balance transfer credit card with no fee, the credit card application will still take time and cause a small dip in your credit score.

Savvy consumers use credit card balance transfer offers to refinance or consolidate credit card debt. And when used correctly, the best balance transfer credit cards can save you hundreds of dollars in interest. To get the best credit card balance transfer offers, it helps to understand how balance transfers work.

Here are the three steps on how to do balance transfers:

1. Search for one of the best balance transfer credit cards. Try to find a card with a long enough intro period so that you'll be able to pay off your debt within that time frame.
2. Open the card and transfer the balance. You'll need the credit card number of the card with the balance as well as the amount to transfer. Most card issuers let you transfer balances online. So you'll log in to the account for your balance transfer card and look for the balance transfer option. Alternatively, you can call the credit card company and do the balance transfer by phone.
3. Make your payments. You're still required to make payments on the original card until the balance transfer is processed. You'll know that has happened once the original card balance changes. From this point on, you'll make payments on the balance transfer card.

Balance transfers can hurt and help your credit. When you use a balance transfer card, it affects three factors used to calculate your credit score:

• New credit (10% of your FICO® Score): The credit card application will cause a hard credit inquiry, which negatively affects the new credit category. It's not a serious issue, though, as most consumers only see their FICO® Scores drop five points or less from a hard inquiry.
• Length of credit account history (15% of your FICO® Score): A new credit card causes your average length of credit account history to decrease, and this can hurt your credit.
• Credit utilization (30% of your FICO® Score): Your new balance transfer card's credit limit will increase your total credit, causing your credit utilization to go down. That's good for your credit score. But your credit utilization on each individual card is also important. If you end up with high credit utilization on the balance transfer card, then that could have a negative impact.

Although your credit score may or may not drop after a balance transfer, it will likely go up as you pay down your credit card debt. After all, building a positive payment history is one of the best ways to rebuild credit. And balance transfer credit cards allow you to do that faster while also saving on interest.

A balance transfer credit card moves a balance from one account to another. Once you've completed a balance transfer, the original account is paid off, and you make payments on the account that received the transfer.

You're essentially using the balance transfer card to pay off your debt. The best balance transfer credit cards come with a 0% introductory APR -- similar to 0% intro APR credit cards -- on a qualifying balance transfer. This means that you won't pay credit card interest on the balance transferred for the intro period, which can be anywhere from a few months to 20 or more billing cycles. After the introductory APR ends, the card issuer will start charging the card's regular variable APR on any remaining balance. Paying off your balance quickly will help you avoid getting an interest charge when the intro APR period ends.

The type of debt you can transfer depends on your balance transfer card.

Sometimes a card issuer only allows a credit card transfer of balances, whereas others let you transfer all kinds of debt. Consumers typically use balance transfer cards for credit card debt.

The total amount of the transfer, plus any balance transfer fees, must be less than the balance transfer card's credit limit. If it isn't, you'll find your balance transfer denied. You can't do a credit card transfer between two cards from the same card issuer, either. A balance transfer from a Chase credit card to a Citi credit card is fine, but a transfer between two Chase credit cards wouldn't be allowed.

Balance transfer fees

A balance transfer fee is an extra fee charged by the receiving credit card -- the card you're transferring to -- to process the balance transfer. Typical balance transfer fees range from 3% to 5% of the total amount transferred.

The transfer fee is generally added to your overall credit card balance. For example, if you transfer $1,000 to a credit card with a 3% balance transfer fee, you'll be charged an extra $30. Your new balance on the balance transfer card will be $1,030. In other words, you need to consider the transfer fee when determining how much you can transfer to a new card, since your total balance -- including the fee -- cannot exceed your credit limit.

In addition to an introductory 0% APR, many of our favorite balance transfer cards also come with a promotional balance transfer fee. A fee drop from 5% to 3% can save you $20 per $1,000 transferred, so these promotional rates can be a big money saver.

If you're not sure that a 0% APR balance transfer credit card is the best option for you, consider these alternatives:

1. Personal loans for debt consolidation

By paying your debts with a personal loan, you'll have a fixed loan term, payment amount, and interest rate. Consolidating debt is a great way to ensure you can afford your monthly payments and get your debt paid off in full. Even though debt consolidation loans don't offer 0% intro APRs, you can find personal loans with low interest rates. You also won't need to worry about the APR going up like it does with balance transfer cards at the end of the intro period.

2. Home equity loans/home equity lines of credit

Since a home equity loan or a home equity line of credit (HELOC) uses your home as collateral, they tend to offer some of the lowest interest rates you can find. Either is an affordable way to pay off debt, but you will need equity in your home to qualify. The fact that your home is the collateral also adds to your risk.

3. Nonprofit credit counseling agencies

When you work with a credit counseling agency, it can give you advice on how to budget and pay back your debts. A credit counseling agency can also negotiate a debt management plan with your creditors. This option can be especially helpful if your credit isn't the best, as it's hard to find balance transfer credit cards for bad credit.

4. Negotiating your credit card debt

Credit card companies are often willing to negotiate your credit card debt with you if you're having trouble making your monthly payments. Some might even have low interest credit cards you can consider. Many offer hardship plans that can reduce your card's interest rate, fees, or minimum payment amount. Even if your card issuer doesn't, you may still be able to negotiate any of those items.