Best balance transfer credit cards of November 2024
If you’re looking to pay down your credit card debt, our top picks for the best balance transfer credit cards may be able to help.
Carrying high credit card balances, especially with exorbitant interest rates, can be crippling. This is where a good balance transfer card might help you save some money. By opening a new card, you could snag a decent promo that offers a lower (or possibly 0%) annual percentage rate (APR) for a set period of time when you move an existing balance to the new card. Then, once you’ve paid your credit card debt off, avoid carrying a monthly balance if possible — this way, you don’t have to worry about paying anything in interest at all.
Check out our guide for the best balance transfer credit cards from our partners, which include perks like the ability to earn cash back.
- Citi Double Cash® Card: Best for simple cash back rewards
- Blue Cash Preferred® Card from American Express: Best for gas and U.S. supermarkets
- Wells Fargo Reflect® Card: Best for financing credit card debt
- Bank of America® Customized Cash Rewards credit card: Best for Preferred Rewards® members
- Citi® Diamond Preferred® Card: Best for balance transfers
- Citi Rewards+® Card: Best for earning Citi ThankYou® points
- Blue Cash Everyday® Card from American Express: Best for beginner cash back
- Discover it Cash Back: Best for balance transfers and cash back
Best for simple cash back rewards
| 1% | Earn 2% on every purchase with unlimited 1% cash back when you buy, plus an additional 1% as you pay for those purchases. To earn cash back, pay at least the minimum due on time. |
| 5% | Plus, a special travel offer, earn 5% total cash back on hotel, car rentals and attractions booked on the Citi Travel℠ portal through 12/31/25. |
The Citi Double Cash Card caters to beginners establishing good credit habits, since users will earn 2% cash back; 1% when they buy and 1% when they pay their statement. The Citi Double Cash is a great pick for those looking for the utmost simplicity and want cash back in their pocket. Read our full review of the Citi Double Cash.
Pros
- Earning 2% back on every purchase is an industry-leading return on everyday spending for a no-annual-fee credit card.
- Now that you have the ability to convert rewards to ThankYou points with an eligible card, your redemption options are even more flexible.
Cons
- Those looking to make a balance transfer will have to pay 3% of each transfer (minimum $5) completed within the first 4 months of account opening. After that, your fee will be 5% of each transfer (minimum $5).
- Earn $200 cash back after you spend $1,500 on purchases in the first 6 months of account opening. This bonus offer will be fulfilled as 20,000 ThankYou® Points, which can be redeemed for $200 cash back.
- Earn 2% on every purchase with unlimited 1% cash back when you buy, plus an additional 1% as you pay for those purchases. To earn cash back, pay at least the minimum due on time. Plus, a special travel offer, earn 5% total cash back on hotel, car rentals and attractions booked on the Citi Travel℠ portal through 12/31/25.
- Balance Transfer Only Offer: 0% intro APR on Balance Transfers for 18 months. After that, the variable APR will be 18.49% - 28.49%, based on your creditworthiness.
- Balance Transfers do not earn cash back. Intro APR does not apply to purchases.
- If you transfer a balance, interest will be charged on your purchases unless you pay your entire balance (including balance transfers) by the due date each month.
- There is an intro balance transfer fee of 3% of each transfer (minimum $5) completed within the first 4 months of account opening. After that, your fee will be 5% of each transfer (minimum $5).
Best for gas and U.S. supermarkets
| 6% | 6% Cash Back at U.S. supermarkets on up to $6,000 per year in purchases (then 1%) |
| 6% | 6% Cash Back on select U.S. streaming subscriptions |
| 3% | 3% Cash Back on transit including taxis/rideshare, parking, tolls, trains, buses and more |
| 3% | 3% Cash Back at U.S. gas stations |
| 1% | 1% Cash Back on other purchases |
The Blue Cash Preferred Card is one of the best cash-back credit cards on the market. You’ll get a great return across a wide range of bonus categories, a solid welcome bonus and a low annual fee. Read our full review of the Blue Cash Preferred Card from American Express.
Pros
- This card has one of the best earning structures out for among cash-back credit cards.
- The card comes with access to Amex Offers (activation required), which can save you even more money on specific purchases.
Cons
- There is a $6,000 spending cap on the U.S. supermarket bonus category, which may not work for those with large grocery budgets.
- You’ll have to pay a foreign transaction fee on international purchases, so it’s not a great choice when you’re traveling abroad.
- Earn a $250 statement credit after you spend $3,000 in eligible purchases on your new Card within the first 6 months.
- $0 intro annual fee for the first year, then $95.
- Buy Now, Pay Later: Enjoy $0 intro plan fees when you use Plan It® to split up large purchases into monthly installments. Pay $0 intro plan fees on plans created during the first 12 months from the date of account opening. Plans created after that will have a monthly plan fee up to 1.33% of each eligible purchase amount moved into a plan based on the plan duration, the APR that would otherwise apply to the purchase, and other factors.
- Low Intro APR: 0% on purchases and balance transfers for 12 months from the date of account opening. After that, your APR will be a variable APR of 18.49% - 29.49%.
- 6% Cash Back at U.S. supermarkets on up to $6,000 per year in purchases (then 1%).
- 6% Cash Back on select U.S. streaming subscriptions.
- 3% Cash Back at U.S. gas stations.
- 3% Cash Back on transit (including taxis/rideshare, parking, tolls, trains, buses and more).
- 1% Cash Back on other purchases.
- Cash Back is received in the form of Reward Dollars that can be redeemed as a statement credit or at Amazon.com checkout.
- $84 Disney Bundle Credit: With your enrolled Blue Cash Preferred Card, spend $9.99 or more each month on an auto-renewing Disney Bundle subscription, to receive a monthly statement credit of $7. Valid only at Disney Plus.com, Hulu.com or Plus.espn.com in the U.S.
- Terms Apply.
- See Rates & Fees
Best for financing credit card debt
There’s no annual fee, and you’ll enjoy a 0% introductory APR on purchases and qualifying balance transfers for 21 months from account opening. After the introductory period, you’ll face a variable APR of 17.49%, 23.99%, or 29.24%, depending on your creditworthiness (balance transfers made within 120 days qualify for the intro rate, balance transfer fee of 5%: min $5). Read our full review of the Wells Fargo Reflect Card.
Pros
- No annual fee
- Introductory APR offer of 21 months on purchases and qualifying balance transfers.
- Up to $600 in cell phone protection against damage or theft if you use it to pay your monthly bill, subject to a $25 deductible.
Cons
- No points or cash rewards earning potential
- No welcome bonus
- Select “Apply Now” to take advantage of this specific offer and learn more about product features, terms and conditions.
- 0% intro APR for 21 months from account opening on purchases and qualifying balance transfers. 17.49%, 23.99%, or 29.24% variable APR thereafter; balance transfers made within 120 days qualify for the intro rate, BT fee of 5%, min: $5.
- $0 annual fee.
- Up to $600 of cell phone protection against damage or theft. Subject to a $25 deductible.
- Through My Wells Fargo Deals, you can get access to personalized deals from a variety of merchants. It's an easy way to earn cash back as an account credit when you shop, dine, or enjoy an experience simply by using an eligible Wells Fargo credit card.
Best for Preferred Rewards® members
| 3% | Earn 3% cash back in the category of your choice (up to $2,500 in combined choice category/grocery store/wholesale club quarterly purchases). |
| 2% | Earn automatic 2% at grocery stores and wholesale clubs (up to $2,500 in combined choice category/grocery store/wholesale club quarterly purchases). |
| 1% | Earn unlimited 1% on all other purchases. |
The Bank of America Customized Cash Rewards card is a great balance transfer card, offering 0% introductory APR on balance transfers (made in the first 60 days) and purchases for 15 billing cycles. Then a variable APR of 18.74% - 28.74% will apply. In addition, the card offers earning potential with up to 3% cash-back on the cardmember’s chosen bonus category, and members of Bank of America Preferred Rewards® earn even higher rates. New card members can also earn a cash rewards bonus, all without an annual fee. Read our full review of the Bank of America Customized Cash Rewards card.
.
Pros
- Long introductory APR period for balance transfers and purchases
- Bonus cash-back categories
- No annual fee
- Sign-up offer
- Higher earning rates for Preferred Rewards members
Cons
- Manual bonus earning selection
- Bonus earning cap
- Balance transfer fee
- $200 online cash rewards bonus after you make at least $1,000 in purchases in the first 90 days of account opening.
- Earn 3% cash back in the category of your choice, automatic 2% at grocery stores and wholesale clubs (up to $2,500 in combined choice category/grocery store/wholesale club quarterly purchases) and unlimited 1% on all other purchases.
- Choose 3% cash back on gas and EV charging station, online shopping/cable/internet/phone plan/streaming, dining, travel, drug store/pharmacy or home improvement/furnishings purchases.
- If you're a Bank of America Preferred Rewards® member, you can earn 25%-75% more cash back on every purchase. That means you could earn 3.75%-5.25% cash back on purchases in your choice category.
- No annual fee and cash rewards don’t expire as long as your account remains open.
- 0% Intro APR for 15 billing cycles for purchases, and for any balance transfers made in the first 60 days. After the Intro APR offer ends, a Variable APR that’s currently 18.74% - 28.74% will apply. A 3% Intro balance transfer fee will apply for the first 60 days your account is open. After the Intro balance transfer fee offer ends, the fee for future balance transfers is 4%.
- Contactless Cards - The security of a chip card, with the convenience of a tap.
- This online only offer may not be available if you leave this page or if you visit a Bank of America financial center. You can take advantage of this offer when you apply now.
Best for balance transfers
The Citi Diamond Preferred Card is not full of perks like the other cards on this list, but it has another appealing attribute: the longest 0% APR period available on the market for a balance transfer. For people looking to consolidate their debt, this could be the card for you. The card offers 21 months of 0% intro APR for balance transfers completed within 4 months of account opening and 12 months of 0% intro APR for purchases. A variable APR of 17.49% to 28.24% will apply after. No other card features almost two years of 0% APR on balance transfers. Read our full review of the Citi Diamond Preferred card.
Pros
- No annual fee
- Longest introductory APR periods for balance transfers
Cons
- Does not earn rewards on spending
- Balance transfer fee
- 0% Intro APR for 21 months on balance transfers from date of first transfer and 0% Intro APR for 12 months on purchases from date of account opening. After that the variable APR will be 17.49% - 28.24%, based on your creditworthiness. Balance transfers must be completed within 4 months of account opening.
- There is a balance transfer fee of either $5 or 5% of the amount of each transfer, whichever is greater
- Get free access to your FICO® Score online.
- With Citi Entertainment®, get special access to purchase tickets to thousands of events, including concerts, sporting events, dining experiences and more.
- No Annual Fee - our low intro rates and all the benefits don’t come with a yearly charge.
Best for earning Citi ThankYou® points
| 5X | Special offer: earn 5 ThankYou® Points per $1 spent on hotel, car rentals and attractions booked on CitiTravel.com through December 31, 2025. |
| 2X | Earn 2X ThankYou® Points at Supermarkets and Gas Stations for the first $6,000 per year and then 1X Points thereafter. |
| 1X | Earn 1X ThankYou® Points on All Other Purchases. |
The Citi Rewards+ Card is the only card on this list that earns Citi ThankYou points, which means you can pay off your debt while still earning points toward your next vacation. In addition to an impressive 15-month, 0% introductory APR for purchases and balance transfers (a variable APR of 17.99% to 27.99% will apply after), the Rewards+ also has an introductory balance transfer fee of $5 or 3% (whichever is greater) on transfers in the first four months (5% on all following balance transfers, minimum $5). The card also offers a solid welcome bonus and earn 2 points per dollar on up to $6,000 in combined purchases each year at supermarkets and gas stations. Read our full review of the Citi Rewards+ Card.
Pros
- Long introductory APR period for balance transfers and purchases
- Multiple bonus categories
- No annual fee
- Sign-up offer
Cons
- Bonus earning cap
- Balance transfer fee
- Earn 20,000 bonus points after you spend $1,500 in purchases with your card within 3 months of account opening; redeemable for $200 in gift cards at thankyou.com
- Plus, as a special offer, earn a total of 5 ThankYou® Points per $1 spent on hotel, car rentals and attractions booked on CitiTravel.com through December 31, 2025.
- 0% Intro APR on balance transfers for 15 months from date of first transfer and on purchases from date of account opening. After that, the variable APR will be 17.99% - 27.99%, based on your creditworthiness. There is an intro balance transfer fee of 3% of each transfer (minimum $5) completed within the first 4 months of account opening. After that, your fee will be 5% of each transfer (minimum $5).
- Earn 2X ThankYou® Points at Supermarkets and Gas Stations for the first $6,000 per year and then 1X Points thereafter. Plus, earn 1X ThankYou® Points on All Other Purchases.
- The Citi Rewards+® Card - the only credit card that automatically rounds up to the nearest 10 points on every purchase - with no cap.
- No Annual Fee
Best for beginner cash back
| 3% | 3% Cash Back at U.S. supermarkets on up to $6,000 per year in purchases, then 1%. |
| 3% | 3% Cash Back on U.S. online retail purchases, on up to $6,000 per year, then 1%. |
| 3% | 3% Cash Back at U.S. gas stations, on up to $6,000 per year, then 1%. |
| 1% | 1% Cash Back on other purchases. |
The Blue Cash Everyday card is a good option for people who want a simple cash-back structure with no annual fee. You’ll earn bonus cash-back on popular bonus categories, including U.S. supermarkets and U.S. gas stations. Read our full review of the Blue Cash Everyday card.
Pros
- No annual fee
- 3% cash back at U.S. gas stations and U.S. online retail purchases
- Amex Offers, which earn you statement credits or extra points on purchases with a wide variety of merchants. (Enrollment required)
- 3% cash back at U.S. supermarkets
Cons
- There is a $6,000 spending cap on the U.S. supermarket bonus category, which may not work for those with larger annual grocery spend.
- You’ll have to pay a foreign transaction fee on purchases abroad, so it’s not a great choice to take with you when traveling outside of the U.S.
- Earn a $200 statement credit after you spend $2,000 in purchases on your new Card within the first 6 months.
- No Annual Fee.
- Enjoy 0% intro APR on purchases and balance transfers for 15 months from the date of account opening. After that, 18.49% to 29.49% variable APR.
- 3% Cash Back at U.S. supermarkets on up to $6,000 per year in purchases, then 1%.
- 3% Cash Back on U.S. online retail purchases, on up to $6,000 per year, then 1%.
- 3% Cash Back at U.S. gas stations, on up to $6,000 per year, then 1%.
- Cash back is received in the form of Reward Dollars that can be redeemed as a statement credit or at Amazon.com checkout.
- Thinking about getting the Disney Bundle which can include Disney+, Hulu, and ESPN+? Your decision made easy with $7/month back in the form of a statement credit after you spend $9.99 or more each month on an eligible subscription (subject to auto renewal) with your Blue Cash Everyday® Card. Enrollment required.
- Enjoy up to $15 back per month when you purchase a Home Chef meal kit subscription (subject to auto renewal) with your enrolled Blue Cash Everyday® Card.
- Terms Apply.
- See Rates & Fees
Best for balance transfers and cash back
Discover it Cash Back
| 5% | Earn 5% cash back on everyday purchases at different places each quarter like Amazon.com, grocery stores, restaurants, and gas stations, up to the quarterly maximum when you activate. |
| 1% | Earn 1% unlimited cash back on all other purchases – automatically. |
Pros
- Generous first-year cash-back match offer, as Discover will effectively double all the cash back earned in your first 12 months holding the card
- Earn 5% cash back in rotating bonus categories, on up to $1,500 in purchases quarterly
- Eligible customers may qualify for 0% introductory APR in the first 15 months you hold the card
- No annual fee
- No foreign transaction fees
Cons
- 5% cash back earnings capped at $75 cash back per quarter
- Rotating bonus categories must be activated each quarter to earn 5% cash back
- Limited redemption options
The Discover it® Cash Back is a solid option to net elevated cash-back earnings in rotating categories quarterly. Plus, you can get outsize value after your first year with the card, as Discover will match all of the cash back you’ve earned in the first 12 months of using it.
The information for the Discover it Cash Back Card has been collected independently by The Points Guy. The card details on this page have not been reviewed or provided by the card issuer.
Comparing the best balance transfer credit cards
Credit card | Best for | Intro offer | Earning rate | Annual fee |
|---|---|---|---|---|
Open Editors rating Card Rating is based on the opinion of TPG‘s editors and is not influenced by the card issuer. at Citi's secure site | simple cash back rewards | $200 cash back Open Intro bonus Earn $200 cash back after you spend $1,500 on purchases in the first 6 months of account opening. This bonus offer will be fulfilled as 20,000 ThankYou® Points, which can be redeemed for $200 cash back. | 1 - 5% cash-back | $0 |
Open Editors rating Card Rating is based on the opinion of TPG‘s editors and is not influenced by the card issuer. at American Express's secure site | gas and U.S. supermarkets | Earn $250 Open Intro bonus Earn a $250 statement credit after you spend $3,000 in eligible purchases on your new Card within the first 6 months. | 1 - 6% cash-back | $0 intro annual fee for the first year, then $95. |
Open Editors rating Card Rating is based on the opinion of TPG‘s editors and is not influenced by the card issuer. at Wells Fargo's secure site | financing credit card debt | N/A | N/A | $0 |
Open Editors rating Card Rating is based on the opinion of TPG‘s editors and is not influenced by the card issuer. at Bank of America's secure site | Preferred Rewards® members | $200 Open Intro bonus $200 online cash rewards bonus after you make at least $1,000 in purchases in the first 90 days of account opening. | 1 - 3% cash-back | $0 |
Open Editors rating Card Rating is based on the opinion of TPG‘s editors and is not influenced by the card issuer. at Citi's secure site | balance transfers | N/A | N/A | $0 |
Open Editors rating Card Rating is based on the opinion of TPG‘s editors and is not influenced by the card issuer. at Citi's secure site | earning Citi ThankYou® points | 20,000 points Open Intro bonus Earn 20,000 bonus points after you spend $1,500 in purchases with your card within 3 months of account opening; redeemable for $200 in gift cards at thankyou.com. | 1 - 5 points | $0 |
Open Editors rating Card Rating is based on the opinion of TPG‘s editors and is not influenced by the card issuer. at American Express's secure site | beginner cash back | Earn $200 Open Intro bonus Earn a $200 statement credit after you spend $2,000 in purchases on your new Card within the first 6 months. | 1 - 3% cash-back | $0 |
Discover it Cash Back * *The information about the Discover it Cash Back has been collected independently by ThePointsGuy.com. The card details have not been reviewed or approved by the card issuer. Open Editors rating Card Rating is based on the opinion of TPG‘s editors and is not influenced by the card issuer. Information updated as of 11/18/2024 | balance transfers and cash back | Cashback Match Open Intro bonus Intro Offer: Unlimited Cashback Match for all new cardmembers – only from Discover. Discover will automatically match all the cash back you’ve earned at the end of your first year! There’s no minimum spending or maximum rewards. You could turn $150 cash back into $300. | 1 - 5% cash-back | $0 |
More details on the best balance transfer credit cards
The Citi Double Cash Card is a simple and rewarding cash-back card, earning 1% on everything when you make a purchase and another 1% when you pay it off.
The card is best for those who want simple cash-back rewards.
This card is an excellent way to make sure you're maintaining a healthy stash of rewards every time you tap your card since it can fill in the gaps in your reward-earning strategy.
If you want more-rewarding bonus categories, the Chase Freedom Unlimited® offers 5% back on travel booked through the Chase Travel℠
portal, 3% on dining and drugstore purchases and 1.5% on everything else. This card also offers the opportunity to convert your cash-back rewards to transferable points if you also have a Chase Ultimate Rewards points-earning credit card.
The Blue Cash Preferred Card offers lucrative cash back in several spending categories, including 6% back on select U.S. streaming subscriptions and at U.S. supermarkets on up to $6,000 per year in purchases, (then 1%). Cash Back is received in the form of Reward Dollars that can be redeemed as a statement credit or at Amazon.com checkout.
If you like cash back and spend a lot at supermarkets and on streaming services, this card is a great option.
“The Blue Cash Preferred Card is the card I recommended to my parents when they were looking for a new cash-back rewards card for their groceries. My parents prefer the simplicity of cash-back rewards and I knew they'd benefit from earning 6% cash back on up to $6,000 per year in purchases at U.S. supermarkets. Compared to the 1.5% cash back they were earning on these purchases, the elevated earnings easily justified adding the Blue Cash Preferred to their wallet.” — Katie Genter, senior writer
If you want similar benefits but with no annual fee (see rates and fees), the Blue Cash Everyday® Card from American Express earns 3% back at U.S. supermarkets, U.S. online retail purchases and U.S. gas stations. Cash Back is received in the form of Reward Dollars that can be redeemed as a statement credit or at Amazon.com checkout.
The Wells Fargo Reflect Card is light on benefits but comes with a lengthy introductory annual percentage rate period, which is perfect for balance transfers.
If you think you’ll find yourself needing balance transfers for an extended period of time, this card is a great option.
While there’s no way to accrue points, miles or even cash-back rewards with this card, you can receive up to $600 of cellphone protection against damage and theft when you pay your monthly cellphone bill with your card (subject to a $25 deductible).
If you prefer another issuer, the Citi® Diamond Preferred® Card (see rates and fees) gives cardholders a 0% introductory APR for new purchases for the first 12 months after account opening and 0% introductory APR for 21 months from the date of the first transfer for balance transfers completed within the first four months of account opening (after the variable APR will be 17.49% to 28.24%).
The Bank of America Customized Cash Rewards card is a solid cash-back credit card with a compelling, customizable rewards structure, great for anyone whose spending habits change throughout the year.
This card can be especially lucrative for anyone with significant banking or investing relationships with Bank of America.
“This card is a great multipurpose tool in my wallet because it lets me pick a 3% cash-back earning category each month. If I know I have some purchases coming up that don’t line up to a card where I get a solid earning rate, I’ll swap my 3% category and use this card to maximize my rewards. I also appreciate the clear information in the Bank of America app that shows me exactly what types of merchants line up into each spending category, so it’s easy to make my 3% category choice.” — Gabe Travers, senior director of product management
If you want a simpler rewards structure, the Bank of America®️ Premium Rewards®️ credit card offers an unlimited 2 points per dollar on travel and dining, and 1.5 points per dollar on all other purchases, plus more perks.
The Citi Diamond has a lengthy introductory APR offer on balance transfers of 21 months from the date of the first transfer, though transfers must be completed within four months from account opening.
It’s geared toward people looking to avoid interest while paying down credit card debt through a long introductory APR offer.
Along with the APR offer, you'll get free access to your FICO credit score, helping you track your score as you pay down your debt. You'll also receive access to Citi Entertainment, with exclusive events and early presales on tickets.
If you want to earn rewards on your purchases, consider the Citi Double Cash® Card (see rates and fees). It has no annual fee and earns 2 points per dollar on all purchases — 1 point when you purchase and another 1 point when you pay your bill.
The Citi Rewards+ Card has two relatively unique features: It rounds the earnings on all purchases up to the nearest 10 points, and gives you 10% back on the first 100,000 points you redeem yearly.
This card is great if you make many small purchases because each purchase will be rounded to the nearest 10 points. Even a $1 pack of gum will earn 10 points.
This card is a great option if you're looking for a balance transfer card because the Citi Rewards+ allows you to earn Citi ThankYou points while you chip away at your debt or finance a large purchase. These points can be transferred to any of Citi's 19 transfer partners and redeemed for your next getaway.
The Amex EveryDay® Credit Card from American Express is perhaps the most similar to the Citi Rewards+ card because it accrues 2 points per dollar on the first $6,000 you spend at U.S. supermarkets each year (then 1 point). Plus, the card rewards making at least 20 transactions in a month with a 20% points bonus, so you’ll probably be making lots of small purchases with either card.
The information for the Amex Everyday has been collected independently by The Points Guy. The card details on this page have not been reviewed or provided by the card issuer.
The Blue Cash Everyday offers solid returns on popular spending categories without an annual fee, plus some other solid perks.
This card is ideal for those who prefer cash-back cards without annual fees. It can also help students and young professionals continue to build credit while earning modest rewards.
“I added this card to my wallet shortly after my first travel card as a way to earn better rewards on gas and groceries. Three percent back on both categories was a great way for me to earn higher cash back on many of my everyday purchases without any added annual fee.” — Jack Markham, senior director
If you want more options for using your earnings, the Citi Double Cash® Card (see rates and fees) has no annual fee and earns 2 points per dollar on all purchases — 1 point when you purchase and another 1 point when you pay your bill. You can cash out these points or transfer them to airline and hotel partners for travel.
The Discover it card offers an impressive 0% introductory APR on purchases and balance transfers and features 5% cash back on quarterly rotating categories with no annual fee.
The information for the Discover it Cash Back Card has been collected independently by The Points Guy. The card details on this page have not been reviewed or provided by the card issuer.
The Discover It card is a great option for people who want to consolidate high-interest debt or finance a large purchase over an extended period.
“The Discover it card was my first real credit card. I love getting the most out of my spending with the 5% cash back that changes quarterly.” - Christina Ly, credit cards writer
If you’re looking for a cash back card that offers a longer introductory APR period, consider the Citi Double Cash® Card (see rates and fees). It has no annual fee and offers a generous introductory APR for balance transfers. In addition, the Citi Double Cash earns unlimited 2% cash back — 1% when you make any purchase and an additional 1% when you pay for your purchase.
How we rate cards
19% of TPG readers rank 0% promotional APR on balance transfers as a top three most valuable card benefit.
With 19% of TPG readers ranking 0% promotional annual percentage rate (APR) on purchases and balance transfer as one of the top three most valuable credit card benefits, it’s evident that these introductory APRs are a highly sought after perk.
Additionally, 1 in 5 TPG readers currently have a card with a 0% promo APR, highlighting their popularity in many people’s wallets. Balance transfer cards are a great way to manage and pay down debt, giving cardholders greater financial freedom.
Ask our experts
What’s your favorite credit card for balance transfer — and why?
What TPG readers have to say about their favorite balance transfer credit cards
We asked TPG readers about their favorite perks and benefits on balance transfer cards. Their responses focused on practicality for everyday use and simplicity to earn rewards. Check out what they had to say.
Note: Reader-submitted responses have not been edited, reviewed or approved by the issuers nor reflect TPG’s opinions of these cards.
Blue Cash Preferred® Card from American Express
“Amex Blue Preferred. $95 per year [$0 intro annual fee for the first year, then $95 each year thereafter] (see rates and fees): 6% cash back at [U.S.] supermarkets* alone makes it an amazing card." — Halladay in Cambodia via X
* On up to $6,000 per year in purchases, then 1%
Bank of America® Customized Cash Rewards credit card
“Customized cash rewards because I can change the bonus category as needed.” — Lori McCarthy via a TPG newsletter survey
Citi Double Cash® Card
“Citi double cash. It is simple, [annual] fee free and good customer service.” — Burt Eichler via a TPG newsletter survey
How to choose the best balance transfer card
- Most of our balance transfer cards do not have an annual fee which means you can take full advantage of these benefits without paying to be a cardholder.1Annual fee
- While most of the welcome bonuses offered by our best balance transfer cards are modest, they also feature a modest spend requirement to earn them.2Welcome bonus
- Some of our best balance transfer cards feature various bonus categories so you can earn on your spending while still taking advantage of a long introductory APR period.3Bonus categories
Pros + cons of balance transfer credit cards
Pros
- Balance transfer credit cards can help you consolidate debt with high interest rates and pay it off quickly
- Many balance transfer credit cards give you at least 12 months to pay off the debt you transfer to the card
- Some balance transfer cards offer introductory 0% APR on new purchases as well as balance transfers
Cons
- There are fees associated with balance transfers — usually $5 or 3% of the balance (whichever is greater)
- If you don’t pay off the transferred balance by the end of the introductory period, you’ll be charged high interest
- Some balance transfer cards don’t allow you to earn any rewards on new purchases
Frequently asked questions
Yes. Balance transfer cards allow you to move an existing credit card balance to another card, ideally with a lower interest rate. This can allow you to pay off your credit card debt more quickly.
The credit card will stay open but now with a zero or low balance. Then you can choose whether to close the account or keep it open. Closing it may decrease your credit score, but keeping it open may tempt you to accrue more debt.
Balance transfers typically take five to seven days. However, they can take up to 21 days, depending on the issuer.
It’s mixed. Opening a new card for a balance transfer would increase the total amount of credit you have, which should help your utilization ratio go down. This would increase your score. However, a high ratio on a single card after a balance transfer might have a negative effect in the short and medium term.
Balance transfers are a great way to consolidate debt and generally offer a lower promotional APR. Unfortunately, obtaining a balance transfer with bad credit is fairly difficult as a low FICO score indicates risky habits to credit lenders.
If you are requesting a large balance transfer, you may receive a notification stating "request held" on your balance transfer. This means that your request is on a temporary hold. It does not mean your request is denied but the receiving credit card company may be reviewing additional information before they make a decision on your request. Should the request be denied, you can still initiate a new balance transfer for a lower amount.