Writer: Aaron Crowe
Editor: Lillian Guevara-Castro
Reviewer: Ashley Fricker
Key Takeaways
Credit card debt can feel overwhelming when interest eats up most of your monthly payment. Our experts can help you find the best balance transfer card to help you pause interest and pay down your debt faster.
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BankAmericard® credit card: Best for having the longest 0% intro APR period.
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Discover it® Chrome: Best for earning rewards and a long balance transfer promotion. See rates & fees
According to Federal Reserve data, American households carry an average credit card balance of just over $6,000, which makes the best credit cards to transfer high balances worthy of consideration.
If you’re not paying your balance off each month and are accruing hefty interest fees, these cards can help you save a lot of money and speed up your debt payoff efforts. And many of these cards offer great rewards programs that make them solid long-term additions to your wallet.
Best Overall Cards For Transferring High Balances
If you have a high credit balance, a balance transfer card with 0% financing can be a great incentive to pay it off. Just be sure to pay the entire balance off before the introductory rate expires, when the variable APR can go as high as 27%.
These cards offer long 0% intro periods, usually between 15 and 21 months long.
- 0% Intro APR for 21 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 15.24% – 26.24% will apply. A 5% fee applies to all balance transfers. Balance transfers may not be used to pay any account provided by Bank of America.
- No annual fee.
- No penalty APR. Paying late won’t automatically raise your interest rate (APR). Other account pricing and terms apply.
- This offer may not be available elsewhere if you leave this page. You can take advantage of this offer when you apply now.
Additional Disclosure: Bank of America is a CardRates advertiser.
- Get a 0% intro APR for 18 months on balance transfers and 0% intro APR on purchases for 6 months; balance transfer fee applies. Then 17.74% to 26.74% Standard Variable APR applies, based on credit worthiness
- INTRO OFFER: Unlimited Cashback Match for all new cardmembers. 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
- Earn 2% cash back at Gas Stations and Restaurants on up to $1,000 in combined purchases each quarter, automatically. You’ll still earn unlimited 1% cash back on all other purchases
- Redeem cash back for any amount
- No annual fee
- Terms and conditions apply
- $200 online cash rewards bonus after you make at least $1,000 in purchases in the first 90 days of account opening.
- Earn 6% cash back for the first year in the category of your choice. You’ll automatically earn 2% cash back at grocery stores and wholesale clubs, and unlimited 1% cash back on all other purchases. After the first year from account opening, you’ll earn 3% cash back on purchases in your choice category.
- Earn 6% and 2% cash back on the first $2,500 in combined purchases each quarter in the choice category, and at grocery stores and wholesale clubs, then earn unlimited 1% thereafter. After the 3% first-year bonus offer ends, you will earn 3% and 2% cash back on these purchases up to the quarterly maximum.
- No annual fee and cash rewards don’t expire as long as your account remains open.
- Turn daily purchases into everyday wins. Simply use your Customized Cash Rewards credit card for the things you already buy – from gifts to groceries – BofA Rewards™ members earn more cash back.
- 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 17.74% – 27.74% 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 5%. Balance transfers may not be used to pay any account provided by Bank of America.
- This offer may not be available elsewhere if you leave this page. You can take advantage of this offer when you apply now.
Additional Disclosure: Bank of America is a CardRates advertiser.
- 0% Intro APR on balance transfers for 21 months and on purchases for 12 months from date of account opening. After that the variable APR will be 16.74% – 27.49%, based on your creditworthiness. Balance transfers must be completed within 4 months of account opening.
- 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).
- No Annual Fee – our low intro rates and all the benefits don’t come with a yearly charge.
- Buy now and pay later. Split your payment for eligible purchases of $75 or more into a fixed payment with Citi® Flex Pay.
- Get free access to your FICO® Score online.
Additional Disclosure: Citi is a CardRates advertiser.
- 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, earn 5% total cash back on hotel, car rentals and attractions booked with Citi Travel.
- Balance Transfer Only Offer: 0% intro APR on Balance Transfers for 18 months. After that, the variable APR will be 18.49% – 28.74%, 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).
Additional Disclosure: Citi is a CardRates advertiser.
Note that any transfer you make will incur a balance transfer fee, usually 3% to 5% of the amount transferred. Still, this small percentage far outweighs the regular purchase APR of most cards.
Balance transfers do not earn rewards and may take up to two or more weeks to process. You’ll want to continue to pay your current card so you don’t risk missing a payment and being charged a late payment fee.
Longest 0% APRs for Transferring High Balances
The following three cards offer the longest 0% transfer periods, a couple of which overlap with our best overall due to their, well, long 0% period. These are the longest deals in the industry that we are currently aware of.
- 0% Intro APR for 21 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 15.24% – 26.24% will apply. A 5% fee applies to all balance transfers. Balance transfers may not be used to pay any account provided by Bank of America.
- No annual fee.
- No penalty APR. Paying late won’t automatically raise your interest rate (APR). Other account pricing and terms apply.
- This offer may not be available elsewhere if you leave this page. You can take advantage of this offer when you apply now.
Additional Disclosure: Bank of America is a CardRates advertiser.
- 0% Intro APR on balance transfers for 21 months and on purchases for 12 months from date of account opening. After that the variable APR will be 16.74% – 27.49%, based on your creditworthiness. Balance transfers must be completed within 4 months of account opening.
- 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).
- No Annual Fee – our low intro rates and all the benefits don’t come with a yearly charge.
- Buy now and pay later. Split your payment for eligible purchases of $75 or more into a fixed payment with Citi® Flex Pay.
- Get free access to your FICO® Score online.
Additional Disclosure: Citi is a CardRates advertiser.
These cards all offer 0% APRs on new purchases too, though not all for the same length as their balance transfer offers. But the thing about the longest 0% APR cards is that the issuers don’t usually offer purchase rewards, which is the case with these cards. That leads us nicely to our next category…
Rewards Cards For Transferring High Balances
Transferring a high balance to a 0% interest balance transfer offer doesn’t mean you have to go without credit card rewards. Some balance transfer credit cards also pay cash back for new purchases, along with other benefits that can make having a credit card a little easier. Again, rewards aren’t applied to transferred balances, only new purchases.
- $200 online cash rewards bonus after you make at least $1,000 in purchases in the first 90 days of account opening.
- Earn 6% cash back for the first year in the category of your choice. You’ll automatically earn 2% cash back at grocery stores and wholesale clubs, and unlimited 1% cash back on all other purchases. After the first year from account opening, you’ll earn 3% cash back on purchases in your choice category.
- Earn 6% and 2% cash back on the first $2,500 in combined purchases each quarter in the choice category, and at grocery stores and wholesale clubs, then earn unlimited 1% thereafter. After the 3% first-year bonus offer ends, you will earn 3% and 2% cash back on these purchases up to the quarterly maximum.
- No annual fee and cash rewards don’t expire as long as your account remains open.
- Turn daily purchases into everyday wins. Simply use your Customized Cash Rewards credit card for the things you already buy – from gifts to groceries – BofA Rewards™ members earn more cash back.
- 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 17.74% – 27.74% 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 5%. Balance transfers may not be used to pay any account provided by Bank of America.
- This offer may not be available elsewhere if you leave this page. You can take advantage of this offer when you apply now.
Additional Disclosure: Bank of America is a CardRates advertiser.
- 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, earn 5% total cash back on hotel, car rentals and attractions booked with Citi Travel.
- Balance Transfer Only Offer: 0% intro APR on Balance Transfers for 18 months. After that, the variable APR will be 18.49% – 28.74%, 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).
Additional Disclosure: Citi is a CardRates advertiser.
Some of these cards provide 0% financing on new purchases in addition to no-interest balance transfers, which means your total balance won’t incur interest fees. It really is the definition of an interest-free loan, and in fact, earning cash rewards means you’re actually being paid to use the card!
Of course, this fact remains true if you pay the balance in full each month on a rewards card thanks to the card’s grace period.
Low Ongoing APR Card For Transferring High Balances
Before applying for a balance transfer credit card, you should calculate what your monthly payment will be during the no-interest period to ensure you can afford it if your goal is to pay off the balance entirely.
Just divide the amount transferred by the number of months in the introductory offer, for example, $6,000 divided by 18 months equals $333.33 per month.
If you can’t afford that but can afford something close to it, you’ll still have paid off a good chunk of debt, but will have to pay interest when the introductory period ends. The following cards can make that a little less painful with low ongoing interest rates long after the promo period expires.
- Get a 0% intro APR for 18 months on balance transfers and 0% intro APR on purchases for 6 months; balance transfer fee applies. Then 17.74% to 26.74% Standard Variable APR applies, based on credit worthiness
- INTRO OFFER: Unlimited Cashback Match for all new cardmembers. 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
- Earn 2% cash back at Gas Stations and Restaurants on up to $1,000 in combined purchases each quarter, automatically. You’ll still earn unlimited 1% cash back on all other purchases
- Redeem cash back for any amount
- No annual fee
- Terms and conditions apply
No matter which card you choose, your purchase APR will be determined based on your creditworthiness. Those with higher credit scores receive the best rates, but some cards will reduce your rate each year (no less than the prime rate) with responsible use.
How Do I Transfer a High-Interest Credit Card Balance?
The first things to know before transferring a high-interest credit card balance are what your current balance and interest rate are. Is your current APR lower than what the rate could be after the 0% introductory period ends on the new card?
If not, then make sure you can afford the monthly payment to pay off the balance during the 0% period. If you don’t pay off the balance, and the new rate is higher than what you’re already paying, you could face a bigger debt by taking longer to pay off the original debt.
In some cases, a balance transfer can still be worth it even if the later interest rate is higher, especially if you can pay down a large portion during the 0% intro period, as the chart below shows.
Here is a look at the potential balance transfer savings for a 0% APR offer vs. a credit card with a 20% APR over 12 months:
| Amount Transferred | 3% Balance Transfer Fee | Interest Savings Over 12 Months |
|---|---|---|
| $1,000 | $30 | $200 |
| $2,500 | $75 | $500 |
| $5,000 | $150 | $1,000 |
| $7,500 | $225 | $1,500 |
| $10,000 | $300 | $2,000 |
Also, be sure to know how much of a balance you can transfer and what your new credit limit is. The application process includes a credit check, so you may not be approved for a limit that meets your balance transfer needs. You can check your credit score for free from numerous sources to better understand the types of card offers you’ll qualify for.
Once you find a card that fits your needs, you can apply for the card online. If your application is approved, you’ll have to contact the new credit card company with a request to make the balance transfer. These are usually done over the phone or online, sometimes within the card application process itself.
You’ll need to give your new credit card company the account numbers of your old cards and tell them how much you want to transfer. It can take from a few days to a few weeks to process a credit card balance transfer.
Continue making payments on your old card until you get a confirmation that the transfer has gone through. Otherwise, you could face late fees and credit score damage.
Do Balance Transfers Affect Your Credit Score?
Applying for any type of credit usually results in an inquiry on your credit reports, which could stay on your reports for about two years and temporarily cause your credit scores to drop.
Hard inquiries are when a potential lender reviews your credit because you’ve applied for credit with them. If you’re “rate shopping” for a car or home loan, for example, all inquiries made within 45 days count as a single credit inquiry, according to FICO, one of the major credit scoring services. VantageScore only gives you 14 days to complete your rate shopping for it to count as a single inquiry.
One additional credit inquiry could take less than five points off a FICO score, though for many people, it may not affect their score at all. But if you have a few accounts or a short credit history, inquiries can have a larger impact. The more credit inquiries you have, the greater the risk you may appear to lenders.
Opening a new credit card will cause the average age of your credit accounts to drop — which isn’t a good thing for a credit score — but you’ll have more available credit, and your credit utilization rate will drop, which is a good thing for a credit score.
Here are some example credit utilization ratios before and after transferring your balances to a new card:
| Before the Balance Transfer | Card A | Card B | Card C | Overall |
|---|---|---|---|---|
| Balance | $900 | $1,500 | N/A | $2,400 |
| Credit Limit | $2,000 | $3,000 | N/A | $5,000 |
| Utilization Rate | 45% | 50% | N/A | 48% |
| After the Balance Transfer | Card A | Card B | Card C | Overall |
|---|---|---|---|---|
| Balance | $0 | $0 | $2,400 | $2,400 |
| Credit Limit | $2,000 | $3,000 | $2,500 | $7,500 |
| Utilization Rate | 0% | 0% | 96% | 32% |
Credit utilization compares your outstanding credit card balances with your total credit card limits. In simple terms, it shows how much of your available credit you’re using.
Adding another credit card will increase your credit limit, and if you aren’t using the extra credit available to you, your utilization ratio will drop, which will improve your credit score.
If you have $10,000 in available credit and a balance of $5,000, your credit utilization rate is 50%, or half of the total credit available to you. Ideally, you should use about 30% or less of your credit limit. Credit utilization (or the amounts you owe) accounts for as much as 30% of a credit score.
Is Transferring Credit Card Balances a Good Idea?
If your goal is to get out of credit card debt within 18 months, then transferring a high credit card balance to one with 0% interest is a good idea — if you can afford the monthly payments to get the balance to zero before the regular purchase APR kicks in.
The transfer will allow you to avoid interest charges, which can seem like they’re taking most of your money without paying much of the balance down.
But if you can’t pay off the balance, or the majority of it, a transfer may not be a good idea. Balance transfer fees, which usually range from 3% to 5%, can eat up some of the savings of an intro 0% APR.
If you want to see how a balance transfer could help your finances, use this handy tool we developed to calculate how much you could save:
Add that to whatever the new APR rate is when the 0% introductory period ends, and you could be paying a higher rate than you were on your old card.
Be careful not to miss a payment on the new credit card. Even a single late payment may cause you to lose the low introductory rate.
You should use the 0% introductory time to get a handle on your spending if that’s what got you into this situation in the first place. If you’re increasing or even just maintaining your old spending habits and adding debt to a credit card, then you’re not going to get out of debt.
Paying off a balance transfer without interest is a good start, but adding more debt will only leave you in another hole to dig out of.
What if My Balance Exceeds the New Credit Limit?
There’s a chance that if you’re approved for a balance transfer credit card, it won’t be for the credit limit you wanted. The average credit limit is $8,071, according to Experian data, which you’ll notice is less than the average American household credit card debt.
It may also be lower than you need because it was set based on the credit issuer’s assessment of your credit.
Don’t despair. Whatever the new limit is, you can transfer up to that limit and start paying it down at 0% interest during the introductory period. This will at least move part of your credit card debt from a high-interest card and help you pay down some of your debt.
You can then work on a plan to pay off the remaining debt on the old card. If you make regular, on-time payments on the new card, your new credit card may automatically increase the credit limit.
Or, you can call and ask for a higher limit from the start and explain that you’ll be performing a balance transfer. This may help sway the credit card company’s decision to extend you a higher limit.
If your limit goes up later and you want to transfer more from an older card, check whether the balance transfer fee is higher than the rate typically offered in the first few months after opening the account.
If it’s outside that timeline, the transfer could be subject to the variable APR that the 0% intro period moves to when the overall timeline, such as 18 months, ends.
Aim to Pay Your Balance Off Before the Intro Period Ends
Transferring debt from an old credit card to a new one with a 0% introductory rate is a smart way to pay off a credit card balance. The key is to pay it off before the introductory period ends. If you don’t, the interest charge could be higher than what you were paying before, and you’re still stuck paying back credit card debt.
However, you may go into a balance transfer offer knowing you’re unlikely to pay off the entire balance before the zero-interest deal ends. That’s OK as long as you expect to pay interest when the deal expires.
Some credit cards have low ongoing APRs after the intro period ends, as we’ve highlighted above, which could still make a balance transfer worthwhile if it’s lower than the interest rate on your old card.
Be sure to do your homework and compare transfer fees and 0% intro periods to find the best balance transfer card that allows you to make the most affordable monthly payment to pay off the debt before the 0% intro period ends. It will be a tough goal to accomplish every month, but when those 18 or so months are over, you can breathe a little easier with all of that debt off your chest.
Editorial Note: Our site content is not provided or commissioned by any credit card issuer(s). Opinions expressed on CardRates.com are the author's alone, not those of any credit card issuer, and have not been reviewed, approved, or otherwise endorsed by credit card issuers. Every reasonable effort has been made to maintain accurate information; however, all credit card offer details, including information about rewards, signup bonuses, introductory offers, and other terms and conditions, is presented without warranty. Clicking on any offer on CardRates.com will direct you to the issuer's website, where you can review the current terms and conditions of the offer.
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