Writer: Linsey Knerl
Editor: Lillian Guevara-Castro
Reviewer: Ashley Fricker
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If you’ve used credit cards for a significant amount of time, you’ve likely been presented with bigger and better card offers than what your current card gives you. One of these perks may be a credit card balance transfer offer. If used wisely, a transfer offer can lower your overall payment amount and improve your credit score.
Transferring a card balance is not as difficult as you may think. In fact, I’ve used them successfully over the years to lower my debt and monthly payment amounts. In addition, it’s been a terrific method for working my way into more exclusive cards with better protections and perks! Read on for what you need to know before agreeing to one. We’ll dive into what level of credit is required, how to contact your card issuer’s customer service department, and look at some of our top choices for balance transfer credit cards.
When Applying for a Balance Transfer Card — Good Credit is Required
Balance transfer cards might seem complicated, but many consumers have used them successfully to simplify their finances. If you’ve received an offer in the mail or online for a card balance transfer, it’s likely because you have done an excellent job with your existing card. Card companies won’t take on additional risk unless they have confidence that you’ll make good on your new card’s payment terms.
A transfer requires you to open up a new card account (which means a new line of credit), usually with a completely different card company. You cannot, for example, usually transfer the balance of a Discover card to a new Discover card, Chase to Chase, etc. Once approved, you can transfer up to the limit of the new card from the old one. So, a new card with a limit of $5,000 can legally accommodate a balance transfer of that amount, but it is wise to transfer a little less than the total available credit limit for a few reasons.
You will want to closely check the terms of your balance transfer offer for any transfer fees that apply. Most every card will impose a one-time fee paid as a percentage of the total you are transferring. Today’s cards usually charge between 3% and 5%.
There are a few very special offers out there, however, that will charge fees as low as 1-2%. These are usually for very good credit. This fee is applied immediately upon transferring the balance and is added to the balance, a very good reason to not borrow the full amount of the new card. (You don’t want to go over the limit.)
Good credit is required to get balance transfer offers, and even better credit will get you the best offers. Some of our favorites are listed here:
Additional Disclosure: Citi is a CardRates advertiser.
- New! 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 14.99% - 25.99% 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.
- When handled responsibly, a credit card can help you build your credit history, which could be helpful when looking for an apartment, a car loan, and even a job.
- This offer may not be available elsewhere if you leave this page. You can take advantage of this offer when you apply now.
- 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.
- 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.
- Get a 0% intro APR for 18 months on balance transfers. Then 17.49% to 26.49% Standard Variable APR applies, based on credit worthiness.
- Redeem cash back for any amount
- No annual fee.
- Terms and conditions apply.
- 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 17.49% - 27.49%, 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).
Additional Disclosure: Citi is a CardRates advertiser.
- Earn 20,000 bonus Points after spending $1,000 in the first 3 months of account opening.
- 0% Intro APR on balance transfers and purchases for 15 months; after that, the variable APR will be 18.49% - 28.49%, 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 3 ThankYou® Points for each $1 spent in an eligible Self-Select Category of your choice (Fitness Clubs, Select Streaming Services, Live Entertainment, Cosmetic Stores/Barber Shops/Hair Salons, or Pet Supply Stores). Choose your eligible Self-Select Category on Citi Online or by calling customer service. The default Self-Select Category is Select Streaming Services.
- Earn 5 ThankYou® Points for each $1 spent on Hotels, Car Rentals and Attractions booked on Citi Travel® via cititravel.com; earn 3 ThankYou Points for each $1 spent at Supermarkets, on Select Transit purchases, and at Gas & EV Charging Stations.
- Earn 2 ThankYou® Points for each $1 spent at Restaurants; earn 1 ThankYou® Point for each $1 spent on All Other Purchases.
- No Annual Fee
Additional Disclosure: Citi is a CardRates advertiser.
- $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.
- Select your card design option when you apply – the Customized Cash Rewards design, or the limited-time FIFA World Cup 2026™ design.
- 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 17.49% - 27.49% 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.
- $200 online cash rewards bonus after you make at least $1,000 in purchases in the first 90 days of account opening.
- Earn 2% cash back on purchases for the first year from account opening, with no limit to the amount of cash back you can earn.
- Thereafter, you’ll earn unlimited 1.5% cash back on all purchases, with no expiration on rewards as long as your account remains open.
- No annual fee.
- Select your card design option when you apply – the Unlimited Cash Rewards design, or the limited-time FIFA World Cup 2026™ design.
- 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 17.49% - 27.49% 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.
- $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.
- Select your card design option when you apply – the Customized Cash Rewards design, or the limited-time FIFA World Cup 2026™ design.
- 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 17.49% - 27.49% 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.
- When handled responsibly, a credit card can help you build your credit history, which could be helpful when looking for an apartment, a car loan, and even a job.
- 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.
- $200 online cash rewards bonus after you make at least $1,000 in purchases in the first 90 days of account opening.
- Earn 2% cash back on purchases for the first year from account opening, with no limit to the amount of cash back you can earn.
- Thereafter, you’ll earn unlimited 1.5% cash back on all purchases, with no expiration on rewards as long as your account remains open.
- No annual fee.
- Select your card design option when you apply – the Unlimited Cash Rewards design, or the limited-time FIFA World Cup 2026™ design.
- 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 17.49% - 27.49% 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.
- When handled responsibly, a credit card can help you build your credit history, which could be helpful when looking for an apartment, a car loan, and even a job.
- 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.
+ Compare More Balance Transfer Offers
In addition to the transfer fee, you’ll have a balance transfer interest rate (or APR.) This is usually lower than the rate your card will charge for purchases. It is also usually a special offer for new cardholders and may also be lower than future balance transfer rates. For this reason, it’s very important to know how long that special balance transfer rate is good for. You’ll need all of your transfers to start and end by that date to get the special rate. Most transfers take place within 7-14 business days, but your specific card can give you details on what to plan for.
Call Customer Service on Your Existing Card
When you initiate the balance transfer, whether online, over the phone, or by mail, your new credit card will need the information from your existing card.
The customer service phone number can easily be found on the back of your card.
The new card will then handle dispersing the funds to your existing balance. It is sometimes necessary to contact your old card, however. This may be required when you need additional information on the exact payoff balance, or you wish to put your old card on hold for future charges. You should have access to contact info for your existing credit card either on the back of your card or on your statement.
If you can’t find this information or need the most up-to-date info, you can see credit card company contact info here. You will be asked to verify your identity before being allowed to discuss your account with the customer service rep.
Don’t Make Balance Transfers a Habit
Using balance transfers wisely can help reduce interest rates and expand your credit card options. Remember, the more credit you have available to you, the higher your credit score can go over time! The important thing to remember is not to charge up your old card once the balance has been transferred — you want to be making payments toward reducing your overall debt while keeping the lines of credit from both cards open.
According to Joshua Caucutt at MoneyCrashers.com, you’ll also want to keep those old lines open. “An unused line of credit helps keep your credit usage percentage low. If you have $10,000 worth of unused credit on one card and then open a 0% balance transfer of $10,000 on another card, your credit usage will show up as only 50%, even though you may never plan to use the existing card ever again. It’s a simplistic example, but the principle remains the same.”
Balance transfer offers are usually for a limited time, so that great rate you got when you first transferred is only temporary. Whether you have 12, 18, or even 24 months to take advantage of that low rate, you’ll want to pay it off by then. Not paying it off may tempt you to open another card to transfer the balance yet again; this is a trap that many credit users fall into, and it can be dangerous! Too many cards with balances can cause your credit score to drop sharply.
As long as you are making payment to reduce your total debt, balance transfers are a wonderful tool for those with good credit.
“Credit cards with 0% introductory rates can be taken advantage of to save money, provide flexibility with your monthly budget, or both. But, it’s important to read the terms of the offer and do the math to ensure it’s really going to be the right choice.” –CleverDude.com.
Make sure you know all of the details of your current offer and don’t forget to shop around! One of your existing cards may also have an offer available to you that you don’t want to overlook.
To see these offers, log into your credit card account online and check for any incoming messages or special offers. New cards usually offer the best terms, but it is important to know all your options before making a decision. When utilized correctly, balance transfers can save you significant amounts of interest payments in the long run, but be careful not to let this approach land you in a situation that is worse than where you were to begin with.
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CardRates.com is a free online resource that offers valuable content and comparison services to users. To keep this resource 100% free, we receive compensation for referrals for many of the offers listed on the site. Along with key review factors, this compensation may impact how and where products appear across CardRates.com (including, for example, the order in which they appear). CardRates.com does not include the entire universe of available offers. Editorial opinions expressed on the site are strictly our own and are not provided, endorsed, or approved by advertisers.
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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