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:
- 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 18.24% - 28.99%, 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.
Intro (Purchases)
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Intro (Transfers)
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Regular APR
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Annual Fee
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Credit Needed
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---|---|---|---|---|
0% 12 months on Purchases
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0% 21 months on Balance Transfers
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18.24% - 28.99% (Variable)
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$0
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Excellent, Good
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Additional Disclosure: Citi is a CardRates advertiser.
- No Late Fees, No Penalty Rate, and No Annual Fee... Ever
- 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 19.24% - 29.99%, based on your creditworthiness. Balance transfers must be completed within 4 months of account opening.
- There is an introductory balance transfer fee of $5 or 3% of the amount of the transfer, whichever is greater for balances transfers completed within 4 months of account opening.
- Stay protected with Citi® Quick Lock
Intro (Purchases)
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Intro (Transfers)
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Regular APR
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Annual Fee
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Credit Needed
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---|---|---|---|---|
0% Intro APR Period 12 months on Purchases
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0% Intro APR Period 21 months on Balance Transfers
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19.24% - 29.99% (Variable)
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$0
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Excellent, Good Credit
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Additional Disclosure: Citi is a CardRates advertiser.
- INTRO OFFER: Unlimited Cashback Match – 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.
- 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. Plus, earn unlimited 1% cash back on all other purchases – automatically.
- Discover could help you reduce exposure of your personal information online by helping you remove it from select people-search sites that could sell your data. It’s free, activate with the mobile app.
- Every $1 you earn in cash back is $1 you can redeem.
- No annual fee.
- Click through to Discover’s website to see terms and conditions.
Intro (Purchases)
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Intro (Transfers)
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Regular APR
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Annual Fee
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Credit Needed
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---|---|---|---|---|
0% Intro APR for 6 months
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0% Intro APR for 18 months
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17.24% - 28.24% Variable APR
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$0
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Excellent/Good
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- 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.
- Balance Transfer Only Offer: 0% intro APR on Balance Transfers for 18 months. After that, the variable APR will be 19.24% - 29.24%, 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).
Intro (Purchases)
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Intro (Transfers)
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Regular APR
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Annual Fee
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Credit Needed
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---|---|---|---|---|
N/A
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0% Intro APR Period 18 months on Balance Transfers
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19.24% - 29.24% (Variable)
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$0
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Excellent, Good, Fair
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Additional Disclosure: Citi is a CardRates advertiser.
- Start off strong with 0% Intro APR for 18 months from account opening on purchases and balance transfers. A variable APR of 20.49% - 29.24% on balance transfers and purchases after the introductory period ends.
- Lower your interest rate by 2% each year. Automatically be considered for an APR reduction when you pay on time, and spend at least $1000 on your card by your next account anniversary.
- Raise your credit limit. Get an automatic, one-time review for a higher credit limit when you pay on time, and spend $500 in your first six months.
- All for no annual fee - You won't have to pay an annual fee for all the great features that come with your Slate Edge℠ card
- Keep tabs on your credit health - Chase Credit Journey helps you monitor your credit with free access to your latest score, real-time alerts, and more
- Member FDIC
Intro (Purchases)
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Intro (Transfers)
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Regular APR
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Annual Fee
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Credit Needed
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---|---|---|---|---|
0% Intro APR on Purchases 18 months
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0% Intro APR on Balance Transfers 18 months
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20.49% - 29.24% Variable
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$0
|
Good/Excellent
|
- $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 - now with expanded categories, 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.
- Newly expanded categories based on Bank of America customer feedback! 3% cash back on Gas (to now include Electric Vehicle Charging (EVC) Stations) and Online Shopping (to now include Cable, Streaming, Internet and Phone Services).
- If you're a 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 no expiration on rewards.
- 0% Introductory APR for 15 billing cycles for purchases, and for any balance transfers made in the first 60 days. After the intro APR offer ends, 18.24% - 28.24% Variable APR will apply. A 3% fee applies to all balance transfers.
- 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.
Intro (Purchases)
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Intro (Transfers)
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Regular APR
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Annual Fee
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Credit Needed
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---|---|---|---|---|
0% Intro APR for 15 billing cycles for purchases
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0% Intro APR for 15 billing cycles for any balance transfers made in the first 60 days
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18.24% - 28.24% Variable APR on purchases and balance transfers
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$0
|
Excellent/Good
|
Additional Disclosure: Bank of America is a CardRates advertiser.
- Earn unlimited 1.5 points per $1 spent on all purchases, with no annual fee and no foreign transaction fees and your points don't expire.
- 25,000 online bonus points after you make at least $1,000 in purchases in the first 90 days of account opening - that can be a $250 statement credit toward travel purchases.
- Use your card to book your trip how and where you want - you're not limited to specific websites with blackout dates or restrictions.
- Redeem points for a statement credit to pay for travel or dining purchases, such as flights, hotel stays, car and vacation rentals, baggage fees, and also at restaurants including takeout.
- 0% Introductory APR for 15 billing cycles for purchases, and for any balance transfers made in the first 60 days. After the intro APR offer ends, 18.24% - 28.24% Variable APR will apply. A 3% fee applies to all balance transfers.
- If you're a Preferred Rewards member, you can earn 25%-75% more points on every purchase. That means instead of earning an unlimited 1.5 points for every $1, you could earn 1.87-2.62 points for every $1 you spend on purchases.
- 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.
Intro (Purchases)
|
Intro (Transfers)
|
Regular APR
|
Annual Fee
|
Credit Needed
|
---|---|---|---|---|
0% Intro APR for 15 billing cycles for purchases
|
0% Intro APR for 15 billing cycles for any balance transfers made in the first 60 days
|
18.24% - 28.24% Variable APR on purchases and balance transfers
|
$0
|
Excellent/Good
|
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 unlimited 1.5% cash back on all purchases.
- If you're a Preferred Rewards member, you can earn 25%-75% more cash back on every purchase. That means you could earn 1.87%-2.62% cash back on every purchase with Preferred Rewards.
- No annual fee.
- No limit to the amount of cash back you can earn and cash rewards don’t expire.
- 0% Introductory APR for 15 billing cycles for purchases, and for any balance transfers made in the first 60 days. After the intro APR offer ends, 18.24% - 28.24% Variable APR will apply. A 3% fee applies to all balance transfers.
- 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.
Intro (Purchases)
|
Intro (Transfers)
|
Regular APR
|
Annual Fee
|
Credit Needed
|
---|---|---|---|---|
0% Intro APR for 15 billing cycles for purchases
|
0% Intro APR for 15 billing cycles for any balance transfers made in the first 60 days
|
18.24% - 28.24% Variable APR on purchases and balance transfers
|
$0
|
Excellent/Good
|
Additional Disclosure: Bank of America is a CardRates advertiser.
- Earn unlimited 1.5 points per $1 spent on all purchases, with no annual fee and no foreign transaction fees and your points don't expire.
- 25,000 online bonus points after you make at least $1,000 in purchases in the first 90 days of account opening - that can be a $250 statement credit toward travel purchases.
- Use your card to book your trip how and where you want - you're not limited to specific websites with blackout dates or restrictions.
- Redeem points for a statement credit to pay for travel or dining purchases, such as flights, hotel stays, car and vacation rentals, baggage fees, and also at restaurants including takeout.
- 0% Introductory APR for 15 billing cycles for purchases, and for any balance transfers made in the first 60 days. After the intro APR offer ends, 18.24% - 28.24% Variable APR will apply. A 3% fee applies to all balance transfers.
- 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. Access your FICO® Score for free within Online Banking or your Mobile Banking app.
- 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.
Intro (Purchases)
|
Intro (Transfers)
|
Regular APR
|
Annual Fee
|
Credit Needed
|
---|---|---|---|---|
0% Intro APR for 15 billing cycles for purchases
|
0% Intro APR for 15 billing cycles for any balance transfers made in the first 60 days
|
18.24% - 28.24% Variable APR on purchases and balance transfers
|
$0
|
Excellent/Good
|
Additional Disclosure: Bank of America is a CardRates advertiser.
- UNLIMITED BONUS: Only Discover gives you an unlimited match of all the Miles you’ve earned at the end of your first year. For example, if you earn 35,000 Miles, you get 70,000 Miles. There’s no signing up, no minimum spending or maximum rewards. Just a Miles-for-Miles match.
- Automatically earn unlimited 1.5x Miles on every dollar of every purchase.
- No Annual fee
- Turn Miles into cash in any amount, any time. Or redeem as a statement credit for travel purchases like airfare, hotels, rideshares, gas stations, restaurants and more.
- 0% intro APR for 15 months on purchases. Then 17.24% - 28.24% Standard Variable Purchase APR will apply.
- Discover could help you reduce exposure of your personal information online by helping you remove it from select people-search sites that could sell your data. It’s free, activate with the mobile app.
Intro (Purchases)
|
Intro (Transfers)
|
Regular APR
|
Annual Fee
|
Credit Needed
|
---|---|---|---|---|
0% Intro APR for 15 months
|
0% Intro APR for 15 months
|
17.24% - 28.24% Variable APR
|
$0
|
Excellent/Good
|
+ 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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