What is a Credit Card Balance? Transfer to 0% (Dec. 2023)

The word “balance” generally represents stability, whether referring to an equal distribution of weight or your mental well-being. This, of course, doesn’t have quite the same meaning in regards to your credit card. So, what is a credit card balance?

When you get a new credit card, you’ll receive a monthly statement summarizing the previous month’s purchases, even if there were none. In bold letters, usually somewhere near the top of the statement, you’ll see the word BALANCE — this is what “credit card balance” means – the amount you owe to the credit card company for any transactions made using the card.

While some might not be able to avoid carrying a balance, most can avoid paying interest on a balance with the right card offers, and we’ll show you how. In this article, we’ll take a closer look at credit card balances, how to transfer balances from one card to another, and explore some of our top choices for balance transfer cards on the market today.

Definition | Balance Transfers | 0% Intro Offers

Your credit card balance can be positive, negative, or zero. A positive balance reflects any amount owed to the credit card company while a negative balance reflects a balance owed to you. This can happen when you make a payment that is larger than what you owe, for example, having a $1,000 balance and making a $1,200 payment. The remaining $200 will be applied to your next purchase(s) until you’ve been credited the full $200.

Your balance includes a few things, not just purchases made with the card. There are interest charges — determined by your creditworthiness at the time of applying — and fees, such as an annual fee or late payment fees, that can be added to the amount you owe.

The good news is there are cards that don’t charge interest for an extended period when you transfer an existing balance and/or on new purchases; cards with no annual fees; and even cards that charge no interest or annual fees, like the ones we’ll cover below.

A balance transfer lets you transfer an existing balance from one card to another with a lower – oftentimes 0% — interest rate. This helps you pay off your balance much faster, as more of your payment is going toward the amount you owe rather than continually accruing interest.

The accruing interest is what makes it so difficult to pay off a credit card in the first place if you have a high balance with a high interest rate.

A balance transfer calculator can show you how much you could potentially save by getting a card with a 0% interest rate. These promotional APRs are generally good for 12 to 18 months, though some cards will periodically offer longer terms.

Below are the best balance transfer offers currently available, all with no annual fees and extended 0%-intro APR periods. Some even come with additional perks, like cash back and free FICO scores, but you must have good credit to qualify.

Citi® Diamond Preferred® Card

at Citi'ssecure website

0% BALANCE TRANSFER RATING

★★★★★

4.8

OVERALL RATING

4.5/5.0

Our Review »

• 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.

• See application, terms and details.

See Rates & Fees

Intro (Purchases)	Intro (Transfers)	Regular APR	Annual Fee	Credit Needed
0% 12 months on Purchases	0% 21 months on Balance Transfers	18.24% - 28.99% (Variable)	$0	Excellent, Good

Additional Disclosure: Citi is a CardRates advertiser.

Citi Simplicity® Card

at Citi'ssecure website

0% BALANCE TRANSFER RATING

★★★★★

4.8

OVERALL RATING

4.5/5.0

Our Review »

• 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

• See application, terms and details.

Intro (Purchases)	Intro (Transfers)	Regular APR	Annual Fee	Credit Needed
0% Intro APR Period 12 months on Purchases	0% Intro APR Period 21 months on Balance Transfers	19.24% - 29.99% (Variable)	$0	Excellent, Good Credit

Additional Disclosure: Citi is a CardRates advertiser.

Citi Double Cash® Card

at Citi'ssecure website

0% BALANCE TRANSFER RATING

★★★★★

4.8

OVERALL RATING

4.8/5.0

Our Review »

• 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, for a limited time, earn 5% total cash back on hotel, car rentals and attractions booked on the Citi Travel℠ portal through 12/31/24.
• 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).

• See application, terms and details.

See Rates & Fees

Intro (Purchases)	Intro (Transfers)	Regular APR	Annual Fee	Credit Needed
N/A	0% Intro APR Period 18 months on Balance Transfers	19.24% - 29.24% (Variable)	$0	Excellent, Good, Fair

Additional Disclosure: Citi is a CardRates advertiser.

+ See More Balance Transfer Offers

You can save a significant amount of money if you can score up to 18 months paying no interest, particularly if you carry a large balance. Just watch out for balance transfer fees, which are generally 3% to 5% of the amount being transferred.

Also, a balance transfer can be done with more than one card. For example, if you have two cards with balances that are being charged interest, you can request to have both balances transferred to the new card, so long as the credit limit you’re approved for accommodates it – just know that you’ll be charged a balance transfer fee per balance transferred, and you likely will not earn rewards for transferred balances.

Even if you don’t have a current balance that would benefit from a 0% interest rate, everyone can benefit from a card that doesn’t charge interest on new balances.

Just as balance transfer cards allow for an extended period of interest-free payments, 0%-intro APR cards allow new cardholders to pay no interest on all qualifying purchases for an extended period. It’s essentially a free loan, which you certainly can’t get from any bank.

Below are our expert’s favorite 0%-intro APR offers currently available. The offers include cash back and free FICO scores, among other perks and protections only afforded through a credit card.

4. Chase Slate Edge℠

at Chase'ssecure website

0% INTRO APR RATING

★★★★★

4.9

OVERALL RATING

4.6/5.0

Our Review »

• 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

• See application, terms and details.

Intro (Purchases)	Intro (Transfers)	Regular APR	Annual Fee	Credit Needed
0% Intro APR on Purchases 18 months	0% Intro APR on Balance Transfers 18 months	20.49% - 29.24% Variable	$0	Good/Excellent

5. Bank of America® Customized Cash Rewards credit card

at Bank Of America'ssecure website

0% INTRO APR RATING

★★★★★

4.8

OVERALL RATING

4.9/5.0

Our Review »

• $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.

• See application, terms and details.

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.

6. Bank of America® Unlimited Cash Rewards credit card

at Bank Of America'ssecure website

0% INTRO APR RATING

★★★★★

4.8

OVERALL RATING

4.7/5.0

Our Review »

• $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.

• See application, terms and details.

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.

+ See More 0%-Intro APR Cards

Cards with 0% introductory APRs offer a great way to make purchases without having to pay interest fees, but be sure to understand when the 0% APR period ends or else those interest fees will start stacking up.

One of the most important factors in calculating your credit score is your credit utilization ratio. This ratio represents how much debt you have (your balances) in relation to your credit limits. Most experts recommend keeping your balance below 30% of a card’s available limit, so, for example, if you have a credit card with a $3,000 limit, keeping your balance below $900 will help ensure your debt doesn’t negatively impact your credit score.

When you’re able to keep your credit card balances low, and even pay no interest on said balances, you can keep your credit cards and your financial well-being, well, balanced!