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Showing 17 results
Best for long intro APR
Bankrate score
4.3
Our writers, editors and industry experts score credit cards based on a variety of factors including card features, bonus offers and independent research. Credit card issuers have no say or influence on how we rate cards.
Bankrate review
Recommended credit score:(670 - 850)
A FICO score/credit score is used to represent the creditworthiness of a person and may be one indicator to the credit type you are eligible for. However, credit score alone does not guarantee or imply approval for any financial product.
on
Wells Fargo
's secure site
Balance transfer intro APR
0% intro APR for 21 months from account opening on qualifying balance transfers
Regular APR
18.24%, 24.74%, or 29.99% Variable APR
Rewards rate
N/A
Annual fee
$0
Best for everyday spending
Bankrate score
4.6
Our writers, editors and industry experts score credit cards based on a variety of factors including card features, bonus offers and independent research. Credit card issuers have no say or influence on how we rate cards.
Bankrate review
Recommended credit score:(670 - 850)
A FICO score/credit score is used to represent the creditworthiness of a person and may be one indicator to the credit type you are eligible for. However, credit score alone does not guarantee or imply approval for any financial product.
on
American Express
's secure site
See Rates & Fees, Terms Apply
Balance transfer intro APR
0% on balance transfers for 15 months
APR
19.24% - 29.99% Variable
Rewards rate
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%. 1% Cash Back on other purchases.
1% - 3%
Annual fee
$0
Why you'll like this: It gives you a chance to pay off debt while making the most of your everyday purchases.
Best for welcome offer
Bankrate score
4.6
Our writers, editors and industry experts score credit cards based on a variety of factors including card features, bonus offers and independent research. Credit card issuers have no say or influence on how we rate cards.
Bankrate review
Recommended credit score:(670 - 850)
A FICO score/credit score is used to represent the creditworthiness of a person and may be one indicator to the credit type you are eligible for. However, credit score alone does not guarantee or imply approval for any financial product.
on
Discover
's secure site
Balance transfer intro APR
0% for 18 months
Regular APR
18.24% - 28.24% Variable APR
Rewards rate
Earn 2% cash back at Gas Stations and Restaurants on up to $1,000 in combined purchases each quarter, automatically. Earn unlimited 1% cash back on all other purchases.
1% - 2%
Annual fee
$0
Why you'll like this: It offers great short- and long-term value thanks to its combo of a welcome offer, ongoing rewards and an intro APR.
Best for long-term value
Bankrate score
4.1
Our writers, editors and industry experts score credit cards based on a variety of factors including card features, bonus offers and independent research. Credit card issuers have no say or influence on how we rate cards.
Bankrate review
Recommended credit score:(670 - 850)
A FICO score/credit score is used to represent the creditworthiness of a person and may be one indicator to the credit type you are eligible for. However, credit score alone does not guarantee or imply approval for any financial product.
on
Citi
's secure site
Balance transfer intro APR
0% intro for 18 months on Balance Transfers
Regular APR
19.24% - 29.24% (Variable)
Rewards rate
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.
1% - 5%
Annual fee
$0
Why you'll like this: It boasts an intro APR on par with several top balance transfer cards, plus a flat rewards rate for exceptionally more long-term value.
Best for flat-rate cash rewards
Bankrate score
4.3
Our writers, editors and industry experts score credit cards based on a variety of factors including card features, bonus offers and independent research. Credit card issuers have no say or influence on how we rate cards.
Bankrate review
Recommended credit score:(670 - 850)
A FICO score/credit score is used to represent the creditworthiness of a person and may be one indicator to the credit type you are eligible for. However, credit score alone does not guarantee or imply approval for any financial product.
Balance transfer intro APR
0% intro APR for 12 months from account opening on qualifying balance transfers
Regular APR
20.24%, 25.24%, or 29.99% Variable APR
Rewards rate
Earn unlimited 2% cash rewards on purchases
2%
Annual fee
$0
Best for travel
Bankrate score
4.1
Our writers, editors and industry experts score credit cards based on a variety of factors including card features, bonus offers and independent research. Credit card issuers have no say or influence on how we rate cards.
Bankrate review
Recommended credit score:(670 - 850)
A FICO score/credit score is used to represent the creditworthiness of a person and may be one indicator to the credit type you are eligible for. However, credit score alone does not guarantee or imply approval for any financial product.
on
Bank of America
's secure site
Balance transfer intro APR
0% Intro APR for 15 billing cycles for any BTs made in the first 60 days. A fee of 3% for 60 days from account opening, then 4% will apply.
Regular APR
19.24% - 29.24% Variable APR on purchases and balance transfers
Rewards rate
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 as long as your account remains open.
1.5X
Annual fee
$0
Why you'll like this: It’s one of the only travel cards that helps you minimize interest and earn points on bookings (at a top flat rate via Preferred Rewards members).
Best for dining
Bankrate score
4.8
Our writers, editors and industry experts score credit cards based on a variety of factors including card features, bonus offers and independent research. Credit card issuers have no say or influence on how we rate cards.
Bankrate review
Recommended credit score:(670 - 850)
A FICO score/credit score is used to represent the creditworthiness of a person and may be one indicator to the credit type you are eligible for. However, credit score alone does not guarantee or imply approval for any financial product.
on
Chase
's secure site
Balance transfer intro APR
0% Intro APR on Balance Transfers for 15 months
Regular APR
20.49% - 29.24% Variable
Rewards rate
Enjoy 5% cash back on travel purchased through Chase Travel℠, our premier rewards program that lets you redeem rewards for cash back, travel, gift cards and more. 3% cash back on drugstore purchases and dining at restaurants, including takeout and eligible delivery service. 1.5% cash back on all other purchases.
1.5% - 5%
Annual fee
$0
Why you'll like this: Its exceptionally comprehensive reward categories can be a great tool for everyday spending alongside its intro APR offer.
Best for groceries
Bankrate score
4.4
Our writers, editors and industry experts score credit cards based on a variety of factors including card features, bonus offers and independent research. Credit card issuers have no say or influence on how we rate cards.
Bankrate review
Recommended credit score:(670 - 850)
A FICO score/credit score is used to represent the creditworthiness of a person and may be one indicator to the credit type you are eligible for. However, credit score alone does not guarantee or imply approval for any financial product.
on
American Express
's secure site
See Rates & Fees, Terms Apply
Balance transfer intro APR
0% on balance transfers for 12 months
APR
19.24% - 29.99% Variable
Rewards rate
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 on transit including taxis/rideshare, parking, tolls, trains, buses and more. 3% Cash Back at U.S. gas stations, 1% Cash Back on other purchases
1% - 6%
Annual fee
$0 intro annual fee for the first year, then $95.
Why you'll like this: You can enjoy a best-in-class rewards rate on groceries as you pay off debt with its intro APR.
Best for flexibility
Bankrate score
4.4
Our writers, editors and industry experts score credit cards based on a variety of factors including card features, bonus offers and independent research. Credit card issuers have no say or influence on how we rate cards.
Bankrate review
Recommended credit score:(670 - 850)
A FICO score/credit score is used to represent the creditworthiness of a person and may be one indicator to the credit type you are eligible for. However, credit score alone does not guarantee or imply approval for any financial product.
on
Citi
's secure site
Balance transfer intro APR
0% for 15 months on balance transfers
Regular APR
19.24% - 29.24% (Variable)
Rewards rate
Earn 5% cash back on purchases in your top eligible spend category each billing cycle, up to the first $500 spent, 1% cash back thereafter. Special Travel Offer: Earn an additional 4% cash back on hotels, car rentals, and attractions booked on Citi Travel℠ portal through 6/30/2025. Earn unlimited 1% cash back on all other purchases.
1% - 5%
Annual fee
$0
Why you'll like this: You can save on interest without having to adapt your spending for reward categories.
Best for customizable rewards
Bankrate score
4.1
Our writers, editors and industry experts score credit cards based on a variety of factors including card features, bonus offers and independent research. Credit card issuers have no say or influence on how we rate cards.
Bankrate review
Recommended credit score:(670 - 850)
A FICO score/credit score is used to represent the creditworthiness of a person and may be one indicator to the credit type you are eligible for. However, credit score alone does not guarantee or imply approval for any financial product.
on
Bank of America
's secure site
Balance transfer intro APR
0% Intro APR for 15 billing cycles for any BTs made in the first 60 days. A fee of 3% for 60 days from account opening, then 4% will apply.
Regular APR
19.24% - 29.24% Variable APR on purchases and balance transfers
Rewards rate
Earn 3% cash back in the category of your choice (up to $2,500 in combined choice category/grocery store/wholesale club quarterly purchases). Earn automatic 2% at grocery stores and wholesale clubs (up to $2,500 in combined choice category/grocery store/wholesale club quarterly purchases). Earn unlimited 1% on all other purchases.
1% - 3%
Annual fee
$0
Why you'll like this: With its easy-to-earn bonus, solid intro APR offers and customizable rewards, it offers flexibility and value in both the short and long term.
Only Available in 15 East Coast States and D.C.
Best for late payment fee forgiveness
Bankrate score
4.1
Our writers, editors and industry experts score credit cards based on a variety of factors including card features, bonus offers and independent research. Credit card issuers have no say or influence on how we rate cards.
Bankrate review
See Terms
A FICO score/credit score is used to represent the creditworthiness of a person and may be one indicator to the credit type you are eligible for. However, credit score alone does not guarantee or imply approval for any financial product.
on
TD Bank
's secure site
Balance transfer intro APR
0% introductory APR balance transfers for first 18 billing cycles after account opening.
Regular APR
19.24%, 21.24%, 24.24%, 27.24% or 29.24% variable APR based on your creditworthiness.
Rewards rate
N/A
Annual fee
None
Why you'll like this: Your first late fee is refunded every 12 billing cycles, so it’s a safer choice if you’re worried about keeping up with payments.
Best for low interest
Bankrate score
3.0
Our writers, editors and industry experts score credit cards based on a variety of factors including card features, bonus offers and independent research. Credit card issuers have no say or influence on how we rate cards.
Bankrate review
Recommended credit score:(670 - 850)
A FICO score/credit score is used to represent the creditworthiness of a person and may be one indicator to the credit type you are eligible for. However, credit score alone does not guarantee or imply approval for any financial product.
on
USAA
's secure site
Balance transfer intro APR
0% intro APR for 15 months on balance transfers, then 12.15% to 26.15% variable regular APR
Regular APR
12.15% to 26.15% variable
Rewards rate
N/A
Annual fee
$0
Why you'll like this: You have a chance at a lower-than-average ongoing APR, which could help you save on interest even after your intro APR period ends.
Best for simplicity
Bankrate score
3.8
Our writers, editors and industry experts score credit cards based on a variety of factors including card features, bonus offers and independent research. Credit card issuers have no say or influence on how we rate cards.
Bankrate review
Recommended credit score:(670 - 850)
A FICO score/credit score is used to represent the creditworthiness of a person and may be one indicator to the credit type you are eligible for. However, credit score alone does not guarantee or imply approval for any financial product.
on
Bank of America
's secure site
Balance transfer intro APR
0% Intro APR for 15 billing cycles for any BTs made in the first 60 days. A fee of 3% for 60 days from account opening, then 4% will apply.
Regular APR
19.24% - 29.24% Variable APR on purchases and balance transfers
Rewards rate
Earn unlimited 1.5% cash back on all purchases.
1.5%
Annual fee
$0
Why you'll like this: You can save on interest with its intro APR and enjoy long-term value thanks to its $0 annual fee and solid flat rewards rate.
Best for low-cost balance transfers
BankAmericard® credit card
*The information about the BankAmericard® credit card has been collected independently by Bankrate.com. The card details have not been reviewed or approved by the card issuer.
Bankrate score
4.8
Our writers, editors and industry experts score credit cards based on a variety of factors including card features, bonus offers and independent research. Credit card issuers have no say or influence on how we rate cards.
Bankrate review
Recommended credit score:(670 - 850)
A FICO score/credit score is used to represent the creditworthiness of a person and may be one indicator to the credit type you are eligible for. However, credit score alone does not guarantee or imply approval for any financial product.
Balance transfer intro APR
0% Intro APR for 18 billing cycles for any BTs made in the first 60 days. A fee of 3% for 60 days from account opening, then 4% will apply.
Regular APR
16.24% - 26.24% Variable APR on purchases and balance transfers
Rewards rate
N/A
Annual fee
$0
Why you'll like this: You can enjoy of a solid intro APR on both purchases and balance transfers, a low transfer fee and a chance at lower-than-average ongoing APR.
Best credit union balance transfer card
Gold Visa® Card
*The information about the Gold Visa® Card has been collected independently by Bankrate.com. The card details have not been reviewed or approved by the card issuer.
Bankrate score
3.6
Our writers, editors and industry experts score credit cards based on a variety of factors including card features, bonus offers and independent research. Credit card issuers have no say or influence on how we rate cards.
Bankrate review
Recommended credit score:(670 - 850)
A FICO score/credit score is used to represent the creditworthiness of a person and may be one indicator to the credit type you are eligible for. However, credit score alone does not guarantee or imply approval for any financial product.
Balance transfer intro APR
0% Balance Transfers Promo APR for 15 months
Regular APR
17.99% Variable APR
Rewards rate
N/A
Annual fee
$0
Why you'll like this: You can take advantage of one of the lowest ongoing APRs if you’re not sure you’ll qualify for the minimum rate of other balance transfer card.
Best for minimal fees
Citi Simplicity® Card
*The information about the Citi Simplicity® Card has been collected independently by Bankrate.com. The card details have not been reviewed or approved by the card issuer.
Bankrate score
4.5
Our writers, editors and industry experts score credit cards based on a variety of factors including card features, bonus offers and independent research. Credit card issuers have no say or influence on how we rate cards.
Bankrate review
Recommended credit score:(670 - 850)
A FICO score/credit score is used to represent the creditworthiness of a person and may be one indicator to the credit type you are eligible for. However, credit score alone does not guarantee or imply approval for any financial product.
Intro offer
Intro offer is not available for this Citi credit card.
N/A
Rewards Rate
N/A
Annual fee
$0
Regular APR
19.24% - 29.99% (Variable)
Why you'll like this: It comes with one of the longest balance transfer offers on the market, and it’s one of the only cards that doesn’t charge late fees.
Best for balance transfers with excellent credit
Citi® Diamond Preferred® Card
*The information about the Citi® Diamond Preferred® Card has been collected independently by Bankrate.com. The card details have not been reviewed or approved by the card issuer.
Bankrate score
4.0
Our writers, editors and industry experts score credit cards based on a variety of factors including card features, bonus offers and independent research. Credit card issuers have no say or influence on how we rate cards.
Bankrate review
Recommended credit score:(670 - 850)
A FICO score/credit score is used to represent the creditworthiness of a person and may be one indicator to the credit type you are eligible for. However, credit score alone does not guarantee or imply approval for any financial product.
Intro offer
Intro offer is not available for this Citi credit card.
N/A
Rewards Rate
N/A
Annual fee
$0
Regular APR
18.24% - 28.99% (Variable)
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Compare Bankrate's best 0% balance transfer credit cards
| Card Name | Bankrate's pick for | 0% balance transfer intro APR period | Card highlights | Bankrate Review Score |
|---|---|---|---|---|
 | Long balance transfer period | Intro Offer: N/A Regular APR: 18.24%, 24.74%, or 29.99% Variable APR | 4.3 / 5 Our writers, editors and industry experts score credit cards based on a variety of factors including card features, bonus offers and independent research. Credit card issuers have no say or influence on how we rate cards. (Read card review) on Wells Fargo's secure site | |
 | Everyday spending | Intro Offer: Earn $200 Earn a $200 statement credit after you spend $2,000 in purchases on your new Card within the first 6 months. Regular APR: 19.24% - 29.99% Variable | 4.6 / 5 Our writers, editors and industry experts score credit cards based on a variety of factors including card features, bonus offers and independent research. Credit card issuers have no say or influence on how we rate cards. (Read card review) on American Express's secure site See Rates & Fees, Terms Apply | |
 | Welcome offer | Intro Offer: Cashback Match 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. Just a dollar-for-dollar match. Regular APR: 18.24% - 28.24% Variable APR | 4.6 / 5 Our writers, editors and industry experts score credit cards based on a variety of factors including card features, bonus offers and independent research. Credit card issuers have no say or influence on how we rate cards. (Read card review) on Discover's secure site | |
 | Long-term value | Intro Offer: $200 cash back 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. Regular APR: 19.24% - 29.24% (Variable) | 4.1 / 5 Our writers, editors and industry experts score credit cards based on a variety of factors including card features, bonus offers and independent research. Credit card issuers have no say or influence on how we rate cards. (Read card review) on Citi's secure site | |
 | Flat-rate cash back | Intro Offer: $200 cash rewards Earn a $200 cash rewards bonus after spending $500 in purchases in the first 3 months Regular APR: 20.24%, 25.24%, or 29.99% Variable APR | 4.3 / 5 Our writers, editors and industry experts score credit cards based on a variety of factors including card features, bonus offers and independent research. Credit card issuers have no say or influence on how we rate cards. (Read card review) on Wells Fargo's secure site | |
 | Travel | Intro Offer: 25,000 points 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. Regular APR: 19.24% - 29.24% Variable APR on purchases and balance transfers | 4.1 / 5 Our writers, editors and industry experts score credit cards based on a variety of factors including card features, bonus offers and independent research. Credit card issuers have no say or influence on how we rate cards. (Read card review) on Bank of America's secure site | |
 | Dining | Intro Offer: Up to $300 cash back Earn an extra 1.5% on everything you buy (on up to $20,000 spent in the first year) — worth up to $300 cash back. That’s 6.5% on travel purchased through Chase Travel℠, 4.5% on dining and drugstores, and 3% on all other purchases. Regular APR: 20.49% - 29.24% Variable | 4.8 / 5 Our writers, editors and industry experts score credit cards based on a variety of factors including card features, bonus offers and independent research. Credit card issuers have no say or influence on how we rate cards. (Read card review) on Chase's secure site | |
 | Groceries | Intro Offer: Earn $250 Earn a $250 statement credit after you spend $3,000 in eligible purchases on your new Card within the first 6 months. Regular APR: 19.24% - 29.99% Variable | 4.4 / 5 Our writers, editors and industry experts score credit cards based on a variety of factors including card features, bonus offers and independent research. Credit card issuers have no say or influence on how we rate cards. (Read card review) on American Express's secure site See Rates & Fees, Terms Apply | |
 | Flexibility | Intro Offer: $200 Earn $200 in cash back after you spend $1500 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. Regular APR: 19.24% - 29.24% (Variable) | 4.4 / 5 Our writers, editors and industry experts score credit cards based on a variety of factors including card features, bonus offers and independent research. Credit card issuers have no say or influence on how we rate cards. (Read card review) on Citi's secure site | |
 | Customizable rewards | Intro Offer: $200 $200 online cash rewards bonus after you make at least $1,000 in purchases in the first 90 days of account opening. Regular APR: 19.24% - 29.24% Variable APR on purchases and balance transfers | 4.1 / 5 Our writers, editors and industry experts score credit cards based on a variety of factors including card features, bonus offers and independent research. Credit card issuers have no say or influence on how we rate cards. (Read card review) on Bank of America's secure site | |
 | Late fee forgiveness | Intro Offer: N/A Regular APR: 19.24%, 21.24%, 24.24%, 27.24% or 29.24% variable APR based on your creditworthiness. | 4.1 / 5 Our writers, editors and industry experts score credit cards based on a variety of factors including card features, bonus offers and independent research. Credit card issuers have no say or influence on how we rate cards. (Read card review) on TD Bank's secure site | |
 | Low interest | Intro Offer: N/A Regular APR: 12.15% to 26.15% variable | 3.0 / 5 Our writers, editors and industry experts score credit cards based on a variety of factors including card features, bonus offers and independent research. Credit card issuers have no say or influence on how we rate cards. (Read card review) on USAA's secure site | |
 | Simplicity | Intro Offer: $200 $200 online cash rewards bonus after you make at least $1,000 in purchases in the first 90 days of account opening. Regular APR: 19.24% - 29.24% Variable APR on purchases and balance transfers | 3.8 / 5 Our writers, editors and industry experts score credit cards based on a variety of factors including card features, bonus offers and independent research. Credit card issuers have no say or influence on how we rate cards. (Read card review) on Bank of America's secure site | |
 | No penalty APR | Intro Offer: N/A Regular APR: 16.24% - 26.24% Variable APR on purchases and balance transfers | ||
 | Credit union card | Intro Offer: N/A Regular APR: 17.99% Variable APR | ||
 | No late fee | Intro Offer: N/A Regular APR: 19.24% - 29.99% (Variable) | ||
 | Excellent credit | Intro Offer: N/A Regular APR: 18.24% - 28.99% (Variable) |
How much money could you save with a 0% balance transfer?
A 0 percent intro APR offer could save you several hundred dollars if you're paying down a large balance.
Bankrate’s most recent data shows that the average credit card balance reached $6,501 in the third quarter of 2023. With the right balance transfer card, you could save hundreds of dollars paying off credit card debt. Here’s how much you could save transferring $6,501 to a balance transfer card with an 18-month 0 percent intro APR offer — even with a 5 percent balance transfer fee — versus keeping it on a 20 percent APR credit card.
| APR | Starting amount | Monthly payment | Total interest | Total paid |
| 20% for 18 months | $6,501 | $421 | $1,077 | $7,578 |
| 0% intro on balance transfers for 18 months | $6,826 (with 5% balance transfer fee) | $379 | $0 | $6,826 |
Dig Deeper:Pros and cons of a balance transfer
Expert advice on choosing a 0% balance transfer card
A balance transfer card is an effective tool to help you pay off debt, but you’ll want to consider key details before putting in an application. To help guide you on choosing a balance transfer credit card that fits your unique financial situation, consider the following questions:
Learn more:How to choose a balance transfer credit card
Here’s how a Bankrate expert chose her balance transfer card
When Bankrate writer Seychelle Thomas chose a balance transfer card to help her pay off debt, she prioritized one card detail over others: the 0 percent intro APR length on her transfer.
When I was trying to pay off credit card debt as a freelancer two years ago, I compared balance transfer options and chose to go with the Citi Simplicity® Card. My main priority was finding the longest intro APR period. The Citi Simplicity beat most other options and made it easy for me to pay down my balance on schedule without destroying my fluctuating budget at the time.
Keeping fees to a minimum was next on my list, because every little bit counts when you're paying off debt. When I compared it to the Citi® Diamond Preferred® Card (a card with a similar offer) I noticed that the Citi Simplicity had no late fees, a lower balance transfer fee as an intro offer and no penalty APR rate. That was a no-brainer for me.
The only other advantages of the Diamond Preferred were the FICO score access and Citi Entertainment, but I didn't find them valuable because I had other cards that offered similar features.
— Seychelle Thomas, Writer, Credit Cards
Estimate your balance transfer savings
If you’re trying to find out how much you’ll have to pay on your balance transfer card, check out this tool to help you calculate your total savings:
Balance transfer calculator
What people say about balance transfer credit cards
Bankrate keeps a pulse on how people react to the latest trends in the credit card world and breaks down how everyone can best prepare their finances for these market changes.
The current bulk of online and social media conversation revolves around optimizing credit card reward and sign-up bonus strategies, but inflation rates, snowballing card balances and sky-high APRs certainly seems to affect the discussion around balance transfer cards.
Our data: Are balance transfer cards becoming harder to get?
In the face of a tougher economic landscape, driven partly by inflation and Federal Reserve rate increases in 2023, issuers may be tightening credit card approval requirements.
According to Bankrate’s proprietary data, approval rates for balance transfer cards decreased overall for applicants in the first half of 2024 — regardless of credit score. Acceptance rates initially went up in January, starting the year at 66 percent. However, from there, there was only a decline. Among Bankrate users who applied for a balance transfer card, approval rates fell 12 percent from January to July 2024.
Although your approval odds for a card depend on your credit profile, these trends suggest that getting your hands on a balance transfer card may be harder now than it once was.
Here’s the balance transfer credit card approval rates for the top 5 balance transfer cards in the last six months:
If you’re unsure of your approval odds for a card you’re interested in, consider checking whether you can get preapproved for cards with different issuers or use tools like Bankrate’s CardMatch™ to get a better idea of your chances. Exploring preapproval odds before applying could save your credit score a hit.
If getting out of high-interest debt is a priority and you can’t get a balance transfer card, debt consolidation may be your best option. The average interest rates on these loans are much lower than credit card interest rates, so you could still benefit from some savings while paying off high-interest debt.
How to maximize your 0% balance transfer savings
A balance transfer can already help you save hundreds in interest, but there are a few ways to maximize the interest-free period.
Initiate your balance transfer immediately
Most cards require you to transfer your debt within a set period of time to qualify for a 0 percent intro APR offer. And the sooner you transfer the balance, the sooner interest stops accruing on that debt.
Keep up with your old card
Payment history is themost significant factor affecting your credit score. Until you have confirmation from your previous issuer that yourcard balance is zero, keep up with payments on your card.
Create a payoff strategy
The key to a successful balance transfer is paying off as much of your transferred balance as you can within the intro APR period. Creating a payoff plan gives you a clear timeline to work with, and sticking to it could save you a ton in interest charges.
Don’t miss a payment
Missing a payment on your balance transfer card could void your intro offer, so nailing down a payment plan and sticking to it is crucial to maximizing the offer.
Dig deeper:What is a balance transfer, and is it a good idea for debt?
In the news: A new card can help fight inflation
Though interest rates remain steady, many may be hesitant to get a new credit card because they fear racking up more debt. However, getting a new credit card might be a very beneficial financial move to fight inflation. For many cards, the first-year value is the best when you factor in benefits like a welcome bonus, 0 percent intro APR offers, limited-time perks, and temporary rewards boosts. Even more so, once the first year and APR offer ends, you can see the true value of the card through the rewards and annual perks.
For balance transfer cards, you’ll want to look for cards that will help you fight inflation long-term. This means it is best to look for cards that cater to unavoidable expenses that the card can be used for after you finish paying off your balance transfer.
Ask the experts: What is the biggest mistake people make with balance transfers?
As a credit counselor, there are two big mistakes I see people make with balance transfers. First, they transfer the balance and then only make the minimum payment. As a result, when the promotional rate ends they are stuck with a high interest rate again and they often cycle from one balance transfer to the next, paying a fee each time and often not making any real progress on paying down the balance. Secondly, much like when taking out a debt consolidation loan, people often transfer the balance and then either continue to accrue debt on the previous account or put new charges on the balance transfer account, resulting in more debt and a high interest rate paid on those new charges.
Frequently asked questions about balance transfer credit cards
How we assess the best balance transfer credit cards
100+
Cards rated
400+
APRs tracked
3000
Data points analyzed
40+
Perks evaluated
When evaluating the best balance transfer and low-interest cards, we consider a mix of factors, including how cards score in ourproprietary card rating systemand whether cards offer features that fit the priorities of a diverse group of cardholders.
This includes users who need to carry a balance long term, need as much time as possible to chip away at debt or are looking for maximum long-term value via rewards.
Here’s a quick look at how our rating methodology breaks down for balance transfer cards:
5
Rating: 5 stars out of 5
Overall Score
Intro APR and offer length for balance transfers45%
Balance transfer, annual and other fees22%
Intro APR and offer length for new purchases18%
Ongoing APR15%
We analyzed over 100 of the most popular balance transfer and low-interest cards and scored each based on its introductory APR, intro APR period length, ongoing APR, balance transfer fee, perks and more to determine whether it belonged in this month’s roundup
Here are some of the key factors that we considered:
Have more questions for our credit cards editors? Feel free to send us an email, find us on Facebook, or Tweet us @Bankrate.
India DavisArrow RightEditor, Credit Cards
India Davis is an editor specializing in credit cards and updates. She believes in putting the reader first and carrying out a brand’s voice to its fullest potential. She has…
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Editorial Disclosure: Opinions expressed here are the author’s alone, and have not been reviewed or approved by any advertiser. The information, including card rates and fees, is accurate as of the publish date. All products or services are presented without warranty. Check the bank’s website for the most current information.
