Best Balance Transfer Credit Cards of February 2023

Last updated Feb. 6, 2023 | By FinanceBuzz Editors

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A balance transfer is when you transfer a credit card balance to another credit card in exchange for a statement credit. Transferring your credit card balance to a different card with a low APR is a smart way to accelerate your debt repayment and save money. The best balance transfer credit cards can give you 12 months or more at 0% intro APR, so you’ll have plenty of time to pay down your debt without worrying about interest charges. Do note savings vary depending on account usage and payment behavior.

In this article

Our picks for the best balance transfer cards:

  • BankAmericard® credit card
  • Wells Fargo Reflect® Card
  • U.S. Bank Visa® Platinum Card
  • Bank of America® Travel Rewards credit card
  • Wells Fargo Active Cash® Card
  • Citi® Diamond Preferred® Card
  • Bank of America® Unlimited Cash Rewards credit card
  • Citi Simplicity® Card

Annual Fee

$0

Why We Like It

The BankAmericard® credit card is a wonderful option for individuals who want to take advantage of a stellar introductory balance transfer sign-up offer. Cardholders can benefit from a 0% introductory APR on purchases and qualifying balance transfers for 21 billing cycles (then 16.24% - 26.24% Variable APR).

Other benefits include no penalty APR or annual fees.

Card Details
  • New longer intro period! 0% Introductory APR for 21 billing cycles for purchases, and for any balance transfers made in the first 60 days. After the intro APR offer ends, 16.24% - 26.24% Variable APR will apply. A 3% fee (min $10) applies to all balance transfers.
  • No annual fee.
  • No penalty APR. Paying late won't automatically raise your interest rate (APR). Other account pricing and terms apply.
  • 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.

Current Offer

Benefit from a long introductory APR period that could be extended by making the minimum payments on time each month

Annual Fee

$0

Why We Like It

The Wells Fargo Reflect® Card is a straightforward credit card that has a long introductory APR on purchases and balance transfers. If approved, you get 18 months of intro APR from account opening, but you may also qualify for an additional 3-month extension after that. Following the intro period, your balance will be subject to the regular APR.

With this card, you can also get up to $600 protection on your cell phone (subject to $25 deductible) against covered damage or theft when you pay your monthly cellular telephone bill with it.

Card Details
  • 0% intro APR for 18 months from account opening on purchases and qualifying balance transfers. Intro APR extension for 3 months with on-time minimum payments during the intro period. 17.49% to 29.49% variable APR thereafter; balance transfers made within 120 days qualify for the intro rate and fee of 3% then a BT fee of up to 5%, min $5.
  • $0 Annual Fee
  • Get up to $600 of cell phone protection against damage or theft when you pay your monthly cell phone bill with your eligible Wells Fargo card (subject to a $25 deductible).
  • Through My Wells Fargo Deals, you can get access to personalized deals from a variety of merchants. It's an easy way to earn cash back as an account credit when you shop, dine, or enjoy an experience simply by using an eligible Wells Fargo credit card.
  • Select "Apply Now" to learn more about the product features, terms and conditions

Current Offer

0% Intro APR on purchases and balance transfers for 18 billing cycles. After that, a variable APR currently 18.99% - 28.99%

Annual Fee

$0

Why We Like It

The U.S. Bank Visa® Platinum Card is a great option for individuals looking for a card with a lengthy 0% introductory APR offer period.

Cardholders enjoy a 0% introductory APR on new purchases for 18 billing cycles, then 18.99% - 28.99% (Variable). You also get a 0% introductory APR on balance transfers for 18 billing cycles, then 18.99% - 28.99% (Variable).

And while it doesn't earn rewards, this card does not have an annual fee, making it an inexpensive option.

Card Details
  • 0% Intro APR on purchases and balance transfers for 18 billing cycles. After that, a variable APR currently 18.99% - 28.99%.
  • Get up to $600 protection on your cell phone (subject to $25 deductible) against covered damage or theft when you pay your monthly cellular telephone bill with your U.S.Bank Visa® Platinum Credit Card. Certain terms, conditions, and exclusions apply.
  • Choose a payment due date that fits your schedule
  • No Annual Fee
  • Terms and conditions apply.

Annual Fee

$0

Why We Like It

The Bank of America® Travel Rewards credit card is great for individuals who enjoy earning rewards and traveling.

Cardholders will enjoy the flexibility to redeem points with no blackout dates and receive a statement credit to pay for travel and dining purchases.

Earn 1.5X points on all purchases everywhere, every time.

Card Details
  • 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.
  • New longer intro period! 0% Introductory APR for 18 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 (min $10) 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.

Current Offer

$200 cash rewards bonus after spending $1,000 in the first 3 months

Annual Fee

$0

Rewards Rate

Earn 2% cash rewards on purchases

Why We Like It

If you love earning cash rewards but prefer to avoid the hassle of tracking spending categories, the Wells Fargo Active Cash® Card could be a good option for you. Cardmembers can earn 2% cash rewards on purchases.

This card also offers a 0% intro APR on qualifying balance transfers and purchases for 15 months from account opening, then 19.49%, 24.49%, or 29.49% variable APR. Those looking for straightforward rewards and an introductory APR will likely find value in this card.

Card Details
  • Earn a $200 cash rewards bonus after spending $1,000 in purchases in the first 3 months
  • Earn unlimited 2% cash rewards on purchases
  • 0% intro APR for 15 months from account opening on purchases and qualifying balance transfers, then a 19.49%, 24.49%, or 29.49% variable APR; balance transfers made within 120 days qualify for the intro rate and fee of 3% then a BT fee of up to 5%, min: $5
  • $0 annual fee
  • No categories to track or remember and cash rewards don't expire as long as your account remains open
  • Enjoy a premium collection of benefits at a selection of the world's most intriguing and prestigious hotel properties with Visa Signature Concierge
  • Get up to $600 of cell phone protection against damage or theft when you pay your monthly cell phone bill with your eligible Wells Fargo card (subject to a $25 deductible).
  • Select "Apply Now" to learn more about the product features, terms and conditions

Citi® Diamond Preferred® Card

Citi® Diamond Preferred® Card

Citi® Diamond Preferred® Card

Current Offer

Long introductory APR period for balance transfers

Annual Fee

$0

Why We Like It

The Citi® Diamond Preferred® Card is a great option if you need to finance a large purchase or have existing credit card debt and would like to pay it down over time. 

Cardholders can enjoy a 0% intro purchase APR for 12 months from date of account opening and a 0% intro APR on balance transfers for 21 months from the date of first transfer. After that, the regular 17.24% - 27.99% (variable) APR will apply.

In addition to its introductory APR, this card also has no annual fee, making it a solid, inexpensive option.

Card Details
  • Long introductory APR period for balance transfers
  • Intro purchase 0% APR offer: 0% for 12 months then 17.24% - 27.99% (variable)
  • Intro balance transfer 0% APR offer: 0% for 21 months then 17.24% - 27.99% (variable)

Annual Fee

$0

Why We Like It

Easy, unlimited cash back without categories or caps on how much you can earn.

Competitive, introductory 0% APR on purchases and qualifying balance transfers for 18 billing cycles (then 18.24% - 28.24% Variable APR), with no annual fee.

Card Details
  • $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.
  • New longer intro period! 0% Introductory APR for 18 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 (min $10) 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.

Citi Simplicity® Card

Citi Simplicity® Card

Citi Simplicity® Card

Current Offer

Long introductory APR period on balance transfers

Annual Fee

$0

Why We Like It

The Citi Simplicity® Card is a great option for anyone who is looking for a long introductory APR period. Cardholders can enjoy a 0% introductory APR on balance transfers for 21 months and a 0% intro APR on purchases for 12 months. After that your balance will be subject to the regular 18.24% - 28.99% (variable) APR, based upon your creditworthiness.

Cardholders also don't need to worry about fees: There are no late fees, penalty fees, or annual fees with this no-frills, high-impact card.

Card Details
  • Long introductory APR period on balance transfers
  • Intro purchase 0% APR offer: 0% for 12 months then 18.24% - 28.99% (variable)
  • Intro balance transfer 0% APR offer: 0% for 21 months then 18.24% - 28.99% (variable)


How to pick the right card for you

Many credit cards are advertised as balance transfer cards, but they vary widely in terms of their promotional periods, fees, and regular APR. When evaluating credit card offers, consider these factors:

  • Length of promotional balance transfer offer: If you have a substantial amount of debt, you want the longest promotional APR offer possible to give you more time to pay off your debt without paying interest charges. Ideally, you want to choose a card that offers a 0% intro APR period of 12 to 18 months so you have over a year to pay down your balances.
  • Regular APR: Once the promotional APR period ends, the APR will revert to its regular fixed or variable APR. The normal interest rate on credit cards can be quite high. If you tend to carry a balance, it’s worth shopping around for a card that has a lower regular APR to reduce interest charges.
  • Annual fee: While some balance transfer cards charge an annual fee, not all do. To keep your costs low, look for a card that has a low annual fee or no fee at all.
  • Balance transfer fees: When you transfer debt from a high-interest card to one that offers a 0% introductory APR period, most card issuers charge a balance transfer fee, which is often between 3-5% of the amount of each transfer. To put that in perspective, if you transferred over $3,000 to a card with a 5% balance transfer fee, you'd pay $150. Look for a card that has a lower fee, or for cards that will waive the fee for the first few months after opening an account.
  • Issuers: In most cases, you can’t transfer the balance from a card to another card with the same issuer. For example, if you have the Chase Freedom Unlimited card, you can’t transfer your balance to another Chase card. Instead, you’d have to transfer the balance to a card from another company.
  • Rewards programs: First, does the card offer a rewards program? That may not be the thing that matters to you most in a balance transfer credit card, but many cards double as travel cards or cashback credit cards. You’ll want to review the program and consider what’s best for your lifestyle. Does the rewards credit card offer bonus categories that you spend on often? What about extra perks like, cell phone protection? Are the rewards simple and easy to understand, or will you need to dedicate time and effort to maximize earnings? Review which card offers you the greatest opportunity for rewards — that way, you can earn cash back or travel rewards while saving money on interest.

FAQs about balance transfer cards

Do balance transfers affect your credit score?

While a balance transfer could help with debt consolidation, it might negatively impact your FICO score. When you apply for a new card, even when it’s for the purpose of completing a balance transfer, the issuer will perform a hard credit check. Too many hard credit inquiries on your credit report can cause your score to drop. If you’re approved for the card, the age of your credit accounts will decrease as well, which can damage your credit score slightly (even if you have excellent credit).

You can minimize the effect on your credit score by not closing any current accounts. Also, if your goal is to build good credit, make sure you make your monthly payments by their due date. Your payment history is the single biggest factor used in determining your credit score. Late payments could result in penalty APRs and bad credit over time.

While applying for a new balance transfer card can negatively impact your credit score, if you're able to pay off your balance in full by the end of the 0% introductory APR period, your overall credit utilization ratio may improve, which could result in a boost to your credit score in the long run.

How long do balance transfers take?

The length of time it takes for a qualifying balance transfer to be completed varies by issuer. In general, you should expect your balance to transfer over to the new card within a week. However, it can take as long as 21 days.

What is the best credit card for balance transfers?

There’s no one best balance transfer credit card for everyone. When evaluating potential cards, consider your current credit score, the length of the promotional APR periods, the regular APR on each card, balance transfer fees, and other factors like late fees, minimum payments, and if the card has a penalty APR.

How much can you transfer on a balance transfer credit card?

How much you can transfer onto a new credit card is dependent on your credit limit. For example, if you have $10,000 in credit card debt and the new 0% intro APR credit card has a credit limit of $6,000, you won’t be able to transfer over the full balance.  You also need to calculate in the balance transfer fee. Your transfer amount plus the balance transfer fee must be less than the total credit line available on your new balance transfer card.

Can you make multiple balance transfers?

While you can complete multiple balance transfers — as long as you transfer to a card from a different issuer — having to do multiple transfers is a sign there are bigger issues with your debt. While completing a balance transfer can make you feel like you’re better managing your debt, doing it more than once signals that you may have a spending or cash flow problem.

Before doing another balance transfer, take a hard look at your credit card statements and identify areas where you can cut back. It’s also a good idea to create a budget for yourself and find ways to boost your income so you can regain control of your money. 

If you have multiple balances you want to transfer, you might also want to consider a personal loan to consolidate your debt. 

Are balance transfers worth it?

Transferring a balance from a high-interest credit card to a card with a lower interest rate can make sense. Having a lengthy period of time with no interest could help you pay down your credit card debt. If you're considering a card with an intro balance transfer APR, take a good look at the card details before you apply. 

And if you're interested in perks beyond a 0% intro APR offer on balance transfers, many cards also offer limited-time introductory offers on new purchases, cashback rewards, bonus points on certain purchases, flexible rewards programs, or benefits like lucrative sign-up bonuses, no foreign transaction fees, or extended warranty coverage.

What happens if you don’t pay off a balance transfer?

If you don’t pay off the balance on your new credit card by the time the introductory period is over, your remaining balance will become subject to the regular APR. Because you’ll be accruing interest, this will begin to increase the amount you owe. You won’t reduce your debt by completing a balance transfer unless you also budget to put money toward your debt each month to pay it off.

How we chose these cards (methodology)

To select the best balance transfer cards, we looked for cards from our partners that offer no annual fees and lengthy promotional 0% intro APR offers. With the chosen cards, you can get up to 18 months at a 0% intro APR, giving you over a year to repay your entire balance without worrying about costly interest payments. 

We also looked for cards from multiple credit card issuers, as you typically can’t transfer your balance to a card from the same issuer. We did not evaluate all available credit cards in the market.

The final word on the best balance transfer cards

If you’re struggling with high-interest debt, an introductory balance transfer offer could help you save money and pay off your balances faster. The best balance transfer cards give you at least the first year to pay down your debt interest-free, making them an effective personal finance tool for managing debt. 

Pay No Annual Fee & No Interest for a Long Time!

Annual Fee

$0

Benefits and Drawbacks

Benefits

  • Extensive intro APR on qualifying balance transfers and purchases
  • FICO Credit score monitoring
  • No annual fee

Drawbacks

  • Does not earn rewards
Card Details
  • New longer intro period! 0% Introductory APR for 21 billing cycles for purchases, and for any balance transfers made in the first 60 days. After the intro APR offer ends, 16.24% - 26.24% Variable APR will apply. A 3% fee (min $10) applies to all balance transfers.
  • No annual fee.
  • No penalty APR. Paying late won't automatically raise your interest rate (APR). Other account pricing and terms apply.
  • 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.