Our experts answer readers' credit card questions and write unbiased product reviews (here's how we assess credit cards). In some cases, we receive a commission from our partners; however, our opinions are our own. Terms apply to offers listed on this page.
The information for the following product(s) has been collected independently by Business Insider: Citi Simplicity® Card, Chase Freedom Flex℠, Citi® Double Cash Card, Citi Custom Cash℠ Card, Citi Premier® Card, Citi Prestige® Card. The details for these products have not been reviewed or provided by the issuer.
If you're carrying credit card debt, you can reduce high interest by using one of the best credit cards with introductory 0% APR offers on balance transfers.
But a 0% intro APR isn't a license to splurge. Be sure to use your credit card responsibly, and avoid spending more than you can afford to prevent incurring even more debt.
Best Balance Transfer Credit Cards
Best Balance Transfer Credit Cards
Wells Fargo Reflect® Card
Best for an extra-long intro APR on balance transfers and purchases
Wells Fargo Reflect® Card
Insider’s Rating A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star Icon of check mark inside a promo stamp It indicates a confirmed selection. PerksAnnual Fee
$0
Intro APR
0% intro APR for 21 months from account opening on purchases and qualifying balance transfers made within 120 days
Regular APR
18.24%, 24.74%, or 29.99% variable
Intro Offer
N/A
Recommended Credit
Good to Excellent
Pros- Check mark icon A check mark. It indicates a confirmation of your intended interaction. Extra-long intro APR on purchases and qualifying balance transfers
- Check mark icon A check mark. It indicates a confirmation of your intended interaction. No annual fee
- Check mark icon A check mark. It indicates a confirmation of your intended interaction. Cell phone protection
- con icon Two crossed lines that form an 'X'. No rewards
- con icon Two crossed lines that form an 'X'. Foreign transaction fees
- Select "Apply Now" to take advantage of this specific offer and learn more about product features, terms and conditions.
- 0% intro APR for 21 months from account opening on purchases and qualifying balance transfers. 18.24%, 24.74%, or 29.99% variable APR thereafter; balance transfers made within 120 days qualify for the intro rate, BT fee of 5%, min $5.
- $0 Annual Fee.
- Up to $600 of cell phone protection against damage or theft. 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.
The Wells Fargo Reflect® Card tops our list for its extra-long intro APR offer on both balance transfers and purchases. New cardholders receive a 0% intro APR for 21 months from account opening on purchases and qualifying balance transfers made within 120 days (then 18.24%, 24.74%, or 29.99% variable). Balance transfers must occur within 120 days of account opening to qualify for the intro 0% APR rate, and will come with a fee of 5%, min: $5.
Although the card doesn't earn Wells Fargo rewards for spending, cardholders do get a handful of good benefits, including cell phone protection and roadside dispatch. Cell phone protection is particularly compelling because no-annual-fee cards typically don't offer this benefit. When you use the Wells Fargo Reflect® Card to pay your monthly cell phone bill, you'll receive up to $600 in coverage for eligible cell phone damage or theft, after a $25 deductible. with a maximum of two claims per 12-month period.
Pros: Ultra-long 0% introductory APR on balance transfers and purchases (then 18.24%, 24.74%, or 29.99% variable), no annual fee
Cons: No welcome bonus offer or rewards, and few benefits aside from cell phone protection
Citi Simplicity® Card
Best for late payment forgiveness
Citi Simplicity® Card
Insider’s Rating A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star Icon of check mark inside a promo stamp It indicates a confirmed selection. PerksAnnual Fee
$0
Intro APR
0% intro APR on balance transfers for 21 months (transfers must be completed within four months of account opening) and on purchases for 12 months
Regular APR
19.24% - 29.99% Variable
Intro Offer
N/A
Recommended Credit
Good to Excellent
Pros- Check mark icon A check mark. It indicates a confirmation of your intended interaction. Offers one of the longest intro APR periods for balance transfers (21 months)
- Check mark icon A check mark. It indicates a confirmation of your intended interaction. No late fees or penalty APR for late payments
- con icon Two crossed lines that form an 'X'. Higher balance transfer fee than some other cards
- con icon Two crossed lines that form an 'X'. Doesn't offer rewards, so you may want to upgrade to another card once you're done paying off your debt
Consumers with a lot of high-interest credit card debt could save more with a card that offers a 0% intro APR for as long as possible. The Citi Simplicity® Card extends one of the best offers in this category.
There's no annual fee, yet you get a 0% intro APR on balance transfers for 21 months (transfers must be completed within four months of account opening) and on purchases for 12 months. After that, your rate goes up to 19.24% - 29.99% Variable based on your creditworthiness.
Having a full 21 months with a 0% intro APR on balance transfers could help you pay down a ton of debt. But you'll pay a 3% balance transfer fee (minimum of $5) for the privilege. You'll also need to complete any transfers within the first four months after you open the card in order to qualify for the introductory APR.
Other perks this card offers include automatic account alerts, 24/7 customer service, and the ability to choose your payment due date.
Pros: No annual fee, solid 0% intro APR, no late fees
Cons: 3% intro balance transfer fee (minimum $5) on transfers completed within four months, then 5% (minimum $5), few cardholder perks
Blue Cash Everyday® Card from American Express
Best for groceries, gas, and online shopping
Blue Cash Everyday® Card from American Express
Insider’s Rating A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star Icon of check mark inside a promo stamp It indicates a confirmed selection. PerksAnnual Fee
$0
Intro APR
0% intro APR on purchases and balance transfers for 15 months from account opening
Regular APR
19.24% - 29.99% Variable
Intro OfferEarn a $200 statement credit
Recommended Credit
Good to Excellent
Pros- Check mark icon A check mark. It indicates a confirmation of your intended interaction. Good bonus cash-back rate at US supermarkets
- Check mark icon A check mark. It indicates a confirmation of your intended interaction. No annual fee
- con icon Two crossed lines that form an 'X'. If you spend more than $6,000 at US supermarkets in a year, you should use another card to earn bonus rewards once you hit that cap
- Earn a $200 statement credit after you spend $2,000 in purchases on your new Card within the first 6 months.
- No Annual Fee.
- Balance Transfer is back! Enjoy 0% intro APR on purchases and balance transfers for 15 months from the date of account opening. After that, 19.24% to 29.99% variable APR.
- 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%.
- Thinking about getting the Disney Bundle which can include Disney+, Hulu, and ESPN+? Your decision made easy with $7/month back in the form of a statement credit after you spend $9.99 or more each month on an eligible subscription (subject to auto renewal) with your Blue Cash Everyday® Card. Enrollment required.
- Enjoy up to $15 back per month when you purchase a Home Chef meal kit subscription (subject to auto renewal) with your enrolled Blue Cash Everyday® Card.
- Terms Apply.
Amex offers a handful of cards with a 0% intro APR on balance transfers. One of the best is the no-annual-fee Blue Cash Everyday® Card from American Express, which comes with useful bonus categories and monthly statement credits toward Home Chef and The Disney Bundle
New cardholders receive a 0% intro APR on purchases and balance transfers for 15 months from account opening, followed by 19.24% - 29.99% Variable. To qualify for the introductory rate, balance transfers must be completed within the first 60 days of account opening, and there's a balance transfer fee of either $5 or 3% of the amount of each transfer, whichever is greater.
There's also a welcome bonus offer of a $200 statement credit after you spend $2,000 in purchases on your new card in the first six months of card membership.
With the Blue Cash Everyday® Card from American Express you'll earn:
- 3% cash back at US supermarkets (up to $6,000 per year, then 1%)
- 3% cash back on US gas stations (up to $6,000 per year in purchases, then 1%)
- 3% cash back on US online retail purchases (up to $6,000 per year, then 1%)
- 1% cash back on all purchases (cash back is received in the form of Reward Dollars)
Otherwise, the Blue Cash Everyday® Card from American Express gets you perks like car rental insurance, purchase protection, access to the Global Assist Hotline, and the Amex Offers** program.
Pros: Long 0% intro APR, no annual fee, great earning rates in useful categories
Cons: Balance transfer fee, foreign transaction fees
Blue Cash Everyday Amex card review
Chase Freedom Unlimited®
Best for earning flexible rewards on everyday spending
Chase Freedom Unlimited®
Insider’s Rating A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star Icon of check mark inside a promo stamp It indicates a confirmed selection. PerksAnnual Fee
$0
Intro APR
0% intro APR on purchases and balance transfers for the first 15 months
Regular APR
20.49% - 29.24% Variable
Intro OfferEarn an additional 1.5% cash back on everything you buy
Recommended Credit
Good to Excellent
Pros- Check mark icon A check mark. It indicates a confirmation of your intended interaction. Solid flat cash-back rate
- Check mark icon A check mark. It indicates a confirmation of your intended interaction. You can combine cash-back rewards with Ultimate Rewards points if you have an eligible card
- Check mark icon A check mark. It indicates a confirmation of your intended interaction. No annual fee
- con icon Two crossed lines that form an 'X'. Some other cards offer a higher rate of cash back on certain types of purchases
- INTRO OFFER: Earn an additional 1.5% cash back on everything you buy (on up to $20,000 spent in the first year) - worth up to $300 cash back!
- Enjoy 6.5% cash back on travel purchased through Chase Ultimate Rewards®, our premier rewards program that lets you redeem rewards for cash back, travel, gift cards and more; 4.5% cash back on drugstore purchases and dining at restaurants, including takeout and eligible delivery service, and 3% on all other purchases (on up to $20,000 spent in the first year).
- After your first year or $20,000 spent, enjoy 5% cash back on Chase travel purchased through Ultimate Rewards®, 3% cash back on drugstore purchases and dining at restaurants, including takeout and eligible delivery service, and unlimited 1.5% cash back on all other purchases.
- No minimum to redeem for cash back. You can choose to receive a statement credit or direct deposit into most U.S. checking and savings accounts. Cash Back rewards do not expire as long as your account is open!
- Enjoy 0% Intro APR for 15 months from account opening on purchases and balance transfers, then a variable APR of 20.49% - 29.24%.
- No annual fee – You won't have to pay an annual fee for all the great features that come with your Freedom Unlimited® 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
The Chase Freedom Unlimited® is a great pick if you're looking for an intro APR on balance transfers and purchases with the opportunity to earn generous rewards for your day-to-day spending. New cardholders receive a 0% intro APR on purchases and balance transfers for the first 15 months (then a 20.49% - 29.24% Variable).
The intro balance transfer fee is 3% of the amount of each transfer (or $5, whichever is greater) on transfers made within 60 days of account opening. After that, the fee jumps to 5% of the amount of each transfer (or $5, whichever is greater). This card has no annual fee, but you will pay foreign transaction fees on international purchases.
While the Chase Freedom Unlimited® is marketed as a cash-back credit card, it actually earns Chase Ultimate Rewards® points. You can use these points as cash, or you can redeem them for travel booked through the Chase Portal, gift cards, merchandise, and more.
If you have more than one Chase Ultimate Rewards-earning credit card, you can also transfer your points on a card with elevated redemption rates, such as the Chase Sapphire Reserve® or the Chase Sapphire Preferred® Card, for additional value.
This card starts you out with a welcome bonus offer of additional 1.5% cash back on everything you buy (on up to $20,000 spent in the first year). You'll also earn 5% back (5x points) on travel booked through Chase, 5% back (5x points) on Lyft rides through March 2025, 3% back (3x points) on dining (including takeout) and drugstores, and 1.5% back (1x points) on all other eligible purchases.
If you also have an annual-fee Chase card that earns Chase Ultimate Rewards points, such as the Chase Sapphire Preferred® Card or the Chase Sapphire Reserve®, you can combine your rewards and unlock more redemption options, including transferring points to Chase's airline and hotel partners.
Pros: Intro APR on balance transfers and purchases, strong earning on all spending, earns valuable Chase Ultimate Rewards points
Cons: 3% intro balance transfer fee (then 5% or $5, whichever is greater, if transfers are made more than 60 days after account opening), foreign transaction fees
Chase Freedom Unlimited review
Chase Freedom Flex℠
Best for rotating bonus categories and flexible redemptions
Chase Freedom Flex℠
Insider’s Rating A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star Icon of check mark inside a promo stamp It indicates a confirmed selection. PerksAnnual Fee
$0
Intro APR
0% intro APR on purchases and balance transfers for the first 15 months
Regular APR
20.49% - 29.24% Variable
Intro OfferEarn $200 cash bonus
Recommended Credit
Good to Excellent
Pros- Check mark icon A check mark. It indicates a confirmation of your intended interaction. No annual fee
- Check mark icon A check mark. It indicates a confirmation of your intended interaction. Generous bonus cash-back categories
- Check mark icon A check mark. It indicates a confirmation of your intended interaction. Great welcome bonus
- con icon Two crossed lines that form an 'X'. Booking through Chase Ultimate Rewards portal can restrict outside earning potential
- con icon Two crossed lines that form an 'X'. Varying percentages and rotating calendar categories require extra attention
- con icon Two crossed lines that form an 'X'. 3% foreign transaction fees
The Chase Freedom Flex℠ offers cardholders a 0% intro APR on purchases and balance transfers for the first 15 months (then 20.49% - 29.24% Variable). The card offers an introductory balance transfer fee of 3% of the amount of each transfer (or $5, whichever is greater) for transfers made within 60 days of account opening (then a fee of 5% of the amount of each transfer or $5, whichever is greater).
You can earn $200 cash bonus (received as 20,000 bonus points) after spending $500 on purchases in the first three months from account opening, as well as 5% (or 5x) in rotating categories each quarter (once activated) on up to $1,500 spent in combined spending. That's why we rank this card as the best 5% cash back credit card overall.
The Chase Freedom Flex℠ also earns:
- 5% cash back (5x points) on travel purchases made through Chase
- 5% back (5x points) on Lyft rides through March 2025
- 3% back (3x points) on dining and drugstores
- 1% back (1x points) on everything else
From January 1 to March 31, 2024, the Chase Freedom Flex℠ bonus categories are grocery stores, fitness clubs and gym memberships, and self-care and spa services.
It's possible to combine your rewards from the Chase Freedom Flex℠ with eligible annual-fee Chase cards to get more value from your points.
Pros: Earn up to 5x points on spending, no annual fee, earn valuable Chase Ultimate Rewards points
Cons: 3% intro balance transfer fee (then 5% or $5, whichever is greater, if transfers are made more than 60 days after account opening), foreign transaction fees
Bank of America® Customized Cash Rewards Credit Card
Best for customizing cash-back bonus categories
Bank of America® Customized Cash Rewards Credit Card
Insider’s Rating A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star Icon of check mark inside a promo stamp It indicates a confirmed selection. PerksAnnual Fee
$0
Intro APR
0% intro APR for 15 billing cycles on purchases and on any balance transfers made within 60 days of account opening
Regular APR
18.24% - 28.24% Variable
Intro OfferEarn a $200 online cash rewards bonus
Recommended Credit
Good to Excellent
Pros- Check mark icon A check mark. It indicates a confirmation of your intended interaction. No annual fee
- Check mark icon A check mark. It indicates a confirmation of your intended interaction. Broad 2% and 3% cash-back categories
- con icon Two crossed lines that form an 'X'. Earn 2% and 3% cash-back categories capped at $2,500 in combined purchases each quarter.
- $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 Bank of America 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 cash rewards don't expire as long as your account remains open.
- 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.
The Bank of America® Customized Cash Rewards Credit Card offers a long interest-free period on both balance transfers and purchases, and it's a solid choice if you want to earn a high rate of cash back in the category you choose.
New cardholders receive a 0% intro APR for 15 billing cycles on purchases and on any balance transfers made within 60 days of account opening, followed by a 18.24% - 28.24% Variable. You'll pay a 3% balance transfer fee per transaction.
And there's a decent welcome offer: a $200 online cash rewards bonus after making at least $1,000 in purchases in the first 90 days of account opening. The card earns 3% cash back in a category of your choice (gas/EV charging, online shopping, dining, travel, drug stores, or home improvement/furnishings); 2% back at grocery stores and wholesale clubs; and 1% back on all other purchases. The 3% and 2% rates apply to the first $2,500 in combined purchases per quarter (then 1% cash back).
Pros: Ability to earn the most cash back in a category you choose, no annual fee, long intro APR on balance transfers and purchases
Cons: Foreign transaction fees, few benefits, 3% balance transfer fee
Bank of America Customized Cash Review
Citi® Double Cash Card
Best for strong flat-rate cash back earning
Citi® Double Cash Card
Insider’s Rating A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star Icon of check mark inside a promo stamp It indicates a confirmed selection. PerksAnnual Fee
$0
Intro APR
0% intro APR on balance transfers for 18 months
Regular APR
19.24% - 29.24% Variable
Intro OfferEarn $200 cash back
Recommended CreditExcellent, Good, Fair
Pros- Check mark icon A check mark. It indicates a confirmation of your intended interaction. No annual fee
- Check mark icon A check mark. It indicates a confirmation of your intended interaction. Simple earning structure without confusing bonus categories
- con icon Two crossed lines that form an 'X'. Some cards earn higher rates of cash back on rotating categories
- con icon Two crossed lines that form an 'X'. While it has an introductory APR offer, that's only on balance transfers, not purchases, so you can't use it to fund a major expense without interest
With the Citi® Double Cash Card, you get a 0% intro APR on balance transfers for 18 months, then there's a rate of 19.24% - 29.24% Variable. That's a substantial amount of time to pay off your debt.
The Citi® Double Cash Card stands out as one of the best cash-back credit cards in general, so it's worth using even after you've paid off your balance.
The Citi® Double Cash Card effectively earns 2% cash back on everything — 1 point per dollar when you make a purchase, and 1 point per dollar when you pay it off. That's why Insider rates it the best 2% cash back credit cards for balance transfers.
You won't earn cash back on balance transfers, but it's a great card for earning money back on your everyday expenses. And you can use Citi ThankYou points at a rate of 1 cent each for cash back, travel, gift cards, and more.
The intro balance transfer fee is 3% of each transfer completed within the first four months of account opening, with a minimum of $5. The ongoing balance transfer fee is 5% of each balance transfer, with a minimum charge of $5.
Pros: Strong cash-back rate, no annual fee, long intro APR period
Cons: No welcome bonus at this time, 5% balance transfer fee, 3% foreign transaction fee
Citi Custom Cash℠ Card
Best for automatically maximizing rewards
Citi Custom Cash℠ Card
Insider’s Rating A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star Icon of check mark inside a promo stamp It indicates a confirmed selection. PerksAnnual Fee
$0
Intro APR
0% intro APR on balance transfers and purchases for 15 months
Regular APR
19.24% - 29.24% Variable
Intro OfferEarn $200 cash back (fulfilled as 20,000 ThankYou® Points)
Recommended Credit
Excellent, Good, Fair
Pros- Check mark icon A check mark. It indicates a confirmation of your intended interaction. Flexibility to customize rewards by earning 5% cash back on up to $500 per billing cycle in your top spending category (from a list)
- Check mark icon A check mark. It indicates a confirmation of your intended interaction. Generous welcome offer for a no-annual-fee card
- Check mark icon A check mark. It indicates a confirmation of your intended interaction. No rotating bonus categories to sign up for or track
- Check mark icon A check mark. It indicates a confirmation of your intended interaction. Redeem for cash back, travel, gift cards, and more
- con icon Two crossed lines that form an 'X'. Only earns 1% back outside of $500 in top spending category each billing cycle
- con icon Two crossed lines that form an 'X'. Foreign transaction fee of 3%
The Citi Custom Cash℠ Card is a great choice if your spending habits tend to change from month to month. Cardholders earn 5% cash back on up to $500 in purchases in the eligible category they spend the most in each billing cycle (then 1%), and 1% on all other purchases.
The qualifying categories include everyday expenses that should appeal to most folks: restaurants, gas stations, grocery stores, select travel, select transit, select streaming services, drugstores, home improvement stores, fitness clubs, and live entertainment.
New cardholders receive an introductory 0% intro APR on balance transfers and purchases for 15 months, then 19.24% - 29.24% Variable. There's a 5% balance transfer fee (minimum $5) and $0 annual fee.
Although it's marketed as a cash-back card, the Citi Custom Cash℠ Card actually earns rewards in the form of Citi ThankYou points, which are worth 1 cent apiece for cash back, travel booked through the Citi ThankYou Travel Portal, gift cards, merchandise, and more. And if you have the Citi Premier® Card or Citi Prestige® Card (no longer available to new applicants), you can pool your rewards and transfer points to Citi's airline and hotel partners.
Pros: 0% intro APR on both balance transfers and purchases, no annual fee, strong rewards earning
Cons: 5% balance transfer fee, foreign transaction fees
Discover it® Balance Transfer
Best for rotating cash-back bonus categories
Discover it® Balance Transfer
Insider’s Rating A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star Icon of check mark inside a promo stamp It indicates a confirmed selection. PerksAnnual Fee
$0
Intro APR
0% intro APR on balance transfers for 18 months and on purchases for six months
Regular APR
17.24% - 28.24% Variable
Intro OfferEarn Unlimited Cashback Match™
Recommended Credit
Good to Excellent
Pros- Check mark icon A check mark. It indicates a confirmation of your intended interaction. Earn 5% cash back in categories that rotate each quarter on up to $1,500 in spending after enrollment (then 1%)
- Check mark icon A check mark. It indicates a confirmation of your intended interaction. Discover will match all the cash back you’ve earned after the first year
- Check mark icon A check mark. It indicates a confirmation of your intended interaction. Generous introductory APR on balance transfers for the first 18 month
- con icon Two crossed lines that form an 'X'. No traditional welcome bonus
- con icon Two crossed lines that form an 'X'. Other cards have longer introductory 0% APRs on purchases
- con icon Two crossed lines that form an 'X'. If the rotating categories don’t match your spending habits, you could earn more cash back with other cards
- 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. You could turn $150 cash back into $300.
- Earn 5% cash back on everyday purchases at different places you shop each quarter like grocery stores, restaurants, gas stations, and more, up to the quarterly maximum when you activate. Plus, earn unlimited 1% cash back on all other purchases-automatically.
- Redeem your rewards for cash at any time.
- 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.
- No annual fee.
- Terms and conditions apply.
If you're carrying high-interest balances on other credit cards, the no-annual-fee Discover it® Balance Transfer is a great card for consolidating debt as it offers 0% intro APR on balance transfers for 18 months and on purchases for six months (then 17.24% - 28.24% Variable). It has an intro balance transfer fee of 3%, increasing up to 5% for future transfers.
With the Discover it® Balance Transfer, you can earn 5% cash back in the rotating quarterly bonus category up to the first $1,500 spent (then 1%). But keep in mind that you'll need to manually activate the bonus each quarter in your eligible Discover account.
Although the card doesn't offer a traditional welcome bonus, Discover will match all the rewards you earn after the first year. You can also qualify for free Social Security Number alerts, no foreign transaction fees, and no late fees on your first late payment.
Pros: 0% intro APR good for both balance transfers and purchases, Cashback Match in the first year, quarterly rotating bonus categories
Cons: Only earns 1% back outside of bonus categories, 3% intro balance transfer fee and up to 5% fee on future balance transfers (see terms)
Discover it Balance Transfer Card review
Chase Slate Edge℠
Best if you're building credit
Chase Slate Edge℠
Insider’s Rating A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star Icon of check mark inside a promo stamp It indicates a confirmed selection. PerksAnnual Fee
$0
Intro APR
0% intro APR on purchases and balance transfers for 18 months from account opening
Regular APR
20.49% - 29.24% Variable
Intro Offer
N/A
Recommended Credit
Good to Excellent
Pros- Check mark icon A check mark. It indicates a confirmation of your intended interaction. Introductory APR on purchases and balance transfers for the first 18 months
- Check mark icon A check mark. It indicates a confirmation of your intended interaction. No annual fee
- Check mark icon A check mark. It indicates a confirmation of your intended interaction. Potential for automatic consideration for credit limit increases and purchase APR reductions
- con icon Two crossed lines that form an 'X'. Card doesn’t earn rewards beyond the welcome bonus
- con icon Two crossed lines that form an 'X'. Other cards have longer intro APR offers
- con icon Two crossed lines that form an 'X'. Consideration for purchase APR reduction and credit line increase requires meeting a minimum spending requirement and on-time payments
The Chase Slate Edge℠ doesn't earn cardholders rewards on purchases, or offer a welcome bonus, but that's not the point of the card. The card is geared toward folks looking to improve their financial situation and increase their credit score.
With the Chase Slate Edge℠, you'll get a great 0% intro APR on purchases and balance transfers for 18 months from account opening (then a20.49% - 29.24% Variable). So if you're looking for 0% APR on both balance transfers and purchases, this card is definitely worth considering.
Moreover, you can receive an automatic, one-time review of your credit for the chance of a higher limit. But keep in mind that first, you'll need to consistently pay on time and spend at least $500 in the first six months of opening the card.
On each account anniversary, you'll be considered for a 2% APR reduction, as long as you've paid your card on time and spent at least $1,000 on purchases in the previous anniversary year. The reduction is capped, though — it will only be reduced until your APR reaches the Prime Rate plus 9.74% (Prime Rate is 7.00% as of November 3, 2022).
Pros: Intro APR is good for both balance transfers and purchases, automatic consideration for credit line increase and APR reduction if spending requirements are met
Cons: No rewards or welcome bonus offer
Balance Transfer Credit Card Basics
The average credit card interest rate is over 20%, and it could be even higher depending on your credit score and the card you're using. The last thing you want is to find yourself in the quicksand of credit card interest.
Using a balance transfer card can be part of a larger strategy to consolidate debt. Debt consolidation can make it easier to pay off balances you owe to multiple lenders.
Before you decide to use a 0% intro APR credit card, be sure you have the means and a plan to pay off your balance in full before the introductory APR period ends — otherwise, you'll end up having to pay interest on your remaining balance.
If you don't think you'll be able to pay off your debt in full by the time the introductory APR offer expires, a balance transfer credit card may not be worth it.
What is a balance transfer card?
A balance transfer card is a credit card that lets those with existing debt move their outstanding balance over from another card to avoid interest fees. You're able to avoid interest on a balance transfer card thanks to an intro 0% APR offer, which lasts anywhere from nine to 21 months.
After this introductory period is over, your APR will reset to the standard variable rate. So you need to pay off your credit card debt in full before the intro APR period ends to avoid interest charges.
What's the catch? One disadvantage of a credit transfer is that balance transfer credit cards typically charge an upfront fee of 3% or 5% of your balance — or $300 to $500 for every $10,000 in high-interest debt you transfer. If you don't need to transfer a balance but you need to make a large purchase that you'll need time to pay off, see our list of the best zero interest credit cards.
What are the pros and cons of credit card balance transfers?
The pros to balance transfers and balance transfer credit cards are that you can get more time to pay off an existing balance without incurring sky-high interest fees. Balance transfers also allow you to consolidate credit card debt into one card, which makes it easier to manage your payments without anything slipping through the cracks. And, as mentioned above, opening a balance transfer card can improve your credit score by lowering your credit utilization ratio, provided you don't use up the line of credit on your new card.
What is the downside of a balance transfer? For one, most balance transfer cards come with a balance transfer fee, which is usually 3% to 5% of the amount you're transferring. The other huge potential drawback is that if you don't pay off your total balance before the promotional APR period ends, you'll be charged high interest rates, so you'll want to make sure it's feasible to pay down your balance before the intro APR offer ends.
How To Do a Balance Transfer
Can I get a balance transfer from Bank of America?
Yes, you can complete a balance transfer through Bank of America with a few of its credit cards. If you're applying for one of the best Bank of America credit cards that offers a balance transfer, like the Bank of America® Travel Rewards credit card, you may have the option to request the balance transfer right in the application. If you already have a balance transfer card, you can request a balance transfer through the mobile app or the website.
Can I get a balance transfer from Chase?
You can do a balance transfer with a handful of Chase credit cards, and Chase says most transfer requests are processed within a week (though they can take up to 21 days in some cases).
Can I get a balance transfer from Capital One?
You can complete balance transfers with a few different Capital One credit cards. Some of them charge a 3% transfer fee when you complete a balance transfer. You can request a balance transfer online or over the phone, and Capital One says the process typically takes three to 14 days.
Can I get a balance transfer with Discover?
Discover lets you complete a balance transfer, and it even has a card tailored specifically to people looking to complete one. Note that your Discover card account must be open for at least 14 days before your balance transfer request can be processed.
Balance Transfer Credit Card Frequently Asked Questions
Balance transfer cards work by giving you a lower interest rate on your existing credit card debt, which can save you a significant amount of money in a short amount of time.
After you apply and are approved for a credit card with an introductory 0% APR period, transfer existing debt from an existing card so you can eliminate the high rates of interest you pay on the balance each month. Expect to pay a 3% to 5% balance transfer fee per transaction.
Ideally, you'll pay off your debt before the introductory period ends. Otherwise, you'll have to pay high interest rates on your remaining balance once the 0% APR term expires.
A balance transfer credit card could help you escape credit card debt if you make a plan to pay it off. Transferring your outstanding balance from a high-interest credit card to one with a 0% intro APR period can give you some financial breathing room.
Balance transfers help you pay off credit card debt without adding interest. But they're only effective if you pay off the full outstanding balance before the intro period ends. Otherwise, you'll start paying high interest once more.
To complete a balance transfer, you'll first have to apply and get approved for a balance transfer credit card. Once you have a card with an introductory APR offer on balance transfers, you'll need to initiate the transfer through the bank that issues your new balance transfer credit card.
You can usually complete this process online, or by calling the number on the back of your 0% intro APR credit card.
A balance transfer generally takes five to seven days, but the actual time can vary by issuer. Your bank may ask you to allow for up to 21 days for a balance transfer to go through, but usually, the transfer should be completed sooner.
Balance transfer credit cards usually require at least a good credit score to qualify. If you have bad credit — typically defined as a FICO score below 670 — you probably won't be approved for a balance transfer card.
A bank may be less inclined to approve you for a balance transfer card if your credit score and credit report indicate that you haven't consistently paid off past debts.
Balance transfers can affect your credit in both positive and negative ways. Opening a balance transfer credit card can help your credit score by increasing your total available credit, which in turn improves your credit utilization rate. Paying down your debt will also be beneficial to your credit score.
However, opening a new credit card triggers a hard inquiry on your credit report, which can decrease your credit score in the short term. You'll also pay a 3% to 5% balance transfer fee, which adds to your existing debt.
Why You Should Trust Us: How We Chose the Credit Cards for Balance Transfers
Insider selected the best balance transfer cards by looking at all the credit cards with balance transfer offers that are currently available to new applicants.
From there, we narrowed our list down to balance transfer cards offering 0% introductory offers. We arrived at our final picks by evaluating the terms of each introductory APR offer and other card benefits. We prioritized cards that charge lower balance transfer fees as well as cards with the longest introductory 0% APR periods on balance transfers. We also factored in other card benefits, such as cash back or travel rewards, annual fees, and waived late fees.
Here's Personal Finance Insider's methodology for rating credit cards.
Tessa Campbell
Junior Investing Reporter
Katherine Fan
Sr. Credit Cards Editor
I'm the Senior Credit Cards Editor at Personal Finance Insider, and previously freelanced for Business Insider before joining the newsroom as a full-time employee. I've published more than 1,800 articles, guides and reviews for a diverse range of media publications including Forbes Advisor, USA TODAY Blueprint, The Points Guy, NerdWallet, LendingTree, Slickdeals Money, CreditCards.com, Bankrate and more. My areas of expertise include points and miles travel; consumer and SMB credit cards; travel insurance; personal finance; SMB technology and software; consumer real estate investing; and insurance. I'm also an experienced photojournalist who has covered Austin City Limits, South by Southwest and other global events for the Austin American-Statesman, Associated Press, Google and MSN. A proud Longhorn, I hold dual degrees in journalism and Asian American studies from the University of Texas at Austin. I began my career in the tech industry as a software sales executive before returning to my media roots. A former third-culture kid who split time between Texas and Taiwan growing up, I'm more comfortable on a plane than I am with a multi-year apartment lease. I've been to all seven continents as of February 2023 (yes, including the icy one). In my free time, you'll probably find me hanging out in an airport lounge somewhere in the world; cooking Taiwanese beef noodle soup or handwrapped dumplings; splitting time between Austin and New York City; or plotting my next visit to Taiwan.
Read more Read lessncG1vNJzZmivp6x7o8HSoqWeq6Oeu7S1w56pZ5ufonyxsdGspqeZnGKzqrrAp5qeZ5KawLV5wZqjmqaTmnq1vsCnqp%2BdomKws7HDoqtmm5GnsbQ%3D