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Best balance transfer credit cards of 2023

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Pulling yourself out of debt can be a long process, but finding the right balance transfer credit card can be a step in the right direction. Balance transfer credit cards let you move balances from multiple accounts to a new card with a lower interest rate — often a 0% annual percentage rate (APR) for a set period. By consolidating your debt, you also turn several payments into one regular bill.

But balance transfer credit cards require responsible use. If you don’t pay off the transferred balance by the end of the promotional period, the remaining balance will be subject to a higher APR. And if you use the card for additional spending, your debt cycle could continue. It’s important to stay smart with your balance transfer and prioritize eliminating the transferred debt.

Short methodology

We selected the best balance transfer credit cards based on their intro APRs and promotional periods. All our picks also have no annual fees, which minimizes the out-of-pocket cost of getting out of debt. Some cards also earn rewards and include benefits that make them worthwhile to keep after paying off your debts.

Quicksilver from Capital OneU.S. Bank Visa Platinum CardChase Freedom UnlimitedCiti Simplicity CardSavorOne Rewards from Capital OneChase Slate EdgeCiti Double Cash Card
Our pick for Long-term rewards New purchases High rewards Longest 0% APR period Dining and entertainment No annual fee Cash back
Minimum credit score Excellent Good to excellent Good to excellent Good to excellent Excellent Good to excellent Good to excellent
Balance transfer intro offer 0% APR for 15 months 0% APR for 18 billing cycles 0% APR for 15 months 0% APR for 21 months 0% APR for 15 months 0% APR for 18 months 0% APR for 18 months
Balance transfer fee 0% - 3% 3% 3% - 5% 3% - 5% 0% - 3% 3% - 5% 3% - 5%

Our top 7 picks for balance transfer credit cards

Our picks may be Authorized Partners that compensate us. This does not affect our recommendations or evaluations but may impact the order in which companies appear. For more details on how we selected our top picks, read our full methodology.

SummaryLabelCompany nameLogoContact
Good for long-term rewards
  • Recommended credit: Excellent
  • Intro offer: 0% APR on purchases and balance transfers for 15 months
  • Balance transfer fees: 3% during promotional periods and 0% outside promotional periods

Quicksilver from Capital One
quicksilver from capital one

The Quicksilver from Capital One is the best balance transfer credit card that allows you to earn rewards while paying down debts. The card allows you to earn unlimited cash back for every purchase, regardless of its category. And rewards won’t ever expire.

Since there’s no annual fee, it’s a solid card to keep even after you pay off your debts.

Some of the Quicksilver from Capital One’s best features include:
  • The APR promotion applies to both purchases and balance transfers.
  • There’s no fee for balance transfers executed outside the promotional period.
  • The card earns a flat 1.5% cash back on all purchases.
  • Get a one-time $200 cash bonus after making $500 in purchases during the first three months.
  • The card doesn’t charge foreign transaction fees.
Some weaknesses of the Quicksilver from Capital One are:
  • Credit score requirements may exclude some interested consumers.
  • Its standard APR is as high as 29.74% outside the promotional period.
On our review page for Capital One credit cards, several ConsumerAffairs readers mentioned how much they like the simplicity of earning 1.5% on all purchases.

Kayla from Yukon, Oklahoma, said: “... I get 1.5% cash back on ALL my purchases — so no having to remember different promotional periods. … I use this card over my debit card so that I can get the most cash back possible on my every purchase. It's nice because I use this as my extra savings and use my cash back to apply toward my holiday shopping at the end of the year since there are no limits to what I can earn!”

However, some readers had complaints about Capital One not notifying them when a higher APR would kick in. Paul from Levittown, New York, said: “They are the only bank that I do business with that does not advise the expiration date of the zero-interest offer on the bill each month. I had a relatively large balance in the zero percent and was blindsided when, without warning, the rate expired and went up to 19.9%, and my next bill had a $122 interest payment included.”


SummaryLabelCompany nameLogoContact
Good for new purchases
  • Recommended credit: Good to excellent
  • Intro offer: 0% APR on purchases and balance transfers for 18 billing cycles
  • Balance transfer fees: 3% ($5 minimum)

U.S. Bank Visa Platinum Card
US bank visa platinum card

Unlike some balance transfer credit cards, the U.S. Bank Visa Platinum Card offers a long 0% APR period on both balance transfers and new purchases. Both types of transactions qualify for the full 18 billing cycles of interest-free financing. However, you must complete your balance transfer requests within 60 days in order to receive the 0% intro APR offer on those transfers.

Although the card doesn't earn rewards, it does include up to $600 of cellphone protection in case your device is stolen or damaged.

A few of the U.S. Bank Visa Platinum Card’s main benefits include:
  • Its APR promotion applies to both purchases and balance transfers.
  • If you pay your monthly cellphone bill with the card, you’ll get cellphone protection worth up to $600.
  • You can monitor your credit score for free via U.S. Bank’s online banking or mobile app
The U.S. Bank Visa Platinum Card has the following drawbacks:
  • Balance transfers must be completed within 60 days of account opening to qualify for 0% APR.
  • Its standard APR is as high as 29.49% outside the promotional period.
  • It doesn’t earn rewards on purchases.
Many ConsumerAffairs readers have praised U.S. Bank for its customer service. Patricia from Milford, Ohio, said: “The time I needed to talk to a person, I did, and [they] got the issue resolved. I had a fraud issue, and they still contact me to let me know they are working on it. I appreciate the information.”

However, some of our readers complained about not being eligible for U.S. Bank’s balance transfer promotions. Trixie from Hoboken, New Jersey, who had the U.S. Bank Visa Platinum Card, wanted to take advantage of a 0% intro APR offer. However, the promotion was only available to new customers, which Trixie felt was dismissive of existing customers.


LabelCompany nameLogoContactSummary
Good for high rewards
  • Recommended credit: Good to excellent
  • Intro offer: 0% APR on purchases and balance transfers for 15 months
  • Balance transfer fees: 3% during the first 60 days, then 5% thereafter ($5 minimum)

Chase Freedom Unlimited
Chase Freedom Unlimited

If you have a good credit score and want to consolidate debt while earning rewards, the Chase Freedom Unlimited gives you unlimited cash-back rewards and offers protection on new purchases. In addition to cash back, your rewards can be used for gift cards, booking travel and more.

The card also includes trip cancellation/interruption and auto rental coverage. Plus, you'll have access to free weekly credit score monitoring through Credit Journey.

Some of the most notable features offered by the Chase Freedom Unlimited are:
  • The APR promotion includes both purchases and balance transfers.
  • It earns 1.5% to 5% cash back, depending on a purchase’s spending category.
  • You can get a welcome bonus of $200 after making $500 of purchases within three months.
  • It includes complimentary travel and purchase protections.
Among the Chase Freedom Unlimited’s relatively few downsides are:
  • The balance transfer fee increases from 3% to 5% after 60 days.
  • Foreign transactions are charged a fee of 3%.
A ConsumerAffairs reader named Arthur, from Memphis, Tennessee, is rebuilding his credit with the Chase Freedom Unlimited. His goal is to get his credit score to 800, and he says that "Chase is helping me get closer to that goal." Arthur is happy with the card and sees it as the first step of many in building a relationship with Chase's products and services.

LabelCompany nameLogoContactSummary
Good for longest 0% intro APR period
  • Recommended credit: Good to excellent
  • Intro offer: 0% APR on balance transfers for 21 months and on purchases for 12 months
  • Balance transfer fees: 3% during the first four months, then 5% thereafter ($5 minimum)

Citi Simplicity Card
Citi Simplicity Card

If you're someone who needs more time to pay off your debts, the Citi Simplicity Card has a lengthy 0% APR introductory period for balance transfers, lasting nearly two years. Just note that the transfer must be completed within four months of opening your account in order to take advantage of the promotional rate.

Also, while this card does include a 0% intro APR offer for purchases as well, that promo period lasts for a much shorter 12 months.

Some of the standout benefits of the Citi Simplicity Card are:
  • It has the longest balance transfer intro APR offer of any card on our list.
  • Its APR promotion includes both purchases and balance transfers.
  • It doesn’t charge late payment fees.
The Citi Simplicity Card is a strong balance transfer card, but it’s not perfect. Some of its shortcomings are:
  • The purchase APR offer of 12 months is considerably shorter than the 21 months given for balance transfers.
  • The balance transfer fee of 3% increases to 5% after four months.
  • It doesn’t earn rewards.
  • It charges a foreign transaction fee of 3%.
On our review page for Citi’s credit cards, Douglas from Albany, New York, noted how much he likes the Citi Simplicity Card’s 0% APR offer and that "there is no late payment charge."

However, Mary from DeLand, Florida, reported that she transferred a balance to the Citi Simplicity Card and, after a few payments, "they slashed my credit line to what I owed." When Mary tried to use the card to make a purchase, it was declined due to insufficient credit.


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LabelCompany nameLogoContactSummary
Good for dining and entertainment
  • Recommended credit: Excellent
  • Intro offer: 0% APR on purchases and balance transfers for 15 months
  • Balance transfer fees: 3% during promotional periods and 0% outside promotional periods

SavorOne Rewards from Capital One
savorone rewards

The SavorOne card is a great option for those who frequently spend on dining and entertainment. It offers 3% cash back on those purchases, plus 3% at grocery stores and on streaming services and 1% on everything else.

Cardholders can also earn 10% cash back on Uber and Uber Eats purchases through Nov. 14, 2024.

A number of different features make the SavorOne an attractive card for saving on interest and earning cash back, including:
  • Its APR promotion applies to both purchases and balance transfers.
  • It earns 3% cash back in a number of common spending categories.
  • Cardholders can earn a welcome bonus of $200 after making $500 in purchases within the first three months.
  • It doesn’t charge foreign transaction fees.
The SavorOne card does have some disadvantages as well, such as:
  • It requires excellent credit, so some interested consumers may not qualify.
  • Its standard APR can be as high as 29.74% outside the promotional period.
There are no reviews of the SavorOne card from ConsumerAffairs readers as of publication.

LabelCompany nameLogoContactSummary
Good for no annual fee
  • Recommended credit: Good to excellent
  • Intro offer: 0% APR for 18 months on purchases and balance transfers
  • Balance transfer fees: 3% during the first 60 days, then 5% thereafter ($5 minimum)

Chase Slate Edge
Chase Slate Edge card

The Chase Slate Edge card is an excellent option for those who need extra time to pay off debt. It offers an extended intro APR period on purchases and balance transfers for new accounts.

In addition to its 0% APR promotion, Chase also offers the My Chase Plan, which allows you to repay purchases over time with a low, fixed monthly fee rather than a high interest rate. Furthermore, cardholders who spend at least $1,000 on their card each year and make on-time payments can reduce their standard APR by up to 2% each year. Plus, you can get an automatic review of your account for a higher credit limit when you spend $500 and make on-time payments during the first six months of your account..

The Chase Slate Edge has a lot of features that can potentially help its cardholders save money, including:
  • Its APR promotion includes both purchases and balance transfers.
  • You can lower your standard APR by up to 2% with on-time payments and at least $1,000 in annual spending.
  • My Chase Plan allows cardholders to repay eligible purchases over time for a fixed monthly fee, without interest.
  • It includes complimentary rental car coverage and purchase protection.
Potential cardholders should know that the Chase Slate Edge does have a few weaknesses, such as:
  • The balance transfer fee increases from 3% to 5% after the first 60 days.
  • Foreign transactions are hit with a 3% fee.
  • It doesn’t earn any rewards or cash back.
On our review page for Chase credit cards, some ConsumerAffairs readers have complained of issues with Chase closing accounts due to inactivity.

Tara from Baltimore reported being a longtime Chase Slate Edge cardholder. They said they received a letter from Chase indicating they needed to use the Chase Slate Edge to prevent the account from being closed. They booked a hotel but said that Chase closed the account anyway. "... I am not now able to pay for my hotel with the card due to its newly defined closed status," said Tara.


LabelCompany nameLogoContactSummary
Good for cash back
  • Recommended credit: Good to excellent
  • Intro offer: 0% APR for 18 months on balance transfers
  • Balance transfer fees: 3% during the first four months, then 5% thereafter ($5 minimum)

Citi Double Cash Card
Citi double cash card

The Citi Double Cash Card gives 2% cash back on every purchase (1% when making a purchase and 1% when paying it off), which provides long-term value for cardholders after the initial APR promotion expires. You get a high cash-back rate on everything without having to keep track of bonus categories.

Rewards can be redeemed for a statement credit, a direct deposit to your bank account or a check. Other redemption options include gift cards, travel and online shopping. However, you might get the most value from your rewards by transferring them to Citi's ThankYou Points airline and hotel transfer partners, which periodically have lucrative transfer promotions.

Some of the features that make the Citi Double Cash Card stand out include:
  • It earns 2% cash back on all purchases.
  • Redemption options for rewards are flexible, and they include the ability to transfer rewards to airline and hotel partners for added value.
  • There’s no annual fee.
For all its perks, the Citi Double Cash Card has some drawbacks as well, such as:
  • Balance transfers must be completed within four months of opening your account for the APR promotion to apply.
  • The balance transfer fee increases from 3% to 5% after four months.
  • The card has a 3% foreign transaction fee.
Heather from Jamestown, New York, mentioned on our Citibank review page that she has a Citi Double Cash Card as well as Citi checking and savings accounts. She said, "Personally, I find Citibank to be perfect for my needs and am really glad I decided to give them a try after credit union mishaps and ridiculous inconsistencies at other major banks."

However, some ConsumerAffairs readers said they had difficulty getting approved for the Citi Double Cash Card despite having a strong credit score and overall applicant profile. Pretish from Stamford, Connecticut, said: “I have an excellent credit score, excellent utilization rate, good salary when I applied for the double cash back card. It got rejected, and the reason listed was 'not enough credit history.' I called the reconsideration line, but they say they cannot overwrite the machine's decision and have no good reason for why the application was rejected.”

Compare 0% APR balance transfer credit card offers

Compare our choices for the best balance transfer credit cards, factoring in APR, how long the promotional rates last and the balance transfer fees that apply.

Card*Promotional offer
Quicksilver from Capital One 0% APR on balance transfers and purchases for the first 15 months, with a 3% balance transfer fee
U.S. Bank Visa Platinum Card 0% APR on balance transfers and purchases for 18 billing cycles, with a 3% balance transfer fee
Chase Freedom Unlimited 0% APR on balance transfers and purchases for the first 15 months, with a 3% balance transfer fee for the first 60 days and a 5% transfer fee after that
Citi Simplicity Card 0% APR on balance transfers for the first 21 months (3% balance transfer fee) and 0% APR on purchases for the first 12 months
SavorOne Rewards from Capital One 0% APR on balance transfers and purchases for the first 15 months, with a 3% balance transfer fee
Chase Slate Edge 0% APR on balance transfers and purchases for the first 18 months, with a 3% balance transfer fee for the first 60 days and a 5% transfer fee after thate
Citi Double Cash Card 0% APR on balance transfers for the first 18 months, with a 3% balance transfer fee
*We selected these cards because they offer long 0% APR intro periods of 15 to 21 months and have no annual fees.

What is a balance transfer credit card?

A balance transfer credit card can be used to pay off debts from other creditors. This can consolidate multiple debts into one new balance and payment, typically at a low APR for a temporary period. After the promotional APR period ends, any unpaid balance remaining on the balance transfer card becomes subject to the card’s higher, standard interest rate.

Most credit card issuers charge a fee of 3% to 5% when transferring debts to their balance transfer credit cards. For a $5,000 balance transfer, that equates to a fee of $150 to $250. You should factor these costs into your decision to transfer a balance from one card to another.

Note that most credit card issuers will not allow you to transfer a balance from one of their credit cards to another of their credit cards. 

» MORE: Ways to consolidate credit card debt

What to look for in a balance transfer credit card

Balance transfer cards come with different features and rewards, as well as varying fees and restrictions. Compare these details before selecting the best card for your situation:

  • Promotion length: How long will the low APR last while you pay down your transferred balance? Look for promotional periods of at least 12 months.
  • Promotional balance transfer rate: The best balance transfer credit cards offer a 0% intro APR.
  • Promotional purchase rate: Some cards include only balance transfers and not new purchases in an introductory APR period. Be aware of your card’s policy, as you may end up owing high interest on any purchases you make.
  • Standard interest rate: What rate does the credit card charge if you have a balance remaining when the promo rate expires?
  • Balance transfer fee: Banks typically charge a balance transfer fee of 3% to 5% of the amount transferred. There's also usually a minimum transfer fee of $5 to $10 on smaller transfers.
  • Transfer window: Most balance transfer credit cards require you to complete a balance transfer shortly after opening your new card in order to qualify for the promotional APR. This window may range from 60 days to four months.
  • Annual fee: Avoid balance transfer credit cards that charge annual fees. It’s an unnecessary expense.
  • Rewards: Some cards earn points or cash back for your spending, while others don't offer any rewards.
  • Benefits: Cards may offer travel or purchase protections, waive foreign transaction fees or provide free credit scores each month, among other benefits.

How to do a balance transfer

If you're ready to eliminate high-interest debt with a balance transfer, here’s how to do it:

  1. Gather details of your balances to transfer. Make note of all the balances and account numbers of your debts. You’ll provide this information either during the application process for the balance transfer card or once your account has been approved.
  2. Apply for a balance transfer credit card. Fill out the application and wait for approval. Most card issuers offer instant approvals, while others will notify you within about 10 days.
  3. Initiate the balance transfer. Once your account is open, contact customer service or submit your balance transfer information online through your account dashboard. Some banks also provide balance transfer checks that you can use to pay off your existing debts.
  4. Wait for the balance transfer payments to post. It can take around 10 days or so for a balance transfer to be processed, and many transfers have to be completed within 60 days of your new balance transfer card’s issue. In the meantime, keep paying down your existing debts. You do not want to miss a payment because you assumed the transfer was completed.
  5. Decide whether to keep your accounts open. Credit utilization is a big factor in your credit score. It may be a good idea to keep revolving credit accounts open, even after they’ve been paid off, as this can improve your credit utilization ratio. However, it may be hard to resist spending on the old cards again. If this is your situation, consider closing the accounts or hiding the cards so you don't overspend.

» MORE: What affects your credit score?

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    FAQ

    Is there a limit to how much you can balance transfer?

    Many credit card issuers allow you to transfer up to your new card's limit, including balance transfer fees. For example, the maximum balance transfer on a credit card with a 5% balance transfer fee and a $6,000 limit is $5,700 after accounting for the fee of $300.

    How many cards can you balance transfer?

    There isn't a hard limit to the number of credit cards that you can balance transfer. However, each card issuer may have a limit, and your overall credit limit on the new card may prevent you from consolidating all of your debt into one account.

    Do balance transfers hurt your credit?

    Balance transfers can affect your credit in both positive and negative ways. Opening a new card can cause a slight hit to your credit score, as it places a hard inquiry on your credit and lowers the average age of your accounts. However, it can also boost your score by reducing your overall credit utilization. Also, temporarily eliminating interest charges allows more money to go toward reducing your balance, which improves your score.

    Is a balance transfer better than a loan?

    There are pros and cons to using balance transfers instead of a loan. Balance transfers offer no-interest financing for a period of time, but any unpaid balance reverts to the card’s standard interest rate after the promotional period ends. A loan’s APR will be higher than the 0% APR you’re temporarily given for a balance transfer. But loans typically offer fixed monthly payments with a fixed APR, and your balance is paid off at the end of the loan term.

    Is a balance transfer considered a payment?

    A balance transfer is considered a payment toward the debt it pays off, so it counts toward meeting your minimum monthly payment.

    Bottom line

    Balance transfer cards are a great way to consolidate your debt. They often have a 0% intro APR that can help you pay off debt faster. If you have at least a good credit score (about 670 or so), you can qualify for one of the best balance transfer credit cards.

    When comparing card options, pay attention to the details. The length of the intro APR period, the fees that apply and how long you have to complete your transfer are important factors. Additionally, a card with ongoing benefits and rewards will be a solid option for everyday use after your balances have been paid off.

    Methodology

    To make our top picks, the ConsumerAffairs team compared 32 different cards from major financial institutions — including American Express, Bank of America, Chase, Capital One, Citibank, U.S. Bank and Wells Fargo — that offered balance transfer promotions as of the publication date. We reviewed these cards for a variety of factors, including fees, intro APR, promotion length, ongoing benefits and consumer reviews.

    • Fees: We compared cards with no or low annual fees and low balance transfer fees to ensure the lowest cost for consumers to do a balance transfer.
    • Intro APR: All cards chosen have an introductory 0% APR on balance transfers. However, we also considered whether the intro APR is offered on new purchases, which helps cardholders avoid interest charges on everyday spending.
    • Promotion length: We searched for long APR promotions to allow cardholders more time to repay their debt. We also compared how long borrowers have to take advantage of the balance transfer. Some banks allow transfers at any time during the promotion, while others have limits of 60 days to four months.
    • Ongoing benefits: We considered perks like cash-back rewards, travel insurance and purchase protection, as these ongoing benefits can serve the cardholder even after the APR promotion expires.
    • Consumer reviews: We analyzed our own ConsumerAffairs reviews for cards that offer strong customer service, easy transfer processes and noteworthy perks. For all cards listed, we acknowledged if they had mixed reviews.

    ConsumerAffairs writers primarily rely on government data, industry experts and original research from other reputable publications to inform their work. Specific sources for this article include:
    1. Tally, "Does a Balance Transfer Count as a Minimum Payment?" Accessed April 21, 2023.
    2. Equifax, "Can a Credit Card Balance Transfer Impact Your Credit Score?" Accessed April 21, 2023.
    3. Experian, "Is There a Limit on Balance Transfers?" Accessed April 21, 2023.
    4. FICO, "What's in my FICO Scores?" Accessed April 21, 2023.
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