Best Credit Cards For Balance Transfer 2023
Explore the best balance transfer credit cards, simplifying debt consolidation with low or 0% interest rates.
Written by
Grace Lemire
Grace Lemire is a full-time content writer and part-time social media creator with a passion for helping people navigate life's toughest financial decisions – from moving out of your parents' house to buying a home.
Last Update on Aug 13, 2023
Table Of Contents
If you’re burdened with credit card debt and seeking a smart solution to manage it more effectively, balance transfer credit cards can be a game-changer. These cards offer an opportunity to consolidate your existing debt onto a single card with low or 0% interest rates for a specified period.
In this article, we delve into the world of balance transfer credit cards, presenting a comprehensive review of the top options available, their benefits, and the key factors to consider when choosing the best card for your financial needs.
Best Credit Cards For Balance Transfer
| Credit Card | Rating | Best For | Introductory APR Offer | Regular APR | Balance Transfer Fee |
|---|---|---|---|---|---|
| BankAmericard Credit Card | 3.5 | Large balances | 0% APR for 21 billing cycles, and for any balance transfers made in the first 60 days | 15.99% to 25.99% on purchases and balance transfers | 3% |
| Bank of America Customized Cash Rewards Credit Card | 5 | Custom Rewards | 0% APR for 18 billing cycles for purchases, and for any balance transfers made in the first 60 days | 17.99% to 27.99% on purchases and balance transfers | 3% |
| Chase Freedom Flex | 5 | Overall Rewards | 0% APR for 15 months from account opening | 19.99% to 28.74% | $5 or 3% of the transfer amount, whichever is greater |
| Chase Slate Edge | 3.3 | Interest reduction | 0% APR for 18 months on purchases and balance transfers | 19.99% to 28.74% | $5 or 3% of the transfer amount, whichever is greater |
| Citi Diamond Preferred Card | 3.2 | Long transfer window | 0% APR for 21 months on balance transfers and 0% APR for 12 months on purchases, from the date of account opening | 17.99% to 28.74% | $5 or 5% of the transfer amount, whichever is greater |
| Citi Double Cash Card | 4.4 | Cash Back | 0% APR for 18 months on balance transfers | 18.99% to 28.99% | $5 or 3% of the transfer amount, whichever is greater |
| Citi Rewards+ Card | 3.9 | Small purchases | 0% APR for 15 months for balance transfers and purchases, from the date of account opening | 18.49% to 28.49% | $5 or 3% of the transfer amount, whichever is greater |
| Citi SimplicityCard | 3.3 | Long transfer windows | 0% APR for 21 months on balance transfers and purchases | 18.74% – 29.49%, variable | $5 or 3% of the transfer amount, whichever is greater |
| U.S. Bank Visa Platinum Card | 4.7 | Choosing your payment due date | 0% APR for 18 billing cycles on purchases and balance transfers | 19.49% to 29.49% | $5 or 3% of the transfer amount, whichever is greater |
| Wells Fargo Reflect Card | 3.9 | Long transfer windows | 0% APR for 21 months for purchases and balance transfers | 17.99% to 29.99% | $5 or 5% of the transfer amount, whichever is greater |
Large balances
BankAmericard Credit Card
Credit Score Needed
Good to Excellent (700 to 749)
Unique Features
Free FICO score included
Annual Fee
None Balance Transfer Fee 3%
Intro APR Offer
0% APR for 21 billing cycles, and for any balance transfers made in the first 60 days
Regular APR
15.99% to 25.99% on purchases and balance transfers
None Balance Transfer Fee
3%
Show More Details
The BankAmericard credit card has a lengthy, 21-billing cycle 0% APR offer. This is longer than some competitors, making it ideal for those with large balances to pay off.
Pros:
- No penalty APR
- Free FICO score
- No annual fee
Cons:
- No welcome bonus
- Balance transfer fee
- No rewards
- Foreign transaction fee
Additional Details
This card doesn’t offer rewards, which is a downside.
Custom rewards
Bank of America Customized Cash Rewards Credit Card
Credit Score Needed
Good to Excellent (700 to 749)
Unique Features
25% to 75% more cash back for Bank of America Preferred Rewards members
Annual Fee
None
Intro APR Offer
0% APR for 18 billing cycles for purchases, and for any balance transfers made in the first 60 days
Regular APR
17.99% to 27.99% on purchases and balance transfers
Balance Transfer Fee
3%
Show More Details
Unlike some competing cards, the Bank of America Customized Cash Rewards card offers solid rewards categories, with 3% cash back in the category of your choice. It also comes with 2% cash back at grocery stores and wholesale clubs (up to $2,500 in combined purchases per quarter) and unlimited 1% on everything else.
Pros:
- $200 welcome bonus
- Solid rewards
- Highest cash back category is customizable
Cons:
- Foreign transaction fee
- 3% balance transfer fee
- Quarterly caps on rewards
Additional Details
To earn the $200 welcome bonus, you’ll need to spend $1,000 in purchases within the first 90 days of opening the account.
Overall rewards
Chase Freedom Flex
Credit Score Needed
Good to Excellent (700 to 749)
Unique Features
Rotating rewards categories
Annual Fee
None
Intro APR Offer
0% APR for 15 months from account opening
Regular APR
19.99% to 28.74%
Balance Transfer Fee
$5 or 3% of the transfer amount, whichever is greater
Show More Details
With no annual fee and a robust set of rewards, the Chase Freedom Flex packs a punch. This card earns 5% cash back on up to $1,500 in purchases, with categories that rotate quarterly. You’ll also earn 5% on travel booked through the Chase Ultimate Rewards portal, 3% cash back on dining and drugstores, and 1% cash back on everything else.
Pros:
- No annual fee
- $200 welcome bonus
- Solid rewards rate
Cons:
- Up to 3% balance transfer fee
- You’ll need to activate the spending categories to earn 5% cash back.
- Cap on 5% cash back spending
Additional Details
Chase cards come with purchase protection, up to one year in warranty extensions, DoorDash discounts, and cash back on Lyft.
Interest reduction
Chase Freedom Flex
Credit Score Needed
Good to Excellent (700 to 749)
Unique Features
Rotating rewards categories
Annual Fee
None
Intro APR Offer
0% APR for 15 months from account opening
Regular APR
19.99% to 28.74%
Balance Transfer Fee
$5 or 3% of the transfer amount, whichever is greater
Show More Details
With no annual fee and a robust set of rewards, the Chase Freedom Flex packs a punch. This card earns 5% cash back on up to $1,500 in purchases, with categories that rotate quarterly. You’ll also earn 5% on travel booked through the Chase Ultimate Rewards portal, 3% cash back on dining and drugstores, and 1% cash back on everything else.
Pros:
- No annual fee
- $200 welcome bonus
- Solid rewards rate
Cons:
- Up to 3% balance transfer fee
- You’ll need to activate the spending categories to earn 5% cash back.
- Cap on 5% cash back spending
Additional Details
Chase cards come with purchase protection, up to one year in warranty extensions, DoorDash discounts, and cash back on Lyft.
Long transfer window
Citi Diamond Preferred Card
Credit Score Needed
Good to Excellent (700 to 749)
Unique Features
Access to special events through Citi Entertainment
Annual Fee
None
Intro APR Offer
0% APR for 21 months on balance transfers and 0% APR for 12 months on purchases, from the date of account opening
Regular APR
17.99% to 28.74%
Balance Transfer Fee
$5 or 5% of the transfer balance, whichever is greater
Show More Details
The Citi Diamond Preferred Card is ideal for people that need a long transfer window to pay back their balance. Otherwise, competing cards with lower balance transfer fees and rewards programs are likely better options.
Pros:
- No annual fee
- Long transfer window
- Access to special events through Citi Entertainment
- Free FICO score
Cons:
- High balance transfer fee
- 3% foreign transaction fee
- No rewards
Additional Details
This card doesn’t offer rewards, but it does provide access to Citi Entertainment, which allows you to purchase tickets to events like concerts, sporting events, dining experiences, and more.
Cash back
Citi Double Cash Card
Credit Score Needed
Fair to Excellent (649 to 749)
Unique Features
2% cash back rate is split, incentivizing you to pay back your card
Annual Fee
None
Intro APR Offer
0% APR for 18 months on balance transfers
Regular APR
18.99% to 28.99%
Balance Transfer Fee
$5 or 3% of the transfer balance, whichever is greater
Show More Details
The Citi Double Cash Card is a solid option for earning cash back. The major downside of the card, however, is that it doesn’t offer an introductory 0% APR for purchases.
Pros:
- No annual fee
- Can qualify with fair credit
- Up to 2% cash back
- Cash back earnings are unlimited
Cons:
- No welcome bonus
- No 0% APR on purchases
- Foreign transaction fee
Additional Details
This card earns 2% cash back on every purchase — 1% when you make the purchase and 1% when you pay for the purchase by paying your credit card payments.
Small purchases
Citi Rewards+ Card
Credit Score Needed
Good to Excellent (700 to 749)
Unique Features
Purchases are rounded up to the next 10 points
Annual Fee
None
Intro APR Offer
0% APR for 15 months for balance transfers and purchases, from the date of account opening
Regular APR
18.49% to 28.49%
Balance Transfer Fee
$5 or 3% of the transfer balance, whichever is greater
Show More Details
The Citi Rewards+ Card offers a competitive rewards program and solid welcome bonus. With all purchases rounded up to the nearest 10 reward points, it’s perfect for small purchases after making a balance transfer. For example, a $4 purchase will earn 10 points.
Pros:
- Welcome bonus of 25,000 points
- Purchases rounded up to the nearest 10 points
Cons:
- Foreign transaction fee
- High APR
Additional Details
This card earns 2x points on supermarkets and gas stations, up to $6,000 in purchases per year, then 1x points on everything else. Plus, until June 30, 2024, you’ll also earn 4x points per $1 spent on hotels, car rentals, and attractions booked through the Citi Travel Portal.
Long transfer windows
Citi Simplicity Card
Credit Score Needed
Good to Excellent (700 to 749)
Unique Features
None
Annual Fee
None
Intro APR Offer
0% APR for 21 months on balance transfers and purchases
Regular APR
18.74% to 29.49%
Balance Transfer Fee
$5 or 3% of the transfer amount, whichever is greater
Show More Details
The Citi Simplicity Card offers a 21-month 0% APR period, which is longer than some competitors. However, it doesn’t come with a welcome bonus or rewards.
Pros:
- No penalty APR
- No annual fee
Cons:
- No welcome bonus
- No rewards
- 3% foreign transaction fee
Additional Details
This card doesn’t offer rewards or a welcome bonus. It does, however, come with Visa purchase protection and an extended warranty policy.
Choosing your payment due date
U.S. Bank Visa Platinum Card
Credit Score Needed
Good to Excellent (700 to 749)
Unique Features
Ability to choose a payment date you prefer
Annual Fee
None
Intro APR Offer
0% APR for 18 billing cycles on purchases and balance transfers
Regular APR
19.49% to 29.49%
Balance Transfer Fee
$5 or 3% of the transfer balance, whichever is greater
Show More Details
The U.S. Bank Visa Platinum card comes with no welcome bonus, no rewards, and a balance transfer fee. The major upside is the option to select your own payment due date, allowing you to pick a date that suits your schedule.
Pros:
- No annual fee
- Option to select your own payment due date
Cons:
- No rewards
- No welcome bonus
- 3% foreign transaction fee
Additional Details
This card comes with up to $600 in cell phone protection and Visa purchase protection.
Long transfer windows
Wells Fargo Reflect Card
Credit Score Needed
Good to Excellent (700 to 749)
Unique Features
Exclusive deals through My Wells Fargo Deals
Annual Fee
None
Intro APR Offer
0% APR for 21 months for purchases and balance transfers
Regular APR
17.99% to 29.99%
Balance Transfer Fee
$5 or 5% of transfer balance, whichever is greater
Show More Details
The Wells Fargo Reflect Card earns a lower score due to its high balance transfer fee. However, it does come with a long window for the introductory 0% APR offer, making it ideal for people who need a long transfer window.
Pros:
- No annual fee
- Long introductory APR window
Cons:
- High balance transfer fee
- 3% foreign transaction fee
- No welcome bonus
- No rewards
Additional Details
This card comes with up to $600 of cell phone protections and exclusive offers through the My Wells Fargo Deals program.
Frequently Asked Questions (FAQs)
How Does A balance Transfer Work?
You apply for a balance transfer card and, once approved, request to move debt from one or more old cards to the new one. The amount you can transfer depends on your credit limit.
What Is A Balance Transfer Fee?
This is a charge, typically 3-5% of the transferred amount, incurred when you move debt onto a new card. Some cards waive this fee during introductory periods.
What Should I Look For In A Balance Transfer Card?
Look for long 0% APR introductory periods, low or no balance transfer fees, and low regular APR after the introductory period. Comparing multiple websites can ensure a well-informed choice.
Does A Balance Transfer Affect My Credit Score?
It can, in both positive and negative ways. Opening a new card lowers your average credit age (potentially lowering your score), but also increases your available credit (which can improve your score).
Can I Transfer A Balance Between Cards From The Same Issuer?
Typically, no. Most credit card issuers do not allow balance transfers between their own cards.
How Long Does A Balance Transfer Take?
It can take anywhere from a few days to a few weeks, depending on the card issuer.
Can I Still Earn Rewards On A Balance Transfer Card?
Some balance transfer cards do offer rewards on new purchases. However, balance transfers themselves typically do not earn rewards.
Grace Lemire
Author
Grace Lemire is a full-time content writer and part-time social media creator with a passion for helping people navigate life's toughest financial decisions – from moving out of your parents' house to buying a home.
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